Since the story has legs, the media will run for it until the traction lessens. In addition, the plaintiff claiming professional negligence is a tech one. Tech is clickbait.
So, law firms Perkins Coie and Bracewell are in for a lot of attention - the negative type.
How much damage that does to their brand, client retention, and ability to develop new business remains in the future.
In Law.com, Scott Flaherty reports:
"Perkins Coie and Bracewell are facing allegations in New York state court that they allowed an electronic securities trading platform developer, Electron Trading LLC, to sign onto an unfavorable technology licensing agreement with Morgan Stanley & Co. LLC, costing Electron tens of millions of dollars."
Essentially, Electron assumed the contract it entered into with Morgan Stanley was bulletproof in terms of limiting its legal liability and which allowed it to sue Morgan Stanley. However, it turns out that somehow Morgan Stanley slipped in some provisions which undermined all that.
Electron, represented by Reid Collins & Tsai, contends Perkins Coie and Bracewell never informed it of that insertion.
Neither Perkins Coie nor Bracewell have commented on this state-level litigation.
Contact Jane Genova firstname.lastname@example.org.