Will More Law Firm Leaders Abruptly Leave?: The Morning Minute
The news and analysis you need to start your day.
May 10, 2023 at 06:00 AM
4 minute read
Law Firm Management
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WHAT WE'RE WATCHING
LOST LEADERS? - Lewis Brisbois' abrupt leadership shake-up in light of a large group departure reveals the threat that lateral churn presents to law firms' stability, Law.com's Jessie Yount and Justin Henry report. Adding pressure to achieve net growth, law firms are also challenged by the consensus-driven nature of their typical business model. "Most partners feel they could run the firm," said Tom Sharbaugh, a former managing partner of Morgan, Lewis & Bockius and a professor of practice at Penn State Law. "It's sort of the way people talk about the Senate—everybody feels they could be the president. Most partners think these are not hard jobs. When things aren't going well, they can point to other firms doing better. It's just natural for people to think, 'Why aren't we doing as well as other firms we compare ourselves to? Why didn't management position us better?'"
PEDIGREE AND PAY - Looking good on paper earns you more paper, according to a new study. In-house attorneys who went to a Top 50 law school earn an average of 30% more than those attending schools ranked 100 or lower. If they went to a Top 50 law school and worked at an Am Law 50 law firm, they earned 76% more than those who didn't. Those were among the findings from the recruiting firm BarkerGilmore's recently released annual compensation report, which was based on responses from 3,800 U.S.-based corporate counsel, 48% of whom attended a top-50 U.S. law school. Graduating from a top law school puts an attorney on a path to success, Dimitri Mastrocola, a partner in the in-house counsel recruiting group at Major, Lindsey & Africa, told Law.com's Maria Dinzeo. Those degrees help attorneys land at top law firms, which then helps them land in highly paid in-house posts.
ON THE RADAR - FTAE Holdings filed a breach-of-contract lawsuit against Infinity Stone Ventures f/k/a Contakt World Technologies on Tuesday in Delaware District Court. The suit, filed by Clark Hill, accuses the defendant of failing to make earn-out payments after purchasing Stratum Health Solutions, whose digital platform 'HealthCheck' allows employees to self-assess and report COVID-19 symptoms. Counsel have not yet appeared for the defendant. The case is 1:23-cv-00507, RTAE Holdings LLC v. Infinity Stone Ventures Corp. 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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