GOING TO CALIFORNIA - Out-of-town firms once again had a ripple effect on the California legal market in 2022. But whereas last year much of the activity stemmed from elite Wall Street and international firms, this year’s biggest office openings (often coinciding with mergers) were largely dominated by firms outside of the Am Law 50, Law.com’s Jessie Yount reports. With this year’s new entrants, about 45% of Am Law Second Hundred firms have at least one office in the Golden State. By contrast, 93% or all but seven Am Law 100 firms have an office in the state. Much of the flurry of activity occurred in the back half of the year, despite macroeconomic pressures and a demand slowdown that materialized in the fall. While some firms that overhired or heavily cater to the tech sector are feeling an acute impact, many others are still hiring, anticipate growth and, ultimately, are betting on the California economy, which is expected to soon surpass Germany as the fourth-largest in the world.
MIND YOUR BUSINESS - A bifurcation between legal and business acumen is playing out in law firms as the traditionally lawyer-led legal industry recognizes the need for MBAs and CPAs to supplement the skills of JDs, Law.com’s Justin Henry reports. A war for the nonlegal business talent can be observed at the level of senior leadership as well as practice support staff as law firms adopt a structure that bears an increasing resemblance to their corporate clientele. In some cases, firms are even recruiting executives from their clients to manage the business side of operations. Firms are paying chief operating officers and professionals with analogous titles with total cash compensation that’s approaching an average of mid-six digits and ranging as high as $2.7 million, according to a survey of more than 200 firms conducted this year by Altman Weil and Savvy Surveys for Lawyers.
ON THE RADAR - Rescue boat manufacturer Willard Marine filed a trade secrets lawsuit against Lake Assault Boats and other defendants on Wednesday in Virginia Eastern District Court. The suit, brought by Gibson Dunn & Crutcher, accuses a former employee of misappropriating trade secrets and confidential information in his new role with competitor Lake Assault Boats. Counsel have not yet appeared for the defendants. The case is 2:22-cv-00560, Willard Marine Inc. v. Lake Assault Boats LLC et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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