On The Merits

It was an extraordinarily lucrative year for law firms that help companies go public, or that help companies make acquisitions. Thanks to the frenzied SPAC boom, along with rock bottom interest rates, corporate transaction activity in 2021 shattered records.However, the largest beneficiaries of this activity were not upstart, boutique firms but rather the titans of the legal world: Kirkland & Ellis, Davis Polk & Wardwell, Wachtell Lipton Rosen & Katz, Ropes & Gray, and so on.On today's episode of On The Merits, our weekly legal news podcast, we hear from Bloomberg Law's Roy Strom and Ruiqi Chen about why the rich seem to only get richer in the Big Law world. They also get into the reasons why 2022 could be a far less active year for M&A and IPO business.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Both employers and employees got a little bit of clarity last month when the EEOC issued guidance confirming that, yes, Covid-19 can trigger a disability as defined by the Americans with Disabilities Act.But will this document put to rest all disputes between employers and employees about Covid-19 and disability claims? Not by a long shot.On today's episode of our weekly legal news podcast, On The Merits, employment law reporter Erin Mulvaney joins us to talk about what the Equal Employment Opportunity Commission just did. She explains why the agency is addressing both employers who aren't recognizing a disability, and employers who are tagging their workers as disabled unwillingly.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Federal contractors are going to have to share more information about their greenhouse gas emissions with the public, under new General Services Administration reporting requirements the White House introduced earlier this month.However, this isn't the only climate reporting rule these contractors will have to mind. The Securities and Exchange Commission is about to release its own reporting rules early next year, and no one seems to be sure where or whether the two rules will overlap.On today's episode of On The Merits, our weekly legal news podcast, Bloomberg Law's Andrew Ramonas explains how these dueling climate rules could open federal contractors up to serious legal liability—especially if these firms provide conflicting data to different federal agencies.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

It's notable whenever the International Brotherhood of Teamsters elects a new president, but it was especially notable last month when Sean O'Brien soundly defeated a rival backed by the union's outgoing president, James P. Hoffa.During the campaign, O'Brien portrayed himself as an outsider and said the Teamsters should take a more aggressive stance—particularly toward Amazon Inc.O'Brien granted a post-election interview to Bloomberg Law's Ian Kullgren. And in this episode of our weekly legal news podcast, On The Merits, Kullgren asks O'Brien about his plans to take on the e-commerce giant and his relationship to Labor Secretary, and fellow Bostonian, Marty Walsh. President-Elect O'Brien will lead the union starting in March 2022.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Hiring a lawyer is expensive—way too expensive, according to Clifford Winston. The Brookings Institution economist and former MIT professor says the legal profession's excessive licensure requirements are the cause of this, leading to an industry where demand far exceeds supply.Winston has written several books about the problem and about why he thinks basic legal tasks should be opened up to people who haven't necessarily passed the bar, or even possess a law degree. Winston spoke with Adam Allington, a Bloomberg Law audio producer and host of the investigative podcast series, [Un]Common Law, for Adam's recent three-part series on the bar exam.In this interview, Winston lays out his argument for why lawyers are harming the public good, while also lining their own pockets, by making it so difficult to join their ranks.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The case that could overturn the Supreme Court's Roe v. Wade decision that recognized abortion as a constitutional right will come before the nine justices tomorrow morning.On today's episode of On The Merits, our weekly legal news podcast, we explain the stakes behind Dobbs v. Jackson Women's Health and why abortion rights activists are so pessimistic about their chances to even maintain the status quo. We're joined on the podcast by Kimberly Robinson, Bloomberg Law's Supreme Court reporter and, due to social distancing restrictions, one of the few people who will actually be inside the courtroom for Wednesday's arguments.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

General Electric, the 13-decade-old conglomerate founded by Thomas Edison, announced plans earlier this month to split up into three separate companies focused on aviation, health care, and energy.Whether this will ultimately lead to greater profits is unclear, but one thing is certain: breaking up a company of this size and stature poses numerous legal and logistical hurdles. On today's episode of our weekly podcast, On The Merits, three reporters from three different desks in our newsroom discuss the most significant issues that could arise as GE pursues this move.Kyle Jahner, who covers IP issues for Bloomberg Law, talks about how GE's numerous patents, trade secrets, and brands could be divvied up. Environmental reporter Daniel Moore talks about who will inherit GE's sizable cleanup liabilities and what this breakup will mean for renewable energy. And Bloomberg Tax's Michael Rapoport tells us whether GE will be able to achieve tax-free status from the IRS for the spinoff.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

The bar exam has been around in some form or another since the 1920s. However, it could be time for a change. The pandemic created challenges in administering the test. Some states allowed diploma privilege, others made significant changes. Many critics think it's time to change the bar exam permanently—or even do away with it altogether.Our sister podcast, [Un]Common Law, will release the first episode in a three-part series on the state of the bar exam for lawyers, where it is now, and where it could be heading in the future. The host of that series, Adam Allington, joins On The Merits this week to talk about this project and about the pros and cons of the different plans to remake the final barrier to becoming a practicing lawyer.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Ben Wilson has been affectionately described as the dean of black partners within Big Law. But that title doesn't begin to do justice to the Beveridge & Diamond chairman, who announced his retirement last month after 45 years in the legal profession.Wilson has mentored generations of Black and other diverse attorneys. And, in 2008, founded the Diverse Partners Network, which he intends to continue to lead after retirement, renamed as the Diverse Lawyers Network. He is also the founder of the African American Managing Partners Network, tight-knit network of African American leaders of major law firms that began in 2009.Lisa Helem, Bloomberg Law's Executive Editor for Strategic Initiatives, spoke with Wilson this week for nearly an hour about leadership, the state of diversity in the legal profession and the Civil Rights attorneys who motivated him to seek out the law as a career.We're going to air an extended version of this interview later this month as a special episode of our award-winning "Black Lawyers Speak" series, hosted on our sister podcast, UnCommon Law But today, for our weekly news podcast, "On The Merits," we present a preview from Lisa and Ben's conversation. Wilson speaks about his upbringing in the segregated South and the work needed in order for the legal industry to fully diversify.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

Operation Varsity Blues was the code name given to the investigation of parents that spent millions of dollars to increase their children's chances of getting into universities like the University of Southern California. Many of the parents who were charged entered guilty pleas, but the first two to stand trial were convicted earlier this month.Patricia Hurtado covers the courts for Bloomberg News. She has been following the Varsity Blues cases since the indictments were announced more than two years ago. She says the convicted parents may have a strong case at the appellate level. One of their arguments will likely be that they didn't receive a fair trial because the man who orchestrated the bribery ring, William Singer, never took the stand.Hurtado joins our weekly legal news podcast, On The Merits, to talk about the significance of the Varsity Blues case and the issues that are likely to come up on appeal.Have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.