For Big Law, 2023 Collections Remain the 'Big If': The Morning Minute
The news and analysis you need to start your day.
November 16, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
COLLECT 'EM ALL - With legal industry revenue and demand perking up and expense pressure easing over the last quarter, law firms might expect to see mid-single-digit revenue gains and "modest" profit growth on average by the end of the year, according to a new analysis. Of course, by any analysis, if you want to realize those gains, you gotta collect first. "At the moment, it looks like that's how things are hitting," Gretta Rusanow, head of advisory services for Citi's law firm group, told Law.com's Andrew Maloney. "This could be a decent year if firms are able to speed up collections from now through year-end. So, that's the big 'if.'"
HIGHER VOLUME - Nothing keeps lawyers busy like chaos and confusion—and nobody whips up chaos and confusion quite like the current U.S. Supreme Court. As Law.com's Abigail Adcox reports, the justices' decision to strike down affirmative action in college admissions has been a boon to some law firms' higher education and discrimination practices, which have been advising colleges and universities on many new matters since the ruling. Neal Katyal, a partner at Hogan Lovells, who is co-leading a task force comprised of roughly 10 attorneys from various practices that the firm set up following the SCOTUS decision, said about one-third of his time has been spent with matters related to the court's decision since the end of June, adding that it has taken up a "huge number of hours."
ON THE RADAR - Willkie Farr & Gallagher partners Alexander L. Cheney, Charles D. Cording and Todd G. Cosenza have entered appearances for current Wells Fargo director Steven D. Black, John D. Baker II and other defendants in a pending shareholder derivative lawsuit. The complaint, filed Oct. 5 in California Northern District Court by Lieff Cabraser Heimann & Bernstein, arises from the defendants' alleged failure to comply with consumer protection laws and oversee Wells Fargo's compliance with consent orders it entered into with regulators. The case, assigned to U.S. District Judge Jon S. Tigar, is 4:23-cv-05112, Fire and Police Pension Association of Colorado v. Baker et al. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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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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