More Law Firms Are Using Bonus Pools: The Morning Minute
The news and analysis you need to start your day.
June 24, 2022 at 06:00 AM
5 minute read
Want to get this daily news briefing by email? Here's the sign-up.
|
WHAT WE'RE WATCHING
A DIP IN THE POOL - As more law firms examine and adjust their partner pay systems, the use of bonus pools has become a popular method to reward star performers, Law.com's Patrick Smith reports. Just look to Cravath, Swaine & Moore, which has created a bonus pool funded by 15% of points from each partner, according to two sources familiar with the arrangement. The pool, dispersed at the discretion of firm management, will be awarded to whoever the firm considers high performers. Exactly how the firm determines the high performers is not clear. While the new system could limit any partner's pay, the sources said a great majority of the partnership was in support of the move. The new arrangement was considered a moderate approach, meant to stay competitive while also maintaining aspects of the firm's lockstep partner pay system, which pays partners by seniority. A Cravath representative was not immediately available to comment.
HOT UNDER THE COLLAR - After much saber-rattling, the Biden administration's focus on white-collar corporate compliance is finally coming into focus, Law.com's Nate Robson writes in the latest Law.com Barometer newsletter. Law firms and white-collar compliance experts have long warned the administration's ramped-up focus was coming, but the pandemic largely nixed any initiatives. A spate of recent settlements coupled with the addition of a new white-collar leader at the DOJ is giving the public a look into what compliance will look like under Biden. Now, according to Robson, law firms and corporations are watching to see how the administration continues to use compliance monitors, a strategy shunned by former President Donald Trump. Perhaps more importantly, companies are watching to see if future settlements will require chief compliance officers to personally certify a company's compliance program is effective and capable of detecting illegal activity. To receive the Law.com Barometer directly to your inbox each week, click here.
WHO GOT THE WORK?℠ - NeoGames SA announced that it has completed its acquisition of online casino gaming platform Aspire Global plc for approximately $264 million. Israel-based NeoGames was advised by Latham & Watkins; Herzog Fox & Neeman; Hannes Snellman Attorneys Ltd.; Allen & Overy and Camilleri Preziosi Advocates. A Jones Day team led by partner Bob Profusek counseled NeoGames' independent director committee. Aspire Global, which is based in Malta, was represented by a Baker McKenzie team. >> Read the 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.
ON THE RADAR - Winston & Strawn and American Immigration Council sued the U.S. Citizenship and Immigration Services (CIS) and the U.S. Department of Homeland Security Thursday in New York Southern District Court under the Freedom of Information Act. The suit, filed on behalf of the American Immigration Council and International Refugee Assistance Project, seeks records relating to CIS' adjudication of humanitarian parole applications of Afghan nationals and documents relating to CIS' processing of asylum seekers and refugees. Counsel have not yet appeared for the defendants. The case is 1:22-cv-05312, American Immigration Council et al v. U.S. Citizenship and Immigration Services et al. Stay up on the latest deals and litigation with the new Law.com Radar.
|
EDITOR'S PICKS
A 'Constitutional Orphan' No More: Key Points From SCOTUS' Landmark 2nd Amendment Ruling By Marcia Coyle |
LeVar Burton to Keynote Legalweek New York 2023 Conference By Zack Warren |
6th Circ. Weighs In on Another 'Direct Physical Loss' Claim During COVID-19, Awaiting State Supreme Court Ruling By Allison Dunn |
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllThe Reason a GC Abruptly Departs May Not Be What You Think
Big Law Lawyers Fan Out for Election Day Volunteering in Call Centers and Litigation
7 minute readElection Outcome Could Spur Policy U-Turns Across Employment Landscape
6 minute readRussia-Linked Deepfakes Are Hitting the US Election. Will It Spur Congress to Act?
Law Firms Mentioned
Trending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Election 2024: Nationwide Judicial Races and Ballot Measures to Watch
- 3Guarantees Are Back, Whether Law Firms Want to Talk About Them or Not
- 4How I Made Practice Group Chair: 'If You Love What You Do and Put the Time and Effort Into It, You Will Excel,' Says Lisa Saul of Forde & O'Meara
- 5Abbott, Mead Johnson Win Defense Verdict Over Preemie Infant Formula
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.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250