How Big Law Should Invest Its Windfall: The Morning Minute
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April 27, 2022 at 06:00 AM
6 minute read
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WHAT WE'RE WATCHING
INVEST FOR SUCCESS - The 2022 Am Law 100 report is out now and it tells a classic "riches-to-riches" story that is sure to bring a tear to your eye. Following on the heels of a surprisingly successful pandemic year in 2020, the Am Law 100 hit another gear in 2021, boasting 12.5% growth in revenue per lawyer and a 19.4% spike in profits per equity partner. Unfortunately, there's no time to celebrate as we continue barreling into the future. It's already almost May 2022, which means firms that don't already know how they're going to invest their windfall better start figuring it out now because record high demand is not likely to last forever. And, as Law.com's Dan Packel reports, building consensus on what to do with all that money is easier said than done. "It's an age-old challenge for firms because they are cash-based and they find it hard to set money aside for the future," Fairfax Associates principal Lisa Smith said. "But investments in laterals, technology, business professionals—all of those things should be on the table any time there is an abundance of resources."
DISABLING ABLEISM - Law students with disabilities often struggle to balance trying to fit in to an incredibly competitive environment with trying to get the accommodations they need to succeed, all while fighting the constant worry that they will be viewed as less capable than their peers, Law.com's Christine Charnosky reports. "I felt afraid to ask for other accommodations that probably would have been helpful because law school is very competitive," attorney Britney R. Wilson, who has cerebral palsy, told Charnosky about her time in law school. Disability is often overlooked in the broader conversation around diversity in the legal profession, which can make self-advocacy even more difficult. But Wilson, who is now associate professor of law and director of the Civil Rights and Disability Justice clinic at New York Law School, said that seeking greater equality and accessibility for disabled law students is not just about "getting a seat at the table," as the cliché goes. As Wilson put it: "there's something wrong with the table." "People are different and it's not a horrible thing," Wilson said. "It's the treatment of people with disabilities that is the issue."
WHO GOT THE WORK?℠ - Five Below, a teen-centric discount retailer, was slapped with an employment class action Wednesday in New York Eastern District Court over alleged failure to pay timely wages in accordance with New York state law. The complaint, brought by Bursor & Fisher, contends that store employees whose work includes stocking inventory, cleaning and operating the cash register qualify as manual workers under New York's Labor Law. The suit accuses the company of violating a requirement to pay the workers on a weekly basis. Counsel have not yet appeared for the defendant. The case is 2:22-cv-02253, Krawitz et al v. Five Below, Inc. >>Read the complaint 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.
AUDIBLE GROAN - Amazon.com was slapped with a consumer class action Tuesday in New York Eastern District Court over the Amazon Prime membership package. The suit, brought by Reese LLP, contends that the package does not include free use of Audible, the podcast and audiobook service, as advertised. The complaint also contends that Amazon makes it cumbersome for customers to remove the service once they have discovered they are being charged for it. Counsel have not yet appeared for the defendant. The case is 2:22-cv-02384, McCarthy v. Amazon.com, Inc. Stay up on the latest deals and litigation with the new Law.com.
EDITOR'S PICKS
ABA Releases Bar Passage Data: 3% Decrease for First-Time Takers By Christine Charnosky |
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Who Got The Work
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.
Who Got The Work
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.
Who Got The Work
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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