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WHAT WE'RE WATCHING

NO BULL - In a law firm leader survey by consultancy Withum Smith+Brown, 57% of U.S. law firm leaders said they expect a moderate increase in RPL over the next 12 months, while 58% said they expect a moderate increase in profits per partner. Those numbers are noticeably down from last year, when the survey found 82% and 75%, respectively, expected moderate increases. You don't have to be an economist to understand why firm leaders are less bullish heading into 2024: money continues to go out the door at a clip that's uncomfortably close to the rate at which it's coming in, a problem that is not likely to be helped by the recent round of associate salary hikes. "It costs more to borrow money. And all the other expenses are going up faster. I haven't heard of any costs going down. Whether it's rent, or electricity, or gas, or employees' health insurance—everything is more money," Bill Sansone, a practice leader for law firm advisory at Withum, told Law.com's Andrew Maloney.

HALF-EMPTY DISCLOSURE - The SEC's cybersecurity-disclosure rules kick in Dec. 18, but, as Law.com's Maria Dinzeo reports, many experts worry the rules are too broad and ambiguous, and complain that the SEC has done little to clarify its expectations. What's more, some believe the rules might even have the opposite effect of what the SEC intends, leading to a glut of boilerplate filings with little useful information for investors. While regulators are clearly looking for more detail, companies may be reluctant to get too specific about their cyber shortcomings, said Aravind Swaminathan, a strategic cybersecurity adviser for public companies who co-chairs the global cyber, privacy and data innovation practice at Orrick Herrington & Sutcliffe. "For example, what if they say, 'We don't have very good management of how individuals authenticate into the network,'" Swaminathan said. "Well, then great. If I'm a bad guy, that's what I'm going to start looking at."

ON THE RADAR - J-STAR Co. Ltd., an investment management services company, has secured 17.9 billion Japanese yen ($122 million) after announcing the successful close of its continuation series fund, J-STAR Continuation Series Funds. The transaction was led by funds advised by Neuberger Berman. Tokyo-based J-STAR Co. was advised by Simpson Thacher & Bartlett; Chandler MHM; Baker McKenzie; Appleby Global; and Mourant Ozannes. Neuberger Berman Group, which is based in New York, was represented by Nagashima Ohno & Tsunematsu and a Gibson, Dunn & Crutcher team that included partners John Fadely, Edward Sopher and Daniel Zygielbaum. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar. 

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