The LawFlex Brief | Feb 2025

The European Union’s AI Act is moving closer to implementation, setting the stage for a major shift in regulatory compliance for companies operating within or doing business with the EU. As organizations brace for these upcoming changes, ensuring adherence to the new legal landscape will be crucial.

At LawFlex, we understand the complexities of AI governance and compliance. As a global leader in legal outsourcing, we are committed to helping businesses proactively adapt to these regulatory shifts. That’s why we are excited to introduce our dedicated AI Act Compliance Support vertical, designed to assist legal teams in navigating the new requirements with ease

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Top Global NewLaw Companies – 2025 Edition

In 2024, ALSPs demonstrated unparalleled resilience and value amid challenging economic conditions. Their adaptability and innovation reinforced their position as trusted partners in addressing complex legal needs for companies of all sizes.

Most strikingly, the boundaries between ALSPs, traditional law firms, and corporate legal departments continue to blur, signaling a unified, dynamic legal ecosystem.

As part of our commitment to supporting this evolution, LawFlex has curated a directory of leading companies offering a broad array of legal services.

Find the list here

FINCEN Alert For United States Companies And Foreign Companies Registered In The United States

FINCEN (Financial Crimes Enforcement Network) beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies.

Penalties remain in effect for noncompliance and failure to update.

We suggest companies do not to rely on registered agents and non-attorneys to make these important initial filings. Errors in reporting beneficial ownership can carry substantial penalties. It has come to our attention that many companies have made errors in their initial reports and now must update FINCEN by March 21, 2025 or face civil fines and potential criminal liability.

Additionally, only lawyers can advise on who should report and the potential exemptions. The situation is particularly relevant to foreign controlled US companies and holding companies who are the main target of the Corporate Transparency Act.

Contact LawFlex to be connected to one of our US licensed legal experts in beneficial ownership reporting.

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We appreciate you taking the time to read through this month’s edition of the LawFlex Newsletter Insights. If you want to explore more about us and how our flexible legal talent solutions can benefit your business, visit our website today.

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