More than 600 NABL members gathered in Chicago this week for the 48^th Workshop. With 29 sessions spread across 2.5 days, we covered ground on topics ranging from the Tax and Securities Law to the role of Issuer’s and Underwriter’s Counsel and what lies ahead for the 119^th Congress.

We Elected Our New Leadership and Board

We kicked off the conference by electing our new leadership for 2024-2025. Our Immediate Past President, Carol McCoog of Hawkins Delafield & Wood in Portland, OR, handed the baton over to our new President, M. Jason Akers of Foley & Judell in New Orleans who delivered a passionate speech that harkened back to his firm’s founder and NABL’s sixth President, Harold Judell. Several members also joined NABL leadership as new members of our Board of Directors:

• Sarah A. Breitmeyer of Chapman and Cutler LLP in Chicago, IL
• Chris B. Langhart of McManimon, Scotland & Baumann LLC in Roseland, NJ
• Sani A. Williams of Bryant Rabbino LLP in New York, NY

We Walked through the New the Model Bond Opinion

On September 10, we launched the new 5^th edition of our signature report, the Model Bond Opinion Report. On Wednesday afternoon, our general session featured the project co-chairs who provided an in-depth overview of the updates made from the fourth edition. Check out some of the key updates summarized by Carol McCoog.

We Explored How the Legal Profession is Preparing for the Continued Growth of AI

Artificial intelligence is a topic that continues to permeate through all knowledge-based professions. Our Friday morning ethics panel dove into the implications of, and considerations regarding, the use of artificial intelligence (AI) in our legal practice. Panelists tackled the confluence of AI, data retention and technology policies, client disclosure obligations, conflicts of interests, and even staffing. They explored the delicate balance of keeping your practice on the cutting edge, while maintaining the highest degree of ethical standards through the introduction of a nascent technology. Despite numerous outstanding questions, the panelists reiterated that generative AI is increasingly baked into daily life. Panelists highlighted the growing use of AI, particularly by younger professionals, and the need for firms to prepare. “Firms should have a policy and guidelines governing appropriate use of AI,” argued Joe Piech of ALAS. Amid the concerns, panelists also shared some potential promises of AI. “A lot of young associates are worried about whether AI is going to take their jobs. The answer is no,” stated Kimberly Min of Whiteford, Taylor & Preston in Baltimore. While AI may not replace lawyers, she argued, it will hopefully enable them to do better work, sooner.

We Talked Tax Reform and the 119^th Congress

NABL’s Director of Government Affairs, Brian Egan, moderated a conversation with former tax leaders from Capitol Hill on the potential for tax reform in the next Congress. Mark Prater, a long-term Republican staffer for the Senate Finance Committee now with PwC, and Katherine Mongé, a partner at Capitol Tax Partners who previously served as a tax advisor to former House Speaker Nancy Pelosi, detailed the bottleneck of tax provisions expiring at the end of 2025 that raise the specter of tax reform next year. Both panelists agreed that while the tax-exemption for municipal bonds enjoys broad bipartisan support in Congress, anything and everything could be on the table. Katherine explained, “if something’s on a list and it has a score, how much it raises, it is vulnerable.” Mark shared that sentiment and emphasized the importance of advocating for priorities and doing it early. As he put it, “the exemption is a bedrock principle of the Internal Revenue Code. But you’ve got to tell your story to members about what this means, why it’s a good thing to have, and how it fits within the larger system of federalism and state and local finance.”

NABL continues to encourage bond lawyers and their clients to share their municipal bond stories by visiting GFOA’s www.BuiltByBonds.com.