Good morning. Global dealmaking tumbled in the first quarter, as Russia’s invasion of Ukraine helped to fuel market volatility. President Joe Biden called for the prosecution of war crimes over the ongoing conflict, but legal experts reveal challenges that stand in the way. Plus, the historic U.S. Supreme Court nomination of Ketanji Brown Jackson heads to the full U.S. Senate now for a vote that is expected by the end of the week; the justices spurned bids challenging mandatory attorney bar dues; and a new survey among law school deans shows online course work is here to stay. And where does California's board diversity law go from here? We take a look. It’s another big news day — let’s go!
Our colleague Nimitt Dixit is co-writing The Daily Docket while Diana Novak Jones is on parental leave. Were you forwarded this email? Subscribe here.
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Skadden Arps and Goodwin Procter emerged as the top deal advisors in the first quarter of 2022, which saw global dealmaking drop as Russia’s invasion of Ukraine fueled market volatility, reports David Thomas.
New York-founded Skadden had the highest deal value in the quarter, advising on 49 deals worth more than $145.6 billion, including transactions for DuPont de Nemours and Spotify. Goodwin advised on the highest amount of deals in the quarter, with 294 announced deals worth $51.8 billion under its belt.
Last year’s record M&A boom fueled a talent war among law firms, which upped hiring and increased salaries and bonuses to retain lawyers. The slowdown in transactional activity this quarter could squeeze law firm profits, said law firm consultant Marcie Borgal Shunk at The Tilt Institute. Other consultants have warned that some firms may even let lawyers go.
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A California judge blocked one of the most assertive government efforts to diversify corporate leadership in the U.S., striking down a 2020 state law that required publicly held companies headquartered in the state to include LGBT+ individuals and people of color on their boards, Jody Godoy reports.
Los Angeles County Superior Court Judge Terry Green granted summary judgment on April 1 in a lawsuit brought by the conservative legal group Judicial Watch. Green found California lawmakers did not have statistics about discrimination against qualified director candidates and that they had not tried identity-neutral methods, such as requiring board members to be selected publicly. What’s next? California Assemblymember Chris Holden, one of the law's authors, said he was disappointed but awaiting a review of next steps by the California state agencies. Judicial Watch President Tom Fitton called Green’s decision "one of the most important civil rights decisions in recent memory."
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The Senate Judiciary Committee voted 11-11 along party lines on Supreme Court nominee Ketanji Brown Jackson, pushing the confirmation battle into the full Senate, which is expected to confirm her later in the week as the first Black woman to serve on the high court. The panel also voted 11-11 on public defender Arianna Freeman's nomination to the 3rd Circuit, while advancing another four of President Joe Biden's judicial picks, including Gibson Dunn’s Jennifer Rearden for the Manhattan federal court. (Reuters)
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In a new study released today, the Association of American Law Schools surveyed more than 400 current and former law deans about their careers and how the pandemic changed legal education. Innovations that are likely to last included online learning and remote work arrangements. (Reuters)
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The U.S. Supreme Court declined a request by lawyers in Texas and Oklahoma to revisit its 1990 precedent upholding state requirements that lawyers join state bar associations and pay dues. Lawyers from Jones Day, Consovoy McCarthy and Goldwater Institute, who represent the plaintiffs, argued that compulsory bar dues improperly subsidize bar associations' political speech and violate lawyers' free-speech rights. (Reuters)
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Cisco’s lawyers at WilmerHale asked a Federal Circuit panel to vacate a $2.7 billion patent award against it as the presiding judge's wife owned stock in the company. Award-holders Centripetal Networks’ lawyers at Kramer Levin argued that U.S. District Judge Henry Morgan had drafted that ruling before he learned of the holding, and created a blind trust to divest the shares. But Circuit Judge Timothy Dyk said that even though Morgan created the blind trust, he didn’t divest as required by law. (Reuters)
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Simpson Thacher elected Alden Millard as chair of its executive committee, succeeding William Dougherty, who had served since 2013 in the top post. (Reuters)
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Contract management platform LinkSquares said it has raised $100 million in Series C financing. G Squared led the round for Boston-based LinkSquares, which also included new investor G2 Venture Partners and existing backers, the company said. (Reuters)
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Juan Poyates Oliver/Handout via REUTERS |
That’s the length in feet of a $99 million yacht belonging to sanctioned Russian tycoon Victor Vekselberg that was impounded by Spanish authorities, acting on a forfeiture request from the United States. The action marked the first time the United States has seized property belonging to a Russian oligarch since Russia’s invasion of Ukraine in February. Here’s what the authorities seized from the ship.
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U.S. President Joe Biden called for the prosecution of Russian President Vladimir Putin for war crimes over the discovery in Bucha, Ukraine, of mass graves and bodies of bound civilians shot at close range, but various challenges stand in the way. Investigators will visit scenes such as Bucha and interview witnesses to build a case, experts said. Some said, however, that prosecutors might have a tough time obtaining evidence from an active war zone and witnesses who could be intimidated or otherwise reluctant to speak. Indictments may come in as few as three to six months, legal experts said, but prosecuting a case can take years.
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"The harm to the people of Malaysia is immeasurable. It is deeply unfair to everyone else who plays by the rules."
—Assistant U.S. Attorney Alixandra Smith in closing arguments asked a jury to convict former top Goldman Sachs investment banker Roger Ng, who faces charges he helped his former boss Tim Leissner embezzle billions of dollars from Malaysia's 1MDB sovereign wealth fund, and bribe officials to win business for Goldman. Smith said Ng received more than $35 million in kickbacks from the scheme. The nearly two-month trial stemmed from one of the biggest financial scandals in history, which led to the arrest and conviction of former Malaysian Prime Minister Najib Razak. Ng's lawyer Marc Agnifilo said the banker was falsely implicated.
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Jury selection is scheduled to begin as the state of Florida takes Walgreens Boots Alliance to trial over allegations the national pharmacy chain operator helped fuel the U.S. opioid epidemic. The state recently reached settlements totaling more than $878 million with CVS Health, Teva, Abbvie’s Allergan unit and Endo over their roles in fueling the opioid epidemic.
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The U.S. House Judiciary Committee panel on the Constitution and civil rights will examine the decades-old Foreign Agents Registration Act, the U.S. law that requires law firms and lobbyists to disclose certain engagements with foreign clients. Lawmakers will hear from experts including Dylan Hedtler-Gaudette, government affairs manager at Project On Government Oversight; and Jonathan Turley of the George Washington University Law School. The U.S. Justice Department is weighing proposals from major U.S. law firms and other outlets to provide greater clarity to the law’s requirements.
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Former Proud Boys chairman Enrique Tarrio will appear for arraignment in Washington, D.C., federal court on charges stemming from the Jan. 6, 2021 riot at the U.S. Capitol. Tarrio is one of the most high-profile of the nearly 800 people criminally charged for their roles in the attack on the Capitol by supporters of then-President Donald Trump. Tarrio was not on the Capitol grounds on the day of the assault, but is charged with helping plan and direct it. U.S. District Judge Timothy Kelly is presiding in the case.
Court calendars are subject to last-minute docket changes.
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Opening statements began in Kanawha County Circuit Court in West Virginia’s trial of drugmakers over their role in fueling the opioid crisis in the state. Attorney General Patrick Morrisey urged a judge to hold J&J, Teva and AbbVie’s Allergan liable for causing a "tsunami" of opioid addiction in the state. West Virginia has accused the drug manufacturers of deceiving prescribers about the risks of opioid painkillers. The companies denied the allegations in their opening statements. (Reuters)
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The D.C. Circuit sounded skeptical of claims by a group of unions led by the California Nurses Association that a court can force OSHA to adopt a permanent rule to protect healthcare workers from COVID-19. Circuit Judge David Sentelle said the law regulating OSHA's rulemaking powers suggests courts were not intended to have a say over how the agency prioritizes its policymaking. (Reuters)
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Valentino has settled its litigation with 693 Fifth Owner LLC, the landlord of its Manhattan boutique that the Italian fashion company abandoned because of the COVID-19 pandemic. Last month, a New York state appeals court said the pandemic did not excuse Valentino from its lease obligations, because the premises were not destroyed. Valentino said the settlement calls for the lease to be terminated. (Reuters)
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Latham said Katherine Rocco has joined the firm’s New York office as a partner in its global antitrust and litigation practice groups. Rocco joins from Kirkland. (Reuters)
- Orrick added partner Kelly Hagedorn in London to the firm’s cyber and privacy team from Jenner. (Reuters)
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Arnold & Porter said Abigail Struthers rejoined the firm as a New York-based intellectual property partner. Struthers recently served as senior intellectual property litigation counsel at Sandoz. (Arnold & Porter)
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Gibson Dunn added Douglas Horowitz as a partner in New York who will lead the firm’s leveraged and acquisition finance efforts. He formerly was at Cahill Gordon. (Gibson Dunn)
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Former Kirkland partner Aaron Schlaphoff left the firm to join Paul Weiss as a partner in its private funds group in New York. (Paul Weiss)
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Willkie Farr added Anne Kleffmann as a partner in its litigation and employment practices in Frankfurt, Germany. Kleffmann was previously a partner at Latham. (Willkie Farr)
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Manatt brought on David Reichenberg as an antitrust partner in the firm’s New York office. He arrives at the firm from Cozen O’Connor. (Manatt)
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Greenspoon Marder bulked up its labor and employment practice group with the addition of partners Brian Koegle and Michael Fostakowsky in Los Angeles. Both attorneys join from Poole Shaffery. (Greenspoon Marder)
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Katten added Stephen Morris as a partner in the firm’s financial markets and funds practice in New York. Morris was formerly in-house counsel at Morgan Stanley. (Katten)
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A number of questions affecting businesses soon are likely to come before the U.S. Supreme Court, shaping headlines for the 2022 term and beyond, write Shay Dvoretzky and Emily Kennedy of Skadden, Arps, Slate, Meagher & Flom. The justices have been asked to take up issues over whether federal law preempts state employment regulations, including break rules and sick-leave laws. Questions concerning the deluge of COVID-related litigation could also make their way to the court. Learn more about the cases to watch.
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