Why Law Firms Shouldn't Forget 2020's Lessons | Legal Departments Eyeing Big Tech Investments | IHOP Sues USPTO: The Morning Minute
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February 11, 2021 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
PAYING ATTENTION - If you thought law firms' recent embrace of fringe economic concepts like "managing expenses" and "making sure to get paid" were just passing fads—think again. According to a new report from Citi Private Bank's Law Firm Group, focusing on collections and cost-containment is only going to become more crucial as 2021 wears on. As Law.com's Andrew Maloney reports, the Citi analysis, released yesterday, notes that some firms were so proactive with their collections pushes last year that they were able to meet revenue goals early on, and even delay some collections into 2021. Now, the report says, the key will be remaining focused on realization. Meanwhile, Gretta Rusanow, head of advisory services for Citi Private Bank's Law Firm Group and the author of the report, told Maloney that firms may not cut costs this year so much as redistribute them in order to improve efficiency. "I think it's important to note I'm hearing firms talk about, yes, they might reduce their secretarial staff ratios. On the other hand, they may simply be shifting those staffing numbers to other areas, whether it's technology, or more billings and collections and pricing staff, or business staff," she said.
AUTO INVEST - Technology is not going to make human lawyers extinct—but not everyone's job is necessarily safe either. As Law.com's Phillip Bantz reports, legal departments are expected to begin shelling out serious money on technology like automation, AI and contract and document management software, while shedding generalist in-house lawyers, as a way to cope with bigger workloads, hiring freezes and more demands for efficiency and cost cutting, according to a forward-looking report from Gartner Inc. And as generalists begin to fall out of favor, nonlawyer specialists will see demand for their services increase, according to Zack Hutto, director of advisory in Gartner's legal and compliance practice. "The higher-volume, lower-complexity work that is typically carried out by generalist lawyers is where nonlawyer staff will drive efficiency gains for the department, by digitizing key workflows and expanding the use of automation," Hutto said.
FLIP'D OUT - Remember back in 2018, in the carefree days before pandemics and Capitol mobs, when IHOP temporarily changed its name to IHOb and social media went wild? Good times. Anyway, it appears IHOP is now dealing with some decidedly less publicity-friendly drama over a trade name: Barnes & Thornburg and Neal, Gerber & Eisenberg filed a lawsuit Wednesday in Virginia Eastern District Court on behalf of the restaurant chain. The complaint, which takes aim at the U.S. Patent and Trademark Office, seeks to reverse a decision by the Trademark Trial and Appeal Board to reject IHOP's application to trademark the names "Flip'd" and "Flip'd by IHOP" for its forthcoming chain of fast-casual restaurants. The case is 1:21-cv-00153, IHOP Restaurants, LLC v. Hirshfeld. Stay up on the latest deals and litigation with the new Law.com Radar.
EDITOR'S PICKS
Meet the 'Cattorney': Rod Ponton Can Now Laugh at His Internet-Famous Blooper By Angela Morris
No Dismissal: Grocery Chain Will Have to Answer Claims Over Employee's Death From COVID-19 By Raychel Lean
Why All the Fuss Over Coke's Diversity Plan? By Vivia Chen
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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.
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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.
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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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