The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Christin is a partner in MoFo’s San Francisco office and a member of the Securities Litigation, Enforcement, and White Collar Defense Practice Group. She has extensive experience representing clients in securities class actions, derivative actions, and other complex civil litigation, as well as in government and internal investigations. Before joining MoFo, Christin served as senior counsel at Uber Technologies, where she managed civil litigation and was a lead member of Uber’s global compliance team. Christin grew up in the Bay Area and attended UC Davis as an undergraduate, then Stanford Law School.
Michael Komorowski represents companies and their officers and directors in securities class actions, shareholder litigation, and government-facing investigations. His clients have included companies and individuals in technology, manufacturing, logistics, and financial services (including crypto). Before law school, he taught English literature and writing at several universities. Outside the office, he can be found hiking and backpacking in Northern California.
Describe your practice area and what it entails.
Christin: I defend companies, executives, and directors when they are sued by their shareholders, or when they face inquiries by the Securities & Exchange Commission (SEC). MoFo has been a national leader in securities litigation for decades, with particular expertise in the Northern District of California. Many of the leading Ninth Circuit securities litigation precedents are cases we have won.
Michael: I work in Morrison Foerster’s Securities Litigation, Enforcement, and White Collar Defense Group. My work touches on all aspects of the group’s matters, including securities class actions, derivative and other shareholder suits, deal litigation, government enforcement actions, internal investigations, and white collar criminal defense.
Companies and their officers and directors are at risk of litigation when the stock price falls dramatically. If that happens, investors may sue, alleging fraud. Directors of a company being acquired may be sued once the deal is announced. A special committee may hire us to conduct an internal investigation into a suspected accounting irregularity. All of this and more come across my desk.
Rarely, though, is my work on a matter limited to a single one of these categories. It’s common that a securities class action will prompt a follow-on derivative case. Simultaneously, we may defend the client in a parallel SEC or DOJ enforcement action. Not only is this work inherently interesting—learning a client’s business or understanding a company’s position in the financial markets is part of the job—but thinking through the interaction among these various potential private and government actions is particularly exciting. Any move you make on one front will have implications on another.
What types of clients do you represent?
Christin: Many of our clients are public companies in the technology space. I’m currently defending Oracle, Unity Technologies, and Meta in litigation. We recently won dismissal of a case for Amazon.
Michael: Everything from early-stage to mature public companies and their officers and directors.
What types of cases/deals do you work on?
Christin: I primarily work on securities class actions, derivative actions, and SEC enforcement actions. Securities class actions occur when a company’s stock price drops and shareholders sue, alleging that the company violated the securities laws by misleading investors. Derivative litigation is when shareholders sue, alleging that the board of directors breached their fiduciary duties to shareholders. SEC enforcement actions are when the SEC is investigating potential harm to investors, or when the SEC charges a company with violating the securities laws.
Michael: Most of my practice is on the litigation side: securities class actions, deal litigations, derivative suits, and the like.
How did you choose this practice area?
Christin: I always knew I wanted to be a litigator because I love writing. But I didn’t know what type of litigation I wanted to do. One of my very first case assignments as a first-year associate was a securities class action. I liked it right away. I liked that we represented individuals: the executives of the company. It helped to put a face to the defense. I also liked that we were dealing with a specific regulatory regime, rather than common law claims. It felt more concrete. I’ve been doing securities litigation ever since.
Michael: My background before law school was in writing, research, and teaching. I was drawn to this area partly by a longstanding interest in economics and partly by the deep thinking the subject matter requires. When, as a summer associate, I got a taste of the work and the chance to meet some of the terrific MoFo lawyers in this space, I was hooked.
What is a typical day like and/or what are some common tasks you perform?
Christin: I write a lot. Our matters are particularly susceptible to a motion to dismiss. So, we spend a lot of time writing motions to dismiss. As a partner, I’m involved in a fair amount of client counseling with the goal of avoiding litigation.
Michael: Each day is unique. On any given day, I might be writing a motion to dismiss, interviewing a witness as part of fact gathering for a case or an internal investigation, working with an expert on a report or testimony, presenting to a client, or preparing for a hearing.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Christin: Strong writing skills are essential to success as a litigator. Each class is an opportunity to practice writing. Clerkships can also be a good way to develop as a writer.
Michael: The most important things are strong writing skills and an equally strong curiosity about how companies and markets work. A formal background in economics or finance is not necessary. I don’t have one. But any classes in these areas would be a plus. Corporations, securities litigation, and accounting courses are all good options.
What do you like best about your practice area?
Christin: I like that our matters are high stakes and often newsworthy. When the CEO is personally named in a lawsuit seeking billions of dollars in damages, the leadership team pays attention. Our cases are often written about in the legal and business press.
Michael: I’m constantly learning, not just developing the typical skills you think of—how to take and defend depositions, what to say to the judge about a discovery dispute, how to present to a client—but also taking deep dives into my clients’ businesses. The high stakes and sometimes sprawling nature of many of our matters mean that I’ve been fortunate to work with excellent lawyers. They are generous with their time and have helped me to grow.
What are some typical tasks that a junior lawyer would perform in this practice area?
Christin: Our junior associates are responsible for legal research and may write the first draft of a brief. We also rely on our junior associates to be the master of the facts. We expect them to know the documents better than anyone else on the team.
Michael: A lawyer just starting out may conduct legal research, develop the team’s understanding of the facts, and handle discovery responses. There is no substitute for becoming the master of the facts, and a junior lawyer is in an excellent position to dive in and help the team understand what’s important.
How do you see this practice area evolving in the future?
Christin: I’m interested to see the role that AI plays in legal writing in the future. So far, most newsworthy examples of using AI in legal writing have been cautionary tales with very bad outcomes such as AI inventing fake cases. But as AI evolves, I expect that AI work product will improve dramatically. I’m interested to see a future where AI creates the first draft of a brief.
Michael: On the private side, plaintiffs’ attorneys will adapt their cases to the latest business trend: SPACs, crypto, ESG statements, you name it. They will continue to think up creative ways to allege fraud. On the government side, I expect continued intense scrutiny from the SEC and other agencies that regulate markets.
How important is it for securities litigators to have a business background and understanding of corporate law, and what should junior attorneys do if they don’t?
Christin: There is no requirement to have a business background or understanding of corporate law. As long as you’re curious and interested, you can learn everything you need to know on the job.
Michael: Curiosity about business and markets is a must. A formal background in these areas isn’t. Find a publication you like that offers sophisticated business news and make a habit of reading it. The Economist, New York Times DealBook, and The Wall Street Journal are all good options. Try to get experience with as many kinds of cases in this area as you can.