Big Law Lateral Movement Has Accelerated: The Morning Minute
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October 31, 2022 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
EVERYTHING TO EVERYONE? - Law firm leaders love to say that their organizations are not out to be "all things to all people." But for the Big Four, that's kinda the point. Take EY for example. As the company plans for a split with its audit business, its global law leader, Cornelius Grossmann, has plans of his own to make the new-look company take the legal services market by storm. As Law.com's Bruce Love reports, Grossmann said during a recent Law.com webinar that a new EY company, split from its audit business, would focus on largescale clients and projects that are multidisciplinary in nature, with legal services being a key—but not dominant—component. Such projects may have a management consulting component, a technology component, or a tax component. They may concern a business transaction like M&A, or a business process transformation element. But the one thing they will have in common will be that they will be led by the client's business need, where often legal is only a composite part. "The biggest difference in working in [the EY] environment, from a client delivery perspective, is that you need to adopt the mindset of a multidisciplinary practice, where [lawyers are] a team member, not the decision taker," Grossmann said, adding that while law is "super important" and will "not be overruled," there are "so many other aspects" to client problems.
KEEP MOVING - Just when you thought it was safe to resume treating everyone like dirt because they had no place else to go… Even though law firm demand has slipped and associate lateral movement is slowing down, the number of partner laterals actually increased again in 2022, according to new industry data. Partner moves in the Southeast, and in litigation, intellectual property and banking & finance practices have been especially pronounced, analysts at investigative intelligence firm Decipher said in a new report, adding that if "2021 was bonkers, 2022 is even crazier" on the lateral movement front. "What we're seeing, both compared to last year and compared to 2019 … current partner hiring levels are above all of those benchmarks," Mike Ellenhorn, founder and CEO of Decipher, told Law.com's Andrew Maloney. "So what does that tell us? It tells us that firms are still pursuing scale, still pursuing market share. They are continuing to focus, at least amongst the large law firm segments, on market consolidation."
WHO GOT THE WORK?℠ - Philip Z. Langer of Fox Rothschild and Richard S. Mandel of Cowan, Liebowitz & Latman have entered appearances for Tenthousand Projects and UMG Recordings Inc., respectively, in a pending trademark infringement lawsuit. The complaint, filed July 20 in New York Southern District Court by LanCarte Law on behalf of rap and hip-hop artist Warren Hamilton Jr., seeks to restrict rapper and hip-hop artist Daniel Hernandez a/k/a "6IX9INE" from using the mark on the basis of fraud. According to the suit, Hernandez's attorney sent an email informing the USPTO's examiner that Hamilton's "SIX9″ mark had been canceled, when Hamilton continues to use his registered mark and opposed the use of the defendants "6IX9INE" mark, arguing that there is a likelihood of confusion. The case, assigned to U.S. District Judge Analisa Torres, is 1:22-cv-06172, Hamilton v. Hernandez et al. >> 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.
ON THE RADAR - Generac Holdings, a manufacturer of backup power generators, was slapped with a product liability class action Friday in Florida Middle District Court. The court action arises from property damage caused by an allegedly defective residential solar energy system designed and distributed by Generac. The complaint was filed by Vargas Gonzalez Baldwin Delombard; Carey, Danis & Lowe; and Jacob Flint Law. Counsel have not yet appeared for the defendant. The case is 8:22-cv-02470, Haak v. Generac Power Systems, Inc. Stay up on the latest deals and litigation with the new Law.com Radar.
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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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