Lawyers Detest Law Firms' Overemphasis on Profitability: The Morning Minute
The news and analysis you need to start your day.
January 24, 2024 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
PROFITS OVER PEOPLE? - Law firm leaders have talked a lot in recent years about the importance of preserving their cultures. But 2024 could be the year that exposes just how much of that talk was mere lip service, as a number of firms go all out to try to grow profits after a relatively tepid 2023. As Law.com's Andrew Maloney reports, those firms do so at their own risk. "The continued disdain for emphasis on profitability" was among the primary findings of the 2023 Law Firm Culture Survey report from Major Lindsey Africa, released Tuesday. Nearly 40% of respondents identified "profit-mindedness" as one of the top traits that inspires negative feelings toward their firms—easily the most frequent response on the topic of law firm culture.
GLOBAL AWARENESS - If there's anyone out there who still views in-house work as an "easier" alternative to law firm life, this one's for you: As Law.com's Trudy Knockless reports, the increasing complexity of the global landscape—marked by events like the war in Ukraine, the Israel-Hamas conflict and Washington's deteriorating relationship with Beijing—has made the GC's duty to assess risk, and advise the C-suite and board on it, vastly more difficult. Countries representing almost half of the world's GDP are electing leaders this year, with outcomes potentially vulnerable to social media disinformation campaigns, sometimes carried out at breathtaking speed with the help of AI. "You cannot not be aware. Otherwise, you will not be relevant in the boardroom or relevant for the senior executives who come to you for advice," said David Bamlango, GC of the Eastern and Southern African Trade and Development Bank.
ON THE RADAR - Sanofi subsidiary, Aventis has agreed to acquire Inhibrx's INBRX-101, an optimized, recombinant alpha-1 antitrypsin augmentation therapy used to treat those with AATD deficiency, for an aggregate consideration value of approximately $2.2 billion. The transaction, announced Jan. 23, is expected to close in the second quarter of 2024. Paris-based Sanofi was advised by Weil, Gotshal & Manges. Inhibrx, which is based in San Diego, was represented by a Paul, Weiss, Rifkind, Wharton & Garrison team including partners Benjamin Goodchild and Krishna Veeraraghavan. Skadden, Arps, Slate, Meagher & Flom counseled Centerview Partners, acting as exclusive financial adviser to Inhibrx. The Skadden Arps team included M&A partners Christopher Barlow and Graham Robinson. 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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