Michael Scheiner

Always nice to see legal roles popping up in the start up world! Especially when they mean you get to work with someone as awesome as Chevaun Tarrach - this can be based US or UK - worth a look if you’re paralegal or legal ops! #paralegaljobs #legalops #legalopsjobs #hiring

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How did the Kirkland partner video get leaked is the question we’re asking ourselves. Some are recalling the infamous ‘Claire Swire email’ which involved a Norton Rose lawyer from way back at the dawn of time in 2000 and the one too from a CC lawyer back in 2003. *All articles and videos can be found in the comments section. Clifford Chance Adopts US-Style Bonus System for Associates: Clifford Chance has revamped its bonus system for UK associates to align more closely with those offered by US firms, according to The Lawyer . The new system, introduced last month, rewards associates more when they are in higher demand, with bonuses linked to the number of hours billed. This US-style focus on billables marks a departure from the ‘no target-hours culture’ prevalent at many UK firms. Clyde & Co Boosts Revenue by 10%: Clyde & Co has reported strong financial results for the past year, with revenue growing by 10% to £845 million. Profit per equity partner (PEP) increased by 4% to £739,000. The firm attributed its growth to success across various practice areas, emphasizing its "sector-focused, geographically hedged" model. Over the year, Clyde & Co added 32 new partners through lateral hires and internal promotions. Kirkland & Ellis Partner Video Goes Viral in the City: A video leaked to RollOnFriday shows two Kirkland & Ellis partners in London mocking a fellow partner during a work call, culminating in him knocking over a bottle of whisky. The footage, recorded in Kirkland's London office in the Gherkin, is circulating among City lawyers. In the video, the partner gives the middle finger to the person filming but nearly drops a bottle of Macallan whisky before catching it. Reactions in the comments are mixed. One top comment expressed sympathy, saying, "can't believe anyone leaked this… poor guy," while another suggested, "I'd be sacking this bunch of jokers. You know this is just the tip of the iceberg." Partner's 4,000 Hours Help Sullivan & Cromwell LLP Hit $200 Million Mark: Sullivan & Cromwell’s fees for the ongoing bankruptcy of cryptocurrency exchange FTX have reached $200 million, largely thanks to the efforts of a single partner. Litigation partner Brian Glueckstein has averaged 11 hours a day, five days a week, for 18 months, billing more than 4,000 hours at a rate of $2,375 per hour, amounting to $9.5 million. Sullivan & Cromwell lawyers have collectively billed over 168,000 hours on the matter so far, reports Reuters. CC: Non-Billable

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𝐋𝐚𝐭𝐞𝐫𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐭𝐨 𝐬𝐮𝐫𝐠𝐞 A recent headline in “American Lawyer” stated that lateral recruiting continues to “heat up.” This activity is not a surprise as we know that lateral movement is a priority for this year – it’s a quick way to enter a new market, practice and overall grow a firm. In the past year, numerous AmLaw 200 firms have expanded their footprint through use of lateral attorneys. For example, Kirkland & Ellis opened an office in Salt Lake City, and Holland & Knight put down roots in Nashville making it the largest law firm in that market. Most recently, Blank Rome, Simpson, Thacher & Bartlett, and Paul Hastings expanded into the Boston market and Polsinelli extended its Texas presence with an office in Forth Worth. So, what do you do when a new group or attorney starts at your firm? How do you keep these lawyers at your firm? An important and critical tool in ensuring success with laterals and hopefully gaining a return on the multi-million-dollar investment is a successful integration program. This process needs to go beyond the basics such as on-boarding clients, conflict process, billing, etc. As I have mentioned in earlier posts, best practices for integrating groups/lawyers include: ☑️Working with the lateral/group to develop an integration plan or roadmap to assist in a smooth transition ☑️Including regular meetings with various functions to ensure the attorneys understand the resources available ☑️Allowing the lawyers/group to share his/her practice and background with appropriate practice and industry groups ☑️Providing training in business development, communications and presentation skills, etc. ☑️Providing a ‘buddy’ for every lateral to be able to reach out to for any and all questions ☑️Creating social opportunities for laterals to meet other attorneys and professionals in the firm ☑️Bringing the laterals into key firm initiatives ☑️Including the attorneys/group in appropriate pitches and proposals – ensure credit if successful ☑️Firm leadership and/or PGL to periodically following up with the attorneys to gauge engagement, satisfaction and ensure smooth transition I expect that this lateral trend will continue this year so 𝒑𝒍𝒆𝒂𝒔𝒆 𝒃𝒆 𝒊𝒏 𝒕𝒐𝒖𝒄𝒉 𝒘𝒊𝒕𝒉 𝒎𝒆 𝒊𝒇 𝒚𝒐𝒖 𝒉𝒂𝒗𝒆 𝒂 𝒏𝒆𝒆𝒅 𝒇𝒐𝒓 𝒂𝒔𝒔𝒊𝒔𝒕𝒂𝒏𝒄𝒆 𝒘𝒊𝒕𝒉 𝒍𝒂𝒕𝒆𝒓𝒂𝒍 𝒊𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒊𝒐𝒏. 𝑨𝒇𝒕𝒆𝒓 𝒎𝒐𝒓𝒆 𝒕𝒉𝒂𝒏 20 𝒚𝒆𝒂𝒓𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒍𝒆𝒈𝒂𝒍 𝒊𝒏𝒅𝒖𝒔𝒕𝒓𝒚, 𝑰 𝒉𝒂𝒗𝒆 𝒘𝒐𝒓𝒌𝒆𝒅 𝒘𝒊𝒕𝒉 𝒂𝒍𝒍 𝒑𝒓𝒂𝒄𝒕𝒊𝒄𝒆𝒔 𝒂𝒏𝒅 𝒔𝒖𝒄𝒄𝒆𝒔𝒔𝒇𝒖𝒍𝒍𝒚 𝒊𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒆𝒅 𝒄𝒐𝒖𝒏𝒕𝒍𝒆𝒔𝒔 𝒂𝒕𝒕𝒐𝒓𝒏𝒆𝒚𝒔. #lateralrecruiting #lawfirmgrowth #americanlawyer #lateralmovement #newmarketentry #lawfirmexpansion #lateralattorneys #newlawfirmoffice #integrationprogram #successfulintegration #lawyerintegration #returnoninvestment #lawfirmmanagement #lawfirmstrategy #legalindustry

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It might seem odd to bestow the title of “titan” upon someone once described in the New York Times as standing five-foot-two and weighing 100 pounds wet. But if you know anything about banking M&A and regulatory work, you know that H. Rodgin Cohen, senior chair of Sullivan & Cromwell LLP, is a true giant of the field. For more than 50 years, Rodge Cohen has practiced at the pinnacle of financial-services law. He’s played a role in many historical events over the decades, including New York City’s fiscal crisis, where he helped rescue the city from the brink of bankruptcy in 1975; the Iran hostage crisis, where he counseled American banks that released frozen Iranian funds, part of the deal that led to the 1981 release of the hostages; the 2008 financial crisis, where he represented the buyer or the seller in seemingly every major bank deal; and efforts last year to save Silicon Valley Bank and First Republic Bank. In my latest podcast episode, I interview Rodge about his remarkable career, including his involvement in the aforementioned, headline-making events. But we also cover his childhood in West Virginia, his advice for how to succeed as a deal lawyer, and even his theater and reading recommendations—because despite his demanding practice, Rodge somehow finds the time to see numerous shows and read tons of books. (One recent work we both recommend is Paula Vogel’s Mother Play, which yesterday snagged four Tony Award nominations, including Best New Play.) For my first-ever interview of a corporate or transactional attorney (as opposed to a litigator), I wanted to get a big name—and Rodge Cohen is one of the biggest and best in the business. I guessed that he would be “too big to fail”—and if you listen to our enjoyable and wide-ranging conversation, I hope you’ll agree that I was right. Thanks to Rodge for joining me, and thanks to NexFirm for sponsoring! https://bit.ly/3wg7Nmu #law #lawyer #lawyers #legalcareer #legalcareers #attorney #attorneys #inspiration #inspirational #podcasting #podcast #podcasts #success #advice #careeradvice #Biglaw #lawfirm #lawfirms #lawfirmlife Second Stage Theater

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The #FTC's ExxonMobil- Pioneer Natural Resources Company consent seemed odd, but now, with Chevron-Hess Corporation, we have a trend. Not sure how it makes sense when the #FTC does not bring a #conspiracy or #unfairmethodsofcompetition case against the CEO of either company or block either transaction or require any divestitures. Call me #skeptical.

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In a significant victory for plaintiffs, a court has upheld an earlier ruling against Johnson & Johnson as the company makes its third bankruptcy attempt to address the talc-related litigation. This decision underscores the determination and resilience of those affected by the alleged harm, highlighting the ongoing fight for consumer safety and corporate accountability. This case serves as a critical reminder of the importance of standing up for justice and holding corporations responsible for their actions. Follow the latest developments in this crucial battle for consumer protection. #Litigation #LegalUpdate #ConsumerSafety #CorporateAccountability #TalcLitigation https://lnkd.in/ei6Z4QRW

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Some article posts require little in the way of introduction: https://lnkd.in/e2ARFYuZ But if you'd like to know more about the danger posed to individual plaintiffs and our system as a whole by undisclosed predatory litigation loan sharking: https://lnkd.in/eKwcEHEm #TPLF #consumerlitigationfunding #thirdpartyconsumerlitigationfunding #lucrative #$$$$$$$$ #sunlightisthebestdisinfectant #letthesunshinein #lawloans #extortionateinterest #predatory #predatorylending #transparency #disclosure #fulldisclosure #safeguard #efficiencyfairnessintegrity #consumerprotection #vulnerableplaintiffs #justice #collaboration #appellate #conflictsofinterest #ethicalconcerns #ethicalbreaches #publicinterest #nylegislature #governorhochul #nyattorneygeneraljames #usury #civilusury #criminalusury #unconscionability #conflictedrepresentation #parasitismandfraud #kickbackschemes #publicpolicy #underminingsettlementefforts #appearanceofimpropriety #loansharking #bookies

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When Overreach Meets Accountability: 🗽SEC's Dealer Rule Vacated on the Day Gensler Announces Resignation🫡 🔄In a poetic twist of fate, Gary Gensler's SEC tenure ends as the courts deliver a decisive critique of his regulatory overreach. On November 21, 2024, Judge Reed O'Connor of the Northern District of Texas vacated the SEC's controversial Dealer Rule, a decision that reverberates across crypto and financial industries. On the same day, Gensler announced he would step down as SEC Chair effective January 2025. 🛡The Dealer Rule: A Step Too Far The SEC’s Dealer Rule attempted to redefine “dealer” under the Exchange Act, targeting digital asset markets and traders who provided liquidity. The rule’s broad language threatened to sweep DeFi participants—those using liquidity pools, decentralized exchanges, and smart contracts—into the same category as traditional market dealers. But Judge O'Connor’s ruling was a stark rebuke. The Court noted: 🧐The rule erased a century-old distinction between “traders” and “dealers,” violating the Exchange Act’s intent. The SEC overstepped its statutory authority, with Judge O’Connor emphasizing, “The Rule as it currently stands de facto removes the distinction between ‘trader’ and ‘dealer’ as they have commonly been defined for nearly 100 years.” The Impact on DeFi and Innovation DeFi protocols operate without traditional intermediaries, enabling peer-to-peer liquidity through open-source software and smart contracts. The SEC’s attempt to regulate such automated systems as “dealers” was seen as a direct assault on innovation. 😴A Reflection on Gensler’s Leadership Gary Gensler’s tenure at the SEC has been marked by aggressive enforcement, particularly targeting crypto markets. While his policies aimed to increase investor protections, many argue they stifled innovation and lacked clarity. 🫥👮The SEC’s repeated losses in courts—Ripple, Grayscale, and now the Dealer Rule—underscore the growing judicial pushback against regulatory overreach. Gensler’s resignation opens the door for a leadership shift, with potential candidates like Dan Gallagher and Paul Atkins signaling a more industry-friendly regulatory approach. 🧭What’s Next? This ruling is not just a legal victory; it’s a pivotal moment for how regulation adapts to innovation. With Gensler’s departure, the SEC faces a choice: continue on a path of contentious enforcement or work towards a balanced framework that supports both investor protections and technological growth. 🤞🗿For the blockchain industry, this is a reminder that vigilance and advocacy are essential. The Court’s decision reinforces the importance of adhering to legislative intent, especially as regulators grapple with the challenges of emerging technologies. 📢As one of the plaintiffs stated: "This is just the first domino. Innovation must prevail over overreach." #CryptoRegulation #DeFi #SEC #GaryGensler #Blockchain #Innovation

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“Focused on GAI, the opinion addresses six core principles: competence, confidentiality, communication, meritorious claims and candor to tribunal, supervision and fees. A theme of reasonableness underlies the opinion; competence, for example, does not require GAI expertness, but a ‘reasonable understanding’ of the technology’s capabilities and limitations, which cannot remain ‘static.’ How much ‘independent verification or review’ will depend on the circumstances of the task. When the ABA first discussed adding a technological component to the competence rule, concern was raised as to the cost to the smaller firms or solo practitioners. The opinion appropriately does not attempt a one-size-fits-all admonition, but emphasizes the balancing of factors.” https://lnkd.in/eFb7nYp5

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#BusinessLawToday | Antitrust enforcement agencies and private plaintiffs are pursuing notable challenges to companies within the same industry using common pricing algorithms. Read: https://lnkd.in/e6sV3AP2 #BusinessLaw #BusinessRegulation #RegulatedIndustries

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Andrew Maloney reports: Kirkland & Ellis has again reached the 200 mark in its latest round of partner promotions, though the total is slightly less than last year's size, making it the first time the class has decreased year-over-year in at least the last eight years. The highest-grossing firm in the world announced Tuesday that it was promoting exactly 200 attorneys to partner, effective Tuesday. That's down slightly from last year's total of 205, representing about a 2.4% drop. Kirkland announced 193 partners in 2022, 151 new partners in 2021, 145 in 2020, 141 in 2019, 122 in 2018, 97 in 2017 and 81 in 2016. For the new partner class this year, New York and California are the top locations, even with Kirkland having Chicago roots. (The firm continues to be the largest law firm in New York by attorney head count.) The firm announced 44 partners in New York, 38 in California (Los Angeles and the Bay Area), 34 in Texas, 26 in Chicago and 25 in London, among other locations. 𝗖𝗹𝗶𝗰𝗸 𝗵𝗲𝗿𝗲 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲: https://lnkd.in/gKTpapmH

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Read the full Law360 article here: https://bit.ly/3Kri9Dm

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Recently Enacted Ban of Non- Complete Agreements has be Put on Hold By Attorney Ben Larkin, Managing Partner of Optimal Practice Transitions In April of 2024, the Federal Trade Commission announced what it called its “Final Non-Compete Clause Rule” or “Final Rule,” which banned most post-employment non-compete clauses between employers and their employees. The rule was to become effective on September 4, 2024. Did the rule apply to dentists? The rule included language excluding certain “senior executives,” which were defined for purposes of the rule as employees making in excess of $151,164 per year, so maybe the rule only applied to certain dentists? We do not know and may not know for a while. Earlier this summer, on August 20, 2024, a federal judge struck down the proposed Final Non-Compete Clause Rule in a decision going against the Federal Trade Commission. This followed a temporary injunction that had been granted in July 2024. The judge ruled, among other things, that the Federal Trade Commission lacked the statutory authority to issue the rule. In addition, the Court stated that the rule was “arbitrary and capricious” because its complete ban on non-competition agreements was, in the Court’s opinion, “unreasonably overbroad” and lacked a “reasonable explanation.” So, we are back to waiting to see if there will be a federal rule affecting non-competition agreements in general and in the dental world specifically. Please note that State law may still impose certain restrictions on non-competition agreements, so certainly check with an attorney familiar with the law in your State. Please also note that the proposed federal rule, and most State laws, specifically address employer-employee relationships and do not address non-competition clauses that are often included in practice purchase and sale transactions. Thus, as a dentist selling or buying a practice, you should still expect to see a non-compete clause in the practice purchase agreement. Learn more by reading Attorney Justin Marti’s article: Noncompetes Will Not Be Banned (For Now) (martilawgroup.com) https://lnkd.in/gdesZ7hr Optimal Practice Transitions

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Had an amazing time with the Windquest Legal Team this week at the Association of Corporate Counsel Annual Meeting in Nashville – big thanks to the ACC for hosting a great conference. A few post-conference thoughts: 1. Legal teams – and the organizations they support – need to get their hands around their use of AI. Lots of upside for increased productivity, but also tremendous risk if the use of AI is not thoughtful, planned, and well controlled. 2. The greatest value you get from attending a conference like this is the exposure to how great lawyers and professionals think. The technical skills and information you pick up is great but hearing how thought leaders are thinking about current issues and topics is inestimable. 3. Nashville is great . . . in moderation. 4. Good legal teams use data and KPIs to track productivity. The best legal teams understand how those KPIs support the organization’s broader mission (and develop KPIs with that end goal in mind). 5. It’s a lot of fun to be part of a team that is talented, driven, and joyful. I truly believe that hard work is its own reward, but when you get to share that work with a team that is smart, engaged, and spirited, well, that’s “next level.” At Windquest, leaders are charged with “Hiring and Developing the Best.” I’m far from a perfect leader, but (with kudos to our Talent Team), I think we’re knocking that one out of the park.

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Kessler Topaz Defeats Dismissal Motion in Coinbase Securities Litigation, Investor Claims to Proceed On September 5, 2024, U.S. District Judge Brian R. Martinotti denied Coinbase’s motion to dismiss a shareholder class action against the world’s largest crypto exchange. In a 49-page opinion, the court sustained securities fraud claims brought by Swedish pension fund Sjunde-AP Fonden (AP7) on behalf of investors stemming from Coinbase’s failure to disclose the true business risks facing the nascent crypto platform. These risks included the likelihood that the SEC would pursue an enforcement action against the company for failing to register the digital assets it lists as securities with the Commission. "The court finds plaintiffs have adequately alleged that defendants misleadingly described a favorable picture of the improbability that the SEC would file an enforcement action by repeatedly emphasizing that the crypto assets they listed were not securities," said the judge's order. In June 2023, when the SEC filed its enforcement action against Coinbase, the company’s stock tumbled, causing massive investor losses. The court also sustained AP7’s claim that Coinbase concealed the risk that customers’ crypto assets could be treated as part of the company’s estate in the event Coinbase filed for bankruptcy.  The case, pending in the U.S. District Court for the District of New Jersey, will now proceed to discovery. The KTMC team representing investors includes Matthew Mustokoff, Stacey Kaplan, Margaret Mazzeo, Joshua Materese, Austin Manning, and Dylan Isenberg. The team members were recognized as “Legal Lions of the Week” by Law360 for this important win. https://lnkd.in/e3w5egt8

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Latham is joining Skadden, Davis Polk, Simpson Thacher, Ropes & Gray, and Vinson & Elkins in mandating 4 days a week in office. It seems like many traditional Big Law Firms will revert to pre-pandemic work policies in near future, but there are a few firms who have embraced Remote work like Husch Blackwell, Quinn Emmanuel, and Fennemore. If you’d like to make a lateral move or just chat about how the market looks, reach out by DM and we can set up a time. #legal #recruiter #biglaw #lawjobs #lawfirmjobs #lawfirm #legalrecruiting #lawyers #amlaw #amlaw100 #amlaw200 #attorney #lawyer #biglawjobs #legaljobs #careeropportunities #interview #offer #aardvarklegalsearch

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