Virtual Firms Push Back on Morgan Stanley CLO: The Morning Minute
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July 22, 2021 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
BE THERE OR BE SQUARE? - Morgan Stanley CLO Eric Grossman's letter attempting to push the company's outside counsel back to the office full-time has led to spirited debate across the legal industry. You can have three guesses as to which side of that argument virtual law firms fall on. Still, while their perspective on this topic may be predictable, it's also important. After all, they serve their clients while working outside of a traditional office every single day. In fact, some of these firms have done—and, at least in the case of Rimon Law, are currently doing—work for Morgan Stanley, despite not being able to boast a communal refrigerator full of old salads. Chris Wilson, a partner at hybrid firm Taylor English Duma, told Law.com's Dan Packel that he did work for Morgan Stanley when he was a partner at virtual firm FisherBroyles."I did a fair amount of work for them," Wilson said. "This is the first time I've ever heard of any clients publicly stating that they care where their attorneys are working from." Wilson added: "I understand [Grossman's] concern about making sure his lawyers are well trained, but I don't think that there ought to be a blanket statement that none of the lawyers at law firms should be working remotely."
THE LEFTOVERS - Taking over the DOJ after the Trump administration has moved out is a little like being the next apartment tenant after Axl Rose: there are holes in the walls, angry messages on the answering machine and a boa constrictor in the bathtub. As Law.com's Andrew Goudsward reports, Attorney General Merrick Garland is navigating a political minefield as the DOJ attempts to handle politically fraught cases left over from ex-AG Bill Barr's tenure while reasserting the department's independence. Everyone agrees it's not an easy job. Still, some observers told Goudsward they feel Garland is struggling to balance the duty to maintain consistency in the department's legal positions with the goal of eschewing some of the more dubious Trump-era decisions. "There are certain cases that the Barr Department of Justice brought or defended that I think are just completely indefensible and certain positions that they took are indefensible. It seems that the Biden/Garland Department of Justice is having a hard time kind of shedding those," said one attorney involved in a high-profile case from the Trump era. "I understand institutional consistency is a principle, but it seems to me that they are bending over backwards to defend the indefensible in the name of institutional consistency."
KICKER CLAUSE - Proskauer Rose filed a lawsuit Wednesday in New Jersey District Court on behalf of Major League Soccer and the New York Red Bulls over a $6 million transfer agreement to obtain Argentinian soccer player Alejandro Romero Gamarra a/k/a Kaku. The complaint targets Argentina Futbol Tours and Scott A. Pearson, who served as Gamarra's agent in a transfer deal between the plaintiffs and Club Atletico Huracan. Pearson is accused of soliciting other soccer clubs and signing a contract with the Saudi Professional League's Al-Taawoun FC on Gamarra's behalf in breach of a standard player agreement. Counsel have not yet appeared for the defendants. The case is 2:21-cv-13940, Major League Soccer, L.L.C. et al v. Pearson et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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EDITOR'S PICKS
|- Law.com Trendspotter: The Morgan Stanley Letter Shows the Remote Revolution May Be No Match for the Legal Industry's Risk Aversion By Zack Needles
- Critical Mass: A $28 Billion Opioid Deal Could Be Finalized This Week. Talc Lawyers Deride J&J's 'Shocking' and 'Strategic' Bankruptcy Pitch By Amanda Bronstad
- Summer Recruiting Dropped Amid Pandemic Uncertainty: NALP Report By Dylan Jackson
- In Office Return Planning, Drawing 'Lines in the Sand' Becomes Tricky for Law Firms By Patrick Smith
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WHILE YOU WERE SLEEPING
THE STORM AFTER THE CALM - The Dutch legal job market is booming after a pandemic-induced lull, according to the latest market update from recruitment giant Robert Walters, which is based on data from labor market intelligence tool Jobfeed. As Law.com International's Linda A. Thompson reports, a little over 3,100 jobs were advertised this quarter according to Robert Walters' analysis. Compared to the 2,651 open vacancies seen during the final quarter of 2019 – the last full quarter before the pandemic—the figures represent a 17% increase. They also represent a 24% increase from the first quarter of 2021. "The world is becoming more legal," Joyce Toeset, manager legal division at Robert Walters said in a press statement. She attributed the increase in vacancies to an "explosive" growth in the demand for corporate lawyers, particularly those specialized in corporate governance and privacy. "Notary's practices, private practice, the corporate world, the government and academic and semi-public institutions; there is now a large demand from every industry," she added.
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WHAT YOU SAID
"His behavior was definitely unique, I mean there are all kinds of interesting judges but this was the worst behavior I have seen."
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