In-House Counsel Aren't Holding Law Firms Accountable on Diversity: The Morning Minute
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November 09, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
DEMAND DIVERSITY - The takeaway from a new Burford Capital survey is that it's not enough for legal departments to want diversity in their outside attorneys—they need to push for it and hold firms accountable. Unfortunately, according to the study, legal departments remain inconsistent in setting expectations. As Law.com's Maria Dinzeo reports, of the 66 polled GCs, litigation heads and other senior lawyers at companies in the U.S., Europe, Asia and Australia, just 44% said they apply formal requirements for gender or racial diversity to the law firm teams that represent them in commercial litigation and arbitration. And just 23% said they've asked their firms to put a woman or a nonwhite lawyer on a litigation or arbitration matter. In fact, many said they were uncomfortable dictating to outside counsel how their teams should be staffed.
THE HAVES AND THE HAVE-NOTS - According to the latest Thomson Reuters Law Firm Financial Index report, many of the largest law firms are on track to grow profits after cutting expenses and accelerating rates, Law.com's Andrew Maloney reports. The bad news for a bunch of other firms, however, is that this is a "bifurcated' recovery. As the report summarizes: "Am Law 100 firms are already slated for profit growth, with only a question of 'How much?' clouding the air. Midsize firms are making a desperate sprint and if they keep their current pace up, are likely to skid into January with profits even to last year's. Unless something significant changes, partners in the Second Hundred will likely fall behind their 2022 profits."
ON THE RADAR - Antonio J. Perez-Marques and Craig J. Bergman of Davis Polk & Wardwell have entered appearances for DLocal Ltd., a global payment processing platform, in a pending securities class action. The action, filed Oct. 6 in New York Eastern District Court by Pomerantz LLP, accuses the defendant of filing false and misleading public statements and failing to disclose that the company was subjected to heightened risks of governmental and regulatory scrutiny after engaging in improper conduct and transfers abroad in violation of Argentine laws. The case, assigned to U.S. District Judge Nicholas G Garaufis, is 1:23-cv-07501, Francis v. Dlocal Limited 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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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
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