A little more than a year after a potential union between Dentons and McKenna Long & Aldridge fell through, the two Am Law 100 firms are once again looking to combine operations.
A little more than a year after a potential union between Dentons and McKenna Long & Aldridge fell through, the two Am Law 100 firms are once again looking to combine operations.
As pressure to strengthen defenses against security breaches increases, at least five firms—Sullivan & Cromwell, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison, Allen & Overy and Linklaters—are working to form an alliance that would allow them to ultimately share information with each other about cyber threats and vulnerability.
A year after posting double-digit gains in profits per partner, Debevoise & Plimpton saw more modest growth across the board in 2014.
Kramer Levin Naftalis & Frankel posted a 3.7 percent gain in profits per partner last year, to $1.815 million, but gross revenue declined by half a percent, to $320.5 million. Revenue per lawyer increased by 1 percent, to $1.04 million from $1.03 million.
Despite flat revenues and a second consecutive drop in total lawyer head count, DLA Piper's net income rose by more than 10 percent in 2014, to a record high of $667 million. This increased efficiency pushed the firm’s profit margin from 24 to 27 percent—its highest since 2008—while average profits per equity partner rose 12.5 percent, to $1.49 million, another firm record.
Butler, Snow, O'Mara, Stevens & Cannada departed from its traditional legal services by creating VisionFirst Advisors, to be led by former Mississippi Gov. Haley Barbour as chairman, along with former Florida Secretary of Commerce Gray Swoope as president and CEO.
After a dip in profits in 2014 and an emptying of the firm’s Houston office, Cadwalader is looking to regain ground with three big lateral hires, including Chad Mills, a former transactional energy partner at Sutherland Asbill & Brennan.
Patterson Belknap and Shearman & Sterling lose a pair of IP practice leaders; Cadwalader rebuilds in Houston; more Bingham McCutchen refugees find new homes; and other notable hires from throughout The Am Law 200.
Genius has a gender. Who knew?
Thomas Schweich, a former Bryan Cave partner serving as Missouri’s state auditor, died of a self-inflicted gunshot wound to the head at his home last week in the St. Louis suburb of Clayton. Schweich's death came a month after he entered the state's Republican race for governor in 2016.
A team of Hogan Lovells attorneys has submitted a petition to the United Nations on behalf of Swazi human rights attorney Thulani Maseko, who is halfway through a two-year prison sentence. Maseko was imprisoned along with the editor of a local magazine after publishing an article that was critical of the judiciary in Swaziland.
A year after its bid to merge with now-defunct Canadian firm Heenan Blaikie fell through, DLA Piper has found a partner up north in Davis LLP, a 260-lawyer midtier firm based in Vancouver. The combination, effective in April, marks the latest combination of a U.S.-based global firm with one in Canada.
Milbank expands in London and Frankfurt; Gordon Rees Scully Mansukhani loses a top sports lawyer, but picks up more than a dozen others in Pittsburgh; Barclays and Deutsche Bank raid big firms for two in-house legal chiefs; Cadwalader brings on a top federal prosecutor; and other notable additions from throughout The Am Law 200.
A corporate partner at Sullivan & Cromwell, Ressler advised Valeant Pharmaceuticals International Inc. in its $10.1 billion acquisition of Raleigh, North Carolina-based Salix Pharmaceuticals Ltd.
M&A and private equity work helped Willkie Farr & Gallagher's partner profits rise 14.5 percent to $2.56 million last year. Gross revenue also increased 14.5 percent, to $640 million, while revenue per lawyer jumped 8.5 percent, to $1.155 million. All three totals marked record highs for the firm.
CNN has published an online series on government debt collection called "Above the Law." But Elie Mystal, editor at large for the publisher of a popular legal blog by the same name, says: Not so fast. Mystal has turned to its readership of legal professionals to draft cease-and-desist letters to CNN as it tries to defend its trademark.
Our latest roundup of deals worth $1 billion or more includes Valeant Pharmaceuticals International Inc.’s purchase of Salix Pharmaceuticals Ltd. for $10.1 billion; Asahi Kasei Corp.’s buy of Polypore International Inc. in a deal valued at $3.2 billion; and a merger between silicon producers Grupo FerroAtlántica and Globe Specialty Metals Inc. for a combined value of $3.1 billion. Latham & Watkins advised on the most number of deals, with four, while Sullivan & Cromwell led the way in terms of transaction value.
News for law students and lawyer wanna-bees.
Kaye Scholer's profits per partner increased a modest 1.8 percent in 2014 while revenue per lawyer grew 5.2 percent. Gross revenue, however, declined for the fourth consecutive year, dipping 1.3 percent to $375 million. The firm was able to increase partner profits and RPL by cutting expenses and reducing head count.
Paul Hastings’ gross revenue passed surpassed $1 billion mark, with gross revenue increasing by 6.3 percent, revenue per lawyer growing by 8 percent and partner profits and partner profits increasing by 8.5 percent. At the same time, the firm’s total number of lawyers was down by 16, though the number of partners increased by seven.
Nixon Peabody, which earlier this month absorbed a 100-lawyer Chicago firm, saw gross revenue and net income slip slightly in 2014, but profits per partner rose 7 percent.
For the second straight year, Milbank, Tweed, Hadley & McCloy produced significant growth in revenue and profits. Gross revenue in 2014 was up 7.8 percent, to $761 million, while revenue per lawyer rose 3.8 percent, to $1.24 million. Profits per partner increased 7 percent, to $2.745 million, on net income of $395 million, an increase of 12.4 percent.
After taking a hit in 2013, the litigation-focused Kasowitz, Benson, Torres & Friedman saw its gross revenue grow 14.6 percent in 2014 as the firm finalized two massive mortgage-backed securities settlements on behalf of the U.S. Federal Housing and Finance Agency.
Wm. David Cornwell Sr., a prominent litigator in the sports world with a stable of all-star clients, is leaving Gordon Rees Scully Mansukhani for Barnes & Thornburg. Gordon Rees, which acquired Cornwell’s Atlanta-based firm three years ago, sued former Cornwell client Alex Rodriguez last week for $380,000 in legal fees stemming from his representation of the New York Yankees star last year.
Shearman & Sterling climbed another rung up the profitability ladder in 2014, boosting profits per partner by 5.8 percent, from $1.8 million to about $1.9 million last year. The firm recorded more modest increases of 1.5 percent in revenue per lawyer and 3 percent in gross revenue.
The Kansas City, Missouri-based firm posted a 3 percent decline in PPP in 2014 while gross revenue grew 2.4 percent. Revenue per lawyer declined 1.4 percent and the firm added 18 attorneys to its head count. Shook Hardy's financial results come amid an announcement Tuesday that it would absorb Chicago-based complex commercial litigation boutique Grippo & Elden.
A data privacy expert joins Ropes & Gray on the West Coast; a former Bingham McCutchen practice leader lands at Mayer Brown; Epstein Becker & Green's 15-lawyer raid lands it an office in Princeton; Cleary Gottlieb hires a former Sullivan & Cromwell tax partner and other notable moves from throughout The Am Law 200.
Manny Pacquiao and Floyd Mayweather Jr., have agreed to a May 2 bout that could generate $400 million in gross revenue, making it the richest boxing match in history. O’Melveny & Myers represented Pacquiao and Top Rank Boxing—a boxing promotional company headed by a Harvard Law School graduate that just hired its new general counsel from the firm—on the deal, which comes after years of legal machinations between both fighters.
In Robert Dell’s final year as global chair, Latham & Watkins posted a record-high in gross revenue by hitting the $2.6 billion mark, as profits per partner, revenue per lawyer and net income also saw big gains.
A Skadden, Arps, Slate, Meagher & Flom team led by litigation partner Patrick Fitzgerald will represent the University of North Carolina at Chapel Hill in litigation, accreditation and regulatory matters resulting from a 2014 investigation by Cadwalader, Wickersham & Taft attorneys that revealed two decades of academic fraud at the university.
Big Law's favorite 10 schools. Plus, the 10 underdog schools that outperform their ranking.
Legal employment is still well below its pre-recession peak and is more or less flat, while non-farm employment is strongly rebounding, according to recent average quarterly government figures.
A Chicago boutique is absorbed by Greenberg Traurig; a Gibson Dunn practice leader heads out on his own; Sidley Austin and Steptoe & Johnson each add a trio; and other notable hires from throughout The Am Law 200.
This post isn't about law schools, big law firms, or even the legal profession. Rather, it begins a new series that will end—well, I'm not sure when it will end—but I have a pretty good idea how it will end. A few days ago, I received an unfortunate diagnosis: pancreatic cancer.
About three years ago, the chairman and founder of Boies, Schiller & Flexner teamed up with Zack Schiller, son of the firm's other founder, Jonathan Schiller, to create the Boies/Schiller Film Group, which is set to release "Jane Got a Gun," starring Natalie Portman and Ewan McGregor, on Sept. 4.
Skadden, Arps, Slate, Meagher & Flom's Mulaney and Hatchard led the way for Broomfield, Colorado-based Ball Corp. in its $6.8 billion acquisition of fellow can maker Rexam PLC.
The National Football League left Los Angeles in 1995, but if the league's San Diego Chargers and Oakland Raiders have their way, the two franchises will play in a new $1.7 billion stadium just south of the city’s downtown in Carson, California. The privately financed project, announced by both teams Friday, has led to roles for at least two Am Law 100 firms.
Continuing a trend of modest financial growth, Gibson, Dunn & Crutcher posted gross revenue of $1.466 billion in 2014, up 5.7 percent from the previous year, with profits per partner coming in at $3.05 million, a 3.4 percent increase. Revenue per lawyer inched up 1.3 percent, to $1.22 million last year, from $1.2 million in 2013.
Richard Cieri, a longtime leader of Kirkland & Ellis’ vaunted corporate restructuring group who joined the firm a decade ago this month, is retiring on a high note. Cieri's departure comes at a time when Kirkland’s bankruptcy practice is booming, with recent filings in the Chapter 11 cases of Caesars Entertainment and Energy Future Holdings showing at least $40 million flowing into the firm's coffers.
Ball Corp.’s acquisition of fellow can maker Rexum PLC tops our latest roundup of deals worth $1 billion or more, with Skadden, Arps, Slate, Meagher & Flom advising on the most number of deals.
Be careful where you launch your career. Location matters.
For White & Case, 2014 was a landmark year. For the first time, the firm saw gross revenue, revenue per lawyer and profits per partner hit new highs.
A trio of high-profile energy partners based in Washington, D.C., is joining Sidley Austin from Cadwalader, Wickersham & Taft, a firm that saw partner profits decline in 2014. The three will be reunited with partner Robert Stephens, who left his post as head of Cadwalader's Houston office for Sidley Austin in January.
The firm has elected Marci Eisenstein to succeed Ronald Safer, who had served as managing partner for a decade. Eisenstein is the first female to assume the role in Schiff Hardin's 150-year history.
Australia’s Slater & Gordon, the world’s first publicly traded law firm, is headed to Wales after acquiring a pair of personal injury shops in the U.K. The move comes as a co-founder of a prominent U.S. litigation finance firm calls for the adoption of alternative business structures by U.S. law firms.
Big firms take on more partners from Bingham McCutchen and Edwards Wildman Palmer; Dentons heads to Northern Virginia; King & Spalding snags a rival's IP litigation co-head; and other notable hires from throughout The Am Law 200.
Study finds that fewer blacks and Hispanics are going to top schools.
The accounts manager in London who stole $15,360 from Chadbourne & Parke has been banned from working at any law firm.
Dickstein Shapiro's deputy IP practice leader joins Arent Fox; Brown Rudnick brings on two 'Big Short' litigators; Latham & Watkins hires in London; and other notable additions from throughout The Am Law 200. On the Move is compiled from law firm announcements and reporting. Please send all memos and news releases to email@example.com.
The embattled anchor of NBC’s "Nightly News" has retained Williams & Connolly’s Robert Barnett to help negotiate his future at the network. Barnett is a high-profile jack-of-all-trades whose clients have included President Barack Obama, former President Bill Clinton, Secretary of State Hillary Clinton, former Alaska Gov. Sarah Palin and former British Prime Minister Tony Blair. He's also represented NBC News exec Deborah Turness, Williams’ boss.
Two weeks after the Super Bowl, the National Football League released its most recent tax filing, which shows that Akin Gump Strauss Hauer & Feld, Covington & Burling and Paul, Weiss, Rifkind, Wharton & Garrison are reaping the benefits from their off-the-field gridiron efforts.
For a fifth consecutive year, Davis Polk & Wardwell's profitability and revenue rose by significant margins, with the firm's revenue surpassing the $1 billion mark for the first time. Average profits per partner came in at $3.29 million, a record high for the firm. Revenue rose from $975 million in 2013 to $1.072 billion last year.
The firm's gross revenue climbed 7.2 percent in 2014 while profits per partner dropped 13.4 percent. Firm chair R. Steven Kestner attributes the PPP falloff to a big contingency fee settlement that Baker & Hostetler reached with the trustee of Howrey. Revenue per lawyer, meanwhile, was down 2.2 percent, while head count was up 10 percent, in part because of a merger with an IP firm.
U.S. Bankruptcy Judge Steven Rhodes ruled on Thursday that the controversial legal and consulting fees incurred by the Motor City during its bankruptcy proceedings are reasonable considering the complexity of the case.
Our latest roundup of M&A deals worth $1 billion or more includes Am Law firms advising on Harris Corp.'s $4.75 billion buy of Exelis, Inc.; Rite Aid's $2 billion acquisition of pharmacy benefits manager Envision Pharmaceutical Services; and Hilton Worldwide Holdings Inc.'s $1.76 billion acquisition of five hotel properties from a group of sellers. Latham led the way in terms of deal volume and transaction size.
Harvard now bans certain relationships. Should Big Law do the same?
The firm has put in place a new policy that requires each of its more than 5,000 employees in about 25 countries to devote 25 hours per year to community service. The policy is unique because it does not just apply to lawyers, and it will encompass the international offices.
Stronger industry performance in 2014 caused bigger smiles at more firms than in 2013. Net income and profits per equity partner were up 6 percent and 5.7 percent, respectively, compared with 3.2 percent and 3.5 percent in 2013. In fact, profitability performance was the strongest since 2010, especially among firms with significant transactional practices.
Firms such as Burr & Forman and Butler, Snow, O'Mara, Stevens and Cannada are expanding their presence in the Music City, contributing to a recent spike in lateral activity since the start of the year.
Fresh off successful financial years in 2014, Holland & Knight opens a Denver office with six lawyers from Lathrop & Gage; Akin plucks a practice leader from Paul Hastings; Covington & Burling adds a former federal prosecutor; a handful of departures from Dickstein Shapiro; Kirkland & Ellis grows in London; and other notable hires from throughout The Am Law 200.
Are firms showing women partners more respect? Maybe.
For the second straight year, Mayer Brown posted a double-digit rise in profits per partner, as gross revenue also increased. The firm's revenue was up 6.7 percent, to $1.223 billion and profits per partner jumped 12.8 percent, to $1.45 million. Revenue per lawyer increased 5.8 percent to $825,000, while net income moved up 17.4 percent to $405.5 million.
Former federal prosecutor Douglas Sprague joined Covington & Burling as a white-collar defense and investigations partner in San Francisco. In one of his more memorable cases, Sprague prosecuted Leigh Sprague, a former Coudert Brothers and LeBoeuf, Lamb, Greene & MacRae associate who embezzled $10 million from a prominent Russian oligarch he worked for in Moscow.
Sidley Austin's financials were up on all counts last year, with gross revenue climbing 9.5 percent, to $1.753 billion, and revenue per lawyer increasing 5.3 percent, to $995,000. Profit per partner improved 6.1 percent, to $1.99 million, while net income rose 11.2 percent, to $608 million.
With an array of major litigation, regulatory and transactional matters having its lawyers going full-throttle, Paul, Weiss, Rifkind, Wharton & Garrison broke the billion-dollar mark in gross revenue last year and set new records for partner profitability and attorney head count.
Jones Day and Polsinelli pick up a pair of Squire Patton Boggs health care practice leaders; Dickinson Wright and Jackson Lewis prepare for new offices; Paul Weiss picks up a top federal prosecutor; Willkie Farr makes another hire in Houston; and other notable additions from throughout The Am Law 200.
An Orlando artist who used a 3D printer to recreate and sell figurines of the bumbling shark that danced behind Katy Perry during the Super Bowl halftime show has incurred the wrath of the pop star’s lawyers at Greenberg Traurig. In a letter to the alleged copyright infringer, they write that Perry has exclusive rights to the shark images and costumes seen in her halftime show.
Jenner & Block recorded a remarkable jump in revenue and profits in 2014. The improved results were in part due to its work for General Motors Corp. investigating the carmaker's ignition switch problem, which was led by Jenner chairman Anton Valukas. The firm's ranks of partners and lawyers also took a dip during this time.
Zatylny advised New York-based pharmaceutical giant Pfizer Inc. in its $15.2 billion acquisition of Hospira, giving it a foothold in the international sterile injectables market.
Fried Frank and Dentons have implemented dramatically different China strategies. Maybe they're both correct.
After showing some modest gains in December, legal sector jobs were down by 1,400 in January, according to seasonally adjusted preliminary data released Friday by the U.S. Bureau of Labor Statistics. There are now 1.118 million people employed in that sector.
The music finally stopped at RadioShack late Thursday, as Jones Day grabbed a lead role for the 94-year-old consumer electronics retailer as it began bankruptcy proceedings in Delaware. The Fort Worth-based company has agreed to sell 1,500 stores to Sprint and hedge fund shareholder Standard General in a Chapter 11 case that's also yielded roles for Debevoise & Plimpton and Pepper Hamilton.
Even without controversial plaintiffs attorney Steven Donziger in the room, both sides in the heated battle between Chevron and Ecuadorian litigants came out swinging during a legal ethics panel at LegalTech New York on Thursday.
This week's roundup of deals worth $1 billion or more includes Am Law firms working on a $15.2 billion pharmaceutical transaction between Pfizer and Hospira; a $10.54 billion telecom deal between Frontier and Verizon; a $7.3 billion asset sale by building material manufacturers Holcim and Lafarge; and a $6.3 billion merger between Staples and Office Depot.
The two Am Law 100 firms are poised to set up shop in Johannesburg and Cairo, respectively.
A month after Fennemore Craig took on the bulk of Lionel Sawyer & Collins, the prominent Nevada firm finally went bust, filing for bankruptcy in Las Vegas. Lionel Sawyer, known for its gaming expertise, plans to liquidate the rest of its operations in Chapter 7.
Study finds that bosses who support their employees get better results.
After a six-month stint at Bracewell & Giuliani, Michael Niebruegge has joined Willkie Farr & Gallagher's office in Houston, which opened in November. Niebruegge had been one of a couple of Houston-based defectors from Cadwalader, Wickersham & Taft, which recently posted a 15 percent decline in profits per partner for 2014.
Fast-growing Polsinelli continued expanding in 2014, with revenue jumping 13.4 percent to $368 million for its fiscal year ending Oct. 31. The Kansas City, Mo.-based firm has more than doubled its revenue since 2010. Meanwhile, profits per partner dropped 5 percent to $650,000, partly due to the equity partner ranks rising by nearly 7 percent to 112.
Boies Schiller & Flexner partner Kathleen Smalley is headed to newly merged Locke Lord; Davis Polk poaches Greenberg Traurig's real estate chair in New York; three DLA Piper finance lawyers depart; Littler Mendelson heads to Maine; and other notable moves from throughout The Am Law 200.
Cadwalader, Wickersham & Taft saw profits per partner decline by 15.3 percent in 2014 while gross revenue remained flat. Revenue per lawyer was down by 3.2 percent. At the same time, attorney head count climbed by 3.4 percent.
DLA Piper has been active on the lateral hiring front this year, but the global legal giant saw three finance lawyers leave its robust ranks this week for Magic Circle firm Clifford Chance and Pillsbury Winthrop Shaw Pittman. One partner heading to Pillsbury was caught up in a high-profile overbilling suit filed against DLA Piper by a former client in 2013.
Littler Mendelson is opening an office in Portland, Maine, after scooping up five lawyers from national labor and employment rival Fisher & Phillips.
A month after seeing its longtime leader retire, Latham & Watkins lured four key partners to its ranks in Germany and Washington, D.C., with raids on Magic Circle firm Clifford Chance and noted IP litigation shop Finnegan, Henderson, Farabow, Garrett & Dunner.
Another leading academic in sex scandal; Norton Rose's Chinese problem; names banned in France.
McDermott Will & Emery increased its revenue for the third straight year, while shrinking its head count. Last year, it brought in $900 million, up 2.2 percent from the year before; revenue per lawyer rose 4 percent, to $900,000. Profits per partner dropped slightly by 1 percent, to $1.53 million.
Although Skadden, Arps, Slate, Meagher & Flom landed at the top of research firm Acritas' annual survey measuring the strength of U.S. law firm brands for the fourth consecutive year, its rivals are closing in.
Polsinelli, one of the Am Law 100's fastest-growing firms, churns through its partnership; Alston & Bird adds eight in Dallas; Freshfields hires again in New York; a Skadden practice leader goes in-house; and other notable hires from throughout The Am Law 200.
Maierson and Yee advised Energy Transfer Partners in its $18 billion merger with Regency Energy Partners.
Despite a management change and the defection of three practice group leaders and other top partners, Dorsey & Whitney reported a 3.8 percent increase in gross revenue in 2014, to $338.5 million, while profits per partner and revenue also improved.
Law school applicants gunning for top schools wasted a lot of effort last year.
R. Gwen Peterson, a partner with Kilpatrick Townsend & Stockton, helped star Seattle Seahawks running back Marshawn Lynch trademark his nickname "Beast Mode." Now that nickname, which appeared on a hat Lynch wore at Super Bowl Media Day, could lead to a $100,000 fine by the National Football League.
With new leadership in place after the firm’s chair of 16 years stepped aside over the summer, Goodwin Procter had a strong year, with gross revenue increasing by 4.4 percent, profits per partner rising 7.4 percent and revenue per lawyer increasing 6.1 percent in 2014.
The $18 billion merger between Energy Transfer Partners and Regency Energy Partners tops a roundup of nine deals breaking the billion-dollar mark this week.
Chadbourne & Parke will open the South African outpost on Feb. 2, to be headed by Lido Fontana, a former project finance partner from one of the country's top corporate firms.
Alisa Melekhina learned to play chess at 5, competed for the first time at 7 and represented the U.S. in a tournament at 9. Now, at 23, she is among the top 10 women chess players in the country. Meanwhile, as a new associate at Debevoise & Plimpton, she is working on a white-collar criminal investigation—a challenge she says her chess mind has trained her for.
Who's Paul Cassell? And why is he alleging all those awful things about the Harvard law legend?
Five lawyers join King & Spalding, as two others depart; Haynes and Boone heads to Denver; Pillsbury Winthrop adds 10 in Texas; Latham & Watkins lures a well-pedigreed litigator and other notable additions from throughout The Am Law 200.
The firm announced the launch of a subscription-based online platform that allows multinational companies to access information regarding cybersecurity laws for the countries in which they operate.
Five days after The American Lawyer broke news of the impending combination between Dentons and Asia's largest firm, the union is now official. Chinese regulators gave the expected green light to the landmark deal between China-based Dacheng Law Offices and Dentons early on Monday Beijing time, clearing the way for the signing ceremony.