Zimbabwe’s New Central Banker Vows to Regain Investor Confidence

(Bloomberg)

Zimbabwe’s
new
central
bank
governor
vowed
to
restore
confidence
in
the
institution
that’s
repeatedly
failed
to
stabilize
prices
and
the
nation’s
currency.

The
Reserve
Bank
of
Zimbabwe
is
rolling
out
a
‘Back
to
Basics’
plan
that
will
initially
focus
on
consolidating
the
introduction
of
the
nation’s
new
national
currency

the
ZiG,
John
Mushayavanhu
said
in
a
circular
to
staff.
It
will
also
seek
a
“paradigm
shift”
in
culture
at
the
bank
to
rebuild
its
credibility
and
relevance,
he
said.

“The
market
has
lost
confidence
and
trust
in
the
credibility
and
impact
of
the
central
bank’s
policies
over
the
years,
and
this
calls
for
a
focused
re-orientation
and
change
in
the
way
we
do
things
in
pursuit
of
our
statutory
mandate,”
Mushayavanhu
said
in
the
note.

Mushayavanhu’s
first
policy
measure
after
taking
over
as
governor
was
the
introduction
of
the
ZiG

short
for
Zimbabwe
Gold

on
April
5.
The
new
unit
backed
by
gold
and
a
basket
of
foreign
currencies
is
the
southern
African
nation’s
sixth
attempt
to
create
a
functioning
local
currency
since
2008.
A
single
ZiG
is
worth
about
7
US
cents,
the
price
of
a
milligram
of
gold.

The
currency
has
strengthened
1.5%
since
its
introduction
and
traded
at
13.36
per
US
dollar
on
Tuesday,
according
to
central
bank
data.

Dubbed
by
commercial
bankers
as
“John
the
Second”
after
taking
over
from
former
Governor
John
Mangudya
last
month,
Mushayavanhu
said
other
reforms
planned
by
the
central
bank
include
“identifying
and
plugging
leakages
and
restructuring
the
Reserve
Bank’s
balance
sheet
from
short-term
pressures
likely
to
undermine
the
efficacy
of
our
policies.”

The
bank
will
also
seek
to
collate
and
disseminate
credible
data
and
appoint
a
panel
to
monitor
the
effectiveness
of
monetary
policy.
Along
with
the
new
currency,
Mushayavanhu
also
introduced
a
new
interest
rate
on
April
5

one
set
at
20%,
compared
with
130%
previously,
which
was
the
highest
central
bank
rate
in
the
world.

The
ZiG
replaced
the
Zimbabwean
dollar,
which
lost
four-fifths
of
its
value
against
the
greenback
this
year
before
being
replaced,
fanning
inflation
and
evoking
bitter
memories
for
citizens
of
the
days
of
hyperinflation.

Zimbabwe
stopped
publishing
local
currency
inflation
data
last
year,
after
adopting
a
measure
that
better
reflects
the
dominant
role
the
US
dollar
plays
in
the
economy.
Under
the
measure
inflation
quickened
to
a
seven-month
high
of
55.3%
in
March.

What Zim’s new ZiG currency means for big retailers like Spar, PnP and OK

Zimbabwe
Reserve
Bank
Governor
John
Mushayavanhu
presented
his
monetary
policy
statement,
during
which
he
announced
the
launch
by
the
central
bank
of
the
ZiG
(Zimbabwe
Gold).
(Jekesai
Njikizana/
AFP)


  • Earlier
    this
    month
    Zimbabwe
    introduced
    a
    new
    currency,
    the
    ZiG,
    short
    for
    Zimbabwe
    Gold.

  • The
    move
    is
    an
    effort
    to
    stabilise
    the
    volatile
    exchange
    rate
    that
    has
    roiled
    the
    country’s
    retail
    sector.

  • While
    businesses
    rush
    to
    adapt
    to
    the
    ZiG,
    one
    of
    the
    biggest
    concerns
    is
    whether
    it
    will
    create
    a
    parallel
    currency
    market

    which
    could
    threaten
    its
    exchange
    rate
    stability.

  • For
    more
    financial
    news,
    go
    to
    the 
    News24
    Business
    front
    page
    .

From
the
tiny
space
he
rents
in
the
central
business
district
of
Bulawayo,
Zimbabwe’s
second-largest
city,
Brian
Tinotenda
can
look
across
the
street
and
see
the
supermarket where
he
used
to
work. 

Along
with
nearly
two
dozen
other
informal
traders,
Tinotenda
pays
roughly
$200
(R3
800)
a
month for
the
small
space
from
which
he
sells
toiletries
and
foodstuff
such
as
rice,
cooking
oil
and
cornmeal

the
same
products
he
sold
at
the
Spar
Group
before
starting
his
own
business
in
2021.
While
there
are
many
differences
between
his
new
job
and
his
last,
one
of
the
big
ones
is
that
now
all
of
his
wares
are
priced
in
US
dollars.

The
Zimbabwean
government
is
hoping
to
change
that.
Earlier
this
month,
it
introduced
a
new
currency,
the
ZiG,
short
for
Zimbabwe
Gold.
The
ZiG
is
backed
by
2.5
tons
of
gold
and
about
$100
million
in
foreign
currency
reserves
held
by
the
central
bank,
and
a
single
ZiG
is
worth
about
7
US
cents,
the
price
of
a
milligram
of
gold.

The
move
is
an
effort
to
stabilise
the
volatile
exchange
rate
that
has
roiled
the
country’s
retail
sector
and
given
an
upper
hand
to
informal
traders
like
Tinotenda.
For
more
than
a
decade,
Zimbabwe
has
been
struggling
with
a
currency
crisis
sparked
by
the
government’s
decision
to
keep
printing
money.
That
has
fuelled
hyper-inflation,
which
in
2008
reached
the
official
rate
of
500
billion
percent.
To
get
things
under
control,
the
country
adopted
greenbacks
for
more
than
a
decade,
before
switching
back
to
Zimbabwean
dollars
in
2019.

The
trouble
is
that,
while
businesses
have
been
forced
to
use
Zimbabwean
dollars
at
an
official
exchange
rate
set
by
the
central
bank

which
is
widely
seen
as
overvalued

traders
have
stuck
with
the
more
stable
American
dollar.
This
has
meant
that
retailers
have
been
obliged
to
sell
items
at
prices
that
are
often
significantly
more
expensive
in
US
dollar
terms
than
those
same
items
for
sale
on
the
street.

The
policy
has
been
a
boon
to
informal
traders,
as
80%
of
all
commerce
is
conducted
in
US
dollars.
It’s
also
been
a
serious
liability
for
major
retailers
such
as
the
Johannesburg
Stock
Exchange-listed
Pick
n
Pay
Stores
Ltd.
and
rival
OK
Zimbabwe
Ltd.,
which
has
operated
in
the
country
for
82
years.
With
inflation
soaring

it
hit
55%
in
March

and
the
local
currency
prone
to
wild
swings,
exchange-rate
losses
have
eroded
the
value
of
earnings.

The
exchange
rate
restrictions
created
a
“huge
disadvantage”
for
“compliant
businesses
who
grapple
with
taxes,
licensing,
labour
costs
and
rentals,”
said
Denford
Mutashu,
president
of
the
Confederation
for
Zimbabwe
Retailers.
The
IMF
has
cautioned
that
they
“promote
informality,
which
erodes
the
tax
base
and
undermines
longer-term
growth.”

Retailers
have
been
even
more
blunt.
OK
Zimbabwe,
which
makes
only
20%
of
its
revenue
in
US
dollars,
said
the
policy
puts
businesses
at
risk
of
“forced
death.”

The
ZiG
is
an
“effectively
revalued”
Zimbabwe
dollar,
said
Tony
Hawkins,
a
Harare-based
economist
and
a
former
economics
professor
at
the
University
of
Zimbabwe.
To
support
the
new
currency
and
spur
growth
curtailed
by
high
borrowing
costs,
the
central
bank
reset
interest
rates
from
130%,
a
world
record,
to
20%.
And
so
far,
the
ZiG
is
off
to
a
promising
start

after
more
than
a
week
of
trading,
it
has
gained
1.5%
against
the
US
dollar.

That’s
a
significant
change
from
the
Zimbabwean
dollar
it’s
replacing.
When
the
dollar
was
handed
its
death
sentence
on
April
5,
it
was
one
of
the
world’s
worst
performing
currencies,
trailing
behind
only
the
Lebanese
pound.
It
lost
value
every
single
trading
day
of
this
year.

Another
factor
that
authorities
hope
will
help
the
ZiG
succeed
is
that
businesses
will
no
longer
be
forced
to
stick
to
a
fixed
exchange
rate.
Assuming
the
currency
stays
stable,
said
John
Mushayavanhu,
Governor
of
the
Reserve
Bank
of
Zimbabwe,
retailers
now
run
the
risk
of
driving
themselves
“out
of
the
market”
if
they
raise
prices
too
much.

While
businesses
rush
to
adapt
to
the
ZiG,
one
of
the
biggest
concerns
is
whether
it
will
create
a
parallel
currency
market

which
could
threaten
its
exchange
rate
stability.
If
the
ZiG’s
value
were
to
rise
or
fall
in
the
informal
sector,
for
instance,
that
could
have
an
effect
on
the
prices
of
goods
and
services,
which
could
then
be
reflected
in
the
official
exchange
rate.
According
to
the
Harare-based
brokerage
firm IHS
Securities
Ltd., it’s
just
a
matter
of
time
before
this
takes
place.

It’s
likely that
“some
form
of
parallel
market
will
emerge
as
a
significant
portion
of
the
population
remains
unbanked,”
it
said
in
an
April
8
note
to
clients.
“It
is
yet
to
be
seen
what
level
the
parallel
rate
will
settle
at.”

A
street
market
price
of
16
ZiG
per
dollar
was
being
quoted
Tuesday
by
ZimPriceCheck.Com,
a
website
that
tracks
official
and
parallel
exchange
rates.

The
majority
of
Zimbabwe’s
6.3
million
working
people
are
informally
employed,
according
to
the
country’s
national
statistics
agency. Wholesale
and
retail
trading
of
goods
such
as
soft
drinks,
perfumes
and
even
diapers
is
common,
and
many
traders
work
out
of
“tuck-shops”

tiny
spaces
in
densely
packed
buildings.
Those
who
want
to
avoid
overhead
costs
might
sell
from
the
trunk
of
a
car
or
by
the
side
of
the
road.

The
Reserve
Bank
of
Zimbabwe
estimates
that
the
informal
sector
generates
$14
billion
in
annual
revenue.
The
World
Bank
has
called
Zimbabwe’s
black
economy

which
operates
on
a
strictly
cash
basis

the
world’s
second-largest
after
Bolivia.
Impromptu
markets
and
tuck-shops
are
so
popular
that
some
major
retailers
have
linked
them
to
a
decline
in
foot
traffic.

In
downtown
Bulawayo’s
central
business
district,
informal
traders
sit
along
a
row
of
sky-blue
make-shift
tents
hawking
bales
of
second-hand
clothes
and
electronics.
Known
as
“mabhero,”
the
bales
come
from
neighboring
countries
such
as
Mozambique
and
Zambia,
where
traders
buy
goods
in
US
dollars
to
bring
back
to
Zimbabwe.
Clothes
are
laid
out
in
piles
on
the
ground
for
pedestrians
to
stop
and
pick
through.

These
mabhero
sellers
are
eating
into
the
margins
of
larger
clothing
competitors
such
as
Edgars
Stores
Zimbabwe
and
Truworths
Ltd
Zimbabwe.
Sales
have
declined
due
to
“cheap
and
fake
imports
selling
at
below
local
and
international
manufacturing
costs,”
said
Truworths
in
a
March
financial
results
release,
adding
that
it
“cannot
viably
compete.”

Such
cross-border
imports
aren’t
limited
to
clothes:
On
social
media,
some
sellers
even
offer contraband Starlink
terminals.
These
Space
X-made
kits,
which
aren’t
yet
legal
in
Zimbabwe,
sell
for
between
$1
000
and
$1
250
US.

As
retailers
continue
to
lose
ground
to
informal
sellers,
many
are
hoping
the
ZiG
will
offer
relief.
Because
it
isn’t
pegged
to
a
fixed
exchange
rate,
Maxen
Karombo,
chief
executive
officer
of
OK
Zimbabwe,
said
he’s optimistic
about
it.
“This
should
bode
well
for
all
in
retail,”
Karombo
wrote
in
response
to
questions,
“as
we
now
compete
on
the
basis
of
value.”

Mike
Kamungeremu,
president
of
the
Zimbabwe
National
Chamber
of
Commerce,
said
the
plan
is
to
“give
ZiG
a
chance”
and
to
review
the
new
currency’s
effectiveness
and
impact
by
June.

Still,
as
Imara
Asset
Management,
the
country’s
biggest
independent
brokerage,
observed
in
a
recent
quarterly
note,
breaking
up
with
the
US
dollar
will
be
a
challenge.
As
the
informal
market
has
grown,
some
big
manufacturers
now
prefer
to
operate
in
it.

Among
the
businesses
that
straddle
both
sectors
are
Zimbabwe’s
two
largest
bread
manufacturers,
who
supply
tuck-shops
and
roadside
traders
with
bread
every
morning.
The
wholesale
price
for
a
loaf
of
bread
is
80
US
cents,
Tinotenda
explained,
and
most
informal
traders
price
them
at
$1.

“But
walk
into
the
supermarket,
there
they
sell
the
same
bread
for
$1.20,”
he
said.
“No
one
buys
it.”

‘Till Judge Error Do You Part – See Also – Above the Law


Judge
Divorces
Wrong
Couple
And
Refuses
To
Fix
It:


Mind
your
drop
down
menus
!


A
Who’s
Who
Of
Good
Tidings!:


Tell
us
about
your
cool
graduation
speakers
!


Does
Someone
Have
A
Time
Turner?:


Quinn
Emanuel
isn’t
ruling
out
time
travel
.


The
Window
Is
Closing!:


Send
in
your
Law
Revue
submissions
!


These
Lego
Structures
Aren’t
Child’s
Play:


Check
out
this
lawyer-turned-artist’s
creations
.

Bet Gordon Ramsey Feels Like An Idiot Sandwich For Letting This Happen To His Pub – Above the Law

Gordon
Ramsey’s
PR
department
does
a
great
job
with
his
public
image:
his

aggressive
interactions
with
would-be
chefs

is
perfectly
offset
by
his

kind
and
encouraging
demeanor
toward
children

getting
their
start
in
fine
dining.
The
department
he
seems
to
be
lacking
in
is
legal

he
might
not
have
a
$16M
squatters
dispute
if
he
had
some
real
estate
attorneys
on
the
situation.
From

Business
Insider
:

Squatters
have
taken
over
one
of
Gordon
Ramsay’s
restaurants
in
London,
saying
they
aim
to
create
a
“community
space”
for
everyone
in
one
of
the
city’s
wealthiest
areas.

At
least
six
people
have
taken
up
residence
in
York
&
Albany,
an
eatery
and
hotel
in
Camden
Town,
The
Sun
and
BBC
reported.

York
&
Albany
was
temporarily
closed
while
the
celebrity
chef
finalized
a
new
lease,
The
Sun
reported…The
news
outlets
reported
that
the
group
had
locked
themselves
inside,
boarded
up
the
windows,
and
threatened
legal
action
against
anyone
who
attempted
to
remove
them.

Ramsay
has
threatened
legal
action
in
response
to
the
squatters,
which
is
far
less
aggressive
than
how
he
treats
undercooked
salmon:

A
strong
legal
team
arriving
late
is
better
than
never
arriving
at
all,
after
serving
the
squatters
papers
their
plans
to
hi-jack
the
pub
into
a
soup
kitchen
seem
to
be
thwarted.
From

Daily
Mail
:

[I]n
a
post
on
their
Instagram
profile,
the
masked
activists

who
ran
away
from
reporters
at
the
weekend

say
they
have
been
served
with
papers
and
have
had
to
cancel
their
opening
today.

The
statement
reads:
‘Apologies
to
everyone
who
was
going
to
come
along
today.
Papers
served,
cafe
cancelled!’

Nice
while
it
lasted.
Some
advice
to
Ramsey:
may
be
worth
it
to
invest
in
some
security
guards.


Squatters
Have
Taken
Over
Gordon
Ramsay’s
Restaurant
In
London
And
Are
Threatening
Legal
Action

[Business
Insider]


Gordon
Ramsay
Serves
Papers
To
Masked
Pub
Squatters
Who
Trashed
TV
Chef’s
£13Million
London
Boozer

As
They
Moan
Their
Soup
Kitchen
To
Feed
The
Homeless
Has
Been
‘Cancelled’

[Daily
Mail]



Chris
Williams
became
a
social
media
manager
and
assistant
editor
for
Above
the
Law
in
June
2021.
Prior
to
joining
the
staff,
he
moonlighted
as
a
minor
Memelord™
in
the
Facebook
group Law
School
Memes
for
Edgy
T14s
.
 He
endured
Missouri
long
enough
to
graduate
from
Washington
University
in
St.
Louis
School
of
Law.
He
is
a
former
boatbuilder
who
cannot
swim, a
published
author
on
critical
race
theory,
philosophy,
and
humor
,
and
has
a
love
for
cycling
that
occasionally
annoys
his
peers.
You
can
reach
him
by
email
at cwilliams@abovethelaw.com and
by
tweet
at @WritesForRent.

Trump Demands Sanctions On AG For Noticing That His Civil Fraud Bond Reeks To High Heaven – Above the Law

(Photo
by
Win
McNamee/Getty
Images)

Even
as
Trump’s
first
criminal
trial
gets
underway
in
New
York,
we’re
still
dealing
with
fallout
from
the
civil
fraud
case
which
wrapped
up
in
February.
The
parties
are

still


arguing
about
the
bond
,
which
the
First
Judicial
Department
reduced
to
$175
million
from
somewhere
north
of
$500
million
including
interest.
Specifically,
Trump
says
that
Knight
Specialty
Insurance
Company
(KSIC),
a
company
owned
by
Don
Hankey,
a

rando
billionaire

from
California,

is

qualified
to
underwrite
it.
And
Attorney
General
Letitia
James
says
he

isn’t
.

On
April
1,
Trump
announced
on
social
media
that
he’d
found
someone
to
guarantee
the
bond
which
would
stave
off
the
AG’s
effort
to
collect
on
the
judgment
pending
appeal.

“I’ve
just
posted
a
175
Million
Dollar
Bond
with
the
sadly
failing
and
very
troubled
State
of
New
York,
based
on
a
Corrupt
Judge
and
Attorney
General
who
used
a
Statute
that
was
never
used
for
this
before,
where
no
Jury
was
allowed,
my
financial
statements
were
conservative
and
had
a
100%
perfect
caution/non-reliance
clause,
there
were
no
victims
(except
me!),
there
was
no
crime
or
damage,
there
was
only
success
and
HAPPY
BANKS,”
he

howled
.

But
the
state
rejected
the
paperwork
for
multiple
defects,
including
a
missing
financial
statement

kinda
on
the
nose
in
a
case
regarding
fraudulent
financial
statements,
but
the
writers
on
the
Trump
show
long
ago
wandered
off,
so
WYGD.

Knight’s
amended
filing
raised
a
lot
of
questions
already
answered
by
its
“Absolutely,
totally
qualified
to
underwrite
this
bond”
T-shirt,
and
so
the
AG’s
office
filed
an

exception

on
April
4
in
which
it
noted
that
providing
a
surety
bond
requires
a
certificate
of
qualification
from
New
York
State
Department
of
Financial
Services
under

Insurance
Law
§
1111
,
and
Knight
doesn’t
have
one.
It’s
also
unclear
whether
Knight
is
adequately
capitalized
to
cover
the
note
if
Trump
loses
his
appeal.

Justice
Arthur
Engoron
set
a
hearing
for
April
22,
and
yesterday
Trump
and
Knight
responded
in
an

indignant
brief

demanding
sanctions
on
the
AG
for
daring
to
question
the
bond
at
all.
To
wit,
they
assured
the
court
that
the
surety
is
adequately
capitalized
by
Trump
himself,
who
granted
Knight
a
lien
on
an
account
at
Schwab
containing
$175
million,

“KSIC,
the
Trust,
and
Schwab
have
entered
into
a
Pledged
Asset
Account
Control
Agreement
(the
“Control
Agreement”)
whereby
Schwab,
as
custodian
of
the
Account,
has
acknowledged
KSIC’s
right
to
control
the
Account
within
two
(2)
business
days
of
receiving
notice
from
KSIC
of
KSIC’s
intent
to
activate
said
control,”
the
write,
adding
in
a
footnote
that
“Defendants’
deposit
and
dedication
of
$175
million
under
the
Control
Agreement
undoubtedly
qualifies
as
an
undertaking
in
its
own
right.”

This
sounds
a
lot
like
Trump
suggesting
that
he,
himself,
is
the
guarantor
of
his
own
surety
bond.
Also
the
motion
appears
to
fudge
the
distinction
between
KSIC,
which
is
on
the
hook
to
the
state
of
New
York,
and
the
affiliated
business
Knight
Insurance
Company,
which
is
not.

KSIC
also
independently
maintains
more
than
$539
million
in
assets
and
$138
million
in
equity
and
has
access
to
more
than
$2
billion
in
assets
and
$1
billion
in
equity,
of
which
nearly
$1
billion
is
cash
and
marketable
securities,
pursuant
to
a
reinsurance
agreement
with
its
parent
company,
Knight
Insurance
Company
(“KIC”).

Trump
goes
on
to
insist
that
Knight
is
not
subject
to
the
same
certificate
requirement
as
a
domestic
entity,
and
he
argues
that
the
sufficiency
of
the
bond
is
so
facially
apparent
that
the
state
should
be
sanctioned
for
daring
to
question
it.

“While
a
certificate
of
qualification
obviates
the
need
for
justification,
CPLR
§
2507
permits
the
Court
to
justify
a
surety
in
the
absence
of
a
certificate,”
his
lawyers
huff,
adding
that
“The
documentary
evidence
in
support
of
justification
is
overwhelming
and
obviates
any
need
for
a
hearing
to
set
aside
the
exception
or
to
justify
KSIC
as
surety.”

“The
NYAG’s
exception
is
taken
unnecessarily
and
should
be
set
aside
with
costs.
Her
sparse
notice
identifies
no
insufficiency
other
than
the
failure
to
enclose
a
certificate
of
qualification,”
they
went
on,
arguing
that
“KSIC
was
and
is
authorized
to
issue
the
Bond
here,
and
the
Bond
is
more
than
sufficiently
collateralized
in
the
event
the
Court’s
judgment
is
affirmed.”

This
argument
provoked
skepticism
from
Diana
Florence,
who
spent
more
than
two
decades
in
the
Manhattan
District
Attorney’s
Office.

“The
whole
thing
is
very
unique,”
Florence
told
ATL.
“I
cannot
imagine
any
other
defendant
that
could
submit
a
bond
of
this
type
and
not
immediately
face
the
nuclear
option.
The
requirements
for
licensing
are
not
optional
and
exist
for
exactly
these
reasons.”

Thus
far,
Justice
Engoron
has not
seen
fit
to
take
the
case
off
his
calendar
for
April
22
and
order
the
state
to
pay
Trump’s
legal
fees.
But
hope
springs
eternal
in
MAGAworld.





Liz
Dye
 lives
in
Baltimore
where
she
produces
the
Law
and
Chaos substack and podcast.

The 2024 Am Law 100 Ranking Is Here! – Above the Law

How
did
Biglaw
fare
in
2023?
We’ve
finally
moved
from
anecdotal
stories
of
highs
and
lows
and
gotten
some
real
data
with
the
announcement
of
American
Lawyer’s

2024
Am
Law
100
.
And,
overall,
things
are
looking
pretty
good.
Not
the
epic
highs
of
the
pandemic,
but
a
pretty
solid
performance
from
Biglaw
mainstays.
As
American
Lawyer
notes,
“While
not
a
wholesale
return
to
the
historic
highs
of
2020
and
2021,
fiscal
2023
brought
collective
growth
in
revenue,
revenue
per
lawyer
and
profitability
metrics.”

Patrick
Smith

details

the
industry-wide
trends:

Overall,
the
industry
rebounded
from
a
difficult
2022
to
post
gains
in
virtually
every
measurable
financial
and
operational
metric.
On
a
high
level,
gross
revenue
was
up
6.8%
to
a
new
collective
all-time
high
of
$139.7
billion
in
2023.
(By
comparison,
it
was
up
2.7%
in
2022,
one
of
the
few
primary
metrics
to
land
in
the
black
that
year.)

In
2022,
nearly
all
metrics
for
the
Am
Law
100
as
a
whole
were
in
the
red.

In
2023,
Am
Law
100
firms
collectively
reversed
that.
The
100
firms
saw
gains
in
revenue
per
lawyer
(RPL),
by
4.9%
to
$1.21
million;
PEP
(9.3%
to
$2.80
million);
CAP
(6.2%
to
$1.75
million)
and
profits
per
lawyer
(6.2%
to
$517,821),
according
to
firm
data
and
American
Lawyer
reporting.

So,
enough
of
the
broad
strokes

how
did
specific
firms
stack
up?
Here’s
the
top
of
some
of
the
biggest
categories.



Gross
Revenue

Here’s
the
top
10
by
revenue…
which
looks
a
pretty
similar
to
last
year’s
top
10.
Full
100
list

available
here.

Rank Rank
Change
Firm Revenue Rev
Change
1 (no
change)
Kirkland $7,208,000,000 10.65%
2 (no
change)
Latham $5,688,226,000 6.90%
3 (no
change)
DLA
Piper
(verein)
$3,829,531,000 3.92%
4 (no
change)
Baker
McKenzie
(verein)
$3,286,791,000 -0.41%
5 (no
change)
Skadden $3,270,091,000 8.25%
6 (no
change)
Sidley $3,100,458,000 6.08%
7 (up
2)
Gibson
Dunn
$3,074,016,000 12.33%
8 (up
2)
Ropes
&
Gray
$2,992,831,000 10.10%
9 (down
2)
White
&
Case
$2,949,400,000 4.29%
10 (down
2)
Morgan
Lewis
$2,898,514,000 5.58%



Revenue
Per
Lawyer

But,
of
course,
there
are
other
metrics
that
are
important
in
Biglaw.
Take,
for
example,
revenue
per
lawyer.
RPL
provides
a
relatively
accurate
picture
of
a
firm’s
overall
financial
well-being,
and
here
are
the
five
big
name
player
at
the
top
of
the
list.
Full
list
available

here
.

Rank Firm RPL %
Change
1 Wachtell $4,272,000 20.58%
2 Susman
Godfrey
$3,595,000 82.58%
3 Sullivan
&
Cromwell
$2,219,000 3.69%
4 Cravath $2,200,000 11.85%
5 Kirkland $2,051,000 7.49%


Profits
Per
Equity
Partner

Wachtell
retook
their
position
at
the
top
of
this
ranking,
wresting
#1
out
of
Kirkland’s
hands.
The
full
Am
Law
100
profits
per
partner
chart
can
be
found

here
.

Rank Firm PEP %
Change
1 Wachtell $8,507,000 16.63%
2 Kirkland $7,955,000 5.84%
3 Quinn
Emanuel
$7,270,000 39.03%
4 Susman
Godfrey
$6,989,000 103.46%
5 Paul
Weiss
$6,574,000 14.83%

We
will
undoubtedly
have
even
more
to
say
as
we
dig
into
these
numbers.
But
it’s
good
to
see
the
Biglaw
rebound
is
well
in
effect.




Kathryn
Rubino
is
a
Senior
Editor
at
Above
the
Law,
host
of

The
Jabot
podcast
,
and
co-host
of

Thinking
Like
A
Lawyer
.
AtL
tipsters
are
the
best,
so
please
connect
with
her.
Feel
free
to
email

her

with
any
tips,
questions,
or
comments
and
follow
her
on
Twitter

@Kathryn1
 or
Mastodon

@Kathryn1@mastodon.social.

Potential Jurors In The Trump Hush Money Trial Take Note – Above the Law

(Photo
by
Curtis
Means-Pool/Getty
Images)


This
case
is
really
not
about
whether
you
like
Donald
Trump.
This
case
is
about
the
rule
of
law
and
whether
Donald
Trump
broke
it.





Manhattan
Assistant
District
Attorney
Joshua
Steinglass

asked

potential
jurors
to
put
their
own
personal
politics
aside
in
the
criminal
case
pending
against
former
president
Donald
Trump
arising
from
alleged
ash
money
payments
made
to
porn
star
Stormy
Daniels.

Biglaw Firm Shunned Office Attendance Mandates… Now ‘Expecting’ Two Days A Week – Above the Law

(via
Getty
Images)

The
KattenFlex
program
planted
a
stake
in
the
legal
landscape,
bucking
the
trend
of
“mandatory
office
creep,”
by
adopting
a
policy
that
elevated
flexibility
allowing
practice
groups
and
individual
professionals
the
freedom
to
figure
out
a
hybrid
path
that
works
for
them.
As
the
firm
declared
at
the
time
it
‘doesn’t
feel
right’
to
mandate
that
everyone
must
come
into
the
office
a
set
number
of
days
.”

So…
Katten
just
informed
attorneys
that
they
need
to
come
in
twice
a
week.

Today,
we
announce
an
update
to
KattenFlex:
beginning
May
1,
the
firm
expects
attorneys
to
work
from
a
Katten
office
a
minimum
of
two
days
per
week.
Additionally,
the
firm
continues
to
expect
that
regardless
of
where
you
are
working,
all
professionals
are
generally
available
during
regular
business
hours
and
as
needed
to
meet
client
demands
after
hours.

It’s
understandable
to
see
this
as
a
retreat
from
the
firm’s
earlier
laissez-faire
policy
because
it
is,
in
fact,
a
retreat.
Every
time
a
firm
blasts
out
a
new
revision
to
bring
people
back
to
the
office,
it
will
rankle
attorneys
who
thought
they
were
going
to
be
treated
as
true
professionals.
But
in
an
industry
marching
toward

four-day
attendance
policies

and

paranoid
surveillance
,
let’s
focus
on
what
Katten
is
still
getting
right.

Katten
stresses
that
the
expectation
is
not
a
mandate
or
requirement,
but
an
effort
to
set
some
consistency.
The
program
amendment
is
a
mere
two
days,
offering
attorneys
more
freedom
from
commuting
than
peer
firms.
And
the
mandate
does
not
set
specific
days
to
come
in,
continuing
to
give
groups
and
their
attorneys
the
flexibility
to
choose.
Ultimately
that’s
more
important
than
the
number
of
days
required.
Attorneys
want
to
be
able
to
say,
“I
can
come
in,
but,
for
me,
I
need
to
be
home
on
Wednesdays
because
that’s
the
day
I
have
to
handle
school
car
pool”
or
whatever
it
is.

The
announcement
even
stresses
“we
are
keeping
the
‘flex’
in
KattenFlex,
a
key
component
of
Katten’s
supportive
workplace
environment.”

That
said,
the
announcement
might
be
too
loosey-goosey.

However,
select
legal
departments
or
practice
groups
may
choose
to
require
or
designate
specific
days
for
in-office
attendance
or
for
a
specific
number
of
days
per
week.
Your
legal
department
or
practice
group
will
provide
additional
guidance.

This
is
the
sort
of
exception
that
risks
swallowing
the
rule.
Katten’s
memo
suggests
that
leadership
intends
to
work
with
practice
groups
to
prevent
groups
from
invalidating
the
spirit
of
the
rule,
but
it
still
extends
an
awful
lot
of
latitude
to
partners
itching
to
bring
everyone
back
in.

Fully
remote
work
was
never
going
to
take
hold
across
Biglaw.
The
stakes
are
too
high,
the
importance
of
providing
practical
training
to
young
associates
too
engrained,
and
the
partner
egos
too
brittle.
But
firms
that
protect
attorney
flexibility
will
earn
themselves
a
consistent
advantage
in
recruitment
and
retention.

Katten’s
new
policy
walked
back
some
of
core
features
while
claiming
to
preserve
others.
How
much
of
a
retreat
this
turns
out
to
be
is
now
up
to
the
implementation.


HeadshotJoe
Patrice
 is
a
senior
editor
at
Above
the
Law
and
co-host
of

Thinking
Like
A
Lawyer
.
Feel
free
to email
any
tips,
questions,
or
comments.
Follow
him
on Twitter if
you’re
interested
in
law,
politics,
and
a
healthy
dose
of
college
sports
news.
Joe
also
serves
as
a

Managing
Director
at
RPN
Executive
Search
.

The Business Case For AI At Your Law Firm – Above the Law

Are
you
looking
to
build
the
business
case
for
AI
at
your
law
firm?

To
build
the
case
for
acquiring
and
incorporating
AI-based
tools
into
your
firm’s
processes,
you
must
first
understand
the
benefits
and
challenges
of
these
tools.

Artificial
intelligence
tools

like
ChatGPT

can
help
law
firms
automate
routine
tasks,
enhance
research
and
analysis,
improve
quality
and
consistency,
and
generate
new
insights
and
solutions.

However,
they
also
require
investment
in
training,
infrastructure,
security,
and
ethics.

This
white
paper
will
explore:

  • The
    problems
    law
    firms
    may
    currently
    be
    facing
  • Potential
    solutions
    to
    solve
    common
    problems
  • Risks
    of
    implementing
    AI

    and
    how
    to
    avoid
    them
  • The
    ROI
    of
    being
    an
    early
    adopter
  • How
    you
    can
    make
    implementation
    successful

If
you
want
to
gain
a
competitive
edge,
increase
your
efficiency
and
productivity,
and
avoid
the
pitfalls
of
AI
adoption
at
your
law
firm,
you’re
in
the
right
place.

Download
Now