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WHAT WE'RE WATCHING

TAKE THE MONEY AND RUN -  'Tis the season (one of them anyway) in which law firms are shelling out major money in the hopes of attracting and retaining top associates. This year, a white-hot talent market coming on the heels of unprecedented profit growth for many firms has made competition even fiercer than usual. But, as we explore in this week's Law.com Trendspotter column, it's becoming clear that no amount of money or even contractual obligations can guarantee a firm's ability to lock in sought-after associates for any significant length of time. And while cash may be the main consideration for many associates in choosing a landing spot, firms would do well to recognize that it's far from the only consideration when it comes to retention. I'm interested to hear what you think: Assuming the pay is basically equal among competitors, what can/should competitive law firms do to retain their top young talent? Is work-life balance in Big Law even a real option? If so, what does it look like? Let me know at [email protected].

FIGHTING FATIGUE - "Diversity fatigue" is threatening the progress law firms are making around eliminating systemic racism and creating a more inclusive environment, Law.com's Patrick Smith reports. "I do think it is real," Narges Kakalia, director of diversity and inclusion at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo said. "It is unfortunately named, I think. It isn't exhaustion for many, but rather cynicism. Maybe a bit of both. It is a phenomenon we see on and off over the years that tends to follow after an incident that puts DEI in focus, like the George Floyd murder. The machinery gets awoken by the incident." Then, after some amount of time, the momentum among the industry as a whole wanes, and even highly invested individuals can become disenchanted because of the lack of progress. So what can firm leaders do? Commit to making "diversity" more than just the buzzword of the moment. And that starts with acknowledging how law firms, including your own, became so white and male in the first place. Only then can firms do the real work required to shift the paradigm. As Michael Coston, CEO of Coston Consulting, notes: "If you don't do the introspection and deal with your truths, you can easily fall into performative tactics because they are viewed as an industry-best standard instead of customizing strategies that are designed for your firm and your journey."

DATA DUMP - Waste Management and USA Waste-Management Resources were hit with a data breach class action Monday in Texas Southern District Court. The lawsuit was filed by Wolf Haldenstein Adler Freeman & Herz and other law firms on behalf of current and former employees as well as their dependents. Counsel have not yet appeared for the defendants. The case is 4:21-cv-02027, Marcaurel et al v. USA Waste-Management Resources, LLC et al. Stay up on the latest deals and litigation with the new Law.com Radar.  

EDITOR'S PICKS

WHILE YOU WERE SLEEPING

ARBITRATION INFLATION -  The COVID-19 pandemic has brought a fresh wave of investor-state arbitration cases against countries in Latin America—the region most frequently targeted for that type of last-resort dispute resolution, Law.com International's Amy Guthrie reports. Latin America and the Caribbean accounted for more than a quarter of claims filed with the International Centre for Settlement of Investment Disputes (ICSID)—more than Africa, Asia or any other region—as a record number of investors sought remedy in 2020 at the World Bank's arbitration venue. Latin America's largest economy, Brazil, has not contracted to the ICSID convention. But during the first half of 2021, additional claims have been brought against countries such as Chile, Colombia, Peru and Mexico. And because of public notices of intent and an increasingly hostile attitude toward private investment in the region, attorneys anticipate yet more claims on the horizon.

WHAT YOU SAID

"Nowhere else in America can businesses get away with agreeing not to pay their workers a fair market rate on the theory that their product is defined by not paying their workers a fair market rate."