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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.  

EDITOR'S PICKS

Experian Faces Over $210M in Damages After 11th Circuit Consumer Protection Reversal By Michael A. Mora

'Unprecedented Level of Fraud' Threatens Chicco Booster Seat Settlement By Amanda Bronstad

SEC Chair, Commissioner Appear to Be on Separate Tracks for Climate Disclosure Rule By Maydeen Merino