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Malpractice in the Line of Duty: Who Catches the Bullet?
A traditional requirement in many sophisticated equipment leasing and financing transactions is the closing opinion, in which an attorney or law firm is requested to opine on a variety of relevant topics, ranging from proper corporate or partnership approval of the transaction in question, to the legality, validity and enforceability of one or more material agreements. Oftentimes, there may be multiple closing opinions issued in respect of the closing, with certain opinions being rendered by internal counsel for one or more of the transaction participants, and another set rendered by external counsel.
Use and reliance on internal counsel opinions, in the place and stead of opinions rendered by external counsel, appears to be on the rise, attributable to two factors. First, equipment leasing and finance companies are increasingly adding highly skilled internal counsel to their corporate staff, as the leasing and finance business becomes increasingly subjected to various tax, accounting and securities laws. Second, the seemingly inexorable upward trend of external counsel fees has caused some companies to seek significant transactional cost savings by bringing “in house” as much legal work as possible in any given transaction ' including the delivery of closing legal opinions to third parties.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.