Why Midwest Law Firms Had Banner Financial Years: The Morning Minute
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April 14, 2022 at 06:00 AM
6 minute read
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WHAT WE'RE WATCHING
MIDWEST, MID-MARKET, TOP DOLLAR - What's that again about "coastal elites"? As Law.com's Andrew Maloney reports, East Coast and West Coast firms weren't the only big law firms with banner years in 2021. Several law firms in the Midwest showed big gains in revenue or profit, highlighting how some firm fortunes also rose partly through midmarket deals and work for small and midcap clients. Some Midwest firms outpaced their peers in the legal industry. For instance, Missouri-founded Am Law 100 firms Polsinelli ($697.3 million) and Husch Blackwell ($476.7 million) grew their revenue about 13% and 14%, respectively, this year. That's above the 10.9% average calculated by Citi Private Bank for firms in the second half of the Am Law 100. Meanwhile, Second Hundred firms such as Shook, Hardy & Bacon ($414.9 million), Michigan-based Honigman (roughly $295 million) and Spencer Fane ($188.5 million) likewise saw double-digit increases in revenue, beating the industry average for firms in this group too. And much like the firms at the top of the Am Law 200, these Midwest firms pointed to a mix of things they can control (such as talent and hybrid work) as well as things they can't (inflation, the war in Ukraine) as top challenges to navigate this year and beyond.
THE YOUNG AND THE RECKLESS - Two lawsuits on opposite sides of the United States—each alleging flaws in Snapchat's Speed Filter—appear to be headed to the same place: in front of a jury. As Law.com's Kathy Tucker reports, appellate courts in both Georgia and California have now rejected Snap Inc.'s defense of immunity under the Communications Decency Act. As a result, judges are taking a different view of lawsuits alleging the company made a dangerous product. District Court Judge Michael Fitzgerald of the Central District of California denied a motion to dismiss Carly Lemmon's lawsuit from Snap Inc. on March 31 after being overruled by the U.S. Court of Appeals for the Ninth Circuit on the Communications Decency Act defense. "This shift from treating Defendant as a publisher or speaker to treating Defendant as a product manufacturer changes the way that the Court interprets the allegations," Fitzgerald said. He revisited the case "guided by the Ninth Circuit's focus on the design of the Snapchat app rather than whether it's a content neutral tool." Fitzgerald said he is now "satisfied" that allegations in the lawsuit are "sufficient to allege causation premised on the theory that the Speed Filter's design encouraged Plaintiffs to drive at dangerous speeds." "It is extremely foreseeable that minors and young adults would use the Speed Filter to record themselves driving at excessive speeds, and even more so if there are potential reward 'trophies' for so doing," the judge said.
WHO GOT THE WORK?℠ - Brookfield Business Partners has agreed to acquire automotive retail technology provider CDK Global for approximately $8.3 billion. The transaction, announced April 7, is expected to close in the third quarter of 2022. Bermuda-based Brookfield is advised by a Davis Polk & Wardwell team that includes partners Leonard Kreynin and Cheryl Chan. CDK Global, which is based in Hoffman Estates, Illinois, is represented by a Paul, Weiss, Rifkind, Wharton & Garrison team including partners Scott Barshay and Kyle Seifried. >> 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.
DOMINO'S FALL - The U.S. Securities and Exchange Commission filed a lawsuit Wednesday in Michigan Eastern District Court accusing a former employee of the finance department for Domino's Pizza of insider trading. The complaint contends that Bernard L. Compton misappropriated confidential earnings reports in order to gain nearly $1 million from Domino's securities. Attorneys have not yet appeared for the defendant. The case is 2:22-cv-10791, U.S. Securities and Exchange Commission v. Compton. S tay up on the latest deals and litigation with the new Law.com Radar.
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EDITOR'S PICKS
'It's Based on Relationships': How an Accounting Firm Approaches Client Billing and Collections By Law.com Contributing Editors |
By Amanda Bronstad |
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Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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