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Wake Up Call: Musk Tries to Avoid Twitter Payouts, Report Says

Oct. 31, 2022, 12:13 PM

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

  • Twitter Inc.’s new owner Elon Musk terminated the company’s top executives, including its two top legal department leaders, “for cause” to avoid having to pay them tens of millions of dollars in severance packages after his $44 billion deal to acquire the company, according to reports. Musk last week axed the company’s legal chief Vijaya Gadde and general counsel Sean Edgett, along with CEO Parag Agrawal and chief financial office Ned Segal. (The Information) (New York Times) (Business Insider) (Corporate Counsel)
  • Musk denied a report in the New York Times that he plans to lay off Twitter employees before Tuesday, Nov. 1, to prevent them from getting stock grants as part of their compensation. (Tech Crunch)
  • As the US Supreme Court gets ready to hear several cases involving race, the court’s members are more diverse than ever but they hear mostly from White and male lawyers. (WaPo)

Lawyers, Law Firms

  • A recent research report by Sherbrooke University in Quebec finds significantly high levels of psychological distress, depression, anxiety, burnout, and suicidal thoughts among legal professionals in the country. (Canadian Lawyer)
  • Litigation firm Pierce Bainbridge and former partner Donald Lewis have reportedly reached a settlement with a former paralegal at the firm who accused Lewis of sexual assault. (ABA Journal)
  • Five US lawmakers wrote to Securities and Exchange Commission Chair Gary Gensler and other federal regulator leaders to raise concerns about what they called a “revolving door” between their agencies and the crypto industry. (Bitcoin.com)
  • Gibson, Dunn & Crutcher said it advised private equity firm Ocean Sound Partners and its portfolio company DMI on the digital transformation services provider’s acquisition of Ambit Group LLC, a provider of data analytics, cybersecurity, and mission support services to the US government. The acquisition will expand DMI’s footprint in the federal civilian and defense markets, according to a statement. Financial terms weren’t disclosed. (PR Newswire)

Laterals, Moves, In-house

  • Reed Smith added a five-member investment management team led by partners Edward Klees and Brian Farmer in Washington and Richmond, Virginia. They arrive from Hirschler Fleischer with of counsel Guy Morley and two associates. Reed Smith also picked up fund finance attorney Chris Davis as a partner in Washington in its financial industry group. He was recently at Morrison & Foerster and previously Mayer Brown. (Reed Smith)
  • Greenberg Traurig said it expanded its Brazil and Latin America transactions practice hiring corporate attorney Steven Sandretto as a shareholder in New York. Sandretto, who lived and worked in Sao Paolo, Brazil, for 10 years was recently senior vice president and associate general counsel at Spanish-language media group TelevisaUnivision. He earlier spent time as partner at Holland & Knight and Paul Hastings. (GTLaw.com)
  • In-flight internet provider Go-Go Inc. hired aviation industry in-house veteran Crystal L. Gordon as executive vice president, general counsel, and secretary. She was recently at Bristow Group Inc., a Houston-based helicopter company that serves the offshore oil and gas industry, as senior vice president, general counsel, head of government affairs and corporate secretary. At Go-Go, she’s taking over from Marguerite M. Elias, who is retiring. (MarketScreener)

Legal Education

  • Haynes and Boone is working with professors at the Santa Clara University School of Law to develop a leadership program for the firm. (Law.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: Chris Opfer in New York at copfer@bloomberglaw.com; Darren Bowman at dbowman@bloomberglaw.com