What's Happening?
Bernstein Litowitz Berger & Grossmann, a Manhattan law firm known for leading major shareholder suits, is bringing back retired partner Mark Lebovitch after a wave of exits. Lebovitch, who previously helped
establish the firm's corporate governance group, returns following the departure of several lawyers, including four partners, who left to start a rival boutique. The firm is renowned for its role in challenging Elon Musk's $55.8 billion Tesla pay package, a case that influenced Delaware's corporate laws. Lebovitch's return is seen as a move to strengthen the department he built over nearly two decades.
Why It's Important?
The return of Mark Lebovitch to Bernstein Litowitz highlights the firm's efforts to stabilize and rebuild its corporate governance group after significant departures. This development is crucial as the firm continues to handle high-profile shareholder cases, which can have substantial implications for corporate governance practices and legal standards. The firm's involvement in the Musk pay lawsuit underscores its influence in shaping corporate law, particularly in Delaware. The restructuring may affect the firm's strategic direction and its ability to attract and retain top legal talent.
