Legal Departments Expect Outside Counsel to Embrace GenAI: Morning Minute
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October 20, 2023 at 06:00 AM
3 minute read
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WHAT WE'RE WATCHING
KNOW YOUR INTELLIGENCE - Legal departments are starting to embrace generative AI to drive legal and business efficiencies—and they're increasingly expecting outside counsel to get on their level. Certainly, caution reigns supreme in the ongoing dialogue between legal departments and law firms concerning the adoption of generative AI. Yet, as Law.com's Jessie Yount and Maria Dinzeo report, in-house leaders are increasingly looking to the law firms they work with to at the very least understand the technology, if not use it to drive their own business efficiencies. "My growing expectation is that, if I'm going to outside counsel, they will be aware of [generative AI] and understand its use cases," said Colin Levy, director of legal at Malbek, noting he's looking for a combination of practicality and pragmatism.
ACT NOW? - In the wake of Davis Polk & Wardwell and Winston & Strawn rescinding job offers for students tied to controversial statements on Israel and Hamas, pressure is growing on law firms to act quickly and correctly, whether it's to speak up on international events, cut ties with an incoming associate or just vet more closely job candidates. Several law firm leaders declined to publicly comment on the issue and whether they would also rescind job offers for some associates. But law firms are quietly reviewing their incoming associates' views and social media statements, sources told Law.com's Patrick Smith and Justin Henry.
ON THE RADAR - Thermo Fisher Scientific Inc. has entered into an agreement to acquire Olink Holding AB from Summa Equity for $3.1 billion. The transaction was announced Oct. 17. Thermo Fisher was represented by Cravath, Swaine & Moore and Advokatfirman Vinge KB. Olink was counseled by Baker McKenzie. Summa Equity was advised by Ropes & Gray. J.P. Morgan Securities and Goldman Sachs Bank Europe SE, acting as financial advisors to Olink, were represented by Debevoise & Plimpton and Sullivan & Cromwell, respectfully. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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