Welcome to Lookzy. Lookzy is the daily email newsletter that makes staying up to date as a BigLaw lawyer fun and easy (because your job often won't be).

We cover the big stories your colleagues are talking about, digests of the day's big litigation and corporate news, salary/bonus/layoff developments and interesting law firm and law school news. We keep it topical and direct so that you can go back to billing.

In today's Lookzy:

• Ye-Parler M&A?

• Data privacy class actions are the new big thing

• IPO valuations down bad

• Many new firm moves and in-house layoff news

YE WANTS TO BUY PARLER

Ye, f/k/a Kanye West, has "agreed in principle" to acquire Parler, the right-wing, free-speech Twitter alternative. The deal follows the suspension of Ye's Twitter and Instagram accounts following anti-semitic posts.

What does this purported M&A deal mean in practice right now? Likely not much. Unlike Elon Musk, references to an "agreement in principle" suggest that no acquisition agreement has been signed (the quick, one-week timeline from IG suspension to Parler "agreement" further suggests this). Instead, this is likely a non-binding LOI or oral agreement between Parler and Ye, so stay tuned to see if this ever develops.

ECON SNAPSHOT

The difference between special bonuses and layoffs.

"Forecast for US recession within year hits 100% in blow to Biden" 😬

THE VERDICT

Arguing today's litigation news

Zillow wins IBM patents. The US Court of Appeals for the Federal Circuit invalidated two map-software patents held by IBM after IBM sued Zillow for infringement. Desmarais LLP and Susman Godfrey LLP, among others, represented the Plaintiff-Appellant (IBM) and Defendants-Appellees (Zillow), respectively.

New trend alert: data privacy class actions. Privacy class actions against companies sharing tracking data, like Meta, have dramatically increased, with nearly 50 class actions filed since February. The complaints typically rely on alleged violations of the federal Video Privacy Protection Act.

Sidley lobbies for Chinese surveillance company. The DOJ required Sidley to register as foreign agents under the Foreign Agents Registration Act on account of its work lobbying Congress on behalf of Hikvision, a leading Chinese surveillance equipment company.

Tesla's $137 million race discrimination verdict. Tesla requested a new trial in a race discrimination case in which the plaintiff was awarded $137 million last year. Tesla claimed that jurors could not determine appropriate damages without hearing all the evidence related to the former employee's claim, arguing that last year's trial was too narrowly focused.

THE DEAL

Wheelin' and dealin' today's corporate news

Mobileye IPO valuation expectation slashed. Intel's expectations for its IPO of its Mobileye unit are down significantly, with its expected market value going from $50 billion to $20 billion. Skadden is representing Mobileye in the IPO and SullCrom is representing the underwriters (S-1/A here).

Goldman majorly shuffles business units. Goldman Sachs is folding its iconic investment banking and trading units in together as one new unit and merging its asset, wealth management and consumer-banking (i.e., Marcus) businesses as another unit. The third and final unit will consist of transaction banking, Goldman's portfolio of financial-technology platforms, speciality lender GreenSky, and its ventures with Apple and General Motors.

Three Arrows subpoenas amid bankruptcy. A US bankruptcy court has been asked for permission to subpoena the founders of the Singapore-based crypto hedge fund Three Arrows Capital, which collapsed this year, via alternative means (Twitter and email), as the two founders remain in the wind. The CFTC and SEC are also reportedly investigating 3AC.

JPM's investment banking chief to retire. JPM's Carlos Hernandez, close ally of Jamie Dimon and leader of the firm's i-banking staff is reported to retire next year after 36 years at the firm.

BUSINESS OF THE FIRM

Firm Moves: 

• Skadden hired partner John Kocoras, No. 2 at the US Attorney's Office in Chicago.

• Former FTC commissioner Noah Phillips joined Cravath as a partner. Lateral moves to Cravath are exceedingly rare, but the firm has made several notable exceptions for lawyers in the regulatory space as the firms beefs up its focus and opens its DC office.

• A 21 person team from Orrick has left the firm to create their own Italian energy advisory firm.

• A three-lawyer RE team from Munger joined Willkie Farr in LA.

• Frank Lopez got started as Paul Hastings' new leader.

• Freshfields hired PE partner Allison Liff from Weil in its continued expansion.

• Kirkland added partner Toby Parkinson as fourth new infrastructure partner in London, coming from Clifford Chance.

Industry News:

• Microsoft reportedly laid off nearly 1,000 employees, including some lawyers within the company's legal department

• Debevoise's corporate leader believes that deal activity will go back to "healthy" levels.

• A former Kirkland associate sued the firm in a gender discrimination suit.

• Federal Judges James Ho, Elizabeth Branch and others have publicly announced they will boycott law clerks from Yale Law as a response to cancel culture.

• Former WSJ reporter Jay Solomon sued Dechert LLP, alleging that the firm worked with hackers from India to steal emails between him and Iranian American aviation executive Farhad Azima, who also sued Dechert.

• A jury convicted former K&L Gates partner Willie Dennis for cyberstalking his ex-partners.

BOILERPLATE

Alright, back to billing. That's all, folks!