Wake Up Call: Cooley Steers Zoom’s $14.7 Billion Buy of Five9

July 19, 2021, 12:08 PM

In today’s column, law firms that are inflexible on remote work options should expect to lose a lot of associates this fall, a report says; technical problems delayed opening statements in Michael Avenatti’s latest criminal trial; Jeffrey Rosen, who briefly served as former President Trump’s acting attorney general after William Barr left, is joining the American Enterprise Institute.

  • Leading off, Cooley is advising Zoom Video Communications Inc. on its acquisition of cloud-based contact-center provider Five9 Inc., in an all-stock transaction valued at around $14.7 billion. Latham & Watkins is advising Five9 on the deal, which is Zoom’s first public acquisition since its IPO in 2019, according to a statement. Zoom’s business soared during the pandemic, as organizations, including law firms and courts, used its conferencing tools for virtual meetings. (Bloomberg News) But as companies roll out post-pandemic return to office mandates, a question hangs over the future of remote working. In some cases, employees are going to court when their requests to keep working from home are denied. (BLAW)
  • Paul Hastings’ backtracking last week on its post-pandemic policy making in-office work the default should be a warning to other law firms taking a “hard line” on remote work, a report says. It says inflexible law firms should expect an “exodus” of associates. (American Lawyer)
  • Simpson Thacher & Bartlett advised private equity firm Hellman & Friedman on its “significantly” over-subscribed Capital Partners X fund. At $24.4 billion from investors, it is Hellman & Friedman’s largest ever fund and among the largest by a private equity firm. (BLAW)

Lawyers, Law Firms

  • Technical problems delayed opening statements in the federal criminal trial in California of Michael Avenatti, the former lawyer of porn star Stormy Daniels. (The Recorder)
  • A Brooklyn federal judge set a tentative March 2022 trial date for the former Pryor Cashman associate and a nonprofit attorney accused of firebombing a New York police vehicle in Black Lives Matter protests in 2020. Plea negotiations for the two have reportedly stalled. (New York Law Journal)
  • Missouri is refusing to release “wrongly convicted” people from prison, arguing that they got fair trials and are out of appeals. (CBSNews)

Laterals, Moves

  • Former Trump administration acting attorney general Jeffrey Rosen is joining the conservative think tank American Enterprise Institute as a nonresident fellow. (National Law Journal) Alternative dispute resolution services provider JAMS said former Deloitte assistant general counsel N. Damali Peterman joined its panel in New York. According to her LinkedIn profile, Peterman is a former Weil associate and most recently runs her own arbitration and mediation company. (JAMS)
  • Squire Patton Boggs’ Paris office brought in Charles Briand as a partner in the firm’s tax strategy & benefits practice group. He arrives from Orrick, where he was a partner, and was previously at Ernst & Young; Cole Schotz hired real estate finance lawyer Robert Augusto Riva as a member in New York. He arrives from Shapiro & Gellert, PLLC, where he was a partner, and was previously at DLA Piper, Herrick, Feinstein, and Akin Gump; Katten got Milbank capital markets lawyer Timothy Kirby as a partner in New York. (Katten.com)
  • Weeks ahead of Thompson & Knight’s merger with Florida-headquartered Holland & Knight, the Texas-based firm continues to lose partners. The latest to go are in a three-partner intellectual property trial team that moved to Winstead PC in Dallas. (Texas Lawyer) Dykema hired automotive product liability litigator Daniela Gonzales Aldape as a member in San Antonio in its product liability and class action practice group, starting Aug. 1. (Dykema)
  • Employment law firm Jackson Lewis added litigator Phillip Harris as a principal in Tampa. He arrives from Constangy. Jackson Lewis also got back litigator Garen Dodge as a principal in Washington. He was at the firm earlier in his career and arrives from Epstein Becker & Green, where he was a partner. Jackson Lewis’s former Orange County managing partner Frank Liberatore rejoined the firm as a principal in Los Angeles. (JacksonLewis.com)

To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Darren Bowman at dbowman@bloomberglaw.com

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