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Wake Up Call: Ousted Twitter CLO to Get $74 Million Parachute

Oct. 28, 2022, 12:12 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 ousted legal policy chief Vijaya Gadde is reportedly set to get $74 million after her firing yesterday by the company’s new owner, Elon Musk. A report, citing Twitter’s filing with the Securities and Exchange Commission, says a “golden parachute compensation” clause in Musk’s acquisition deal for the social network requires him to pay a total of more than $204 million to Gadde, the company’s ex CEO Parag Agrawal, and chief financial officer Ned Segal, who were also fired. (Market Watch)
  • US authorities in Texas said they arrested a Dallas attorney who allegedly created tax shelters to help high-net-worth clients conceal more than $1 billion in income from the Internal Revenue Service. The attorney, Joseph Garza, was charged with 18 counts of wire fraud, one count of conspiracy to commit wire fraud, and 22 counts of aiding and assisting in the preparation of fraudulent income tax returns. (Justice.gov)
  • Greenberg Traurig said it wants to end its representation of Ye, as more businesses and law firms say they’re ditching the rap star over his antisemitic comments. (Financial Times) Quinn Emanuel also reportedly wants to sever its ties with Ye, previously known as Kanye West. (American Lawyer)

Lawyers, Law Firms

  • Alternative legal services company Rocket Lawyer said it launched a multiyear partnership with the NBA champion Golden State Warriors that will allow the team’s employees to get legal help as part of their employment benefits. (RocketLawyer.com)
  • Goodwin Procter is planning a move in London that will double its office space in the city, a report says. (Law.com International) Snell & Wilmer said it’s moving its Phoenix, Arizona, office to new premises with a total of 120,000-square feet over five floors. (Snell Press Release)
  • Florida Governor Ron DeSantis’ government has paid out millions of dollars in fees to Holland & Knight, where DeSantis worked as a civil litigator before running for office, according to a report. (Daily Beast)
  • Six diversity-focused legal associations in Dallas, Texas, have teamed up to create an online career platform that focuses on promoting diversity and inclusion in the legal profession. (PR Newswire)
  • The UK legal profession regulator banned a former Eversheds Sutherland associate who was convicted of sexually assaulting sleeping students at a party, one of whom was a law student. (Roll On Friday)

Laterals, Moves, In-house

  • Latham & Watkins announced it promoted 44 lawyers to partner and 46 to of counsel, effective Jan. 1, 2023. (LW.com)
  • Kaufman Dolowich Voluck hired insurance attorney Sarah Riedl Clark as a partner in Chicago. She arrives from Gordon Rees Scully Mansukhani, where she was a partner. (KDVLaw.com)
  • Faegre Drinker brought in counsel Brianna Mooty to its corporate practice in Minneapolis. She advises tax-exempt organizations on their governance, operations, and tax-compliance. She arrives from Fiduciary Counselling, Inc., where she was senior estate planning, trust, and legal consultant. (FaegreDrinker.com)
  • Gibson Dunn & Crutcher said the outgoing president of the European Court of Human Rights, Judge Robert Spano, an “expert” on digital rights, will join the firm as disputes and arbitration of counsel on Jan. 1, 2023. (GibsonDunn.com)
  • The US General Services Administration announced former WilmerHale counsel Arpit Garg as its new general counsel. Garg arrives from the US office of Management of Budget, where he was deputy general counsel. (GSA.com)
  • Columbia University said its longtime general counsel, Jane Booth, is retiring at the end of the 2022-2023 academic year. Among other previous roles, she served as civil division chief in US Attorney’s Office in Manhattan. (Columbia.edu)

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