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TEXAS LAWYER INTERVIEWS WILLIAM T. REID, IV ON REID COLLINS’ SELECTION AS 2022 TOP BUSINESS LITIGATION PRACTICE

November 22, 2022 – Reid Collins & Tsai LLP was named the Texas Legal Awards’ “Business Litigation Department of the Year” by Texas Lawyer and, as part of its coverage, the magazine published excerpts of an interview with Founding Partner William T. Reid, IV.

Reid cited a number of the firm’s achievements in discussing the honor including a $300 million recovery on behalf of Renren, Inc. minority shareholders from company insiders, a $121 million fraud judgment from Texas state court against Credit Suisse in a litigation lasting over a decade, and a pro bono excessive force prosecution of New Orleans police officers. “[Success] chasing down money taken by foreign nationals of a Cayman-based company trading in the U.S. (Renren) … has been particularly gratifying, especially considering the lengths to which defendants went to place their stolen monies out of reach…. Our success has [also] allowed us to do other good works we value…. [such as our pro bono case] for excessive force against two St. Tammany Parish Sheriff’s Office deputies in partnership with the ACLU of Louisiana’s Justice Lab initiative challenging racially discriminatory policing practices,” said Reid.

The editors and reporters of Texas Lawyer and Law.com research the field to highlight professional excellence and identify the firms and practitioners in the State of Texas with the most impressive wins and track records of success in recent years. The winners and finalists were honored at the Texas Legal Awards dinner in Dallas on September 14, 2022.

Click here to read the interview.

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.

REID COLLINS CEMENTS POSITION AS ONE OF THE NATION’S TOP LITIGATION FIRMS WITH MULTIPLE BENCHMARK RECOGNITIONS

In its 2023 rankings of the top litigation law firms in the U.S., Benchmark Litigation has again named Reid Collins & Tsai LLP to its list of the “Top Boutique” law firms in the country as well as to its “Top Plaintiff” list, one of only a select few firms in the nation so honored. The firm also received the ranking of “Highly Recommended” (Benchmark’s highest honor) for the state of Texas.

Benchmark describes Reid Collins as a “litigation boutique with a plaintiff-side ethos [that] has crafted itself as a maverick in the world of trial litigation. Over its years in service, the firm has expanded from its Texas roots to include New York, DC, and Delaware outfits. The firm’s strategic five-office footprint has amassed national recognition for its capability in high-stakes commercial and bankruptcy litigation.”

Earlier this year at its annual awards ceremony, Benchmark also named Reid Collins a finalist for US Plaintiff Firm of The Year (for the fourth consecutive year). Benchmark’s Guide to America’s Leading Litigation Firms and Attorneys identifies the leading U.S. trial attorneys and firms at the local and national levels. The publication’s rankings and editorials are the result of extensive interviews with private practice lawyers and in-house counsel.

Click here to see the full Benchmark profile of the firm.

The attorney responsible for this website is William T. Reid, IV

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