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WHAT WE'RE WATCHING

UP ALL NIGHT - Yesterday in this space we told you about how law firm leaders are trying to keep a positive mental attitude about the remainder of 2023, despite significant headwinds. But, as Law.com's Andrew Maloney reports, there are a host of factors beyond a firm's control that are keeping firm leaders and partners up at night. Inflation and the global economy; the war in Ukraine; and the lingering effects of the pandemic, among them, all may influence a law firm's trajectory and profits this year—and all of these circumstances are wildly unpredictable. In interviews with more than a dozen law firm leaders, many identified these external factors as some of their top concerns in 2023.

CANCELED FLIGHT? - While the phrase "flight to quality" unfairly suggests providers outside the Am Law 50 or 100 aren't top notch, the willingness to seek out the counsel and the pay the rates of those high-end law firms was in full effect during the pandemic. Companies had more issues that warranted a price-insensitive approach to legal advice and they wanted the best brands to help guide them on these unprecedented, existential crises. But, as Law.com's Gina Passarella writes in this week's Barometer newsletter, that has started to shift. Economic constraints coupled with more routine legal issues have put other providers (smaller or boutique law firms and ALSPs) in the hunt for more legal work. To receive the Law.com Barometer directly to your inbox each week, click here.

ON THE RADAR - Visa and Mastercard were hit with an antitrust lawsuit Thursday in New York Eastern District Court. The suit, brought by McKool Smith on behalf of Rum Point Recovery and North Side Recovery, accuses the defendants of conspiring to avoid competing for merchants' acceptance of their cards. Counsel have not yet appeared for the defendants. The case is 1:23-cv-00232, Rum Point Recovery LLC et al. v. Visa Inc. et al. Stay up on the latest deals and litigation with the new Law.com Radar. 

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