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

WHAT WE'RE WATCHING

KIDS IN THE HALL -  For more than two years, many new associates have known only remote work. But, as Law.com's Brenda Sapino Jeffreys reports, some law firms are aiming to change that by inviting their young attorneys to finally meet, in person, the teams they've been working with virtually. The idea behind these initiatives is that in-person interactions with colleagues will deepen interpersonal relationships, foster professional development and, ultimately, improve retention. "Being in a hallway, you are more likely to be roped into the thing," Monica Latin, the managing partner of Carrington, Coleman, Sloman & Blumenthal, said during a recent State Bar of Texas seminar on how COVID-19 affected retention at firms. Marci Borgal Shunk, founder and president of The Tilt Institute, said building connections between lawyers is essential in the war for talent, and to spread the firm's culture. But, she added, face-time and flexibility can and should still be able to coexist. According to Shunk, academic research shows that firms should identify certain days for teams to be in the office to ensure that all of the lawyers who work together are having regular in-person interactions. "If you are not in the office, you need to be deliberate and intentional about what you are doing to define your culture and that cultural experience for everybody across the firm," Shunk said.

CONSIDER THE ALTERNATIVES - Over the past decade, insurance defense lawyers have been increasingly using alternative fee arrangements and low-cost staffing models. Turns out, they may have been on the cutting edge of the legal profession this whole time. "The insurance industry has become far more sophisticated and dependent on analytics, and so they are constantly evaluating the key performance indicators [KPIs] of their panel counsel and they're comparing them to one another," G. Mark Thompson, CEO of Marshall Dennehey Warner Coleman & Goggin, told Law.com's Justin Henry. "If they see a decline in those KPIs, that could threaten the continued engagement of that firm," Thompson added, "so you better not let your reputation fall."  Competition for work among panel firms has grown stiffer in subsequent years; many firms are now required to use paralegals for certain tasks that previously would have been performed by a lawyer, such as reviewing evidence, document review and preparing exhibits. As the U.S. economy slows, Peggy Kruza, a Philadelphia-area legal industry staff recruiter, said more law practices could start to reallocate attorney work to paralegals in order to keep billing for institutional clients competitive.

ON THE RADAR - Stonepeak Infrastructure Partners and American Tower Corp. announced a $2.5 billion partnership Monday in a deal guided by a bevy of law firms. Stonepeak, on behalf of certain affiliated investment vehicles, has agreed to acquire an ownership interest of approximately 29% in American Tower's U.S. data center business. American Tower will retain managerial, operational and day-to-day control of the business. The transaction, announced July 11, is expected to close in the third quarter of 2022. New York-based Stonepeak is represented by Sidley Austin. American Tower, based in Boston, is advised by Cleary Gottlieb Steen & Hamilton; and Sullivan & Worcester.  Stay up on the latest deals and litigation with the new Law.com Radar. 

EDITOR'S PICKS