New Kraft Heinz EMEA GC To Review Firms Used By Company
GC Thomas Loest hopes to see firms move away from the hourly billing model, which he deems "unfair".
December 19, 2019 at 04:06 AM
2 minute read
Kraft Heinz EMEA general counsel Thomas Loest is reviewing the company's relationships with the law firms it uses, as he sets out to put his stamp on the new role.
Loest took up the position earlier this year, and is now considering what he wants out of the company's external counsel.
He hopes firms will eventually move away from the hourly billing model, which he described as "unfair".
"You can receive groundbreaking advice in five minutes that is worth much more than only one hour. We need another, more creative, solution that works for both parties," he continued.
"It has to be the kind of long-term costs that work, when we educate firms on our business needs and they educate us on legal expertise."
While Kraft Heinz does not have an official panel of law firms, either globally or regionally, it has called on several heavyweights in the past. Legacy companies Kraft and Heinz used U.S. heavyweight trio Cravath Swaine & Moore, Kirkland & Ellis and Sullivan & Cromwell for advice on their merger. Both companies had previously used Clifford Chance, while legacy Heinz worked with other Magic Circle firms including Allen & Overy and Slaughter and May.
Loest is not looking to dramatically cut the number of external firms used during the review.
"We have some longstanding relationships, which we still value and want to continue. But on new opportunities, let's review. Everything is on the table," he said.
The brand he works for is most synonymous with ketchup, or the tins of beans that are stacked in the company's London HQ foyer – a far cry from his time in German national service, which Loest credits with providing him with several skills that now serve him well as a lawyer.
He stayed beyond the mandatory period for national service, adding that if he wasn't in law currently, he would likely still be in the army.
"I was a paratrooper and I really loved that. I learned a lot in terms of leadership and discipline that gets you through the day. There's always a solution if you try, and these thoughts were rooted in my first years during my army period," he said.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllNew Frontiers: Gaillard Banifatemi Shelbaya Launches in Cairo and Abu Dhabi
4 minute readTravers Gives Holiday Bonus, Ropes & Gray Reduces Time Off Allowance
1 minute readJapan’s Mori Hamada Joins Funder LCM for $150M Credit Suisse Bonds Claim
Law Firms Mentioned
Trending Stories
- 1Supreme Court Will Review Constitutionality Of FCC's Universal Service Fund
- 2'It Refreshes Me': King & Spalding Privacy Leader Doubles as Equestrian Champ
- 3Class Action Filed Against Houston Health Savings Account Firm for Allegedly Confiscating Client Funds
- 4These 2 Lawyers Just Became Florida Judges
- 5'Disease-Causing Bacteria': Colgate and Tom’s of Maine Face Toothpaste Class Action
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.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250