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WHAT WE'RE WATCHING

PROFITS OVER PEOPLE? - Law firm leaders have talked a lot in recent years about the importance of preserving their cultures. But 2024 could be the year that exposes just how much of that talk was mere lip service, as a number of firms go all out to try to grow profits after a relatively tepid 2023. As Law.com's Andrew Maloney reports, those firms do so at their own risk. "The continued disdain for emphasis on profitability" was among the primary findings of the 2023 Law Firm Culture Survey report from Major Lindsey Africa, released Tuesday. Nearly 40% of respondents identified "profit-mindedness" as one of the top traits that inspires negative feelings toward their firms—easily the most frequent response on the topic of law firm culture.

GLOBAL AWARENESS - If there's anyone out there who still views in-house work as an "easier" alternative to law firm life, this one's for you: As Law.com's Trudy Knockless reports, the increasing complexity of the global landscape—marked by events like the war in Ukraine, the Israel-Hamas conflict and Washington's deteriorating relationship with Beijing—has made the GC's duty to assess risk, and advise the C-suite and board on it, vastly more difficult. Countries representing almost half of the world's GDP are electing leaders this year, with outcomes potentially vulnerable to social media disinformation campaigns, sometimes carried out at breathtaking speed with the help of AI. "You cannot not be aware. Otherwise, you will not be relevant in the boardroom or relevant for the senior executives who come to you for advice," said David Bamlango, GC of the Eastern and Southern African Trade and Development Bank.

ON THE RADAR - Sanofi subsidiary, Aventis has agreed to acquire Inhibrx's INBRX-101, an optimized, recombinant alpha-1 antitrypsin augmentation therapy used to treat those with AATD deficiency, for an aggregate consideration value of approximately $2.2 billion. The transaction, announced Jan. 23, is expected to close in the second quarter of 2024. Paris-based Sanofi was advised by Weil, Gotshal & Manges. Inhibrx, which is based in San Diego, was represented by a Paul, Weiss, Rifkind, Wharton & Garrison team including partners Benjamin Goodchild and Krishna Veeraraghavan. Skadden, Arps, Slate, Meagher & Flom counseled Centerview Partners, acting as exclusive financial adviser to Inhibrx. The Skadden Arps team included M&A partners Christopher Barlow and Graham Robinson. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.  

EDITOR'S PICKS

'Just Scratching the Surface': The Next Evolution of Generative AI in Legal By Alaina Lancaster | Zack Needles

Lawyer Employment Outlook Looks Good, Though Bar Passage Rates Decline By Christine Charnosky

Class Certification Order Over Marriott Data Breach Back Up on Appeal By Amanda Bronstad