Cravath Publishes Winter 2026 Issue of Alumni Journal
To address the range of AI‑related concerns confronting our clients—from founders and high-growth companies, venture capital investors and institutional partners, to established sector leaders—Cravath’s nimble, cross‑disciplinary AI team combines deep legal expertise with a sophisticated understanding of next‑generation AI systems—including reasoning models, multimodal models and agentic processes—to deliver integrated, risk‑based solutions across the AI lifecycle. In the face of transformative AI development and deployment, we pair innovative thinking with decades of experience guiding clients through novel regulatory and enforcement regimes, including matters implicating national security, cybersecurity and data privacy, and algorithmic accountability.
We immerse ourselves in the array of opportunities and risks associated with AI‑powered technology to effectively and proactively advise our clients, including companies building AI, investing in AI and operationalizing AI at scale, with attention to model risk management (MRM), AI safety‑by‑design and responsible AI practices. We also represent boards and senior executives with respect to the complex and evolving legal and ethical landscapes in multiple business contexts. Our counsel draws from our highly regarded advisory, regulatory, transactional and litigation practice areas, enabling us to guide our clients as they harness AI‑powered technologies for business advantage.
Companies, boards, executives, financial institutions and investors turn to Cravath for strategic counsel across core and specialty areas implicated by AI, including corporate governance, securities disclosure and controls, IP strategy for AI‑generated and AI‑assisted works, data licensing and access, and content moderation/rights management. We operate at the intersection of technology, law and policy, bringing practical, commercialization‑focused judgment to advise on AI integration into strategic growth and capitalization plans, including risk assessments, AI governance charters and cross‑border regulatory alignment.
Our team’s deep government experience informs pragmatic guidance across evolving AI regulatory and enforcement crosscurrents. In particular, we bring together former senior officials from a range of government agencies, and our work includes advising on the Federal Trade Commission (FTC) and Department of Justice (DOJ) enforcement priorities; U.S. Securities and Exchange Commission (SEC) disclosure and controls expectations for AI‑related claims; United States Patent and Trademark Office (USPTO) policy on inventorship and AI‑assisted prosecution; Copyright Office policy on protection for AI‑generated works; and financial services oversight by the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. We help clients anticipate rulemaking and supervisory expectations, coordinate responses to multi‑agency inquiries and sweeps, and calibrate compliance frameworks for AI use and disclosure.
Our clients benefit from a team of attorneys uniquely adept at navigating the complexities presented by revolutionary technologies. This experience is grounded in Cravath’s rich history of collaboration with founders and companies at the center of many of the world’s most important transactions across every major transition of the American economy. Our representations span venture financings, pre‑IPO liquidity events, IPOs and direct listings, M&A, joint ventures and collaborations, data access and model‑training agreements, and AI/ML licensing. We routinely address training‑data rights, open‑source license compliance, AI‑specific IP indemnities, AI reps and warranties, model audit and evaluation covenants, and post‑closing integration of AI capabilities.
Our litigation department is uniformly recognized as among the best in the country, and we have repeatedly secured precedent‑setting results that have reshaped the legal and business landscapes. We help clients anticipate, prevent and litigate AI‑related disputes, including antitrust investigations and litigation, IP (patent, copyright and trade secret) disputes, Lanham Act false‑advertising claims tied to AI representations, commercial contract claims and shareholder and securities litigation involving AI disclosures. We also conduct internal investigations and respond to SEC, FTC and DOJ inquiries and enforcement actions.
We are thought leaders who provide unique insights into the latest developments in the AI ecosystem. Our team regularly authors articles and related content for mainstream news outlets and legal industry publications on a range of topics surrounding AI, including securities enforcement, corporate governance, intellectual property, the IPO landscape, legislative trends and regulation, and disputes. Our authorship further extends to memos distributed exclusively to our clients and other friends of the Firm, including our recurring “Tech Explainers” and “Venture Capital & Growth Equity Insights,” as well as individual memos developed as emerging issues arise. Our partners also regularly speak to founders, investors, directors, in‑house counsel, government officials and academics in the U.S. and abroad.
We have received New York Law Journal’s “Innovation Award,” honoring “creative and inspiring approaches and forward‑thinking firms,” and the Firm was named a Law360 “Technology Practice Group of the Year.” All of our underlying practice areas are recognized by leading publications including The American Lawyer, Benchmark Litigation, Chambers USA, Financial Times, Law360 and The Legal 500 US.
We immerse ourselves in the array of opportunities and risks associated with AI‑powered technology to effectively and proactively advise our clients, including companies building AI, investing in AI and operationalizing AI at scale, with attention to model risk management (MRM), AI safety‑by‑design and responsible AI practices. We also represent boards and senior executives with respect to the complex and evolving legal and ethical landscapes in multiple business contexts. Our counsel draws from our highly regarded advisory, regulatory, transactional and litigation practice areas, enabling us to guide our clients as they harness AI‑powered technologies for business advantage.
Companies, boards, executives, financial institutions and investors turn to Cravath for strategic counsel across core and specialty areas implicated by AI, including corporate governance, securities disclosure and controls, IP strategy for AI‑generated and AI‑assisted works, data licensing and access, and content moderation/rights management. We operate at the intersection of technology, law and policy, bringing practical, commercialization‑focused judgment to advise on AI integration into strategic growth and capitalization plans, including risk assessments, AI governance charters and cross‑border regulatory alignment.
Our team’s deep government experience informs pragmatic guidance across evolving AI regulatory and enforcement crosscurrents. In particular, we bring together former senior officials from a range of government agencies, and our work includes advising on the Federal Trade Commission (FTC) and Department of Justice (DOJ) enforcement priorities; U.S. Securities and Exchange Commission (SEC) disclosure and controls expectations for AI‑related claims; United States Patent and Trademark Office (USPTO) policy on inventorship and AI‑assisted prosecution; Copyright Office policy on protection for AI‑generated works; and financial services oversight by the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. We help clients anticipate rulemaking and supervisory expectations, coordinate responses to multi‑agency inquiries and sweeps, and calibrate compliance frameworks for AI use and disclosure.
Our clients benefit from a team of attorneys uniquely adept at navigating the complexities presented by revolutionary technologies. This experience is grounded in Cravath’s rich history of collaboration with founders and companies at the center of many of the world’s most important transactions across every major transition of the American economy. Our representations span venture financings, pre‑IPO liquidity events, IPOs and direct listings, M&A, joint ventures and collaborations, data access and model‑training agreements, and AI/ML licensing. We routinely address training‑data rights, open‑source license compliance, AI‑specific IP indemnities, AI reps and warranties, model audit and evaluation covenants, and post‑closing integration of AI capabilities.
Our litigation department is uniformly recognized as among the best in the country, and we have repeatedly secured precedent‑setting results that have reshaped the legal and business landscapes. We help clients anticipate, prevent and litigate AI‑related disputes, including antitrust investigations and litigation, IP (patent, copyright and trade secret) disputes, Lanham Act false‑advertising claims tied to AI representations, commercial contract claims and shareholder and securities litigation involving AI disclosures. We also conduct internal investigations and respond to SEC, FTC and DOJ inquiries and enforcement actions.
We are thought leaders who provide unique insights into the latest developments in the AI ecosystem. Our team regularly authors articles and related content for mainstream news outlets and legal industry publications on a range of topics surrounding AI, including securities enforcement, corporate governance, intellectual property, the IPO landscape, legislative trends and regulation, and disputes. Our authorship further extends to memos distributed exclusively to our clients and other friends of the Firm, including our recurring “Tech Explainers” and “Venture Capital & Growth Equity Insights,” as well as individual memos developed as emerging issues arise. Our partners also regularly speak to founders, investors, directors, in‑house counsel, government officials and academics in the U.S. and abroad.
We have received New York Law Journal’s “Innovation Award,” honoring “creative and inspiring approaches and forward‑thinking firms,” and the Firm was named a Law360 “Technology Practice Group of the Year.” All of our underlying practice areas are recognized by leading publications including The American Lawyer, Benchmark Litigation, Chambers USA, Financial Times, Law360 and The Legal 500 US.
Deals & Cases
May 01, 2026
On April 27, 2026, Integris, a national leader in managed AI and IT services backed by OMERS Private Equity, announced its intent, subject to regulatory approval, to acquire First Focus, the largest managed service provider serving small and midsize businesses in Australia, New Zealand and the Philippines. Cravath is representing Integris as U.S. counsel in connection with the transaction.
Deals & Cases
March 12, 2026
Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Verisk Analytics, Inc., a leading data, analytics and technology provider serving clients in the insurance ecosystem. The transaction closed on February 26, 2026.
Deals & Cases
March 11, 2026
Cravath represented the underwriters in connection with the $600 million registered senior notes offering of Concentrix Corporation, a leading global provider of customer experience solutions and technology. The transaction closed on February 24, 2026.
Deals & Cases
February 24, 2026
On February 24, 2026, ADT, a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., announced it has acquired Origin Wireless, Inc. (“Origin”), bringing Origin’s AI sensing platform and related intellectual property into the ADT ecosystem. The purchase price for the transaction was $170 million in cash, subject to customary purchase price adjustments. Cravath is representing ADT in connection with the transaction.
Deals & Cases
December 22, 2025
On December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.
Publications
May 29, 2026
On May 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high‑level review of activity across technical, regulatory, legal, and market areas of AI over the last month.
Publications
May 22, 2026
On May 22, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:
Activities
May 18, 2026
On May 17, 2026, Cravath partner David J. Kappos participated in the Best Practices in Intellectual Property 12th Annual Conference, which was hosted by Intellectual Property Resources in Tel Aviv and featured global decision‑makers and leading IP professionals to discuss global IP issues, trends and legislation. Dave served as one of the program’s co‑chairs and delivered opening remarks. He also participated in a fireside chat entitled “IP in the Geopolitical Race,” and spoke on a panel entitled “AI Issues in Strategic Agreements.” Dave also moderated a panel entitled “SEPs, Patent Pools and Platform Issues.”
Publications
May 05, 2026
On April 26, 2026, the Harvard Journal of Law & Technology’s JOLT Digest published an article written by Cravath partner Sasha Rosenthal‑Larrea and associate Lucille D. Finn entitled “Beyond FLOPs: Shortcomings of FLOPs as a Model Classification Metric in AI Regulation.” The article examines the efficacy of a metric that is often used to determine whether an AI model should be regulated: the total number of floating point operations (“FLOPs”), a measurement of the total amount of computational effort used in the model’s training process. The authors outline where FLOPs fall short when used to evaluate a model’s sophistication or potential danger and urge regulators to retain an awareness of these limitations as they navigate AI policymaking and compliance.
Publications
April 29, 2026
On April 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month.
Deals & Cases
May 01, 2026
On April 27, 2026, Integris, a national leader in managed AI and IT services backed by OMERS Private Equity, announced its intent, subject to regulatory approval, to acquire First Focus, the largest managed service provider serving small and midsize businesses in Australia, New Zealand and the Philippines. Cravath is representing Integris as U.S. counsel in connection with the transaction.
Deals & Cases
March 12, 2026
Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Verisk Analytics, Inc., a leading data, analytics and technology provider serving clients in the insurance ecosystem. The transaction closed on February 26, 2026.
Deals & Cases
March 11, 2026
Cravath represented the underwriters in connection with the $600 million registered senior notes offering of Concentrix Corporation, a leading global provider of customer experience solutions and technology. The transaction closed on February 24, 2026.
Deals & Cases
February 24, 2026
On February 24, 2026, ADT, a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., announced it has acquired Origin Wireless, Inc. (“Origin”), bringing Origin’s AI sensing platform and related intellectual property into the ADT ecosystem. The purchase price for the transaction was $170 million in cash, subject to customary purchase price adjustments. Cravath is representing ADT in connection with the transaction.
Deals & Cases
December 22, 2025
On December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.
Publications
May 29, 2026
On May 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high‑level review of activity across technical, regulatory, legal, and market areas of AI over the last month.
Publications
May 22, 2026
On May 22, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:
Activities
May 18, 2026
On May 17, 2026, Cravath partner David J. Kappos participated in the Best Practices in Intellectual Property 12th Annual Conference, which was hosted by Intellectual Property Resources in Tel Aviv and featured global decision‑makers and leading IP professionals to discuss global IP issues, trends and legislation. Dave served as one of the program’s co‑chairs and delivered opening remarks. He also participated in a fireside chat entitled “IP in the Geopolitical Race,” and spoke on a panel entitled “AI Issues in Strategic Agreements.” Dave also moderated a panel entitled “SEPs, Patent Pools and Platform Issues.”
Publications
May 05, 2026
On April 26, 2026, the Harvard Journal of Law & Technology’s JOLT Digest published an article written by Cravath partner Sasha Rosenthal‑Larrea and associate Lucille D. Finn entitled “Beyond FLOPs: Shortcomings of FLOPs as a Model Classification Metric in AI Regulation.” The article examines the efficacy of a metric that is often used to determine whether an AI model should be regulated: the total number of floating point operations (“FLOPs”), a measurement of the total amount of computational effort used in the model’s training process. The authors outline where FLOPs fall short when used to evaluate a model’s sophistication or potential danger and urge regulators to retain an awareness of these limitations as they navigate AI policymaking and compliance.
Publications
April 29, 2026
On April 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month.
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