How has the use of Lexis+ AI improved your firm’s productivity and efficiency?

AI provides the tip of the spear to quickly and efficiently find the entry point to relevant research.

How much time per week does Lexis+ AI save your firm?

While AI likely saves me at least 5-10 hours weekly, my greater interest is how AI expands my ability to meet client needs. In terms of time savings, it's not about doing things overall in less time but about being able to make more time to spend on the important things by being more efficient overall.

How has Lexis+ AI enabled you to provide better client service?

As a solo, I don't have colleagues to rely on so AI becomes that other voice of experience that has my back.

What innovative ways have you leveraged Lexis+ AI enhance your practice?

I love the fact that I can ask AI questions almost like a conversation that helps me think through case strategy. Asking the "dumb" questions helps me look smart in front of the client and in court. I've also leveraged AI where I'm in a less familiar area of law and need to be sure that I'm maintaining excellence in my competence as well as keeping up with any changes in the law.

How do you plan to further leverage Lexis+ AI at your firm?

I'm presently exploring the use of AI in writing letters and emails to ensure I present concepts clearly and in the most professional tone possible.

CURRENT AS OF MARCH 10, 2025

What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA) is a US federal law, effective since January 1, 2024, that aims to increase transparency in corporate ownership by requiring certain business entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). 

Who has to file reports under the CTA?

Under the Corporate Transparency Act (CTA), most corporations, LLCs, and similar entities created or registered to do business in the U.S. must file a Beneficial Ownership Information (BOI) report with FinCEN, unless they qualify for an exemption. Reporting entities must provide information about their beneficial owneres. This includes all shareholders and members individually.

What's the judicial controversy?

There have been court cases challenging the constitutionality of the CTA. As a result, the reporting requirement has been suspended several times and then updates have indicated it's back in effect.

What's the current status?

As of March 2, 2025, the CTA has been judicially determined to be unconstitutional as to domestic entities, but foreign entities are still required to file. This could change again! The Department of the Treasury promises additional rulemaking will come out soon. 

I still have questions:

Talk to your CPA or attorney to find out the latest status.

There are four primary ways people resolve disputes:

1. The Strongest Wins:

This approach is simple but undesirable: take it to the back alley, and the last person standing wins. While straightforward, it’s obviously not the ideal method for resolving conflicts.

2. Negotiation:

This is the first step in resolving a dispute—talking it out. If individuals struggle to navigate this process on their own, an attorney can step in to help. Sometimes a firm demand letter is necessary, while in other cases, the conflict may need to be de-escalated or clarified in order to reach a negotiated resolution.

3. Mediation:

Mediation shares some similarities with a courtroom setting. In some cases, a retired judge might serve as the mediator, and each party’s attorney will submit a written brief outlining the facts and the legal arguments. The key difference is that, in mediation, the parties retain full control over the outcome. The mediator's role is purely to facilitate, and they have no authority to render a decision. Mediation is always voluntary, meaning either party can walk away at any time. Despite this, it is an incredibly successful process, with around 86% of cases (on average) reaching a resolution. Additionally, mediation can be scheduled much more quickly than court cases, which helps avoid the significant costs and stresses associated with litigation.

4. Litigation/Arbitration:

Litigation and arbitration both involve handing decision-making authority to a third party—either a judge or an arbitrator. Unlike mediation, litigation often leads to a high level of dissatisfaction, even for the winning party. Furthermore, the litigation process can be slow, especially for larger cases, where a trial may not be scheduled for over a year.

Are There Differences Between Litigation and Arbitration?

Yes, there are key differences. While both processes involve a third party determining the outcome, arbitration is generally faster, often taking months instead of years. However, arbitration is governed by specific rules. For example, if your arbitration agreement does not allow for extensive discovery, the investigative stage may be limited. Additionally, there are certain types of relief that arbitrators are not authorized to grant.

Should I Include an Arbitration Clause in My Contract?

Often, the choice between arbitration and litigation is made when you enter into a contract. If your agreement contains a binding arbitration clause, it is enforceable, meaning you can move the dispute to arbitration even if the other party attempts to sue in court. Arbitration is typically faster and more cost-effective, but it may not be ideal if you want to prolong the process. Litigation, on the other hand, may provide more opportunities for discovery, motions, and time for settlement. Nearly 90% of cases settle before trial.

What's Best for Me?

My philosophy is to start with negotiation and, if needed, move to mediation. Litigation should be a last resort, as it is expensive and time-consuming. However, litigation may be necessary if other strategies fail.