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Firms Losing Top Talent to Clients
Law firms that have watched attorneys move to in-house jobs with their clients traditionally viewed departures as an endorsement of their services and a way to re-enforce connections with clients. But with talent in high demand, law firms aren't so eager to say goodbye. "Even if it's to a client, you still don't want to lose your top talent," says Sonnenschein's Kara Baysinger. But going in-house is attractive to outside counsel who perceive in-house positions as offering a work-life balance.IPO Pipeline Pumps Cash Into Coffers for Latham, Other Am Law 200 Firms
Latham & Watkins, Simpson Thacher, Davis Polk, and Fenwick & West are leading a pack of firms reaping the benefits from a recent round of initial public offerings that includes share sales for such companies as Fairway, SeaWorld, Taminco, and Taylor Morrison.Sleet Approves $46.6 Million Patent Award
A federal judge in Wilmington, Del., affirmed a jury verdict awarding Honeywell International Inc. $46.6 million in a patent infringement case against Hamilton Sundstrand Corp., an aerospace design and manufacturing company. U.S. District Judge Gregory Sleet also refused to award Honeywell treble damages even though the jury labeled Hamilton's infringement of two Honeywell airplane auxiliary power unit patents willful.Rick Flamm, Nintendo of America Inc.
A former litigator, Rick Flamm now finds himself the legal guardian of the Pokimon phenomenon. He stays involved in day-to-day operations by roaming the halls and retaining control of strategic decisions: whether to sue or negotiate, the selection of venue, the formulation of a media plan, the briefing of top management, and -- perhaps most important -- the hiring of inside and outside counsel.Plaintiffs Firms Score $303 Million Class Action Settlement From GM, Deloitte
General Motors and Deloitte & Touche have agreed to a $303 million class action settlement over allegations that GM made material misstatements in its financials dating back to 2000. As part of the agreement, GM will pay $277 million in cash to a class of its shareholders. GM's outside auditor, Deloitte, will contribute an additional $26 million in cash. Plaintiffs claimed that GM and Deloitte engaged in accounting manipulation by accelerating income and spreading it out over a period of years.
Small Firms Use Flat Fees to Gain Edge
Whirlpool's fee arrangement with Warner Norcross is the latest example of flat-fee arrangements between law firms and corporations. Such relationships are often tied to convergence, or the consolidation of outside law firms. They can also be a prime opportunity for small to midsize law firms to collect work from marquee-level clients. "If we can give them predictability and learn to live with an appropriate set of incentives, they're happy and we're happy," said Jay Cragwall, a Warner Norcross litigator.Health Fund Suits Against Tobacco Giants Rejected
A 2nd U.S. Circuit Court of Appeals panel ruled Friday that two New York union health funds and four public employees' health plans can't proceed with class action suits against major tobacco companies. The panel said in Laborers Local 17 Health and Benefit Fund v. Philip Morris Inc. that the economic damages allegedly suffered by the plaintiffs were too remote to be actionable. Last month, the 3rd Circuit upheld the dismissal of a similar labor fund class action in Pennsylvania.Trending Stories
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