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WHAT WE'RE WATCHING

DON'T STAY HOME - The relentless forward march of evolution may have finally met its match: the legal industry. Remember last year when firms were hiring fully remote workers? The appetite for such moves now appears to be waning. Certainly, there's a wide spread in how firms are approaching return to work, and West Coast firms are generally touting more flexibility—such as Cooley's zero in-office requirements or, one Big Law anomaly, Quinn Emanuel's work-from-anywhere policy. But industry observers told Law.com's Jessie Yount that the resistance to hiring remote workers is alive and well at many large firms, which suggests that the attorneys that were able to land remote positions last year fit the definition of "getting while the getting is good." And for younger lawyers on the hunt currently, it may make sense to readjust priorities and aim for one day in the office a couple times a month or quarter, rather than zero face time. The conversation is most strained at the staff level, according to several industry sources, who note that the balance of power plays a large role in firms' attitudes and policies. "Associates to a degree can still go where they want. If they were forced to appear at the office in the flesh, they'd probably vote with their feet," said Kate Reder Sheikh, a Northern California-based associate recruiter at Major, Lindsey & Africa. By comparison, "the power dynamics are much harder for staff," she explained.

FIRM BELIEVERS -  The estimated annual revenue generation of the bankruptcy and restructuring group that departed Stroock Stroock & Lavan for Paul Hastings in March, as confirmed by three independent sources, is likely north of $60 million. Stroock's 2021 revenue, as a firm, was about $260 million. That means as a conservative estimate, almost one-quarter (23%) of the firm's revenue walked out the door. While the exodus of the valued group is the most acute issue the firm needs to deal with, industry experts told Law.com's Patrick Smith that shifting market conditions that favor size and scale, as well as certain decisions Stroock has made on how to grow, have put the firm in a precarious position.  According to co-managing partners Alan Klinger and Jeff Keitelman, the actions around talent acquisition the firm has taken in the last couple of years will provide it with the necessary firepower to march on, even without the vaunted restructuring unit. Not everyone agrees, however. This is the first of a two-part series looking at the current state of affairs at Stroock Stroock & Lavan.

WHO GOT THE WORK?℠ - Walmart heir Rob Walton and the Penner Family have agreed to purchase the Denver Broncos for $4.65 billion. A Proskauer Rose team, led by partner Joe Leccese, is representing the Broncos. Walton and the Penners are advised by a Hogan Lovells team including partner Matthew Eisler and Russell Hedman.  >> Read the filing 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.