11:48 PM 2/1/2021

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WHAT WE'RE WATCHING

ALL'S WELL THAT ENDS WELL - The Thomson Reuters Q4 2020 Peer Monitor Index is out this morning and the report tells a feel-good story few might have anticipated last March, when business stopped being conducted in offices and started being conducted next to laundry baskets. The index, a composite of factors affecting law firm profitability, such as demand, rates, productivity and expenses, reached its highest mark in a decade and a half. According to Law.com's Andrew Maloney, the report says aggressive cost-cutting and "sky-high" worked rates in the final months of last year helped create a legal services market that, to start 2021, is the healthiest it's been in years. (On a less sunny note, however, the report does say associates began to bear the brunt of cuts toward the end of 2020). Meanwhile, the Wells Fargo Private Bank Legal Specialty Group recently found in its own survey that firms anticipate an average revenue growth of 3.5% in 2021, with the highest-performing firms expecting something more like 5.7%.

HIRE RISK - Lateral hiring is like a box of chocolates: you never know what you're gonna get and, if you don't choose wisely, it can leave a bad taste in your mouth. The problem is, choosing wisely is easier said than done, especially during a pandemic. The rise of remote work has, in a number of ways, eased the logistical burden of hiring. Firms can now recruit from any geographic location they want to without anyone ever having to hop on a plane. And, theoretically at least, they can hire laterals anywhere in the world without having to open a brick-and-mortar office nearby. But the pandemic has also created new concerns: namely, how can firms integrate new partners and make them stick when books of business are arguably more portable than ever? In this week's Law.com Trendspotter column, we look at what law firm leaders, recruiters and consultants are saying about the risks and rewards of remote lateral hiring.

TAKE MY MONEY - Reddit's revenge continues. Robinhood, E*Trade, TD Ameritrade, Ally Financial, Barclays, Interactive Brokers Group, Morgan Stanley and a slew of other defendants were hit with an antitrust class action Monday in California Northern District Court. The lawsuit, brought by Joseph Saveri Law Firm, is part of a tidal wave of litigation alleging that Robinhood manipulated the market to the detriment of retail investors by halting trading in GameStop, AMC Entertainment and other securities. Counsel have not yet appeared for the defendants. The case is 3:21-cv-00781, Cheng et al v. Ally Financial Inc. et al. Stay up on the latest litigation and corporate deals with the new Law.com Radar.

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EDITOR'S PICKS

Want to Hire Minority Lawyers? Look Beyond the T-14 Law Schools By Karen Sloan