Trump's SEC pick likely to give Wall Street easier enforcement ride, law firm demands could soften in 2025 and more ??
Reuters Legal
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?? Good morning from The Legal File! Here is the rundown of today's top legal news:
??? Trump's SEC pick likely to give Wall Street easier enforcement ride
President-elect Donald Trump's SEC pick voted several times against punishing big companies and was extremely critical of the agency's enforcement process when he was a top official there, according to public records and former SEC attorneys, in a possible glimpse of what is to come under his leadership.
Paul Atkins voted against at least 10 enforcement actions punishing individuals and companies, including Citigroup and IBM, according to a Reuters review of Securities and Exchange Commission records from the final years of his 2002-2008 stint as a commissioner. In doing so, he defied his fellow Republican agency chairs.
Atkins was also fastidious, scrutinizing proposed enforcement actions word by word and frequently pushing back on SEC staff who recommended bringing charges, according to three former SEC enforcement staff.
?? Law firms saw strong profits in 2024, study finds, but demand expected to ebb in 2025
Strong demand across practice areas, higher billing rates and the expansion of non-equity partner tiers helped bolster law firm profits in 2024, according to a new analysis, of firm financials by the Thomson Reuters Institute.
But a potential decline in demand — coupled with rising expenses and challenges to the traditional billable hour model spurred by the growing use of generative AI — could chip away at law firm profits this year, the study warned.
This year, firms will need to "navigate a complex landscape shaped by shifting demand and expense dynamics,” reads the study, which was co-authored by the Georgetown Law’s Center on Ethics and the Legal Profession and is based on financial data through November from 183 U.S.-based large and midsize law firms.
The Thomson Reuters Institute and Reuters share the same parent company.
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?? Judge finds Giuliani in civil contempt in 2020 election workers' case
A judge on Jan. 6 found Rudy Giuliani to be in civil contempt of court in a case brought by two Georgia election workers that the former New York City Mayor falsely accused of trying to help steal the 2020 U.S. presidential election for Democrat Joe Biden.
U.S. District Judge Lewis Liman in Manhattan said Giuliani had not complied with requests from the election workers, Ruby Freeman and her daughter Wandrea Moss, for information that could help them determine which of his assets may be turned over to pay off the defamation judgment.
"The fact that he is a busy person who in the past relied on others is not an excuse for noncompliance," Liman said.
The contempt citation in the district where Giuliani had been the top federal prosecutor marks a further fall from grace for Giuliani, once known as "America's Mayor" for his response to the Sept. 11, 2001, attacks.
??? Disney, Fox and Warner Bros abandon Venu appeal after Fubo deal
Streaming service FuboTV said on Jan. 6 it has agreed to end litigation against the three major media companies behind the live sports app Venu Sports after Walt Disney announced it would merge its Hulu + Live TV business with Fubo.
Disney, Fox and Warner Bros Discovery were set to argue before the New York-based 2nd U.S. Circuit Court of Appeals on Jan. 6 that a judge's decision to block Venu's launch improperly denied consumers access to a new, lower-cost service.
The service was designed to appeal to price-conscious sports fans.
Fubofiled its suit in February 2024, saying Venu would violate U.S. antitrust law by reducing competition and driving up prices.
?? That's all for today, thank you for reading?The Legal File, and have a great week ahead!
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Former Safety Director & OIC Southeast Asia JPAC
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Former Safety Director & OIC Southeast Asia JPAC
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