Central to an effective enforcement program is determining which cases to bring and responsibly stewarding Commission resources. Regrettably, such resources have been misapplied in prior years to pursue media headlines and run up numbers, and in turn, led to misguided expectations on what constitutes effective enforcement.
Fiscal Year 2025 Results & Supporting Context
During fiscal…

In two forthcoming book chapters, I argue for maintaining conceptual clarity about the difference between people – that is, the natural kind of the human species – and persons created as artificial entities with rights (and often but not always duties).[1] This distinction has long been recognized by philosophers and legal theorists, with one…

AI adoption is now mainstream: 88% of businesses use AI in at least one function, with global spending expected to exceed $1.5 trillion in 2025 and approach $2 trillion in 2026. As organizations race to scale AI, many have relied upon traditional vendor risk management policies to vet third-party AI vendors and tools; however, implementation…

We wrote recently about a decision in which Judge Rakoff of the Southern District of New York denied the claim of defendant Bradley Heppner that documents prepared by Heppner using the consumer version of the AI model Claude for legal research were privileged. On February 17, 2026, Judge Rakoff issued a written opinion explaining the…

The 2026 edition of the annual Chief Legal Officers Survey (“Survey”) from the Association of Corporate Counsel validates the continuing evolution of senior in-house corporate counsel from strictly technical experts to also wise counselors and business partners to management. In addition, the Survey identifies a series of administrative and operational challenges confronting senior in-house counsel.…

Artificial intelligence (AI) is increasingly being integrated into mergers and acquisitions (M&A), supporting negotiations, determining the value of the target, drafting relevant contracts – and, most important, helping perform due diligence. Yet, its role in this context raises questions about liability, fiduciary duties, and the validity of corporate transactions. In a new paper, we offer…

Key Points

• As more transactions involve AI, buyers face challenges in validating and protecting the value of their acquisitions.
• Legal structures such as earnouts can help to bridge valuation gaps with sellers and ensure that the ultimate price aligns with actual performance.
• Alternative structures may be necessary when talent is the primary asset.
• Buyers may

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