Cash isn’t enough to win the law firm talent war: The Morning Minute

0

Would you like to receive this daily news briefing by email? Here is the registration.


WHAT WE SEE

PANDORA’S BOX – It is probably time to update the old adage that “nothing in life is certain but death and taxes”. As the Pandora Papers leak showed, taxes are actually completely avoidable (if you have the right lawyers), but cyber violations … not so much. The recent release of information by the International Consortium of Investigative Journalists on senior politicians and high net worth individuals using offshore accounts reportedly came in part from the disclosure of confidential client information by law firms in various countries. We’d love to tell you that there is a foolproof way to protect your business from similar leaks. Unfortunately, it’s not as easy as Victoria Hudgins of Law.com reports. The threat of a data breach is basically ubiquitous, cybersecurity lawyers said, but there are steps companies can take to mitigate the risk. The first step, however, is to acknowledge that no matter the size of your business, you are vulnerable to attack. “I think the big companies are doing a good job introducing controls, [but] These smaller firms are effectively taking advantage of their anonymity, “said Mark Sangster, vice president and industry security strategist at detection and response provider eSentire Inc,” but criminals are good at this. “

WAR OF ATTRITION – Money talks, but in Big Law it can be hard to ignore all the chatter. While compensation for many lawyers remains a primary reason they move (or choose not to stay), companies can find it difficult to differentiate themselves from their competitors with just cash. So how do you attract and retain top talent in an industry that is experiencing historic fluctuation when all of your competitors are basically as rich as you are? According to Law.com’s Patrick Smith, several industry insiders say companies need to be able to keep their employees busy, convince their attorneys to believe they are on a “winning team,” and have some flexibility at work allow this did not exist prepandemic. “Aspiring lawyers increasingly want answers to tough questions like what happens to me when there is an economic downturn?” Said Kent Zimmermann of Zeughauser Group. “Or if I want to work remotely most of the time, how do I become part of the fabric of the company and how can I develop relationships with partners in order to get good work assignments that will enable me to advance in the company? My carreer?”

SOMETHING IS FISHY – Yesterday we told you about the breakneck construction machinery rental industry in this area. Now is the time for a harrowing journey into the dark underbelly of the fish trade. DLA Piper filed a fraud and conversion lawsuit Tuesday in the California Central District Court on behalf of CJ Freshway America Corp., a grocer. The lawsuit accuses Meshquat International Trading Company and its President Ali Ownejazayeri of orchestrating a scheme to trick CJ Freshway into paying more than $ 1 million for seafood products the defendants never intended to deliver. No lawyers have yet appeared for the defendants. The case is 2: 21-cv-08277, CJ Freshway America Corporation v Meshquat International Trading Company, LLC et al. Stay up to date on the latest deals and litigation with the new one Law.com radar.


EDITOR’S FAVORITES


WHILE YOU WERE SLEEPING

(THIRD) PARTY TIME! – HFW is working on the first third-party funded domestic arbitration in Singapore following regulatory changes by the city-state in the summer. In the case, Law.com International’s Lauryn Pierro reports, the firm has partnered with Litigation Capital Management to advise construction company Craft Façade, which the firm claims is the plaintiff in two separate arbitrations, one in Singapore and the other in Hong Hong. Funded arbitration comes after the Singapore Department of Justice announced in June that it would expand third-party funding arrangements to fund domestic arbitration. Third-party funding for international arbitration has been allowed in Singapore since 2017.


WHAT DID YOU SAY

“There were a lot of close votes when Trump was in office and there is a repayment.”

Carl Tobias, Professor of Law at the University of Richmond, explaining why the Senate vote to uphold Christine O’Hearn in the US District Court for New Jersey on Tuesday was largely split on party lines.


➤➤ Sign up here to get the morning minute straight to your inbox.

Share.

Comments are closed.