'Self-Inflicted Damage' Driving Falling Law Firm Realization: The Morning Minute
The news and analysis you need to start your day.
October 09, 2023 at 06:00 AM
3 minute read
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WHAT WE'RE WATCHING
SAD REALIZATION - For law firms, how much you charge and how much you make have never quite lined up. But after a few years of starting to close the gap, the chasm appears to be widening again. While law firm billing rates have soared lately, Big Law has seen overall realization drop-off from where it was during the early days of the pandemic. Increased client pushback, as well as an office-return movement taking away some focus on collections, have been proffered as reasons for that decline. But, as Law.com's Andrew Maloney reports, a new Thomson Reuters study shows that the gap between worked—or, agreed-upon—billing rates and what ends up getting billed has consistently widened since the first quarter of 2022, for every segment of law firms.
ANOTHER BANKRUPTCY BOOM? - Large corporate bankruptcies by Q3 have already surpassed total filings for 2022 and 2022, according to two reports out this week. This year still trails total commercial filings in 2020, but, as Law.com's Dan Roe reports, large corporate bankruptcies are among the most common areas of insolvency for 2023. Meanwhile, filing rates accelerated this spring and held strong throughout the summer, according to BankruptcyData and Epiq Bankruptcy.
ON THE RADAR - John T. Ruskusky and Matthew W. Costello of Nixon Peabody have entered appearances for State Street Corp., a Boston-based financial holding company, in a pending securities lawsuit. The action, filed Sept. 9 in Massachusetts District Court by Demeo LLP on behalf of Insight Securities Inc., accuses State Street of failing to follow directives contained in four March 2018 transfer instructions that involved $8.3 million worth of securities owned by three of Insight's customers. The case, assigned to U.S. District Judge Myong J. Joun, is 1:23-cv-12138, Insight Securities, Inc. v. State Street Bank and Trust Co. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with 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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