Since the fall of Silicon Valley Bank, many eyes have been on the start-ups that became its raison d’etre. Unfortunately, those eyes have also been on wallets and purse strings, as a new Crunchbase study shows. Venture capital investments for Q1 2023 are down over the same period last year. Moreover, they’ve been trending down for each quarter since last year. The CDT Roundup takes a look at the numbers, as well as the M&A and CapM deals reported last week. There’s some good news in there — somewhere. You just have to look hard for it.
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Using ESOP, Family Foundation and Family Ownership to Successfully Transition a Family-Owned Business
There are more than 20 million family-owned businesses in the U.S. Very few family businesses successfully transition from one generation to the next. This article compares the “old technique” to the “new technique” of transitioning a family business.
How Covid Has Left the Road to Arbitration Full of Potholes
With courts looking to offload their pandemic dockets, which in some instances face yearslong backlogs, virtual hearings in arbitration have dramatically increased. While these hearings are undeniably convenient, attorneys should be very leery before heading down the path of arbitration in the age of virtual hearings.
Litigation Roundup: Citgo Hires Defense in $100M Suit, Landry’s Files TM Suits
In this edition of Litigation Roundup, Citgo Petroleum hires defense attorneys in a $100 million Citgo 6 lawsuit, a litigation funder says a Philadelphia firm owes $13.4 million and a former county attorney gets indicted on public corruption charges.
The Big Three in Texas: Different Journeys, Different Results, Still Big
For half of a century, the Big Three dominated Big Law in Texas like GM, Ford and Chrysler ruled Detroit. Every Texas law school graduate wanted to work at Baker Botts, Fulbright & Jaworski or Vinson & Elkins. Rookie lawyers hired by the Big Three retired there. Two-dozen years ago, the Big Three had roughly the same number of lawyers and nearly identical revenues in their home state. Each faced monumental headwinds and threats to their very existence.
The Big Three survived, though they look a lot differently today than they did in 1998. Baker Botts, Norton Rose Fulbright and V&E remain among the Texas Lawbook 50’s top five largest law firms, though the gap between them in revenues and profits is widening.
Dallas Textile Engineer Gets High-Thread-Count Sheet Patent Fight Tossed
Arun Agarwal and his company AAVN own 10 patents for a process that turns cotton and cotton-polyester blend materials into luxury, high-thread-count bedsheets. In the latest battle to protect his intellectual property, Winstead attorney Cory Johnson won dismissal of a federal suit in North Carolina where a competitor was trying to invalidate all 10 patents.
P.S. — A Gala to Support Texas Veterans, A Program to Stop Asian Hate
An upcoming gala will raise funds for low-income Texas veterans while an upcoming program will arm participants with knowledge to combat Asian hate. Natalie Posgate details both in this week’s P.S.
Secured Lenders Beware: Amarillo Court of Appeals Draws Line Between “Disposition” and “Transformation” of Collateral
In a case of first impression in Texas, a divided panel of the Amarillo Court of Appeals recently recognized a key distinction that should be carefully considered by any creditor relying on the PMSI exception — namely, there is a difference between the “disposition” and the “transformation” of collateral.
Susman Godfrey Turns 40, ‘Far and Away Our Best Year Ever’
When trial lawyer Steve Susman died unexpectedly in 2020, legal industry insiders wondered what would become of the firm he founded four decades ago. The verdict is in.
“We had a record year in revenues and profits in 2022,” Susman Godfrey co-managing partner Vineet Bhatia told The Texas Lawbook in an exclusive interview. “2022 was far and away our best year ever.”
Susman Godfrey does not release annual law firm financials. An analysis by The Texas Lawbook shows, however, that the firm has nearly 200 lawyers – 105 of them in Texas – and ranks in the top five in RPL and PEP. The Lawbook has the exclusive details.
SCOTX Chief Justice Gives State of Judiciary Address
Chief Justice Nathan Hecht spoke for almost 40 minutes Wednesday, supporting a variety of proposals that he said would increase court efficiencies, the caliber of judges and access to justice. “If the justice system were a business, and its customers had any choice, it would be in bankruptcy,” Hecht said.