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Legal News

The AM Law Daily

Daily legal news from American Lawyer magazine.
By American Lawyer

Post Frequency: 9.5/day

Last Entry: March 30, 2011 at 21:00:00

The Careerist: A "20 Percent Better Year" at
Susman Godfrey

Posted on December 15, 2010
Steve Susman has a simple answer for why his firm's associate bonus scale (from $45K to $100K) is so generous this year: "Our associates work very hard and are very, very good. When we have a good year, their bonuses go up."

Justice Department Sues BP, Eight Other Defendants Over Deepwater Horizon Disaster

Posted on December 15, 2010
The 27-page complaint, filed under the Oil Pollution Act and Clean Water Act, seeks to hold BP responsible for government removal costs, economic losses, and environmental damages.

Madoff Prosecutor to Join Baker & McKenzie
in January

Posted on December 15, 2010
Marc Litt, an assistant United States Attorney for the Southern District of New York, will join the global compliance practice of the 3950-lawyer firm as a partner.

U.K. Mall Chain Rejects $4.6 Billion Simon Property Offer

Posted on December 15, 2010
A potential deal between the largest mall chains in the United Kingdom and the United States has stalled as Capital Shopping Centres Group rejected a buyout offer made earlier Wednesday by Simon Property Group, Inc. Wachtell and Freshfields are advising Simon; Capital reportedly is represented by Linklaters...

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Report: Nixon Peabody Loses Five Rochester Partners to LeClairRyan

Posted on December 15, 2010
Five partners are splitting off from the Rochester office of Nixon Peabody to launch a local office for Virginia-based LeClairRyan, reports the Rochester Business Journal. The departures follow a leadership change at the firm earlier this week.

David Boies Takes on Stephen Colbert

Posted on December 15, 2010
The Boies, Schiller & Flexner founder appeared on Comedy's Central's The Colbert Report Wednesday night to talk about the challenge to California's Proposition 8 law prohibiting same-sex marriage.

Novartis Cuts a Deal for the Rest of Alcon

Posted on December 15, 2010
After acquiring three-quarters of eye-care company Alcon from Nestle, Novartis is buying the remainder from minority shareholders, marking the completion of one of the largest buyouts in history. Total tab: $51.6 billion.

S&C Advises Dynegy on Acquisition by Icahn

Posted on December 15, 2010
After losing in his bid for film studio Lions Gate Entertainment this week, the activist investor has turned it around and bought Dynegy, the third-largest independent power producer in the U.S., for $665 million in cash.

Polish Up the Resume: Hiring Looks to
Pick Up in 2011

Posted on December 15, 2010
So says a recent hiring survey. And legal recruiters agree, pointing to an increased number of searches in the fourth quarter of 2010. But the news isn't necessarily good for those lawyers caught up in the wave of recession-driven layoffs.

Quinn Emanuel Files Motion to Disqualify Patricia Glaser in Bratz Case

Posted on December 15, 2010
In November, when Quinn Emanuel defeated a Kaye Scholer motion to disqualify the firm because a Quinn associate once worked on related matters while at Kaye Scholer, John Quinn tweeted that his firm had beaten the 'bad guys.' Now he's the one seeking to knock out opposing counsel...

Oracle Wins Record-Setting $1.3B Verdict in Software Copyright Case

Posted on November 24, 2010
After just a day of deliberations, a federal jury in Oakland adopted the damages theory put forward by Oracle's lawyers at Boies Schiller and Bingham, handing the company the largest jury award of 2010 and the biggest copyright damages verdict in history.

Pennsylvania Shale Boom: Drilling for Trouble?

Posted on November 24, 2010
A controversial practice called fracking has set off a multibillion-dollar land rush--and created new work for defense and deal lawyers alike.

Report: Bingham Asked to Kick in to McCourt Settlement Fund

Posted on November 24, 2010
The Los Angeles Times reports that the mediator trying to work out a settlement in the divorce battle between Frank and Jamie McCourt met with a Bingham McCutchen representative while crafting his latest proposal--and may well have asked the firm to contribute to any potential settlement.

Dealmaker of the Week: Julie Jones of Ropes & Gray

Posted on November 24, 2010
The Ropes & Gray corporate partner's practice has taken her from tots to preps in just a month?s time.

The Bankruptcy Files: Lehman Fees, Madoff Feeder Funds, and Resorts

Posted on November 24, 2010
In this special pre-Thanksgiving edition: The legal advisory tab in the Lehman Brothers bankruptcy case approaches $1 billion, plus a batch of firms land roles on a fresh round of Chapter 11 filings that includes a feeder fund for Bernard Madoff's massive Ponzi scheme...

Milbank Sticks with Cravath's 2010 Bonus Scale

Posted on November 24, 2010
Associates will receive payments of $7,500 to $35,000 depending on their class year, a source close to the firm told the New York Law Journal.

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

Posted on November 24, 2010
Goodwin Procter brings on a litigator from Sidley; King & Spalding's global expansion continues, this time in Geneva; and SNR Denton beefs up its New York-based white collar and government investigations practice. The Churn is constant. Please send all announcements and news releases to thechurn@alm...

White & Case's Lauria to Rangers Bankruptcy Judge: "Why Don't You Call Me Blutarsky?"

Posted on November 23, 2010
The quirky exchange surfaced in a New York Times story about a previously sealed recording of conversations between lawyers working on the franchise's bankruptcy case and the judge overseeing the matter.

It's a Match: Following Cravath's Lead, Skadden Announces Bonuses

Posted on November 23, 2010
Not surprisingly, the firm will stick with the scale set by Cravath on Monday, the New York Law Journal reports.

Preppy Goes Private: J.Crew Sold for $3 Billion

Posted on November 23, 2010
Cleary, Cravath, Latham, Ropes, and Willkie all advised on the deal that will keep chairman and CEO Mickey Drexler running the business that private equity firms TPG Capital and Leonard Green & Partners are buying.

The Careerist: Unemployed With Just Some Contract Work to Show for It

Posted on November 23, 2010
Put that on your resume at your own risk.

Hedge Funds Lawyering Up

Posted on November 23, 2010
The government's investigation into insider trading in the financial services industry has put Wall Street on the defensive, with even those hedge funds that haven't been publicly linked to the investigation tapping high-powered attorneys.

Lehman, Barclays Send Billion-Dollar Battle to Bankruptcy Judge

Posted on November 23, 2010
Did Barclays dupe Lehman's bankruptcy court judge and scheme its way to a megabucks windfall when it bought Lehman's broker-dealer business in September 2008? Or did the Lehman estate fling unfounded after-the-fact accusations at its white knight? The two sides make their last, best case before Judge James Peck in final post-trial briefs filed late Monday.

Citi's 3Q 2010 Firm Results: Flat Revenue, Rising Inventory

Posted on November 22, 2010
Law firms reported flat revenue, declining expenses, and rising inventory, according to third quarter results from Citi Private Bank.

Davis Polk Looks to Bolster Hong Kong Practice with Linklaters Beijing Office Head

Posted on November 22, 2010
The firm has poached another rising star from the Magic Circle to join its burgeoning Hong Kong law practice.

Vinson Leads for Energy XXI on $1B Acquisition of Exxon Gulf Assets

Posted on November 22, 2010
The Bermuda-based company will become the third largest oil producer on the Gulf of Mexico shelf after it completes its acquisition of the Exxon properties.

U.K. Legal Education Facing Familiar Questions

Posted on November 22, 2010
Three regulatory bodies are teaming up for a joint review of the country's legal education system and taking on issues of diversity, changes in technology, and an oversupply of young lawyers.

The Lateral: Barbara Asheld Takes it Private

Posted on November 22, 2010
With almost three decades of government legal work under her belt, the new Nixon Peabody lawyer is mixing it up with her first foray into private practice as counsel in the firm's health services practice.

Cravath's Year-End Associate Bonuses:
From $7,500 to $35,000

Posted on November 22, 2010
Payments to associates from the class of 2009 to the class of 2003 will be paid on December 10. Other attorneys also will be eligible for special year-end payments.

Wilmer Announces Leadership Succession Plan

Posted on November 22, 2010
Come January 2012, "Bill and Bill" (Perlstein and Lee) will make way for their co-managing partner successors, Boston-based Susan Murley and Washington, D.C.-based Robert Novick. The partnership voted on and approved the transition on Friday.

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