Welcome to the January 2024 edition of Strat Radar, snippets of the top legal industry news for lawyers and in-house counsels.
Texas Business Court aims to reshape the commercial litigation landscape
The establishment of the Texas Business Court and the recent influx of big companies aim to shift the perception of the state being viewed as an unfavourable location for major commercial litigation. The new court is expected to attract more business, despite concerns that it may favour corporate interests. (Source: Financial Times)
Surge in demand for legal & compliance pros in India’s BFSI sector
Stricter regulatory guidelines, evolving governance structures, and accelerated digitization of the legal system drive a surge in demand for legal & compliance professionals in India’s BFSI sector. The demand is further fuelled by board pressure and investor focus on fair practices. (Source: Economic Times)
US Supreme Court clerks offered record $500k bonuses
US Supreme Court law clerks are in high demand, with firms offering record signing bonuses of $500,000. This surpasses the salaries of the clerks’ former bosses, the justices, who are paid slightly less than $300,000 per year. (Source: The Washington Post)
Big Law bills over $600 million in major crypto bankruptcies
Big Law firms have billed over $600 million for six major crypto bankruptcies. Sullivan & Cromwell leads with $153 million from the FTX Trading Ltd case. These bankruptcies and their offshoot litigations significantly boosted Big Law’s financial performance. (Source: Bloomberg Law)
India’s top law firms boost gender diversity with partner promotions
India’s leading law firms are promoting an increasing number of high-potential women lawyers to partner level and implementing retention initiatives, boosting gender diversity. (Source: The Economic Times)
Korean High Court judges leave bench for prominent law firms
South Korean High Court judges are increasingly leaving the bench for prominent law firms, causing significant trial delays. Heavy workloads, discontinuation of promotion opportunities, and transfers to provincial areas drive the trend. (Source: The Chosun Daily)
Indian law firms fast-track partnerships amidst growing activity
Increased M&A deals, IPOs, litigations, and focus on corporate governance drive Indian law firms to early partner promotions. Early promotions serve as an attraction & retention tool amid the talent war. However, most early partners are still salaried, with the path to equity partnership slightly shortened. (Source: The Economic Times)
Women now the majority of US law firm associates
For the first time in more than 30 years, women constitute the majority of all associates in US law firms, according to the NALP report on diversity. Despite record annual growth in representation at the partnership level, women and people of colour still face significant underrepresentation. (Source: The National Association for Law Placement)
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