In the wake of a complaint by the Financial Industry Regulatory Authority, Charles Schwab has lawyered up and gone to court to seek an unprecedented declaratory judgment, asking a federal district court to block the agency’s action and to rule that its class-action waiver agreements are enforceable.

Baker & McKenzie’s San Diego office, which has been shrinking for several years, is set to lose two IP partners. Industry sources say the firm’s business model, which ties partner pay to the financial fortunes of the office where that attorney works, has been fueling departures, along with speculation the office may close.

Three former NFL players have filed suit against Greenberg Traurig and one of its Florida shareholders, claiming the law firm failed to warn them against investing in an Alabama casino that turned out to be a scam. A fourth player filed suit against the financial advisers in the casino deal.

The SEC has accused the Financial Industry Regulatory Authority of altering documents and has ordered the organization “to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training for producing documents during SEC inspections.”

A new audit report says that four major law firms failed to justify $8.1 million in legal fees that they charged the U.S. Treasury Department for work related to the financial crisis. The latest report is especially critical of Simpson Thacher & Bartlett.