INTRODUCTION Contributed by: Basil Zirinis, Elizabeth Kubanik and Megan Eitel, Sullivan & Cromwell LLP
Questions have also been raised regarding the eth - ics of AI, with commentators raising concerns about matters ranging from the accuracy and dependabil - ity of such tools to the confidentiality risks for client information. As AI becomes increasingly embedded in legal practice, lawyers and wealth advisers must determine how best to harness its benefits while con - tinuing to satisfy their professional and ethical obliga - tions to clients. The question arises as to how lawyers and wealth advisers can or should fulfil their responsi - bilities to their clients with the assistance of AI. The future We are living in times of increased uncertainty as countries determine how to address economic vola - tility, international conflict and an evolving technologi - cal landscape. Such uncertainty will impact the trends discussed above – political volatility, transparency, the increase in trust and estate litigation, and the rapid development of technology. Of course, the world of private client advice does not involve only these areas; much of the work relates to helping families structure the succession of wealth in responsible and lasting ways, preserving long-existing family businesses, encouraging family harmony, protecting family assets for both current and future generations, and preserv - ing private property. These needs will also continue and grow.
Emerging challenges include adapting current laws and structures to evolving methods of reproduction due to scientific and medical advancements. These range from the increasing use of surrogacy arrange - ments to the posthumous conception of children from frozen embryos after one or both of their biological parents have died. Laws to address questions of inheritance rights and the definition of such terms as “issue” and “legitimate” in these contexts either do not exist or conflict among jurisdictions. Digital assets, including virtual currencies such as Bit - coin, continue to evolve, requiring national legal sys - tems to adapt and address new issues as they arise. The development of law around these new challeng - es, particularly as digital assets become more widely held by private clients and integrated into mainstream financial markets, will be of increasing importance.
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