A FASTER TRACK - Kirkland & Ellis’ plans to abbreviate the equity partnership track could spur competitors to follow suit. The industry might be poised for a shakeup as unrelenting demand and an air-tight talent mark puts pressure on firms to shirk the old ways of doing things, Ben Seal reports in this week’s Law.com Barometer newsletter. After decades of status quo, law firms might be ready to listen to young attorneys calling for alternatives to the partnership track, leading to significant structural changes.
MORGAN LEWIS SUIT - Morgan Lewis & Bockius is facing a second lawsuit stemming from its representation on an employment matter. The lawsuit alleges the firm and one of its partners betrayed their fiduciary duties to clients by counseling both the purchasing and selling parties in an employee stock ownership transaction. The former client contends that the deal the firm advised on ause the company to file for bankruptcy, Justin Henry reports.