Credit: Nuthawut/Adobe stockWhy Litigation Demand Might Break Firms’ Boom-and-Bust Cycle
Law firm litigation practices were once again a leading driver of strong economic performance in the third quarter of the 2024 according to a new report released by Thomson Reuters.
November 12, 2024 at 08:30 AM
4 minute read
Litigators
Law firm litigation practices were once again a leading driver of strong economic performance in the third quarter of 2024. And with corporate practices seeing a comparable rise in demand growth, the industry is poised to close the year out on strong financial footing.
That’s the quick takeaway from the latest Law Firm Financial Index, which tracks the drivers of law firm profitability from quarter-to-quarter. The index, published by Thomson Reuters, reached its second-highest level ever in the third quarter, falling behind only the transactional-fuel boom of early 2021.
Here’s how our colleague Andrew Maloney on Law.com’s business of law team summed up the results:
Already in a position of strength in 2024, Big Law firms continued to pick up financial momentum in the third quarter, according to new industry reports, with firms themselves optimistic about performance and profitability heading into the end of the year.
Through September, firms saw “incredibly broad” demand growth and another rise in productivity, even as they increased head count, notching their seventh straight quarter of financial gains and continuing a trend of looking “fundamentally stronger than in any period in recent history,” according to the Law Firm Financial Index, published on Monday.
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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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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.
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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.
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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.
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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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