Millennials, Panama Papers, Kirkland-related pay rises and more on KWM - the best of Legal Week over the last week
The best news, features and analysis from Legal Week over the last seven days
April 05, 2016 at 11:17 AM
2 minute read
Keeping flighty and praise-hungry millennials on side is an issue facing all law firms today, so it's little wonder that the most popular article on Legal Week over the last week is a video interview for Legal Week's Best Employers Report looking at why most firms are still a long way from recognising the scale of the retention challenge.
One firm making its junior lawyers a little happier last week though was Sidley, which upped the salary of all of its London associates to at least £100,000 to match the pay of the team of partners and associates joining from Kirkland & Ellis' London office.
Elsewhere exits are continuing to mount at King & Wood Mallesons, with six partners leaving in Paris to launch a local office for Goodwin Procter. The exits, which are unrelated to plans to slash 15% of the legacy SJ Berwin partnership, come as the firm has overhauled its profit distribution system after repeated delays paying partners.
Elsewhere we looked at whether Clyde & Co's traditionally macho culture was likely to hold it back as the firm continues its ambitious assault on the international insurance market or whether senior partner James Burns could consign it to history and create a more diverse firm.
The international story of the moment though highlights why law firms need to significantly improve their data protection systems, with a law firm inadvertently the source of the world's biggest ever data leak – the so-called Panama Papers. Some 11.5 million confidential documents revealing the tax avoidance plans of wealthy individuals leaked from Panama offshore firm Mossack Fonseca, with Simmons & Simmons among advisers named in the papers.
Other highlights over the last week include:
Allen & Overy and Hogan Lovells among firms targeted by cyber criminals for M&A information
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Who Got The Work
Dechert partners Andrew J. Levander, Angela M. Liu and Neil A. Steiner have stepped in to defend Arbor Realty Trust and certain executives in a pending securities class action. The complaint, filed July 31 in New York Eastern District Court by Levi & Korsinsky, contends that the defendants concealed a 'toxic' mobile home portfolio, vastly overstated collateral in regards to the company's loans and failed to disclose an investigation of the company by the FBI. The case, assigned to U.S. District Judge Pamela K. Chen, is 1:24-cv-05347, Martin v. Arbor Realty Trust, Inc. et al.
Who Got The Work
Arthur G. Jakoby, Ryan Feeney and Maxim M.L. Nowak from Herrick Feinstein have stepped in to defend Charles Dilluvio and Seacor Capital in a pending securities lawsuit. The complaint, filed Sept. 30 in New York Southern District Court by the Securities and Exchange Commission, accuses the defendants of using consulting agreements, attorney opinion letters and other mechanisms to skirt regulations limiting stock sales by affiliate companies and allowing the defendants to unlawfully profit from sales of Enzolytics stock. The case, assigned to U.S. District Judge Andrew L. Carter Jr., is 1:24-cv-07362, Securities and Exchange Commission v. Zhabilov et al.
Who Got The Work
Clark Hill members Vincent Roskovensky and Kevin B. Watson have entered appearances for Architectural Steel and Associated Products in a pending environmental lawsuit. The complaint, filed Aug. 27 in Pennsylvania Eastern District Court by Brodsky & Smith on behalf of Hung Trinh, accuses the defendant of discharging polluted stormwater from its steel facility without a permit in violation of the Clean Water Act. The case, assigned to U.S. District Judge Gerald J. Pappert, is 2:24-cv-04490, Trinh v. Architectural Steel And Associated Products, Inc.
Who Got The Work
Michael R. Yellin of Cole Schotz has entered an appearance for S2 d/b/a the Shoe Surgeon, Dominic Chambrone a/k/a Dominic Ciambrone and other defendants in a pending trademark infringement lawsuit. The case, filed July 15 in New York Southern District Court by DLA Piper on behalf of Nike, seeks to enjoin Ciambrone and the other defendants in their attempts to build an 'entire multifaceted' retail empire through their unauthorized use of Nike’s trademark rights. The case, assigned to U.S. District Judge Naomi Reice Buchwald, is 1:24-cv-05307, Nike Inc. v. S2, Inc. et al.
Who Got The Work
Sullivan & Cromwell partner Adam S. Paris has entered an appearance for Orthofix Medical in a pending securities class action arising from a proposed acquisition of SeaSpine by Orthofix. The suit, filed Sept. 6 in California Southern District Court, by Girard Sharp and the Hall Firm, contends that the offering materials and related oral communications contained untrue statements of material fact. According to the complaint, the defendants made a series of misrepresentations about Orthofix’s disclosure controls and internal controls over financial reporting and ethical compliance. The case, assigned to U.S. District Judge Linda Lopez, is 3:24-cv-01593, O'Hara v. Orthofix Medical Inc. et al.
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