Tag

Legal Services

All articles tagged with #legal services

business21 days ago•7 min saved

Insider-trading ring linked to elite law firms shocks U.S. legal industry

U.S. prosecutors say a decade-long insider-trading scheme exploited confidential M&A information from elite law firms, led by a Goodwin Procter-connected network and involving dozens of people, including two college friends and a hairdresser, who tipped a web of traders on nearly 30 deals (e.g., iRobot/Amazon). The scheme allegedly earned tens of millions in illicit profits with kickbacks, drawing indictments for 30 individuals and civil actions from the SEC against 21 others; the case highlights how the custodians of sensitive deal info at law firms can be misused despite internal controls.

via Financial Times|

#business #goodwin-procter #insider-trading

business1 month ago•4 min saved

AI-generated client inquiries could push up legal bills

Clients are flooding law firms with AI-generated emails, patent documents and strategy drafts, slowing review times and potentially raising bills. Firms may respond by pacing replies, or by adjusting pricing on fixed-fee contracts, while reviewing AI output can add hours for hourly-billed work. AI is reshaping the practice but has not replaced lawyers due to confidentiality, data protection and accuracy concerns.

via Financial Times|

#ai #billing #business

law2 years ago•1 min saved

"Top Biglaw Firm Wins Law Firm of the Year, Secures Grand Prize"

King & Spalding has been named Law Firm of the Year by the American Lawyer, with Holland & Knight receiving a highly commended mention. The award recognizes law firms that have excelled in their service offerings and demonstrated commitment to areas such as pro bono work, diversity, and innovation in legal services. Other finalists included Husch Blackwell, O’Melveny & Myers, Quinn Emanuel Urquhart & Sullivan, Skadden, Arps, Slate, Meagher & Flom, Spencer Fane, and Susman Godfrey.

via Above the Law|

#american-lawyer #awards #biglaw-firm

cryptocurrency2 years ago•1 min saved

FTX's Former Legal Team Denies Involvement in Fraud Allegations

Fenwick & West, a law firm that previously provided legal services to cryptocurrency exchange FTX, has denied allegations of assisting in fraudulent activities. The firm refuted claims made in a class-action lawsuit, stating that it cannot be held liable for conspiracy or aiding and abetting a client's wrongdoing as long as its conduct falls within the scope of the client's representation. The plaintiffs argue that Fenwick went beyond the norm in its service offerings to FTX and can be held responsible for providing services that facilitated fraudulent activities. Fenwick maintains that it played a minor role and should not bear liability as it was not the sole law firm representing FTX.

via Cointelegraph|

#cryptocurrency #fenwick-and-west #fraud-allegations

business2 years ago•2 min saved

"Major Law Firm Implements Layoffs and Defers Associates Amidst Industry Turmoil"

Katten Muchin, an Am Law 100 firm, has announced layoffs affecting less than 5% of attorneys and staff. The firm's decision to downsize is attributed to poor economic conditions for their clients and an overcapacity resulting from increased hiring. Katten Muchin will also defer the start date for some incoming associates. The firm reassigned team members to practice groups with higher demand and made reductions in groups where existing and expected demand is diminished. The layoffs reflect the reality of the business environment and the firm's commitment to providing growth opportunities.

via Above the Law|

#biglaw-firms #business #economic-conditions

business3 years ago•1 min saved

Big Law Firms Continue to Cut Global Workforce Amid Demand Slump

Reed Smith, a top 50 Am Law firm, is cutting about 2% of its global workforce, impacting around 50 employees, including 20 staff members and 30 lawyers. The firm cited a reduced level of demand for legal services across the industry as the reason for the layoffs. Impacted individuals are being offered individualized severance benefits and outplacement services. Severance packages for affected individuals are based on seniority, ranging from two to four months of benefits.

via Above the Law|

#business #layoffs #legal-services