Where Are Law Firms Projecting the Most Demand Growth?: The Morning Minute
The news and analysis you need to start your day.
December 09, 2022 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
DEMAND DESTINATION - Everybody wants a bigger bite of the Big Apple. Law firm leaders, in a recent survey, overwhelmingly picked New York as the top market in which they see demand growth opportunities through 2024, according to a report this week from Citi Private Bank and Hildebrandt Consulting. "If you talk to any law firm, even if they have 300 lawyers in New York, they will say they want to double their size" in New York, said Brad Hildebrandt, founder of Hildebrandt Consulting and a co-author of the advisory published Wednesday, told Law.com's Patrick Smith. Despite the market's many challenges for firms looking to expand, it's not hard to understand why it remains attractive. According to a billing rate report this year from Wolters Kluwer ELM Solutions, non-litigation partners in New York charge an average of $1,189 per hour. "New York is by far and away the most profitable market in the world for law firms and has been for generations," Paul, Weiss, Rifkind, Wharton & Garrison chairman Brad Karp said in an email. "
FUTURE TENSE - Legal departments would love just one year of predictability when it comes to risk, revenue growth and budgets. Unfortunately, barring a Christmas miracle, 2023 is not going to be that year. As Law.com's Heather Nevitt writes in this week's Barometer newsletter, the unknowns around the economy, evolving regulatory and geopolitical landscape and rising stakeholder expectations means that legal chiefs will need to be flexible, agile and exhibit strong leadership next year. Economic uncertainty will force in-house departments to (surprise, surprise) do more with less. But, Nevitt notes, they'll have to make sure employees feel engaged and included. To receive the Law.com Barometer directly to your inbox each week, click here.
ON THE RADAR - Zendesk, a customer services software company, was hit with a petition for appraisal on Thursday in Delaware Court of Chancery in connection with the company's Nov. 22 merger with affiliates of Hellman & Friedman and Permira Advisers. The suit was brought by Farnan LLP and Entwistle & Cappucci on behalf of the Arbitrage Fund and other shareholders. Counsel have not yet appeared for the respondent. The case is 2022-1139, Arbitrage Fund v. Zendesk 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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