Large language models (LLMs) are capturing headlines and users as AI researchers push the limits of their capabilities. Those of us who work on understanding and analyzing corporations, whether as practitioners or researchers, are presented with two practical questions: What can these models do for us that wasn’t previously possible (their upside), and when, how,
Davis Polk Discusses Stablecoin Bill as Crypto Legislation Gains Momentum
With a new administration and Congress each expressing interest in pursuing a new regulatory framework for crypto, the prospects for federal stablecoin legislation are growing. On February 4, Sen. Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act – the GENIUS Act – cosponsored by Senate Banking Chair
Why the Trump Trade Threats Will Place Canadian Digital, Cultural, and AI Policy Under Pressure
If the first salvo fired by U.S. President Donald Trump in the form of a threatened 25-per-cent across-the-board tariff on Canadian goods (excluding energy, which would face a 10-per-cent levy) is a preview of future trade disputes, retaliatory tariffs alone will not solve the problem. Canada will need to turn to eliminating interprovincial trade barriers,
The Law Bytes Podcast, Episode 226: Richard Gold on Why Canada Should Target U.S. Patents To Help Counter Tariff Trade Pressure
The trade battle between Canada and the U.S. took a brief break last week as hours before the Trump tariffs were scheduled to take effect, President Trump agreed to a 30 day delay in return for various border measures. That brought a sigh of relief but no real sense that the issue is over. Indeed,
Wachtell Lipton Discusses What Awaits M&A in 2025
After a relative low in global M&A in 2023, the past year witnessed a moderate uptick as the pandemic receded further into the rear-view mirror, the U.S. economy stabilized, inflation declined (albeit with some renewed concern toward the end of the year), financing markets brightened, albeit modestly, and equity markets climbed ever higher. Global M&A
Why Years of Canadian Digital Policy Is Either Dead (Prorogation) or Likely to Die (Trump)
The Canadian political and business communities are unsurprisingly focused on the prospect of U.S. President Donald Trump instituting 25% tariffs on Canadian goods and services. The threat of tariffs, which could spark a retaliatory response by Canada and fuel a damaging trade war, would likely cause serious harm to the Canadian economy. But tariffs aren’t
A New Corporate Governance Paradigm for the AI Revolution
In a new article, I tackle the increasingly urgent question of how corporate governance principles must adapt in response to the transformative influence of artificial intelligence (“AI”). No longer just a tool for enhancing operational efficiency, AI now fundamentally alters how corporations make decisions, relate to stakeholders, and engage with society.[1] Traditional fiduciary corporate
2024 Impact Recap: From Inspiring Leaders to Innovation in Action
As we begin 2025, IAALS is poised to make our biggest gains to date as we work to bring better access to our justice system for everyone. We have laid the groundwork for innovations across many states and sectors of our system—due in large part to people like you, our partners and colleagues. Together, we
A New Theory of Purposeful Enterprise
In a new paper, we present a novel theory of “purposeful enterprise” to explain why nonprofit enterprises survive and thrive. We define nonprofit enterprises as nonprofits that generate revenue primarily through operations rather than donations.[1] Patagonia, Novo Nordisk, IKEA, Carlsberg, Anthropic, OpenAI (for now), and most hospitals and universities fall into this category.
Nonprofit
Can Europe’s Digital Markets Act Tame Big Tech in the U.S.?
The digital economy has put antitrust regulation in the spotlight, with increasingly dominant technology companies – such as Amazon, Google, Facebook (Meta), Apple, and Microsoft – reviving concerns about private monopolies reminiscent of Standard Oil and AT&T. Yet the enforcement of antitrust principles in the digital world are far more complex than in traditional, non-digital