Many Law Firms on Pace to Meet Budget, But Uncertainty Lingers: The Morning Minute
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October 23, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
COMING IN LUKEWARM - With the end of the year in focus, most law firms may finish in line with their budget plans. And hey, hitting without going over would be great if this were blackjack or "The Price Is Right." Unfortunately, this is Big Law and, as such, analysts and observers have described the end-of-year profitability picture as "tepid," "flat-ish" and "volatile," with 2024 promising plenty of uncertainty as well. "I think most firms may well come in around their budgets," Jim Jones, director of the Georgetown University Law Center on Ethics and the Legal Profession, told Law.com's Andrew Maloney. "But I don't think there will be many setting the world on fire."
BACK TO SCHOOL - The students have become the masters—and now they're turning back into the students. As Law.com's Stephanie Wilkins writes in the latest Barometer newsletter, the generative AI boom has legal professionals scrambling to get their hands on educational resources that will help them adapt to the generative AI revolution and come out ahead, harnessing all the potential the powerful new technology has to offer. "Perhaps most notably of all," Wilkins writes, "the thirst for education has the industry doing something they almost never do: collaborating with the competition. To receive the Law.com Barometer directly to your inbox each week, click here.
ON THE RADAR - Skadden, Arps, Slate, Meagher & Flom has stepped in to represent Coty Inc., the parent company of beauty brands including Cover Girl and Clairol, and other defendants in a pending stockholder derivative lawsuit. The action, filed Oct. 9 in New York Southern District Court by Barrack, Rodos & Bacine on behalf of Cathy Buch, accuses the defendants of failing to disclose the compensation of the company's CEO. The complaint further alleges that the compensation is excessive and seeks to reduce it. The case, assigned to U.S. District Judge Dale E. Ho, is 1:23-cv-08854, Buch v. Asuncion Aramburuzabala Larregui et al. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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