Lack of Confidence in Fees and 'Subtle Psychology' May Hinder Profit: The Morning Minute
The news and analysis you need to start your day.
January 19, 2024 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
THE FUTURE IS WRITTEN (OFF) - As we've noted previously in this space, billing rates are expected to climb again in 2024. Back in the day, the calculus was often simpler: firms charge more, clients pay more, rinse and repeat. But these days, it's never that simple. According to a new report released this week, a majority of firms (60%) expect their bill write-downs or write-offs—the kind of fee erosion that's led to falling realization—to go up this year, according to a new report. But why? It's not just about being disciplined enough to track and enter the hours in a timely fashion. It's also a lack of confidence amongst some lawyers in their prices, increasing competition in the market, and more advanced client scrutiny, industry observers and analysts told Law.com's Andrew Maloney.
RESISTANCE IS FUTILE - Legalweek NY is less than two weeks away, and for legal departments generative AI is going to be front and center in many conversations around efficiency, value and risk. That means, as Law.com's Heather Nevitt writes in this week's Barometer newsletter, it's time to get your head out of the sand and learn what role gen AI can play in your business strategy. As Nevitt notes: "In 2024, legal departments are going to really need their law firms to step up and realize that advice around tech transformation and utilization is a must have in their service delivery needs." To receive the Law.com Barometer directly to your inbox each week, click here.
ON THE RADAR - Todd Neal and Zagros Bassirian of Procopio, Cory, Hargreaves & Savitch have stepped in to represent Kellermeyer Bergensons Services in a pending shareholder lawsuit. The action was filed Nov. 9 in California Southern District Court by Higgs Fletcher & Mack and Bressler, Amery & Ross on behalf of Bravo Innovative Solutions. The suit accuses the defendants of failing to provide an earn-out statement, which the plaintiff anticipates will show it is owed a payment of over $27 million. The case, assigned to U.S. District Judge Larry Alan Burns, is 3:23-cv-02077, Martinez et al v. Kellermeyer Bergensons Services. 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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