Keep your finger on the legal world's pulse

Leading law firms are experiencing a surge in global M&A activity in the first quarter of 2024. The total value of announced M&A deals reached $797.6bn, a 38% increase compared to the same period last year. However, the number of transactions hit a nine-year low, with a 31% drop compared to last year. Clients are showing more willingness to engage in big-ticket M&A deals. Latham & Watkins worked on 129 global deals valued at $84bn, while Wachtell, Lipton, Rosen & Katz earned the top ranking for deal value. Skadden, Arps, Slate, Meagher & Flom topped the rankings for global announced deals by value. Goodwin Procter took the lead in deal volume. The US saw the strongest start for dealmaking in three years, with 61% of deals involving U.S. companies. 

 

Reuters

Big Law firms are experiencing significant growth rates, with Kirkland & Ellis leading the pack. In 2022, Kirkland generated over $6.5 billion in revenue, leaving its competitors far behind. According to projections, Kirkland is expected to reach $22 billion in revenue by 2032. This growth has consequences for its competitors, including the destabilization of traditional partner compensation models. The challenge for other firms is to find ways to compete with Kirkland's growth. Maintaining the status quo is not an option, as falling behind in competitiveness can have serious implications. Larger, more profitable firms have the resources to attract top talent and poach stars from their competitors. Changes in the economy and advancements in AI could also impact the future of law firms. However, Kirkland's size and resources make it well-positioned for success. It is clear that growth is crucial for law firms, and those who fail to keep up will be left behind.

 

Bloomberg Tax

Forbes Advisor has listed the top 10 SEO services tailored for law firms in the United States. These services play a crucial role in enhancing the visibility of law firms and attracting potential clients. The list includes SmartSites, Victorious, WebFX, OuterBox, SEO Brand, Funnel Boost Media, HigherVisibility, Intero Digital, Incrementors, and Fannit. Each agency specializes in different aspects of law firm SEO, such as marketing, e-commerce optimization, brand building, local SEO, and content writing. Forbes emphasizes the importance of selecting an SEO service provider that aligns with a law firm's goals and offers expertise and a proven track record. The list is prepared without money-related commissions, ensuring editorial independence. It is essential for law firms to carefully consider all factors when choosing an agency. SEO professionals can provide services such as content creation, website optimization, and both SEO and PPC services. Forbes' list offers valuable insights and recommendations for law firms looking to boost their online presence.

 

LawFuel

At least 10 lawsuits have been filed against AT&T in response to a cyberattack that compromised the personal information of 73 million customers. The lawsuits, filed in the U.S. District Court for the Northern District of Texas-Dallas Division, accuse AT&T of negligence, breach of contract, and unjust enrichment. The cyberattack, which AT&T admitted to on March 30, resulted in the loss of control over the company's computer network and unauthorized access to sensitive customer data. The lawsuits seek nationwide class certification and include law firms from various states as local counsel. The complaints allege that AT&T failed to protect customer information and attempted to downplay the severity of the breach. The lawsuits highlight the need for stronger cybersecurity measures and accountability for companies that fail to safeguard customer data. As one of the plaintiffs stated, "Due to its deliberately obfuscating language, it is unclear when the unauthorized party first gained access to Defendant's network and how long cybercriminals had unfettered access to plaintiff's and the class's sensitive and private information."

 

Law

A Black lawyer has filed a lawsuit against Major, Lindsey & Africa (MLA), accusing the legal recruiting firm of "blackballing" her after she sued her former law firm, Troutman Pepper Hamilton Sanders, for racial discrimination. The lawyer, Gita Sankano, alleges that MLA warned her not to sue Troutman Pepper and subsequently informed her that a position she was seeking at another firm was no longer available. MLA stated that it plans to "defend this matter vigorously" and that diversity is one of its core values. Sankano's lawsuit also names several individuals at MLA as defendants. She claims to have been fired from Troutman Pepper in retaliation for filing an internal discrimination complaint. Troutman Pepper has responded to the lawsuit, asserting that Sankano was terminated for performance reasons. The case is ongoing in the U.S. District Court for the District of Maryland.

 

Reuters

A maritime industry recruiter, Faststream Recruitment, has agreed to share worker compensation data in a lawsuit accusing major U.S. shipbuilders of limiting employee mobility. The lawsuit, filed in October, alleges that shipbuilders violated U.S. antitrust law by conspiring to restrict hiring from each other, so suppressing worker pay. General Dynamics, Huntington Ingalls, and other companies named in the lawsuit have denied any wrongdoing. Faststream, a U.K.-based company, will not pay any money as part of the settlement but will share communications, surveys, and data relating to compensation and benefits. The settlement requires court approval. Attorneys for the plaintiffs have praised the settlement for its cooperation benefits and for avoiding the risks and costs of continuing litigation against Faststream.

 

Reuters

Skadden Arps Slate Meagher & Flom emerges as the top mergers and acquisitions adviser in the first quarter of the year, with deals worth $118 billion. The global M&A transactions volume has risen by 37% to over $780 billion, driven by a resurgence in megadeals. Despite the slow pace, M&A practitioners are optimistic about the return of bigger deals. Wachtell Lipton Rosen & Katz and Simpson Thacher & Bartlett also secure top spots in the advisory rankings. Several law firms, including Wachtell, Skadden, Paul Weiss, and Vinson & Elkins, benefit from the return of megadeals. Regulatory pressure and high interest rates continue to pose challenges, but private equity activity is expected to pick up with funds raising more capital.

 

Bloomberg Law