Credit: denisismagilov/Adobe Stock Is 'Snobbery' Causing Banks to Overpay Outside Counsel?
"It's pretty hard to criticize them for paying the highest rates when they're kicking butt, basically," said Nathan Cemenska, director of legal operations and industry insights at Wolters Kluwer.
February 25, 2022 at 03:04 PM
4 minute read
Financial institutions are paying the highest hourly rates for outside counsel, while also doing a better job than many other industries when it comes to tamping down big rate hikes from their law firms.
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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.
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