Many Law Firms on Pace to Meet Budget, But Uncertainty Lingers: The Morning Minute
The news and analysis you need to start your day.
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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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.
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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.
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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.
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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.
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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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