December 27, 2017
Weil Global Litigation Department Co-Chair Jonathan Polkes was featured in a Q&A published by The New York Law Journal focusing on the current state of financial litigation and what can be expected in 2018.
The article highlighted two major victories achieved by Mr. Polkes in 2017, including his role in securing a complete victory in the $4 billion Archstone investor class action on behalf of a group of defendants, and for his successful multi-jurisdictional representation of Morgan Stanley in a rare private insider trading case brought against the company related to a transaction made in the time leading up to the financial crisis.
Mr. Polkes covered a wide range of topics in the Q&A, including how firms are responding to increasing legal needs in light of continued aggressive enforcement by various regulators. “I still think enforcement is as aggressive as ever, as difficult as ever. We’ll see if that changes, but so far it’s nothing you would notice, and it continues to be extremely aggressive, or extremely robust, depending on your perspective,” he said.
He also discussed specific areas that have driven and may continue to drive legal spend into 2018. Legal departments, especially bigger ones, are continuing to exert more control over their legal spend,” he explained. “More and more clients continue to rely on RFP processes, lists of preferred providers that come with baked-in significant discounts, rules about how much can be billed for associates in certain years, express limits on the use of contract attorneys and temp attorneys, and all those other cost-containment measures that have sort of been gaining steam. That also is continuing.”