Top 50 law firms hit by demand drop, FTX's SBF lawyers up, COVID fraud prosecutor returns to Latham and pro bono help for a nurse ??
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A new report found that firms ranked among the top 50 highest-grossing in the United States by The American Lawyer saw demand drop 1.9% in the first three quarters, while firms ranked 51-100 by revenue experienced a 0.4% decline in demand.
Client demand dropped 1.2% overall through the first nine months of this year compared to the same period last year, Citi Private Bank's Law Firm Group and Hildebrandt Consulting said in their latest annual client advisory. Revenue growth also diverged by the law firm market segment, with firms ranked 51-100 seeing stronger revenue growth at 5.4%, while the top 50 firms saw 3.8% growth.
The law firms that have been most affected by slowing demand are those that depend on the most on M&A and capital markets work, the report said, adding that bankruptcy and litigation practices may see growth in 2023.
As regulators around the globe, including in the Bahamas where FTX is based and in the United States, probe the crypto exchange's collapse, FTX founder and former chief executive Sam Bankman-Fried and the head of its now-defunct trading affiliate have tapped defense attorneys.
Bankman-Fried has retained Mark S. Cohen, of Cohen & Gresser LLP . Cohen is a former assistant U.S. attorney for the Eastern District of New York, who recently defended Ghislaine Maxwell in her sex trafficking trial. David Mills, a professor at Stanford Law School, is also consulting on the matter for Bankman-Fried. The founder had previously hired Martin Flumenbaum of law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP , but the law firm said last month it was no longer representing him due to conflicts.
Caroline Ellison, who ran trading firm Alameda Research, has hired Washington-based law firm Wilmer Cutler Pickering Hale and Dorr to represent her.
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Kevin Chambers, a DOJ official who oversaw an effort to crack down on COVID-19 pandemic fraud, is returning to law firm Latham & Watkins to work in the firm’s white-collar defense and investigations practice in Washington.
Chambers previously worked at the firm for about six years before joining the Biden administration in 2021. In March, he was named director for COVID-19 fraud enforcement at the DOJ, responsible for managing federal investigations and prosecutions of those accused of bilking government relief programs during the pandemic.
The Justice Department has seized more than $1.2 billion connected to fraud schemes since the start of the pandemic and charged more than 1,500 people, U.S. Attorney General Merrick Garland said in October.
One-third of women imprisoned in New York for homicide were abused by the person they killed at around the time of the offense, according to a state correctional department study.
When Manhattan nurse Tracy McCarter in 2020 was charged with second-degree murder for fatally stabbing her allegedly abusive husband, her case became a cause célèbre for activists against domestic violence, attracting a team of pro bono lawyers from four well-known firms led by Hecker Fink LLP name partner Sean Hecker .
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