Legal News

THE AM LAW 100: Howrey's PPP Plunges 35 Percent

Posted on February 22, 2010
Howrey reported weak 2009 financials Monday. The firm's gross revenue fell from $573.2 million to $480 million, marking a decline of 16.3 percent. Profits per partner sank from $1.299 million to $846,053?a 34.9 percent drop.

THE AM LAW 100: Detroit Firms Dodge Doomsday

Posted on February 22, 2010
Confronted with the U.S. auto industry's precipitous decline, Detroit law firm leaders put on a brave face and maintained that counter-cyclical practice areas and corporate work stemming from asset divestitures would save their bottom lines. And less than a year removed from the government-engineered bankruptcies of Chrysler and General Motors, the Motor City's largest firms have managed to meet their challenge, according to the latest Am Law 100 survey data.

Wachtell, Baker Botts on $11 Billion Oil Deal

Posted on February 22, 2010
The two firms advised in Schlumberger's acquisition of Smith International.

THE AM LAW 100: A Solid Year for Arnold & Porter

Posted on February 22, 2010
The D.C. firm saw both revenue and profits per partner rise slightly in 2009

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THE AM LAW 100: Munger, Tolles Sees Revenue, Profits Dip

Posted on February 22, 2010
The Los Angeles-based firm cites a decision to freeze billing rates as one reason for the decline.

From Patton Boggs to Afghanistan and Back Again

Posted on February 19, 2010
We caught up with Frank 'Gus' Biggio, a Marine Corps reservist and fourth-year associate at Patton Boggs, who recently returned to the firm after spending seven months in southern Afghanistan, where Marines are currently taking part in a major offensive.

Does King & Spalding Have the Inside Track on Toyota?

Posted on February 19, 2010
It appears Toyota has turned to the D.C. for for advice amid the current recall scandal.

Dealmaker of the Week: Faiza Saeed of Cravath, Swaine & Moore

Posted on February 19, 2010
Saeed defended fertilizer company Terra Industries against advances from rival CF Industries for a year in what the press and M&A world dubbed "The Fertilizer Wars." On Monday, she led Terra to a better deal with Norway's Yara International...

THE AM LAW 100: Kirkland & Ellis Holds Steady

Posted on February 19, 2010
The Chicago-based firm's gross revenue increased by 2 percent in 2009 to $1.428 billion. Profits per equity partner rose by about 1 percent.

Alleged Gunrunner Looking for U.S. Legal Guns

Posted on February 19, 2010
Federal prosecutors unsealed an indictment on Wednesday charging Viktor Bout, an alleged Russian arms dealer, with violating economic sanctions and money laundering. The question now: Who will represent him?

Cravath-Style Conflict Accusations Hit Blank Rome

Posted on February 19, 2010
And like Cravath, the firm says those allegations are bogus.

THE AM LAW 100: Revenue and Profits Fall at Mayer Brown

Posted on February 19, 2010
Mayer Brown saw gross revenue fall by just under 14 percent in 2009, accompanied by an even more dramatic plunge in net income. However, fewer equity partners meant that profits per partner dipped only 4 percent.

In Ticket Resale Fight, It's The Boss 1, Ticketmaster 0

Posted on February 19, 2010
The ticket-selling giant, newly merged with Live Nation, will reimburse ticket buyers up to $1 million for  errors in its ticket sales process.

Ashurst Asks More Partners to Leave, Shutters India Office

Posted on February 19, 2010
The London-based firm has asked more partners to leave, according to a report published on Friday by London-based Legal Week. Ashurst asked fewer than ten partners to leave shortly before Christmas, with most set to depart by the end of April. The firm also will be closing a liaison office in New Delhi.

Lindsey Vonn's Legal Connections

Posted on February 18, 2010
Sports Illustrated cover girl, swimsuit model, and alpine skier Lindsey Vonn capped a big day for the U.S. Winter Olympic team on Wednesday by winning a gold medal in the women's downhill. Turns out Vonn's the daughter of a DLA Piper partner and a solo practitioner in Minnesota...

Gibson Dunn Wants Its Money in NY Pension Fund Work

Posted on February 18, 2010
The firm says a fund at the center of the state's pay to play scandal owes it $1.3 million.

Shearman, Dewey Tapped for $1.4 Billion Insurance Deal

Posted on February 18, 2010
Fairfax Financial Holdings, the Canadian insurer run by Prem Watsa, plans to buy all outstanding shares of Zenith National Insurance Corporation for roughly $1.4 billion.

THE AM LAW 100: Paul, Hastings Revenue Falls 10 Percent, RPL Rises

Posted on February 18, 2010
Paul, Hastings, Janofsky & Walker reported a 9.8 percent decline in gross revenue in 2009. But profits per partner fell just 1.4 percent from $1.9 million in 2008 to $1.87 million. And because the firm cut head count by 13.7 percent, revenue per lawyer actually increased by 4...

So What Advice Did Wachtell Give to BofA?

Posted on February 18, 2010
So far, the paper trail is as advertised.

THE AM LAW 100: O'Melveny & Myers Revenue and Profits Drop

Posted on February 18, 2010
For the second year in a row, O'Melveny & Myers reported a decline in both revenue and profits as the firm struggled with the continuing economic downturn and client pressure on rates.

Sideswiped: Arent Fox Steals Venable's L.A. Auto Group

Posted on February 18, 2010
The chairman of Venable's automotive industry group has left the firm along with five other lawyers to join Arent Fox's Los Angeles office, according to sibling publication The National Law Journal.

Three Firms Score Roles on $10.7 Billion India-Africa Telecom Merger

Posted on February 18, 2010
Herbert Smith, Linklaters, and India's AZB & Partners are advising on a deal that could see New Delhi-based Bharti Airtel, the world's third-largest mobile phone operator, acquire the African assets of Kuwait's Mobile Telecommunications Company.

THE AM LAW 100: Profits, Revenue Drop at Dechert

Posted on February 18, 2010
Dechert saw declines in both revenue and profits in 2009. "We dealt with the challenges that we faced very well," says firm chairman Bart Winokur.

THE AM LAW 100: Sidley's Revenue Slips As Profits See Uptick

Posted on February 17, 2010
Gross revenue fell by almost 9 percent in 2009 to $1.357 billion. A decline in the number of equity partners (from 332 to 304) boosted profits per equity partner by just over 2 percent to $1.46 million.

Inside Lyondell's Texas-Sized Bankruptcy Legal Bills

Posted on February 17, 2010
Houston-based Lyondell Chemical is hoping that its year-long Chapter 11 case is nearly over after reaching a $450 million settlement with creditors. The Am Law Daily did some docket-digging to see how much firms have profited from the pharmaceutical giant's bankruptcy court odyssey...

Cleary, Linklaters, Simpson and S&C On $1.7 billion J.P Morgan/RBS Sempra Deal

Posted on February 17, 2010
The banking giant agreed to purchase RBS Sempra's European and Asian assets, which includes its global oil and metal businesses.

The Churn: Lateral Moves and Promotions in The Am Law 200

Posted on February 17, 2010
Baker & McKenzie adds a pair of partners; Jackson Lewis gets a former auto expert; Katten Muchin ups its roster by two; and Barnes & Thornburg hires a government services specialist. The Churn is constant. Send announcements, news, and releases to editorial@alm...

Catching Our Breath in the BofA-Merrill Flap

Posted on February 17, 2010
Those of you who've been eager to read back-and-forth emails among Bank of America executives and Wachtell lawyers who advised them on the Merrill Lynch merger will soon get your wish.

To Dream the Impossible Dream: Making Partner Increasingly Out of Reach

Posted on February 17, 2010
Shrinking revenues. Compensation cuts. Layoffs. It all means that making partner is becoming an increasingly elusive dream for some associates, according to a report from Bloomberg. One barometer for making the grade: fulfilling the requirements of the Cleveland Airport Rule.

Paul Weiss, Wachtell, Weil Advising on $1.1 Billion Duane Reade Deal

Posted on February 17, 2010
Walgreens will acquire rival Duane Reade for nearly $1.1 billion in cash, expanding the national drugstore chain's presence in the New York metropolitan area. Paul Weiss, Wachtell, and Weil Gotshal all had a part.

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