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NLJ this week: AI & crypto-wallet freezing

24 May 2024
Issue: 8072 / Categories: Legal News , Profession , Artificial intelligence , Technology , Crypto , Cyber , Cybercrime
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There’s a double bill of tech in this week’s NLJ. Ian McDougall, EVP & general counsel, LexisNexis Legal & Professional, sets out what lawyers need to know about artificial intelligence (AI). Nick Barnard, partner, Corker Binning, reports on new legislative tools being used by enforcement agencies to seize, freeze or destroy cryptoassets

McDougall explains what AI is, how it works, the difference between extractive and generative AI, and why lawyers should embrace closed AI models. From the Turing Test to large language models, his engaging, easy-to-understand article cuts through the hype. He writes: ‘It is not on a quest for truth and morality… It uses statistical analysis to predict the next most sequentially probable word and then produce it.’

Barnard looks at recent amendments to the Proceeds of Crime Act 2002 that introduce crypto-wallet freezing orders and crypto-wallet forfeiture orders. Criminals love cryptoassets due to the fact they’re easy to hide and difficult to trace. Barnard explains why he thinks judges and magistrates are unlikely to refuse applications for the new freezing and forfeiture orders. He offers tips on how to advise clients who are on the receiving end of such orders.

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
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