TRUST THE PROCESS? - As Law.com’s Patrick Smith reports, the legal industry is beginning to follow in the footsteps of pro sports teams, turning to data analytics to aid in talent acquisition. Think Billy Beane’s “Moneyball” approach to running the Oakland A’s. Or, if you’ve been cursed with the affliction of Philadelphia 76ers fandom like me, you might prefer to liken it to “The Process,” a bold experiment led by analytically-minded GM Sam Hinkie in which the ultimate goal was to extract maximum value from a chronically middling NBA franchise in order to build a championship contender. Just as Hinkie and his team valued advanced stats over the old “eye test” when acquiring players, law firms are increasingly using data to make hiring decisions rather than simply relying on decidedly less scientific metrics like “gut feeling.” Unfortunately, as Hinkie learned the hard way, this approach can only work if it has the full support of an organization’s leadership, and there are some major hurdles to overcome in that regard, not least of which is a stubbornly entrenched bias toward law firms and law schools with big brand names. Still, in a legal talent market this tight, every competitive edge is crucial. As Thomas Latino, manager of employer development and a career adviser at Florida State University College of Law, put it: “You have to think differently. Adapt or die.”
MIND EXPANSION - Large law firms are beginning to eye the psychedelics industry as potentially fertile ground for lucrative new work, but increased market share and expanded client rosters may not be the only benefits. As Law.com’s Dan Packel reports, attorneys are beginning to speak out about how psychedelic drugs may be used to help counteract the worsening mental health crisis in the legal profession—and they’re working to destroy the stigma that is hindering the use of these treatments. Winston & Strawn associate Brett Waters recently launched a nonprofit organization, Reason For Hope, which advocates for legal reform to make psychedelic-assisted therapy available and affordable to all in the U.S. The group has attracted the attention and support of Katten Muchin Rosenman CEO Noah Heller and former Mayer Brown associate/current legal recruiter Clay Costner, both of whom have also begun working to advance legislation aimed at making psychedelic medicine more widely accepted. “I think people do have a hesitancy to speak up on this subject because it’s still taboo. The level of support Brett received from a major firm like Winston & Strawn encouraged me,” Costner said. “I think we all agree there’s a need for more tools to treat these issues, especially in light of a pandemic that’s made things much worse.”
COIN OPERATORS? - Scott + Scott filed a securities class action Friday in California Central District Court against EthereumMax, its co-founders, and its celebrity promoters, including Kim Kardashian and Floyd Mayweather. The lawsuit, which centers on EMAX Tokens, accuses the defendants of engaging in a scheme to misleadingly promote and sell the cryptocurrency through social media endorsements. Counsel have not yet appeared for the defendants. The case is 2:22-cv-00163, Huegerich v. Gentile et al. Stay up on the latest deals and litigation with the new Law.com Radar.
