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. Today marks our 30th edition of Lookzy, and we now reach hundreds of subscribers every day - thank you for reading. In today's Lookzy:

• Early details of Goodwin's layoffs

• 2023's first notable IPO

• Many partner moves

• Holland & Knight's merger plans

Programming note: Lookzy will be off tomorrow, back Monday.

Was this email forwarded to you? Subscribe below.

GOODWIN LAYOFFS: WHAT WE KNOW

Yesterday's big news leak: Goodwin Procter is conducting a large reduction in force and terminating up to potentially 120 associates, according to associate sources at Goodwin.

Here's what we know so far:

Starting yesterday, Goodwin started meeting with associates to let them know they were being laid off. The majority of those conversations appear to have taken place yesterday, with some being rescheduled to today. It appears that associates who have not yet been contacted are safe.

Up to 120 associates may be laid off, and some support staff may be affected as well. Layoffs appear to be across groups and seniority. Real estate, corporate (both M&A and more tech-side groups) and tech transactions groups appear to be particularly affected, all of which groups are especially slow at the moment. Cuts seem to be related to low hours and slow groups.

Attorneys of all seniorities are reportedly being impacted, largely 2nd years through 5th years, apparently with even non-equity partners potentially facing cuts, according to sources at the firm. Associates are rumored to be receiving 3 months' severance.

Goodwin's layoffs follow those done at Cooley and Gunderson in the past few months, all of which firms have substantial ECVC practices and hired extensively over the past two years.

Goodwin in particular has had a volatile history with hiring. Originally 'stealth' terminating associates towards the beginning of COVID, expecting a down year, many of Goodwin's overworked remaining associates left the firm, which Goodwin sought to replace by hiring many first and second year associates. Given a remote training environment, this strategy appeared not to pay off, and Goodwin kicked off a more senior-focused hiring spree just as the economy began to slow down. The consequences of this are being borne with today's layoff news.

Given the speed with which this news leaked, Goodwin is expected to put out a formal statement later today, following the completion of all termination conversations. If you have other details about the situation you'd like to share (anonymously), please reply to this email.

ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Targeted advertising. The Irish Data Protection Commission fined Meta approximately $414 million for unlawfully relying on contractual agreements with Facebook and Instagram users to collect their personal information in order to serve them with targeted advertising. Meta noted it plans to appeal the decision.

Unvaxxed jurors. A federal judge proposed to exclude jurors who aren't vaccinated against COVID from sitting in the upcoming trial over Elon Musk's Tesla "funding secured" tweet, prompting skepticism from Tesla's attorney Alex Spiro of Quinn Emanuel, who thought this move could impact the jury pool.

Crypto compliance. The New York Department of Financial Services reached a $100 million settlement with crypto exchange Coinbase, finding "significant failures" in Coinbase's anti-money laundering compliance program.

Rail antitrust. District Judge Mark Davis rejected an attempt by freight carrier CSX Transportation to pursue federal antitrust claims against a rival, whereby CSX claimed such rival had cost in hundreds of millions of dollars in lost customer contracts.

Crypto catchup. FTX's former top lawyer Daniel Friedberg, previously of Fenwick, has reportedly cooperated with US prosecutors as they investigate FTX's collapse. The US is currently seizing hundreds of millions of dollars worth of assets tied to FTX, including shares in Robinhood and money in Silvergate Bank accounts. A bankruptcy court held that cryptocurrency held in centralized crypto company Celsius is part of the bankruptcy estate and cannot immediately be returned to users.

THE DEAL

Wheelin' and dealin' today's corporate news

Gas me up. A unit of Tokyo Gas Co Ltd is reportedly in advanced talks to buy US natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for about $4.6 billion, including debt, in an all-cash deal which could be announced this month.

First 2023 IPO. Skyward Specialty Insurance Group Inc. filed proposed terms for its IPO and may begin trading on Nasdaq as soon as next week. Skyward is expected to raise up to $136 million, valuing the company at $601.6 million post-money. DLA Piper is representing Skyward and Latham is representing the underwriters.

Objection. The SEC filed a limited objection to Binance.US' proposed acquisition of crypto company Voyager Digital out of bankruptcy, citing that Binance.US needs to provide more details with respect to its ability to close the deal and to its own business operations, which have been subject to investigations. Kirkland is representing the debtors, McDermott is representing the Official Committee of Unsecured Creditors and Latham is representing Binance.US.

Talent acquisition. United Talent Agency agreed to acquire literary agency Fletcher & Company; no financial terms were disclosed.

Activist nominations. Activist investment firm Impactive Capital pushed for change at fintech company Envestnet by nominating four new director candidates for election to the board. Impactive currently owns 7.5% of Envestnet and argues that the company is underperforming.

BUSINESS OF THE FIRM

Lateral Moves:

• John Sullivan, the former US ambassador to Russia during the Trump and Biden administrations, rejoined Mayer Brown to co-lead its national security practice.

• Latham hired banking partners Corey Wright and Lisa Collier from Cahill.

• Boies Schiller hired DOJ Fraud Section Trial Attorney Blake Goebel.

• Brown Rudnick hired partner Charles Munn from Cravath.

• Vinson & Elkins hired partner Todd Triller, an MD at the Carlyle Group who had previously worked at Vinson & Elkins.

• Kramer Levin hired partner Terry Novetsky from King & Spalding.

• Members of Lewis Brisbois' Cyber Practice are rumored to be lateraling away from the firm.

Industry News:

• Holland & Knight and Nashville-based Waller Lansden Dortch & Davis agreed to combine, with the merger expected to close during Q1 2023. Following the merger, the combined firm will have nearly 2,000 attorneys in 35 offices.

• K&L Gates opened a new office in Dublin, it's 48th office worldwide.

• UC Hastings College of the Law was renamed University of California College of the Law, San Francisco.

• More than 50% of the Vault 100 has now announced bonuses, some better than others. Check out the Lookzy Reverse Bonus Tracker to see who's left.

BOILERPLATE

If reading this email made you feel the same way as your bonus hitting your bank account, share with a friend.

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