'Staggering' Jump in Law Firms Planning to Expand Nonequity Tiers: The Morning Minute
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December 11, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
PLAYING FOR KEEPS - Big Law has always been good at attracting lawyers, but retaining them has been trickier business. With that in mind, firms are increasingly looking at nonequity partnership as the key to keeping key lawyers. According to the 2024 Client Advisory from Hildebrandt Consulting and Citi's Global Wealth at Work Law Firm Group, 83% of large firms said they expect to increase their income partner population over the next two years. The report described that as a "staggering jump" from the 68% of large firms who projected growth in that group in a survey last year. "I talked to one guy who heads a big New York firm, who said 'We just have to invest in the people [we already have], or at least show them a career path, or we're gonna lose them," Brad Hildebrandt, chair of Hildebrandt Consulting and one of the authors of the client advisory, told Law.com's Andrew Maloney.
WHAT'S THE MEANING OF THIS? - Everybody's talking about generative artificial intelligence. Unfortunately, it's not always clear whether everybody is actually talking about the same thing. As Law.com's Cassandre Coyer reports, the push by regulators, courts and others to require more transparency around gen AI means the legal industry is going to have to find and settle on accurate definitions of these tools—and that's going to be tough. "We actually foresee that defining AI will be a problem in the future in engagement letters, discussion with clients, discussion with experts on AI-based monitoring tools, at every stage it will be an issue—what is AI?," said Claire Morel De Westgaver, London-based partner at Bryan Cave Leighton Paisner.
ON THE RADAR - Smart Metering Systems, a United Kingdom-based energy infrastructure company, has agreed to a 1.3 billion pound ($1.6 billion) takeover by Sienna Bidco, a new company formed by funds advised by KKR & Co. Glasgow, United Kingdom-based Smart Metering was represented by a Hogan Lovells team and Burness. KKR, which is based in New York, was advised by Simpson Thacher & Bartlett partners Clare Gaskell, Amy Mahon and Etienne Renaudeau. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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Who Got The Work
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.
Who Got The Work
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.
Who Got The Work
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.
Who Got The Work
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.
Who Got The Work
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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