The article in brief: Contingent consideration, especially earnouts, helped sustain M&A deal momentum in 2025 amid macroeconomic uncertainty. Earnouts are expanding beyond the life sciences sector, with shorter performance periods and increasingly ambitious payout hurdles. As deal structures become more customized, valuation methodologies are evolving to keep pace with growing complexity. How 2025’s Market Cycle Influenced Earnout Activity M&A deal activity in 2025 unfolded in two distinct phases. Early in the year, shifting trade policy, uneven macroeconomic data, and persistent inflation...

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Key insights While commercial real estate construction is slowing due to high costs and labor shortages, data centers remain a bright spot because of accelerating AI‑driven demand. The pace of computing innovation could outstrip the useful lives of today’s designs. AI hardware, density patterns, and power requirements are evolving quickly, creating real risk current data center layouts and systems may not align with future needs. Just as America’s shopping malls lost value when consumer behavior changed, data centers could...

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Patent eligibility under 35 U.S.C. § 101 continues to be one of the most challenging aspects of U.S. patent prosecution, particularly for software- and AI-driven inventions. While the legal framework has long been shaped by judicial exceptions and evolving case law, recent developments at the USPTO and the Patent Trial and Appeal Board (PTAB) suggest a meaningful shift in how eligibility is being evaluated. This article highlights key trends shaping § 101 analysis today and outlines practical considerations for innovators...

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Middle market firms (about 200,000 companies with $10 million to $1 billion in annual revenue) employ roughly 48 million people, account for one-third of U.S. GDP, and help set the pace for the U.S. economy. When they lean into growth, the effects are broad. KeyBank’s latest Middle Market Sentiment Survey polled 750 owners and senior executives in November and December 2025. The results point to a middle market entering 2026 on the front foot. Company outlooks are strong, driven by tighter...

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Patent practitioners have been curious as to whether any of the economic efficiencies announced and enacted by the federal government also have been implemented at the U.S. Patent and Trademark Office (USPTO). For instance, when the Department of Government Efficiency was actively trying to find ways to cut government waste, how many, if any, changes were earmarked for the USPTO? It should be stated up front that the USPTO is funded by user fees and is considered one of the...

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As the June 2026 deadline for transposing the EU Pay Transparency Directive (Directive (EU) 2023/970) draws closer, employers across the European Union are preparing for a significant shift in pay equity practices. The directive aims to strengthen the principle of equal pay for equal work or work of equal value, and it introduces a harmonised set of transparency and reporting obligations that will apply to organisations across all EU member states. Quick Hits Employers across the EU are preparing for the June...

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