Attorney Newshubb
Advertisement
  • Home
  • Attorney News
  • Law News
  • Attorneys Legal Law News
  • Contact us
No Result
View All Result
  • Home
  • Attorney News
  • Law News
  • Attorneys Legal Law News
  • Contact us
No Result
View All Result
Attorney Newshubb
No Result
View All Result
Home Attorney News

In-House Counsel Navigate the Layoff Minefield: The Morning Minute

admin by admin
December 6, 2022
in Attorney News


HANDLE WITH CARE – The tidal wave of layoffs sweeping through the tech industry is putting legal departments to the test, as in-house counsel seek to mitigate risk and ensure their companies carry out the cuts as humanely (and, not to mention, legally) as possible, Law.com’s Maria Dinzeo reports. Foster Sayers, general counsel at contract management software company Pramata, said in-house counsel should try to make the best of a bad situation for laid-off employees by ensuring they tailor separation agreements to ensure employees don’t feel cheated. He noted that a friend who was laid off from Twitter revoked his separation agreement because it did not account for the equity that had been part of his compensation. “He felt that he was very clearly promised one outcome, but the severance package offered was not what was promised,” Sayers said. “I’m sure it was drafted from some boilerplate language that outside counsel had. In-house needs to be ready to rise to the occasion and rapidly develop some competency around separation agreements. You have to take the time to own your separation agreement and not just rely on outside counsel.”

DON’T WRITE IT OFF – Big Law’s track record of charging clients lots of money is—and continues to be—unassailable. Its track record when it comes to collecting all that money? Not as good. As Law.com’s Andrew Maloney reports, almost three-quarters of law firms in North America and more than two-thirds in the U.K. say write-offs have increased this year, according to a new report from legal tech company BigHand, with about half of respondents in each jurisdiction confirming write-offs have grown by more than 10%. That type of increase—along with the more than a quarter of firms in each region that say they’re discounting to collect payments—”should be raising eyebrows,” the analysts wrote in a 37-page report this week. They added that kind of profit leakage is also “driving lawyers hard to increase billable hours” and that could jeopardize talent if it continues. “The speed with which write-offs have increased this year should be sounding loud alarm bells. Not only have 75% of NA and 64% of UK firms confirmed an increase this year, but 55% of NA and 48% of UK firms confirm that write-offs have increased by more than 10%,” the report stated.

ON THE RADAR – Edelson PC filed a consumer class action Monday in California Northern District Court against Samuel Bankman-Fried, founder of the failed cryptocurrency exchange FTX, once valued at $32 billion, and members of his ‘inner circle.’ The complaint accuses Bankman-Fried, currently under investigation by multiple agencies, of using FTX as his own personal slush fund, using FTX to fund his personal investments and inflating the value of FTT, FTX’s cryptocurrency. Counsel have not yet appeared for the defendants. The case is 3:22-cv-07666, Jessup v. Bankman-Fried et al. Stay up on the latest deals and litigation with the new Law.com Radar. 


EDITOR’S PICKS

Want to continue reading?
Become an ALM Digital Reader for Free!

Benefits of a Digital Membership

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

Already have an account? Sign In Now

*May exclude premium content

You Might Like

4 minute read

6 minute read

4 minute read

4 minute read

Trending Stories





  1. Law.com Pro


    Reprints & Licensing

    Mentioned in a Law.com story?

    License our industry-leading legal content to extend your thought leadership and build your brand.


    Featured Firms

    Law Offices of Gary Martin Hays & Associates
    P.C.

    75 Ponce De Leon Ave NE Ste 101

    Atlanta,
    GA 30308

    (470) 294-1674

    www.garymartinhays.com

    Law Offices of Mark E. Salomone

    2 Oliver St #608

    Boston,
    MA 02109

    (857) 444-6468

    www.marksalomone.com

    Smith & Hassler

    1225 N Loop W #525

    Houston,
    TX 77008

    (713) 739-1250

    www.smithandhassler.com

    Presented by BigVoodoo

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Team Accounts

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

From Data to Decisions

Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.

Exclusive Depth and Reach.

Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big Pictures and Fine Details

Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

GlobeSt. INDUSTRIAL 2022


December 08, 2022 – December 09, 2022
Scottsdale, AZ

This conference brings together the industry’s most influential & knowledgeable industrial real estate executives

Learn More

Subscribe to Law.com

Don’t miss the crucial news and insights you need to make informed legal decisions. Join Law.com now!

Unlimited access to Law.com

Access to additional free ALM publications

1 free article* across the ALM subscription network every 30 days

Exclusive discounts on ALM events and publications





Source link

Previous Post

Former Oklahoma Supervisory Correctional Officer Sentenced for Promoting White Supremacist Assault on Black Inmates and Ordering Other Abuse

Next Post

Why Your About Me Page Matters More Than Any Other Page

Next Post

Why Your About Me Page Matters More Than Any Other Page

Recommended

Justices put Oklahoma man’s execution on hold

May 5, 2023

Judge slashes $24M award for Unite the Right victims; judge accused of offering sex for early trial

January 14, 2023

Don't miss it

Law News

Judge who once prosecuted murder defendant fails to get colleague kicked off the case

June 9, 2023
Law News

Another law firm defers start date for some associates

June 9, 2023
Attorney News

Microsoft Office Tricks | 10 Easy Ways to Save 10 Minutes a Day

June 9, 2023
Attorney News

8th Circuit Affirms Denial Coverage of Complication from Bariatric Surgery

June 9, 2023
Attorney News

An Update on the Revised NY Grieving Families Act

June 9, 2023
Law News

Jack Daniels wins big in challenge to spoofing “Bad Spaniels” dog toy

June 9, 2023

© Attorneys News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Attorney News
  • Law News
  • Attorneys Legal Law News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Attorney News
  • Law News
  • Attorneys Legal Law News
  • Contact us

© 2022 Attorneys News Hubb All rights reserved.