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Business & Practice

Litigation Finance Fund Launches With $345 Million

Jan. 27, 2020, 12:56 PM

Chicago-based litigation finance firm, GLS Capital, is formally launching with $345 million in capital commitments to invest in lawsuits. It’s the latest entrant into an industry one recent survey said has grown to nearly $10 billion in capital in the U.S.

Place of Experience: Two GLS Capital founders were the first hires made in 2013 by Gerchen Keller Capital, which was purchased in 2016 by the industry’s largest player, Burford Capital.

Competitive Edge: “The marketplace has changed. It’s not 2013 anymore. New players have emerged and there is new competition out there,” said GLS Capital founder Jamie Lynch. Roy Strom has the story.

DAILY BRIEF

Law Firms

Orrick Launches Cyber & Data Privacy Practice in London
Orrick Herrington & Sutcliffe is expanding its cyber and data privacy and litigation and regulatory enforcement practice to London with the addition of a pair of PricewaterhouseCoopers UK lawyers.

Jones Day Rejoins Sanctions Push Against Women in Sex Bias Suit
Female lawyers accusing Jones Day of nationwide pay discrimination knew their sex bias claims lacked factual support yet continued to baselessly pursue them anyway, the firm told the U.S. District Court for the District of Columbia Friday.

In-House

Wells Fargo Looks Outside for Next Post-Scandal Legal Chief
Wells Fargo & Co. is expected to choose an external candidate as its new legal chief, according to three sources familiar with the matter.

Eli Lilly Grabs WellCare Health’s Legal Chief After Merger Close
Eli Lilly & Co. has a new general counsel, thanks in part to a mega-merger between two health insurers.

Ex-Elliott Lawyer Builds Creditor Group in Argentina Rematch
Dennis Hranitzky, an attorney who helped hedge fund billionaire Paul Singer win a 15-year bond battle against Argentina, is gearing up for a potential rematch against the South American nation.

Business of Law

Elizabeth Holmes Phones In Her Defense After Civil Lawyers Quit
Unable to pay her lawyers in an Arizona fraud lawsuit, Elizabeth Holmes is defending herself by … phone.

Ethics

New York Lawyer Has to Keep 500 Wills Indefinitely
A New York lawyer who has more than 500 wills where the testators’ locations can’t be determined with due diligence has to hold onto them indefinitely, the state bar association said.

Indiana Lawyer Suspended for Not Supervising Employee
An Indiana attorney who didn’t properly supervise an employee who was said to have stolen firm money was suspended for 60 days with automatic reinstatement by the state’s highest court.

WAKE-UP CALL

Orrick Poaches PwC Team for London Cyber and Privacy Practice
In today’s column, TikTok hired a Microsoft in-house veteran to be its first global general counsel; Pier 1 Imports top lawyer Robert Bostrom died; and a St. Louis judge postponed a trial over Bayer AG’s Roundup to allow the parties time to work out a settlement.

PRACTITIONER INSIGHTS

INSIGHT: State Investigations—50 Takes on Subpoena, Privilege, Document Rules
While federal congressional investigation law is relatively developed and has been in the news because of inquiries into the Trump administration, similar investigations at the state level can have unfamiliar rules and processes. Covington & Burling’s Brendan Parets looks at what attorneys should be aware of across the country.

INSIGHT: Health-Care Consolidation Strong in 2019—Expect Even Stronger 2020
Consolidation and a changing U.S. health-care market continues to drive health-care investment activity to record levels. Epstein Becker & Green attorneys and health industry financial/investment analysts predict investment activity will continue to be relatively robust through the summer and up until the elections, despite the political unknowns.

INSIGHT: California Industrial Companies—Your Business License Depends on Stormwater Permitting
California now requires businesses applying for a business license to show they have a national stormwater permit if one is required. Van Ness Feldman’s Andrew Cooper and EHS Support’s Maureen B. Hodson say compliance with the new law could delay business permits so businesses should consult environmental professionals early in the startup process.

INSIGHT: StartOut Growth Lab, DLA Piper Partner to Support LGBTQ+ Entrepreneurs
The Growth Lab, housed in global law firm DLA Piper’s San Francisco office and run by StartOut, is the largest national nonprofit organization for LGBTQ+ entrepreneurs. Andres Wydler, executive director of StartOut, and DLA Piper partner Thomas Gaynor say a platform like the Growth Lab is important because economic empowerment is the next stage in LGBTQ+ civil rights.

WORKFLOWS

Duane Morris and New York midsize firm Satterlee Stephens are merging; the combined firm will operate as Duane Morris LLP | Cole Schotz recently elevated nine attorneys to members of the firm | Gibbons announced that six attorneys have been named Directors and Counsel | Reed Smith opens an office in Brussels with the arrival of five partners (one counsel and two associates) - all are joining the Global Corporate Group; the firm also announced the launch of a firmwide Mental Health Task Force | Bracewell added 16 partners, including four lawyers promoted to partner or senior principal, and 12 lateral partner hires | Kirkland & Ellis’ Los Angeles offices relocate to two new locations; the Downtown office relocated to 555 South Flower Street, Suite 3700, and the Century City office will occupy 2049 Century Park East, Suite 3700 | O’Melveny added partners Matthew Hinker and Tracie Ingrasin (New York), Madhu Pocha (Century City), Laurel Loomis Rimon (Washington), and Sevda Staykova (London) | Robinson+Cole elected Taylor A. Shea as partner, and promoted Nathaniel T. Arden, Jonathan H. Schaefer, Cara C. Vecchione, and Anna Jinhua Wang to counsel | Vorys promoted seven attorneys to partner | Porter Wright has elected Deb Boiarsky as the firm’s Chief Operating Partner | Haynes and Boone promoted nine lawyers (three women) to counsel from its Dallas, Houston, London, Mexico City, New York, San Antonio, and Washington offices | Lewis Roca Rothgerber Christie has selected six attorneys to join the firm’s partnership.

To contact the reporter on this story: Bruce Kaufman in Washington at bkaufman@bloomberglaw.com

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