Law Firm Lease Rates Soar in NY, Mansfield Rule In-House, Barr's Private Ceremony: The Morning Minute
Here's the news you need to start your day.
October 25, 2019 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
TOO DAMN HIGH – Leases covering some 8.5 million-square-feet of law firm office space in Manhattan are set to expire between 2021 and 2024, setting up a round of musical chairs in the city—and placing additional pressures on firms as rents continue to increase. Patrick Smith reports that law firm rent rates in Midtown rose 15% in the first half of 2019, according to CBRE. It's worth noting that 80% of the top 25 firms by square footage occupancy are located in that part of the city.
ON HOLD? The Senate Judiciary Committee has delayed its votes on a pair of Circuit Court judicial nominees—Steven Menashi and Halil "Sul" Ozerden—who have faced bipartisan criticism. Both men were listed for a committee executive business meeting on Thursday, but a committee spokeswoman said the votes were delayed due to tight timing with the late Rep. Elijah Cummings's memorial service. It's unclear if the nominees would have advanced if the vote were held as planned. Republicans have opposed Ozerden over concerns about his rulings on religious liberty, while other GOP senators have raised eyebrows about Menashi not answering their questions.
MORE MANSFIELD – Some 22 corporate in-house teams have signed on to Diversity Lab's Mansfield Rule: Legal Department Edition. Dan Clark reports that the pilot program asks legal departments to consider at least 50% underrepresented candidates for internal roles and when hiring outside counsel. Among the companies to sign on are Ford Motor Co., Gap, MassMutual, PayPal and Uber Technologies. The program is an extension to the Diversity Lab's Mansfield Rule, designed for law firms to find ways to put underrepresented attorneys on matters and on a path to partnership.
EDITOR'S PICKS
Barr's Justice Dept. Honors Kavanaugh Team at Private Ceremony
Three-Way Mudfight Unleashed by DLA Piper's #MeToo Mess
How I Made Partner: Cravath's Allison Wein
Wilson Sonsini and BYU Join Forces to Help Asylum Seekers
'There's Something Very Sick Going On': Lawyer Got Death Threats from InfoWars Fans
EL Chapo Prosecutor, Senior SEC Official and White & Case Partner Launch White Collar Boutique
J&J's Baby Powder Recall 'Highly Relevant' to Lawsuits, Attorneys Say
WHILE YOU WERE SLEEPING
BREXIT BIZ – The U.K.'s top law firms are "reaping the rewards" of investing in their international offices as they respond to the challenges posed by Brexit, according to new research from PwC. Varsha Patel reports that PwC's 2019 survey of law firms shows those that international offices are excelling as revenues and profit growth in their locations overseas start to exceed that of their U.K. headquarters. The top 10 U.K-based law firms with international revenues exceeding 20% of total revenue experienced 85% of their profit growth from international offices.
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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