American Bar Association in Chicago. Photo: Diego M. Radzinschi/ALM 'Change Is Coming': Despite ABA Vote, Law Firms Will Face More Rivals Outside the Legal Industry
Law firms can't ignore growing competition from other industries, but for now, the ABA resolution gives lawyers in all 50 states greater clout in opposing any loosening of restrictions.
August 10, 2022 at 03:19 PM
6 minute read
Leadership
The original version of this story was published on The American Lawyer
While the American Bar Association's policymaking body this week rejected proposals for lawyers to share law firm ownership and legal fees with other professionals, the issue is far from settled, say some observers, who note the legal industry is increasingly facing rivals from other industries and must transform to keep up.
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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.
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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.
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