Want to get this daily news briefing by email? Here's the sign-up.

WHAT WE'RE WATCHING

BIG LAW'S BIGGEST OBSTACLES - The legal industry fared extremely well financially last year, and most firm leaders will tell you they're at least cautiously optimistic about the rest of this year. Still, to be a truly effective firm leader, you also have to specialize in cautious pessimism. With that in mind, many are already preparing for potential challenges created by a host of factors, from the talent war to actual war, as well as the ever-present threat of new COVID-19 variants and infection spikes. But there are also some obstacles on the horizon that firms can (somewhat) control. So what do they have their eyes on? Law.com's Andrew Maloney lays out a few key pain points that have firm leaders' attention so far in 2022.

FROM RISK-AVERSE TO METAVERSE - As companies stake out territory in the virtual world (or, more accurately, worlds) that make up the metaverse and seek to establish their brands in a still-fledgling but hugely promising marketplace, their outside counsel are beginning to join them in order to help identify and navigate business risks and opportunities. The law firms making this leap don't know exactly what they'll find in the metaverse—and, as we explore in the latest Law.com Trendspotter column, that's actually kind of the point. These early adopters are hoping to have a hand in shaping the metaverse as it inevitably expands. They're also hoping to hold onto their clients. As we noted in a recent Law.com Litigation Trendspotter column, while no one knows exactly where the all this is going, it's definitely not going away. Several major banks have estimated the value of the metaverse market in the trillions of dollars and Big Tech has gone all-in. When clients come to law firms seeking advice on how to get a piece of the action, "¯\_(ツ)_/¯" is not likely to be an acceptable answer. Just as having a presence on the internet quickly went from a novelty to a necessity for firms and other businesses, having a presence in the metaverse seems to be on a similar trajectory. I'm interested to hear from you: What do you view as the potential opportunities and risks for law firms and their clients entering the metaverse at this early stage? Let me know at [email protected].

WHO GOT THE WORK?℠ - Bed Bath & Beyond announced on March 25 that is has entered a cooperation agreement with investor and GameStop executive chairman Ryan Cohen and RC Ventures LLC. Terms of the agreement will allow for three of RC Ventures' director designees to immediately join Bed Bath's board of directors as independent directors. Union, New Jersey-based Bed Bath was advised by a Cleary Gottlieb Steen & Hamilton team led by partners Paul Shim, Francesca Odell and Kim Spoerri. >> Read more on Law.com Radar and check out the most recent edition of Law.com's Who Got the Work?℠ column to find out which law firms and lawyers are being brought in to handle key cases and close major deals for their clients.