Pillsbury has made a strategic move to bolster its London office by hiring a trade partner from one of South Korea’s Big Six law firms. This rare talent acquisition aims to support Pillsbury’s continued growth in the London legal market. The decision indicates a focus on expanding its international trade and regulatory practice areas in…
Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel. Carmen Rossi, the Chicago lawyer, bar owner, and registered lobbyist, is poised to benefit from $38.5 million in taxpayer-funded city deals accumulated over the past five months, which includes arrangements for himself, his business…
In a significant development, police in Sargodha, Pakistan, have filed a first information report against 500 individuals for alleged participation in mob violence against a Christian man accused of desecrating the Quran. The incident occurred on Saturday in Sargodha’s Mujahid Colony, as reported by Pakistan Today. The charges against those implicated invoke sections 7 and…
Litigation challenging the Environmental Protection Agency’s (EPA) interpretation of the nation’s primary chemicals law is expected to ramp up this year. This surge coincides with the issuance of a batch of ten final rules under the Toxic Substances Control Act (TSCA), as outlined by Bloomberg Law. David Fischer, an attorney at Keller and Heckman LLP…
In a changing landscape for environmental legislation, chemical companies have leveraged a particularly potent means of influence in New York. Todd Kaminsky, a former state senator and now a shareholder at Greenberg Traurig, has emerged as a key figure in guiding the dialogue on environmental policy with Gov. Kathy Hochul’s administration. State ethics rules restrict…
The explosive growth in non-equity partners is compelling law firm leaders to reconsider their management strategies to safeguard long-term financial goals. This tier has become a strategic tool for retaining talent and enhancing profitability, especially during busy periods like the pandemic. Data from American Lawyer shows that 85 of the 100 largest law firms by…
In a significant step aimed at bolstering the integrity of carbon markets, the Biden administration has announced a new framework for utilizing carbon offsets to foster climate progress. Treasury Secretary Janet Yellen is spearheading this initiative, which recommends that companies be allowed to use carbon credits to offset a portion of their Scope 3 emissions….
The Am Law 100 has reported an increase in the average equity partner pay spread, growing from 9.8-to-1 in 2022 to 10.3-to-1 in 2023, reflecting a notable shift in compensation models across some of the nation’s largest law firms. This trend indicates a widening gap between the highest and lowest earners among equity partners, suggesting…
In the continued legal tussles surrounding the $69 billion Microsoft-Activision merger, the Delaware Chancery Court is poised to address several key issues this week. At the core of the matter is a request by Microsoft Corp. and Activision Blizzard Inc. to expedite validation proceedings while confronting opposition from Sjunde AP-Fonden, a Swedish state-owned pension fund….
Baker McKenzie has announced a significant hire, bringing Tobias “Toby” Knapp on board from O’Melveny & Myers, where he led the mergers and acquisitions and private equity practice. Knapp will be joining as the co-head of Baker McKenzie’s New York transactional group, underscoring the firm’s commitment to bolstering its M&A and PE capabilities. Knapp has…
Article Bankrupt companies’ ability to select their preferred court for Chapter 11 protection is gaining momentum, particularly in the virtual world, despite growing concerns over judge shopping. The current bankruptcy venue rules, which were established decades ago, seem outdated in a post-COVID-19 environment where physical connections such as corporate headquarters or office locations hold less…
The push to add judges to understaffed federal district courts is gaining momentum in Congress, presenting a critical juncture for the expansion of trial courts in the US for the first time in decades. With a narrow political window before the November election, both chambers of Congress are gearing up for pivotal markups on this…
The U.S. Supreme Court is currently considering appeals in two significant securities cases: NVIDIA Corp. v. E. Ohman J:OR Fonder AB and Facebook, Inc. v. Amalgamated Bank. Both cases present issues under federal securities laws that some experts believe merit review and reversal by the Supreme Court. Defendants in both cases are seeking reversal of…
An audit from the Treasury Inspector General for Tax Administration issued last month highlights significant flaws in the administration and issuance of biofuel tax credits. The audit revealed that many credits are awarded to taxpayers without proper documentation, making the system highly susceptible to fraud. Biofuel tax credits, intended since their enactment in 2004 to…
Taxpayers and their advisers have a rare chance to shape how the IRS regulates foreign trusts and large foreign gifts. This opportunity has emerged because the IRS typically relies on nonbinding guidance or form instructions to communicate requirements, often without prior public notice. The proposed regulations seek to update guidance last provided in Notice 97-34,…
The recent escalation in the Israel-Hamas conflict has created a ripple effect that threatens to complicate the hiring process for corporate legal departments. The intensity of protests sweeping college campuses has pushed companies, especially their General Counsels (GCs), to reconsider their hiring strategies for new graduates. Rob Chesnut, former general counsel at Airbnb and ex-Justice…
As the Department of Justice (DOJ) continues its pursuit against Live Nation Entertainment Inc., a case initiated on May 23, 2024, scrutiny from legal professionals and industry stakeholders remains high. The Biden administration’s commitment to challenge vertical integration practices, previously blessed by the Obama administration’s 2010 merger approval, is now being critically tested. The DOJ’s…
The International Committee of the Red Cross (ICRC) announced Sunday that the Houthi rebel group in Yemen has unilaterally released 113 detainees in Sana’a, the capital city that came under Houthi control in September 2014. The ICRC facilitated the release at the request of the Houthi National Committee for Prisoners’ Affairs. ICRC’s head of delegation…
The competitive landscape in the booming $1.7 trillion private credit market is reshaping expectations for compensation among top professionals. A recent article by Bloomberg highlights the story of Antoine Gosselin-Mercury, who ascended rapidly in Barings LLC’s Global Private Finance division. This division is notable for its prominence in company loans, especially in Europe. Despite his…
The Kharkiv Regional Prosecutor’s Office reported on Sunday that a Russian strike on a hardware store in Kharkiv, Ukraine, resulted in the deaths of at least 17 people and injuries to 48 others. Additionally, five people remain missing. The victims were employees and customers present at the store during the attack. The strike occurred in…
The University of Toronto President Meric Gertler announced on Monday that the university’s legal team has requested an injunction from the Ontario Superior Court of Justice to remove a pro-Palestinian encampment on campus. The encampment began on May 2, 2024, with protesters demanding increased transparency regarding the university’s investments, divestment from companies involved in weapons…
The operator of New Caledonia’s La Tontouta International Airport announced on Sunday that the airport will remain closed until June 2. This decision follows the breakout of violent protests in response to the proposed constitutional amendment by France’s National Assembly on May 17. The High Commission of the Republic of New Caledonia also endorsed the…
The Philippines protested China’s imposition of a unilateral, four-month fishing ban in the South China Sea, as announced by the Department of Foreign Affairs (DFA) in a press release on Monday. This annual ban, which has been in place since 1999, is set to last until September 16 this year. The DFA’s statement urges China…
The Japanese prime minister’s office issued an emergency warning through its J-Alert nationwide warning system on Monday, urging residents in southern Japan to take cover indoors or in a sheltered area due to the possible threat of a North Korean ballistic missile. Chief Cabinet Secretary of Japan Yoshimasa Hayashi stated that the missile disappeared from…
Legal commentators suggest that Big Law firms’ slow adoption of artificial intelligence (AI) may be rooted in their reliance on traditional profitability models, such as high leverage and hourly billing. By maintaining these established systems, firms can continue to maximize billable hours and avoid the substantial upfront investments required for AI implementation. For more in-depth…