Law Firms Are Itching to Merge in 2021 | New Law Firm Leaders Face Big Test | Wells Fargo Sued Over PPP Loan Denial: The Morning Minute
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January 06, 2021 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
URGE TO MERGE - And you thought there might not be any get-togethers this year. While the COVID-19 pandemic slowed law firm mergers significantly in 2020, according to two new reports, analysts say firms are eager to grow again in 2021, Law.com's Andrew Maloney reports. The experts cite "extremely high" interest in combination talks—including for large firm mergers—and a desire to return to pre-pandemic strategy. Tom Clay, a principal at Altman Weil who worked on the MergerLine report, said some aspects of the combination process are still lagging behind where they might normally be "because the pipeline got shut down and the research got shut down" when the pandemic hit last spring. But he said firms are itching to start assessing the landscape again for combination targets. "They're telling us right now, 'Go full-bore,'" Clay said. "But having said that, there's just not enough in the pipeline right now to say, 'Oh yeah, we should get back to normal.'"
INTO THE UNKNOWN - Big Law is getting a huge influx of new law firm leaders this year, all of whom have taken or are about to take the reins without knowing exactly what lies on the path ahead, Law.com's Brenda Sapino Jeffreys reports. But, while new law firm leaders must keep their eyes peeled for any spike strips COVID-19 may still throw down in 2021, law firm consultant Lisa Smith advises them not to lose their focus on the firm initiatives that were in place pre-pandemic. "It's still important for managing partners to be forward-looking and continue to focus on those priorities, because you don't want to lose time. If they were important before, they are still important," said Smith, a principal at Fairfax Associates in Washington, D.C.
PAYCHECK PROTECTION REJECTION - Counsel at Ballard Spahr on Tuesday removed a lawsuit against Wells Fargo to Pennsylvania Eastern District Court. The complaint claims Wells Fargo breached its duty to plaintiff Albino Concrete Construction by denying the company's Paycheck Protection Program application on the grounds that Albino failed to provide "requested information," when no information was ever requested by the bank. The suit was filed by attorney William J. Perrone. The case is 2:21-cv-00035, Albino Concrete Construction Co. Inc. a/d/b/a Albino Concrete Construction LLC v. Wells Fargo Bank National Association. Stay up on the latest litigation with the new Law.com Radar.
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EDITOR'S PICKS
Foley & Lardner Partner Who Sat In on Trump's Georgia Call Resigns From Firm By Dylan Jackson
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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.
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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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