Awards and Recognition

REID COLLINS AGAIN NAMED ONE OF THE NATION’S “BEST LAW FIRMS” BY BEST LAWYERS IN AMERICA®

Reid Collins & Tsai is pleased to announce that the firm has again been recognized as one of the top litigation firms in the nation by U.S. News-Best Lawyers® in its 2023 Edition of the “Best Law Firms” rankings.

The firm received “Best Law Firms” honors for its work in Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law and Litigation – Bankruptcy – both nationally and as a regional leader in Austin, Dallas-Fort Worth, and New York City.

The “Best Law Firms” research process also includes detailed client interviews. For the 2023 edition, clients described Reid Collins as “the premier plaintiff litigation firm in the country, in bankruptcy and otherwise….and the attorneys at the firm work relentlessly for their clients to consistently, if not exclusively, obtain incredible results…. Exceptional strategists and communicators…. First class litigators who are willing to take on any challenge…. a pleasure to work with. Whenever a question arises, they respond quickly. They can take on large firms.”

One of the oldest and most respected industry observers, the U.S. News – Best Lawyers® “Best Law Firms” rankings are based on a rigorous evaluation process.

Click here to view the firm’s various national and regional rankings and client comments.

WILLIAM T. REID, IV FEATURED IN COVERAGE AND ANALYSIS OF FOREIGN FRAUD LITIGATION BY THE NATIONAL LAW JOURNAL

October 31, 2022 – With the recent, groundbreaking $300 million recovery in the Renren Derivative Litigation and multiple fraud actions pending against other Chinese-owned companies, our senior founding partner @William T. Reid, IV sat down with The National Law Journal to discuss the remarkable risks to shareholders.

In “Plaintiffs Firms Face ‘Catch Me If You Can’ Scenario with Chinese Firms Listed in the US,” he outlined the types of frauds occurring and the daunting legal obstacles which needed to be overcome by his team in litigation against Renren, Inc., the one-time “Facebook of China.” Taking advantage of a loophole as a foreign private issuer of stocks through American Depository Receipts, Renren insiders “simply took the company private for less than what it’s worth.” Minority shareholders “lost the opportunity to sell their shares for what they were truly worth. Instead, insiders took that value for themselves…. There are many cases, in which the majority shareholders simply [do this] …It’s like highway robbery; it’s not even justifiable,” Reid said.

Reid has reached out to lawmakers on Capitol Hill, including Republican Senator Marco Rubio, to close loopholes that exempt foreign issuers from providing full transparency during the valuation process: “Bottom line is, if you are a foreign issuer, you are exempt under §17CFR from sections of the U.S. securities law, including 14(a) meaning—you can lie to the U.S. markets free of liability under our securities laws.”

Click here to view the full article.

WILLIAM T. REID, IV AND LISA S. TSAI INTERVIEWED BY THE NATIONAL LAW JOURNAL

October 25, 2022 – Reid Collins’ Founding Partners William T. Reid IV and Lisa S. Tsai are the subjects of a feature profile in The National Law Journal. In “Reid and Tsai Talk Diversity, Suing Law Firms and Judicial Bias,” the latest installment in the NLJ’s spotlight series on the leaders of the U.S. plaintiffs’ bar, they discuss current developments in financial and securities litigation, the challenges of building a diverse team, breaking the industry taboo of suing law firms for malpractice, and the differences between plaintiff and defense work, among other trends.

Speaking to the firm’s effort to hire more women and minority attorneys, Tsai emphasized culture: “it’s one thing to be able to recruit …and it’s another thing to be able to retain…the question is, what kind of institution do you have? …[W]hat kind of meaning resides in the work that can really help retain your folks?” Reid was candid about the landscape, saying “We’ve looked high and low for a long time, and now we’ve finally gotten traction. We have some really great young women lawyers in this firm.”

Reid’s thoughts about plaintiffs’ practice and breaking new ground as one of the nation’s leaders in bringing legal malpractice cases: “I think there’s a double standard…I don’t think that judges and courts react the same way to plaintiffs’ lawyers as they do to defense lawyers… there is a perception…that somehow plaintiffs’ lawyers are unethical.” He further underlined the flaws in that view: “One of our national calling cards is the pursuit of claims against Big Law firms…. When I started doing legal malpractice claims 22 years ago – and even to this day for a certain vintage lawyer and judge – the pursuit of a claim against a law firm was viewed to be maybe not unethical, but certainly distasteful. There has been an absolute evolution in that… [this new] wave of litigation brought against law firms [is] not because lawyers are any more negligent today than 20 years ago.”

When asked about trends in the business of law, both Tsai and Reid cited their business model’s relationship to the economy at large. “In our particular space as we are approaching…a recession or recessionary time…There’s going to be some failures and there’s going to be insolvency…. You’re going to [see] claims for large losses,” said Tsai.

Click here to view the full article.

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