Snap’s Top rated Law firm Sees Spend Slide 15% Amid Layoffs, Litigation
Snap Inc.’s general counsel Michael O’Sullivan saw his pay out offer lessen in 2022 for the 3rd consecutive calendar year, according to a securities filing Wednesday.
O’Sullivan attained more than $4.6 million through the very last fiscal calendar year, the mother or father organization of social media system Snapchat disclosed in the filing. That’s down about 15% from the approximately $5.4 million he been given a yr before.
Santa Monica, Calif.-primarily based Snap last yr get rid of 20% of its personnel and scaled again investments, just one of various big reductions in force to hit the technological know-how sector. The cutbacks reportedly integrated at minimum seven Snap lawyers.
The enterprise, which final calendar year hired a new main compliance officer, didn’t reply to a request for comment about personnel matters.
Snap is experiencing scrutiny from the Justice Division and FBI in excess of accusations that suppliers are making use of Snapchat to sell fentanyl-laced capsules to young adults.
O’Sullivan attracts a $500,000 once-a-year base wage from the business. His pay previous yr involved $100,000 in non-equity incentive program compensation, about $22,000 in health care-connected compensation, and additional than $4 million in stock awards.
He has been Snap’s prime law firm because 2017, when he joined the company just after extra than two a long time at Munger, Tolles & Olson in Los Angeles. O’Sullivan succeeded Snap’s to start with-ever lawful chief Christopher Handman.
Loved ones Lawyers
Snap also mentioned that it paid out nearly $6 million final calendar year in authorized charges to Munger Tolles and more than $350,000 to Gibson, Dunn & Crutcher. The two legislation firms are home to the moms and dads of Snap co-founder and CEO Evan Spiegel.
Spiegels’ father, Munger Tolles litigation companion John Spiegel, has supplied lawful providers to Snap, the organization claimed. So has Debra Wong Yang, a previous prime federal prosecutor in Los Angeles, where by she chairs Gibson Dunn’s crisis administration observe and once led the firm’s white-collar protection and investigations team.
Yang is Spiegel’s stepmother.
Snap tapped Munger Tolles to take care of a lot more than 7% of the situations it has faced in US federal courts inside the previous 5 many years, according to Bloomberg Legislation info. Cooley got the get in touch with on practically 20% of this kind of instances, while Sheppard, Mullin, Richter & Hampton had almost 10% of that docket.
Sheppard Mullin is at the moment representing Snap in a patent infringement lawsuit filed previous summer time by PlayVuu Inc., even though Munger Tolles is advising the business in an unrelated products legal responsibility situation.
General public filings clearly show that Cozen O’Connor’s public plan and authorities approaches arm received $110,000 from Snap final 12 months to lobby on difficulties connected to wellness care.
