Kaye Scholer creates a new global cybersecurity and privacy group in connection with a recent hire; Dentons makes a series of additions in Washington, D.C., and several lawyers leave Edwards Wildman & Palmer. The Churn is constant. Please send all announcements to email@example.com.
An investor group led by Cerberus Capital Management has struck a deal to acquire grocery store chain Safeway in the largest leveraged buyout so far this year. Schulte Roth & Zabel is advising the buyers, with Dechert and Baker Botts also providing antitrust advice. Latham & Watkins is representing Safeway.
Clad in suits and handcuffs, former Dewey & LeBoeuf executives Steven Davis, Stephen DiCarmine and Joel Sanders, along with former Dewey accounting employee Zachary Warren, filed into a downtown Manhattan courtroom Thursday to plead not guilty to multiple counts of fraud related to the firm's 2012 collapse.
A week before three former Dewey & LeBoeuf leaders were charged with engineering a massive fraud that helped destroy the firm, litigator Geoffrey Coll underscored the human toll of the collapse caused by their alleged actions by filing for Chapter 7 protection.
The criminal indictments of three former Dewey leaders accused of engineering a massive fraud that helped kill the firm include a wealth of potentially damaging email messages that lawyers for the defendants say have been taken out of context. Read on for some of the most colorful excerpts.
Following a nearly two-year investigation that began as Dewey & LeBoeuf spiraled toward death, its former chairman, Steven Davis; its former executive director, Stephen DiCarmine; and its ex-chief financial officer, Joel Sanders, were accused Thursday of "concocting and overseeing a massive effort to cook the books" at the firm.
An independent committee of board members from Swedish truck company Scania is mulling Volkswagen's $9.2 billion offer for the remaining 37.3 percent stake in the company that Volkswagen doesn't already own. Clifford Chance and Swedish firm Roschier are advising Volkswagen on the offer, which was announced last month.
Dentons hires a total of 46 attorneys from failed Canada firm Heenan Blaikie; Akerman adds three new litigators in its month-old Chicago office; and a former White House adviser joins Akin Gump. The Churn is constant. Please send all announcements to firstname.lastname@example.org.
Caesars Entertainment is selling four casino properties in Las Vegas and New Orleans to one of its affiliates in a restructuring transaction worth $2.2 billion, including assumed debt and committed expenditures. Reed Smith is representing a special committee of Caesars' board while Skadden is advising a special committee of Caesars Acquisition Company's board.
Debevoise & Plimpton had a successful 2013 on all financial fronts, with gross revenue increasing by 1.9 percent, to $688 million, and profits per equity partner soaring 11.3 percent, to $2.31 million.
After a turbulent year in which at least three dozen partners left and some core practices fell into the doldrums, Weil, Gotshal & Manges reported substantial financial declines in 2013. Revenue dipped 7.4 percent while profits per equity partner fell by the same percentage.
Tyco International is selling its South Korean fire protection and security unit to buyout firm the Carlyle Group for $1.93 billion in cash. Clifford Chance and South Korean firm Lee & Ko are advising Carlyle on the deal, while Tyco is represented by Simpson Thacher and Kim & Chang.
Senior leveraged finance partner John Cobb is heading to Paul Hastings from Weil, Gotshal & Manges, marking the 36th partner departure from Weil in the past six months, and the 15th in just the last three months alone, according to reporting by The American Lawyer.
The latest tax filings by the National Football League and its collective bargaining arm show that it paid out nearly $25 million to Akin Gump, Covington & Burling and Paul Weiss, the latter a newcomer to the NFL's stable of top outside legal advisers.
In its third annual look at which U.S. law firms have the strongest brand recognition among corporate clients, research company Acritas has again placed Skadden, Arps, Slate, Meagher & Flom at the top of the list, followed by Jones Day, Kirkland & Ellis, Baker & McKenzie and Hogan Lovells.
Davis Polk & Wardwell saw its profits per partner surge 22.5 percent last year, to $2.94 million, while the firm's gross revenue rose a more modest 5.4 percent, to $975 million, according to The American Lawyer's reporting.
Baker & McKenzie, Chadbourne & Parke, Clifford Chance, Dentons, DLA Piper and Squire Sanders have all seen business at their offices in Kiev grind to a halt this month amid clashes between opposition forces and security services loyal to former president Viktor Yanukovych.
Dinsmore & Shohl expands its public finance capabilities with the acquisition of a 35-lawyer Cincinnati-based firm; Dorsey & Whitney loses a pair to Polsinelli; and Orrick expands in London.The Churn is constant. Please send all announcements to email@example.com.
A Securities and Exchange Commission examiner has reached a deferred prosecution agreement with U.S. prosecutors after being charged with three counts of making false statements about his stockholdings, Reuters reports.
Though DLA Piper's growth slowed in 2013 as it continued to reshape its practice, the firm still managed to hit new highs in both revenue and profits per partner, according to The American Lawyer's reporting.
Patton Boggs, which is engaged in preliminary merger talks with Squire Sanders after announcing the closure of its Newark office this week, could see one of its top partners head for the door. James Tyrrell Jr., a member of the firm's executive committee and head of its toxic tort and product liability practice group, joined Patton Boggs in a high-profile lateral move in 2006. He also took on a controversial case representing indigenous Ecuadoreans suing energy giant Chevron, which has complicated Patton Boggs' efforts to find a merger partner. As it happens, Squire Sanders has its own ties to the South American nation.
Kaye Scholer saw its gross revenue decline for the third straight year in 2013, but the firm managed to eke out small gains in revenue per lawyer and profits per equity partner thanks to an accompanying contraction within its attorney ranks, according to The American Lawyer's reporting.
A Boston-based white-collar litigator jumps to Latham & Watkins from Ropes & Gray; Brownstein Hyatt Farber & Schreck gains five intellectual property lawyers; and Morrison & Foerster welcomes back a former partner from the Obama administration. The Churn is constant. Please send all announcements to firstname.lastname@example.org.
More than a decade after a former LeBoeuf Lamb partner pleaded guilty to giving faulty tax advice, his past actions are at the heart of two malpractice suits seeking millions of dollars in connection with the Dewey & LeBoeuf bankruptcy case.
Weil and Womble Carlyle are advising RF Micro Devices in connection with its purchase of TriQuint Semiconductor, a rival maker of radio frequency semiconductor chips, in an all-stock deal worth roughly $1.6 billion. Perkins Coie is representing TriQuint.
New legislation introduced in the U.S. Senate would put an end to taxpayer-funded bailouts of large financial institutions in favor of creating a new provision in the federal bankruptcy code for these entities.
The Second Circuit has ruled that a convicted insider trader found guilty of engaging in several illegal trades in 2005 must disgorge the windfall he reaped as a result of his misdeeds, but should not have to pay an amount equal to the losses he dodged.
A nine-year-old Securities and Exchange Commission rule that allows—but does not compel—attorneys to share confidential client information with the agency has troubled some lawyers since it was adopted. But an Allen Matkins partner says a single line contained in a recent SEC court filing may make those lawyers feel better.
Paul, Weiss, Rifkind, Wharton & Garrison saw its profits per partner increase more than 8 percent last year, to $3.62 million, and its gross revenue rise nearly 7 percent, to $934.5 million, according to The American Lawyer's reporting.
Paul Hastings enjoyed across-the-board improvements in its financial performance last year, with gross revenue rising 3.6 percent, profits per equity partner climbing 4.6 percent and revenue per increasing a full 5 percent, according to The American Lawyer's reporting.
A $41 million settlement reached by the Howrey estate and Baker & Hostetler last year may have been a windfall for the defunct firm's creditors, but it will result in substantial tax bills for former Howrey partners—three of whom insist they shouldn't have to pay.
Lewis Brisbois launches a new office near Philadelphia with a team of 14 laterals, including eight partners, from Nelson Levine; Pfizer's assistant general counsel heads to Paul Hastings; and O'Melveny's London office adds a Kirkland M&A partner. The Churn is constant. Please send all announcements to email@example.com
Under a settlement negotiated with lawyers from the New York Civil Liberties Union and pro bono counsel at Morrison & Foerster, the New York State Corrections Department agreed this week to change the way it uses solitary confinement to punish prisoners.
Gibson, Dunn & Crutcher reported gains across key financial metrics in 2013. The firm enjoyed its biggest bump in gross revenue, which rose 7.4 percent, to $1.386 billion, according to The American Lawyer's reporting.
Starting the year at an all-time high financially in 2013, Latham & Watkins made modest gains across in the key fiscal categories, growing gross revenue 2.7 percent, profits per partner 2 percent, and revenue per lawyer 1.4 percent, according to The American Lawyer reporting.
MoFo hires the federal bankruptcy judge who oversaw Lehman Brothers' Chapter 11 case; nine securitization and structured finance attorneys leave Jones Day to join Chapman and Cutler; and Latham adds its third private equity partner from Clifford Chance in the past year. The Churn is constant. Please send all announcements and news releases to firstname.lastname@example.org.
Last month, the task force created by the American Bar Association to study the legal education system produced its final report and recommendations. While some of the panel's conclusions deserve praise, others are as confused as those put forward by similar bar groups in various states.
In its first full year with a new management team at the helm, Shearman & Sterling saw its gross revenue rise 9.1 percent in 2013, to $820.5 million, and its profits per partner jump 18.4 percent, to $1.8 million, according to The American Lawyer's reporting
Gross revenues for Goodwin Procter were up 5 percent in 2013, according to The American Lawyer's reporting. Revenue per lawyer was up 6.5 percent while profits per equity partner grew 7 percent, topping the firm's past financial performance. Average compensation for all partners rose by nearly 8 percent, also a new high at Goodwin.
Cravath and Squire Sanders are representing chemicals manufacturer Ashland on the sale of its water technologies unit to buyout firm Clayton, Dubilier & Rice in a deal worth roughly $1.8 billion. Debevoise is advising CD&R on the deal.
Dublin-based generic drug maker Actavis is buying Forest Laboratories in a $25 billion cash-and-stock deal that increases Actavis' access to specialty drugs. Latham is advising longtime client Actavis on the deal, while Forest has turned to Wachtell. Other firms working on the deal include Skadden, which is counseling Actavis on antitrust issues, as well as Fried Frank and Simpson Thacher, which are representing financial advisers Greenhill & Co. and J.P. Morgan, respectively.
For many lawyers who represent foreign governments, the recent revelation that the U.S. National Security Agency's Australian ally has been privy to communications between an American law firm and its international client comes as no surprise.
Stopping short of a full-fledged denial, the Am Law 100 firm pushed back early Monday against the suggestion, laid out by The New York Times, that its lawyers' communications with a foreign client were intercepted by an Australian spy agency with the National Security Agency's blessing. Meanwhile, in an ironic twist, Justice Department records show that Australia once employed Mayer Brown as its U.S. lobbyist on free trade issues.
Roughly a year after reaping $3.6 million to conduct an internal investigation of the NBA players' union, Paul, Weiss, Rifkind, Wharton & Garrison litigation partner Ted Wells released Friday the results of his inquiry into the Miami Dolphins bullying imbroglio. Wells' firm also took the lead this week counseling a client on its $330 million acquisition of struggling Easton-Bell Sports' baseball and softball business. Meanwhile, Davis Polk and Covington, respectively, helped Comcast and the NFL ink a pair of major TV rights deals.
Jos. A. Bank has further complicated its ongoing battle with rival clothier Men's Wearhouse, which launched a hostile takeover for the company last month after rebuffing an unsolicited Jos. A Bank bid. Now, Jos. A. Bank has agreed to buy casual sportswear company Eddie Bauer from private equity owner Golden Gate Capital in a cash-and-stock deal worth $825 million.
A string of New York securities litigators are on the move; Bingham loses two Los Angeles–based lawyers to Winston and a partner in San Francisco to Manatt; and a former U.S. ambassador rejoins Jones Day. The Churn is constant. Please send all announcements to email@example.com.
Davis Polk and Willkie are advising Comcast, which announced Thursday that it has reached an agreement to buy Time Warner Cable in an all-stock transaction valued at roughly $67 billion, including some $21.8 billion in assumed debt. Paul Weiss and Skadden are representing Time Warner in the matter, and Simpson Thacher has also landed a role.
Kite Realty Group Trust has tapped Hogan Lovells for counsel on its $1.2 billion buy of the Inland Diversified Real Estate Trust, which has retained Alston & Bird to advise on the proposed union of the two shopping center owners. Meanwhile, two other top REITS—including one led by a former Sullivan & Worcester partner—battle with activist investors.
Wednesday was a day of musical chairs for the New York securities bar. One top securities litigator and government enforcer opted to return to his longtime law firm, while another prominent practitioner landed at his fourth firm in eight years.
The collapse of Heenan Blaikie has more lawyers from the storied national Canadian firm finding new homes. On Wednesday, Baker & McKenzie confirmed its hire of a 13-lawyer corporate, tax and banking and finance team in Toronto, while Am Law 100 and Swiss verein rival Dentons was in negotiations to take on an additional 22 lawyers from Heenan Blaikie, which saw talks break down earlier this week with DLA Piper.
Mayer Brown saw profits per equity partner jump more than 11 percent in 2013, to $1.285 million—the highest profits ever for the firm. This comes on the back of 5 percent revenue growth, according to The American Lawyer's reporting.
In Carter Phillips' first year as chair of Sidley Austin, the firm notched growth of greater than 7 percent in both gross revenue, to $1.6 billion, and net income, to $547 million. Profits per partner and revenue per lawyer rose approximately 4 percent, to $1.875 million and $945,000, respectively, according to The American Lawyer's reporting.
The Canadian legal market has been roiling lately following the sudden collapse of national firm Heenan Blaikie, raising concerns about a slowdown in deal work north of the border. But Mexican baking giant Grupo Bimbo perhaps put to rest some of those fears Wednesday, announcing its nearly $1.7 billion buy of Canada Bread from Maple Leaf Foods, a deal that has yielded roles for four of Canada's largest firms.
Paris-based specialty materials company Imerys is buying U.S. company Amcol International, which specializes in specialty minerals and chemicals. Kirkland is advising Amcol on its sale, while Skadden is representing Imerys.
Bryan Cave enjoyed modest growth in 2013, with gross revenue increasing by 3 percent. Partner compensation climbed more dramatically, thanks in part to a slight reduction in the firm's partnership ranks.
Last year was another solid one for White & Case in all key financial categories, with the firm's profits per equity partner climbing 10 percent, to $1.87 million, and its gross revenue increasing roughly 4 percent, to $1.44 billion, according to The American Lawyer's reporting.
Magic Circle firm Clifford Chance is counseling Deutsche Telekom on its $1.1 billion purchase of a nearly 40 percent stake in its T-Mobile affiliate in the Czech Republic from a private equity consortium, while also representing another private equity buyer that has agreed to pay nearly $300 million for Ogier Fiduciary Services, the administrative services arm of leading offshore firm Ogier.
Latham & Watkins is advising longtime private equity client The Carlyle Group on its $1.9 billion sale of Veyance Technologies to German tire and auto parts maker Continental AG, and Cadence Pharmaceuticals on its $1.3 billion sale to Ireland's Mallinckrodt. A half-dozen other Am Law 100 and foreign firms are also working on the transactions.
A U.S. district judge in New York has refused to allow Tower Legal Staffing to request sanctions against David Lola, an attorney who sued Tower and Skadden, Arps, Slate, Meagher & Flom for failing to pay him overtime for his work on a document review assignment, or against Lola's counsel, D. Maimon Kirschenbaum.
A three-partner litigation team moves from Bingham McCutchen to Sheppard, Mullin, Richter & Hampton; Greenberg Traurig sees its lawyers jump to Dechert, Husch Blackwell and Squire Sanders; and the chair of Dorsey's labor and employment practice joins Littler Mendelson. The Churn is constant. Please send all announcements to firstname.lastname@example.org.
The San Francisco-based firm plans to open an office housing various support operations in Kansas City sometime this summer. The location will be home to roughly 100 Sedgwick staffers who will either relocate or come out of the local labor force to manage work in the firm finance, human resources, information technology, knowledge management, marketing and new business operations.
Two months after the collapse of its planned combination with McKenna Long & Aldridge and nearly a year after a three-way merger with Paris-based Salans and Toronto-based Fraser Milner Casgrain, Dentons reported Monday that gross revenue was essentially flat for its U.S. arm in 2013 and profits per equity partner were up 4.8 percent.
The former Dewey & LeBoeuf partners targeted in the latest round of suits filed by the defunct firm's liquidation trust include Steven Otillar, who waged a since-settled court fight with Citibank over his alleged failure to repay a capital loan, and onetime Republican National Committee chairman Michael Steele.