How to Invest in Young Talent: The Morning Minute
Want to get this daily news briefing by email? Here's the sign-up. WHAT WE'RE WATCHING KEEP YOUR FRENEMIES CLOSE - In the course of less…
February 25, 2022 at 06:00 AM
6 minute read
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WHAT WE'RE WATCHING
KEEP YOUR FRENEMIES CLOSE - In the course of less than a month, leaders of three of the Big Four's legal arms have told Law.com International, in separate interviews, that they don't view themselves as being in competition with traditional law firms. The degree of sincerity contained in those statements is debatable. But even if you take the comments at face value, firms should remain wary. As we explore in the latest Law.com Trendspotter column, if the Big Four really don't view law firms as rivals, it's only because the accounting giants see themselves as superior. They're just biding their time until clients start to see them that way too. While the Big Four appear happy right now to carve out a niche in the legal space and even collaborate with traditional law firms to serve clients, their ambitions are much grander and their confidence in what they can offer is growing. The real reason they keep insisting they have no intention of competing head-to-head with law firms is simple: they're planning to leapfrog right over them instead. I'm interested to hear from you: Do you believe the Big Four are a true threat to traditional law firms? Let me know at [email protected].
MONEY WELL SPENT? - It's easy (maybe even fun!) to scoff at large law firms for their lemming-like devotion to spending truckloads of money on associates who don't end up sticking around. But while huge salaries and bonuses shouldn't be firms' only recruiting and retention tools, the fact that young lawyers continue to fetch these price tags is a testament to their value in the law firm ecosystem. The problem is, not all firms can afford to reward associates the same way. Luckily, as Law.com's Lizzy McLellan writes in this week's Law.com Barometer newsletter, there are other avenues firms can take to retain young lawyers. It just requires a different kind of investment. Take, for example, GrayRobinson partner Valerie Haber and her team, who recently spoke with Law.com about how they use group text, GIFs and virtual office hours to stay connected in a remote-work environment. "We all get the recruiter emails 24/7," said Gray Robinson associate Alexis Mason. "I've worked at enough places to know that what I have in Val is very rare. If other practices or shareholders don't match what someone like Val is willing to give her young talent, then we have no reason to leave." As McLellan notes: "That kind of team culture can't be built overnight. But it may be more meaningful in the long run for cultivating future leaders. And, if (or when) demand shifts, it's not a growing line item to regret." To receive the Law.com Barometer directly to your inbox each week, click here.
WHO GOT THE WORK?℠ - Baker & Hostetler partners Eric R. Rish and Bonnie Keane DelGobbo have stepped in to defend video-sharing and social networking app Triller Inc. in a pending privacy class action. The suit, filed Dec. 31 in New York Southern District Court, accuses Triller of obtaining and storing users' biometric information and video viewing histories without consent in violation of the Video Privacy Protection Act and state consumer protection laws. The action is backed by DiCello Levitt Gutzler; Bleichmar Fonti & Auld and Hausfeld. The case, assigned to U.S. District Judge Jed S. Rakoff, is 1:21-cv-11228, Wilson v. Triller, Inc. Read the press release filing on Law.com Radar and check out the most recent edition of Law.com's Who Got the Work?℠ column to find out which law firms and lawyers are being brought in to handle key cases and close major deals for their clients.
MERGING LANES - Used car company Carvana has agreed to acquire the ADESA U.S. physical auction business from KAR Global, a digital marketplace platform for wholesale used vehicles, for $2.2 billion. The transaction, announced Feb. 24, is expected to close in the second quarter of 2022. KAR, which is based in Carmel, Indiana, was advised by a Skadden, Arps, Slate, Meagher & Flom team that included partners Todd Freed, Dohyun Kim, Steven Messina and Dwight Yoo. Counsel information was not available for Tempe, Arizona-based Carvana. Stay up on the latest deals and litigation with the new Law.com Radar.
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EDITOR'S PICKS
How Many Lawyers Really Want To Transform the Practice of Law? By Dan Packel Nearly a Year After Previous Dean's Exit Amid 'Slaveholder' Comment Controversy, CUNY Law Appoints New Leader By Christine Charnosky 4th Circuit Upholds Ban on South Carolina's Fetal Heartbeat Act By Marianna Wharry Plaintiffs Target Boeing's Top Executives in Max 8 Lawsuit By Amanda Bronstad $570 in Court Fees for a $55 Traffic Ticket: Attorney and Son Wage Free-Speech Battle Against 'Honking Statutes' By Allison Dunn|
WHILE YOU WERE SLEEPING
UKRAINE CLOSURES - Law firms in Ukraine have started closing their offices, as President Volodymyr Zelenskyy imposes martial law and declares a state of emergency following the incursion of Russian military, Law.com International's Krishnan Nair reports. The 30-day martial law imposes heightened security measures, such as curfews and limits on the movements of certain people. Dentons, CMS and Baker McKenzie all announced they have closed their Kyiv offices. One prominent Kyiv-based law firm, which comprises over 100 lawyers in Kyiv and asked to remain anonymous, said that it had told its staff to stay at home and work remotely during the 30-day period and "until further notice." A second major Ukrainian law firm, which counts over 100 lawyers in its ranks and also did not want to be identified, said it would not return to its offices until it was "safe to do so." Zelenskyy signed a decree on February 24 after declaring that Russia had launched a military operation "against our state." In a televised message, he urged citizens to stay at home, and told citizens living in Russia to return without delay.
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WHAT YOU SAID
"Having these two attorneys resign so publicly, it's pretty clear this is coming from the top and this was not planned."
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Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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