Rise of the Part-Time GCs: The Morning Minute
The news and analysis you need to start your day.
April 28, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
PT GC - Sometimes you just want some ice cream without having to build a Dairy Queen in your house. And sometimes you just want some legal advice without having to employ a full-time GC or legal department. That's where "fractional" GCs come in. As Law.com's Maria Dinzeo reports, a number of veteran legal chiefs are, after years of running corporate legal departments, choosing to hang their shingles. For a fee, they offer both legal counsel and strategic business advice to companies that aren't ready to hire a full-time GC, but still need the support of an in-house lawyer to negotiate vendor agreements, handle employment issues, or help mitigate business risk.
DEVELOPMENT DAMAGE - The drop in M&A and capital markets deal work in the last year is having ripple effects throughout law firms. Big Law profits are down and some partners don't have enough work to keep busy. But, as Law.com's Christine Simmons writes in this week's Barometer newsletter, another growing concern is the long-term effect on associates, including lack of training and development. "If the continued drop in dealwork plays out for the rest of 2023, there may be lasting repercussions for associates and their law firms—beyond the drop in profits," Simmons writes. "Each class will not benefit from the training their peers above them had, even if firms conduct layoffs to winnow down associate class sizes." To receive the Law.com Barometer directly to your inbox each week, click here.
ON THE RADAR - Fintech company Shift Markets Group sued Alkemi AI, CEO Ryan Breen and offshore hedge fund Arkana Capital for conversion and breach of contract on Wednesday in New York Southern District Court. According to the complaint, Breen did not use the plaintiff's $200,000 investment as working capital for Alkemi, but instead funneled it to Arkana to fund his lavish lifestyle, rendering the plaintiff's ALK tokens worthless. The complaint was filed by Duane Morris. Counsel have not yet appeared for the defendants. The case is 1:23-cv-03504, Shift Markets Group Inc. v. Alkemi AI Inc. et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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Who Got The Work
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.
Who Got The Work
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.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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