The legal field plays a crucial role in navigating the exciting and ever-evolving frontier that is emerging technologies. At Practus, we understand that emerging tech isn’t just a buzzword; it’s a dynamic area that impacts nearly every industry in today’s digital world. That’s why we want to provide you with as much information as we can about what’s new in this field – both from an attorney-client relationship standpoint and an internal use point of view.
Here are five recent articles sharing legal insights, helpful tips, and a peek inside our own law firm’s practices to give you a comprehensive look into all things emerging technologies:
1. Emerging Technologies and Attorneys Work Together to Help Clients Succeed by Practus partner, Leslie Katz
The rapid evolution of technology is causing policymakers and regulators to strike a balance between innovation and protection. In the United States, both federal and state-level approaches aim to define and regulate emerging technologies. It’s a complex landscape that involves compliance, cybersecurity, unique transactions, intellectual property, and fast-paced decision making – all with steep financial implications. Having access to an attorney that advises throughout each step along the way can make all the difference when it comes to reaching your business goals… while remaining compliant.
The recent article by Leslie defines emerging technologies while highlighting the different ways our Practus partners represent clients, including:
- Product counsel
- Litigation and enforcement
- Legislative and regulatory issues
- Regulatory compliance
- Transactional support
Learn more about how attorneys help clients succeed within the emerging technologies field here.
2. Which Legal Topics are Taking Over the Media in 2023? by VP of Recruiting, Stephanie Recupero
At the start of each year, Stephanie predicts which areas of law will be hot topics for the next 12 months based on recent performance, spikes in hiring trends, and upcoming legislative changes. This helps determine high growth areas as people look to transition law firms. In 2023, she took it a step further by doing a progress report on these topics halfway through the year.
In the mid-year report, emerging technologies made the most prominent appearance with media outlets covering just about every topic they could, including cybersecurity, artificial intelligence (ChatGPT really took the world by storm), cryptocurrency, and acquisitions.
Interestingly, one of the hottest topics in law is how to implement emerging technologies into legal practices. It seems attorneys and managing partners are torn between embracing the tech to help them better support their clients and protecting the intricacies that are inherent to the practice of law. See what the legal industry is saying about emerging technologies in her mid-year update here.
3. The Intersection of IP and AI
As mentioned above, AI is already reshaping various sectors, from marketing content to policy creation. The emergence of AI-generated content through platforms like ChatGPT raises critical questions about IP rights within businesses. Discussions are surging, focusing on whether content created by AI tools belongs to the tool itself or the company using it, the licensing models for AI-generated content in commercial and personal use, the prominence of AI tool terms and conditions in legal actions, data privacy concerns, and the integration of AI in the legal industry.
This referenced article by Frederick Shelton in Attorney at Law Magazine sheds light on the potential of AI in the legal sector, providing a glimpse into its transformative power. The good news about sorting through this new landscape? AI has the potential to accelerate the resolution of these pressing questions, enhancing the efficiency of legal research, writing, and practice.
4. Digital Assets Edition by Practus partner, Ryan Smith
This edition of Ryan’s micro-blog series, inspired by George Carlin’s “Brain Droppings” covers how FTX’s implosion thrust digital assets into the spotlight, challenging the notion that the digital frontier is a “Wild West.”
Ryan highlights the interplay of regulators and their reactions in the crypto realm with a particular look into the development of authorities wielding “analog” tools to enforce accountability within a tech-forward space. His article shares insights into the impact of emerging technologies on executives and consumers alike.
For a deeper dive into these topics, read his Digital Assets Edition here.
5. The Future of Cryptocurrency by Leslie Katz
Leslie shares a detailed perspective into the future of cryptocurrencies and why regulation implemented after the FTX incident is actually promising for this form of digital asset. While many thought FTX would bring the end of cryptocurrency, she takes the approach that this truly marks the beginning of a more mature and investment-friendly era for digital assets.
In a recent co-authored article with Frederick Shelton of Shelton & Steele, titled “What’s Coming to Crypto After FTX,” Leslie dives into the future of the cryptocurrency market. They explore the significance of the proposed Responsible Financial Innovation Act, the impact of economic bubbles on digital assets, and the positive aspects of increased regulation and mainstream adoption in the cryptocurrency world.
The crypto industry is shifting towards seeking regulatory guidance rather than relying on enforcement actions. This shift could potentially attract more institutional investors into the market and spark greater interest in decentralized finance (DeFi) and non-fungible tokens (NFTs), especially in light of other events like the Silicon Valley Bank failure.
For an in-depth exploration of the future of cryptocurrencies from a legal and tech-forward perspective, read the full article here.
6. Innovation and Progress at Practus by VP of Operations & Culture, Tracey Watson
At Practus, our unwavering commitment to technology and innovation has been pivotal in shaping our journey over the last 5+ years. We’ve harnessed technology to streamline processes and enhance both client and team experiences. We’re excited to explore new technological innovations that will further enrich client experiences and elevate our practice.
Moreover, we believe that attorneys who work at an innovative law firm like Practus are better equipped to represent clients in emerging technologies. Our tech-forward approach ensures that our legal professionals are more experienced in understanding the benefits of cutting-edge tools, enabling them to provide top-tier legal counsel within the emerging technologies field.
Learn more about our tech-forward approach to running a virtual law firm here.
At Practus, we’ve embraced emerging technologies not only to operate as a fully virtual law firm but also to provide our attorneys with unique insights into representing clients involved in these technologies. However, being an emerging technologies attorney goes beyond using technology; it requires experience in multiple disciplines, from regulatory compliance to cybersecurity and intellectual property. Collaboration, continuous education, and external consultation are key to staying ahead in this dynamic field.
If you’re looking for an attorney to help you navigate this exciting area of law, check out our emerging technologies practice area today.
