Who's to Blame for Unproductive Partners? | The Big Four Targets 'Business-Minded' Law Grads | App Maker Accused of Misrepresenting Pandemic Resiliency: The Morning Minute
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January 21, 2021 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
WHOSE FAULT IS IT ANYWAY? - With the pressure to remain profitable mounting, the past year has seen Big Law lean into the process of "counseling out" unproductive partners, which is basically the law firm equivalent of "taking the family dog to live on a farm." It sounds pleasant enough, but we all know what's up. Still, what does it really mean when a partner is labeled "unproductive"? As Law.com's Dylan Jackson reports, it can mean the partner hasn't made significant contributions to pro bono efforts, recruiting or leadership within the firm. But, in almost every instance, the main measure of productivity is the amount of revenue a partner brings in, which is not always completely within that partner's control. "When the firm applies the 'underperforming' tag to a partner that's a huge scarlet letter and, in most cases, an unfair one," said legal consultant Jordan Furlong. "If a partner or any lawyer has failed to meet any performance expectations, there's plenty of blame to go around."
BRUSH UP ON BUSINESS - The Big Four accounting firms are hunting for unicorns: recent law school grads who understand business administration and corporate strategy, Law.com's Victoria Hudgins reports. That also means understanding how to provide value to clients—a concept even seasoned partners sometimes have trouble grasping, let alone new lawyers. Still, for all the (mostly warranted) flak law schools have taken for failing to prepare students for the real world, there are programs out there aimed at arming up-and-coming attorneys with business acumen. Suffolk University Law School, for instance, launched a legal innovation concentration in 2013, featuring additional courses designed to spur tech usage and creative thinking to solve corporate challenges. Assistant dean of innovation and strategic initiatives Gabriel Teninbaum told Hudgins the courses provide "an atmosphere that would be welcoming to the Big Four." "It's been clear [the Big Four's] interest is in innovation and efficiency-related work. The ability to take law and find ways to do it more effectively and efficiently is the way I suspect they will succeed in law, and that's exactly what we're trying to prepare our students to do," Teninbaum said.
VIRAL HIT - Lizhi, a China-based audio app, and other defendants were hit with a securities class action Wednesday in New York Eastern District Court. The case, filed by the Rosen Law Firm, accuses Lizhi of misleading investors regarding its ability to operate and generate revenue amid the COVID-19 outbreak. "Specifically, the Offering Documents failed to disclose Lizhi's direct and escalating exposure to the devastating coronavirus epidemic, then already raging in China and engulfing its business, customers, and employees at the time of the IPO Counsel have not yet appeared for the defendants," the complaint alleges. The case is 1:21-cv-00317, Gutman v. Lizhi Inc. et al. Stay up on the latest deals with the new Law.com Radar.
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