SEC's Canellos Returns to Milbank as Shearman Picks Up Orrick Heavyweights

, The Am Law Daily

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George Canellos
George Canellos

Combined with four other partner acquisitions by Shearman since last August, Wednesday's additions bump the firm's U.S. litigation practice to 38 partners from 32 last June. Hakki, reached on Wednesday, said that Frank, Craner and Dunogue were attracted to Shearman because of its focus on financial institutions and "the strength of our white-collar practice, which is very complementary to a securities litigation practice."

Frank, 48, has made the rounds at several top litigation firms. After a stint as an associate at Paul, Weiss, Rifkind, Wharton & Garrison in 2003, he joined White & Case as a partner, then jumped to Latham & Watkins in 2006 before making the move to Orrick just three-and-a-half years ago. In his latest gig, he will serve as the global cohead of Shearman's securities litigation and enforcement practice.

In May, Frank beat Marc Kasowitz to win the first dismissal of a mortgage-backed securities repurchase or "put-back" suit in state court in New York on statute of limitations grounds. That win came for client Nomura in a $259 million case. And in 2012, he helped Barclays overcome an injunction bid by the Lehman Brothers estate attempting to block the sale by the bank and Bank of America of a stake in Archstone Enterprise LP to real estate mogul Sam Zell. (Lehman ultimately acquired the stake.)

Orrick trial lawyer and management committee member Peter Bicks said Orrick continues to be in expansion mode in global litigation, pointing out that, since 2012, the firm has added 15 litigation partners in nine offices, and that fully half the firm's lawyers are litigators. "Building this momentum is a top priority for Orrick," he said. "We wish Joe well."

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