READY FOR ACTION – The collapse of Silicon Valley Bank in just 48 hours sent major law firms into rapid response mode, with several firms organizing task forces and impromptu virtual meetings to help clients. As Law.com’s Jessie Yount and Justin Henry report, several of the Am Law 100 convened teams of finance, venture capital, bank regulatory, investment management, restructuring and new corporate lawyers to address the ongoing flood of inquiries. For many firms, it was a moment of vindication after years of organizing lawyers into industry-oriented groups rather than by practice area—a move viewed with skepticism by some in the industry. For some, it also highlighted the strength of having an interdisciplinary approach to customer service.
INTERNAL GUIDANCE – Oh, so you think the phrase “Made In USA” leaves little room for alternative interpretations? Tell me you don’t work in marketing without telling me you don’t work in marketing. But, as Law.com’s Chris O’Malley reports, sharp-eyed GCs could save companies from some big public penalties by scrutinizing claims about where a product was made. The agency has assessed companies about $6 million over the past year for violating its Made in USA labeling rule, though the amounts actually paid are dramatically less. Still, the enhanced rule, which took effect in late 2021, remains a potent potential liability for companies — for the first time allowing civil penalties of up to $43,280 per violation. That could add up to a company with potentially hundreds or thousands of violations, said Patrick O’Donnell, an attorney at Kaufman & Canoles, who also noted, “It’s a fertile area for class actions.”