?? Sanctioned Russian bank has a new lawyer, bar exam costs, and how much money matters (or doesn't) to lawyers

?? Good morning! Sanctioned Russian development bank VEB has a new Connecticut-based lawyer after global law firm Freshfields dropped out following the invasion of Ukraine. Academics spoke out against the high costs of bar exam preparation. Jenna Greene finds that money does matter to lawyers at law firms, despite a recent report to the contrary. And Morgan Lewis keeps the London market for finance lawyers ticking. It's a brand new week!???

?? Sanctioned Russian bank VEB taps new U.S. lawyer to replace Freshfields in Jewish texts case

Lawyers from Freshfields Bruckhaus Deringer, which has been defending sanctioned Russian development bank VEB since 2020 in a Washington, D.C., lawsuit over religious documents, told the court that attorney Wesley Whitmyer of the Stamford, Connecticut-based Whitmyer Group is seeking to take over as counsel for VEB.

Freshfields has been seeking to drop its Russian client because of the Ukraine invasion in February. The firm said it will no longer work for entities tied to the Russian state.

The website for Whitmyer’s law firm says he handles international cases involving intellectual property, technology and trade, as well as mediations, arbitrations and litigation before federal district and appellate courts. His clients have included Oracle Corp and Kmart Corp according to court records.

But U.S. District Judge Royce Lamberth said Whitmyer, who is not admitted to practice before the D.C. court, cannot take over without first following the usual process for lawyers applying for special permission to represent clients there. Recently, legal ethics groups have been calling for an 'overhaul' of these geographical practice limits.

?? Does the bar exam cost too much? Some academics think so

“The bar exam is a $30 billion industry in addition to being a gatekeeping tool for our profession."

Washburn University law professor Marsha Griggs said at a symposium hosted by Mitchell Hamline School of Law that law graduates can expect to pay anywhere from $2,000 to upwards of $10,000 in bar exam fees, character and fitness review costs, laptop fees and, most notably, commercial bar prep courses.

Mike Sims, president of bar prep company BARBRI Inc, said its courses start at $1,999 and most students pay less than $2,600. The company also grants more than $6 million annually in scholarships for students pursuing public interest careers, he said.

Speakers at Friday's symposium on the exam and alternative paths to attorney licensure highlighted the long history of disparate racial outcomes on the bar exam. The test is under pressure from reformers who say it is discriminatory and ineffective in gauging the knowledge and skills new lawyers need to be successful.

The National Conference of Bar Examiners is in the process of?overhauling?the test to emphasize legal skills over the memorization of doctrinal law. The new test is expected to debut in 2026.

?? When lawyers leave, it’s not just about the money (Or is it?)

A report on factors that affect lawyer turnover at law firms by the Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law reveals that of the over 900 associates surveyed, "firm culture, the people they work with, and work-life balance" were more important than money to those who said they were less likely to leave their firms.

However, some experts told Reuters columnist Jenna Greene they feel that the report may not be an accurate representation of the industry.

“How associates rank compensation versus how they actually feel about compensation may not always be consistent.”?

Legal recruiter Dan Binstock, a partner at Garrison & Sisson, said. “Many associates today, who are often more purpose-driven than prior generations, feel uncomfortable admitting that compensation may be a top driver, because it doesn’t align with who they think they should be in terms of what they value,” Binstock added.

So yes, while it is safe to say that money is still important, Green explores how much it matters.

???Morgan Lewis picks up UK structured finance partner from Orrick

Morgan, Lewis & Bockius has added a partner from Orrick Herrington & Sutcliffe, making it the latest large law firm to grow its finance practice in London.

Richard Hanson joins Morgan Lewis’ global structured transactions practice, the Philadelphia-founded law firm said as the London law firm market for finance attorneys stays hot.

Morgan Lewis added structured finance partner Merryn Craske from Mayer Brown in London in February. Last month, Eversheds Sutherland?hired?a global finance co-lead from Freshfields Bruckhaus Deringer in London.

Earlier this year, UK-based?Osborne Clarke?and?Linklaters?picked up three finance partners each, and NY-based Schulte Roth & Zabel?hired?a finance and derivatives partner from Dentons in the UK capital.

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?? That's all for today! Thank you for reading?The Legal File!

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