Lookzy: all your daily legal news in 0.1 billable hours. Litigation, deals, lateral moves and industry news; we cover it all.

Welcome to Lookzy. In today's Lookzy:

• Breaking down $12.6 million in attorney's fees

• The global settlement and deal between Apple and Ericsson

• The $27.8 billion dollar deal just announced

• Updates to Lookzy's Reverse Bonus Tracker

BREAKING DOWN A SETTLEMENT

Like the house always takes its cut, so do lawyers in a settlement. Grubhub's $42 million settlement with a class of investors provides an opportunity to break down exactly what lawyers hope to get.

This group of investors sued Grubhub related to claims about Grubhub's ability to attract profitable restaurants and diners in new locations. They agreed to the $42 million settlement in October. Robbins Geller Rudman & Dowd LLP is serving as lead plaintiff's counsel and Kirkland is representing Grubhub.

Plaintiff's counsel is seeking its standard 30% cut, $12.6 million, in legal fees. How are they justifying this figure to the court? Let's break it down.

Just Robbins Geller alone is claiming a total of 8,565.8 billable hours spent on this matter. At the firm's current rates, this totals $4,639,917.25. The most expensive Robbins Geller biller on the matter is disclosed as being Darren Robbins at $1,350 per hour. Imagine Kirkland's bill.

Other notable expenses identified by Robbins Geller include $26,449.37 in online research, $105,928.75 in legal experts, $8,900.74 in hotels and meals and $545.45 in business wire fees.

Judge Matthew Kennelley from ND Illinois will be making the ultimate fees decision. Check out this filing for the full list of the plaintiffs' receipts.

ECON SNAPSHOT

The difference between special bonuses and layoffs.

THE VERDICT

Arguing today's litigation news

Global settlement. Apple and Ericsson agreed to settle numerous patent lawsuits related to royalty payments for the use of 5G wireless patents in iPhones with a new global licensing deal. WilmerHale and Alston & Bird were among some of the several law firms repping Apple and Ericsson, respectively, in their latest Eastern District of TX trial shortly before the settlement.

Circuit split. SCOTUS agreed to hear a petition by Coinbase that could resolve an "entrenched circuit split", addressing the issue of whether litigation should automatically be stayed for parties appealing the denial of a motion to compel arbitration. Coinbase has been forced to defend suits by two customers which Coinbase argues should go to arbitration while this issue has been appealed.

Appraisal. A group of Zendesk shareholders are seeking appraisal of the value of their shares following Zendesk's $10.2 billion acquisition in cash by PE firms Hellman & Friedman and Permira this summer.

COVID suit. A Novavax Inc. shareholder sued the company's former executives and board members, claiming they illegally traded off of misleading statements about the Company's failed COVID-19 vaccine. Novavax has faced similar suits recently.

THE DEAL

Wheelin' and dealin' today's corporate news

Big drug deals. Amgen agreed to acquire Horizon Therapeutics, a drugmaker, in a $27.8 billion cash deal, the largest healthcare merger of the year. The deal came together as competitor Sanofi announced yesterday it no longer intended to make an offer.

Dealing data. Microsoft agreed to acquire a 4% stake worth $2 billion in the London Stock Exchange and agreed to a 10 year deal involving providing data and analytics infrastructure for the LSE in return for a commitment to purchase a minimum of $2.8 billion of cloud-related products from Microsoft over the 10-year period.

15 minute M&A. Fifteen minute grocery delivery app Getir agreed to acquire Gorillas, a competitor in the space, in a $1.2 billion deal. Gorillas was reportedly valued around $3 billion in September 2021.

Spend those wine credits. Winc, Inc., the wine delivery company, filed for Chapter 11 bankruptcy protection and was delisted from the NYSE. Winc announced that Project Crush Acquisition Corp LLC is a stalking horse bidder who may seek to acquire substantially all of its assets. Young Conaway is repping Winc.

Delayed launch. Blackstone is reportedly considering delaying the launch of its Blackstone Private Equity Strategies Fund, it's new flagship PE fund targeted at individual investors, rather than institutions, following recent heavy investor withdrawals at two of its other funds which target similar investors.

BUSINESS OF THE FIRM

Lateral Moves:

• Baker McKenzie elected partner Anne-Marie Allgrove as its first female national managing partner in Sydney, Australia.

• U.S. District Judge Dana L. Christensen of the District of Montana announced he will move to senior status upon confirmation of his successor.

Industry News:

• Only 35 of the Vault 100 law firms have announced annual bonuses this year. Check out the latest updates to the Lookzy Reverse Bonus Tracker below for the full list of who has announced and who's left. Have any details about typical timelines for firms that haven't announced yet? Reply to this email and we can update.

BOILERPLATE

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