Research Handbook on Representative Shareholder Litigation
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Research Handbook on Representative Shareholder Litigation

Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship

Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
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Chapter 19: What do we know about law firm quality in M & A litigation?

Steven Davidoff Solomon and Randall S. Thomas


This chapter inquires into law firm quality as measured by outcomes in class action shareholder litigation. The chapter reviews the state of the literature on law firm quality and asks what can be known about plaintiff and defense-side firms in class action shareholder litigation. Several dimensions of the question are explored, such as: How do clients select law firms? What substantive and reputational factors influence law firms’ decisions to represent a client? To what extent does the client influence the outcome? How should a law firm’s performance be measured when its client or potential client, particularly a repeat player defendant in M & A litigation, dictates the law firm’s strategy in handling the litigation? The chapter closes by emphasizing the relatively underdeveloped state of the empirical evidence, offering several directions for future research.

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