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What impact will AI have on the legal profession?

Ryanair’s bouncing cheques aside, this week’s commercial news round-up is largely American focused: from Trump’s continued trade war with China to the stock market milestone. And in case you were missing your Brexit update, the Law Society has warned of a £3 billion loss from the legal sector if the UK leaves the EU without a deal. Step this way for your weekly dose of business news.

Is it true that US-style class action litigation is being introduced into the European Union?

A US judge has fined two lawyers for submitting fake citations generated by ChatGPT in a court filing.  

Law firms signed for more than 380,000 square feet of office space in the third quarter, which is 52% higher than a year ago, according to property consultancy Knight Frank. This recent increase in demand is largely down to US firms’ expansions.

Three US law firms are among the top five earning legal practices for UK corporate work, researchers at The Lawyer reveal, stating that the figures demonstrate further “Americanisation” of the UK’s legal market.

US law firm Fried, Frank, Harris, Shriver & Jacobson has launched an in-house pupillage scheme.

Jones Day’s newly qualified (NQ) lawyers in London are set to receive a 27% pay rise, which will see their annual salaries reach £140,000. 

Shearman & Sterling has announced that it is keeping on all 13 of its September 2015 qualifying trainees, while fellow US-headquartered firm Latham & Watkins is retaining 20 of its 21 autumn qualifiers.

The oldest free legal advice centre in the world has been boosted by prestigious US firms Cleary Gottlieb Steen & Hamilton and Goodwin Proctor joining its already illustrious list of supporting firms.

Newly qualified (NQ) lawyer salaries are on the rise, as global law firm Ropes & Gray International LLP boosts NQ pay to £165,000, up from £147,000. 

US firms White & Case LLP, Vinson & Elkins RLLP and Covington & Burling LLP share their trainee retention rates for autumn 2023, while Baker McKenzie and Bryan Cave Leighton Paisner bump newly qualified (NQ) solicitor salaries as the competition to attract the best future talent continues. 

Weil, Gotshal & Manges (London) LLP recently introduced a new solicitor apprenticeship programme to improve access to the profession, making it one of the first US-headquartered firms to make this move.

Could complying with US border staff requests for access to social media accounts breach UK data protection regulations and client confidentiality obligations?