READY FOR ACTION - The collapse of Silicon Valley Bank in just 48 hours sent Big Law firms into rapid-response mode, with several firms organizing task forces and impromptu virtual meetings to assist clients. As Law.com’s Jessie Yount and Justin Henry report, several of the Am Law 100 convened teams of finance, venture capital, banking regulation, investment management, restructuring and emerging company lawyers to address the ongoing inundation of inquiries. For many firms, it was a moment of vindication after years of organizing lawyers into industry-facing groups rather than by practice area—moves that some in the industry viewed with skepticism. For some, it also highlighted the power of having an interdisciplinary approach to client service.
DOMESTIC DECEPTION - Oh, so you think the phrase “Made In USA” leaves little wiggle room for alternate interpretations? Tell me you don’t work in marketing without telling me you don’t work in marketing. But, as Law.com’s Chris O’Malley reports, sharp-eyed GCs could save companies from some hefty government penalties by thoroughly vetting claims about where a product was manufactured. The agency has assessed companies about $6 million over the last year for violating its Made in USA Labeling Rule, though the amounts actually paid are dramatically less. Still, the enhanced rule, which became effective in late 2021, remains a potent potential liability for companies—for the first time authorizing civil penalties of up to $43,280 per violation. That could add up for a company with potentially hundreds or thousands of violations, said Patrick O’Donnell, an attorney at Kaufman & Canoles, who also noted, “it’s a fertile area for class action lawsuits.”