Weil Poised To Pass $100 Million Mark In Lehman Bankruptcy Fees

Headline Legal News 2009/08/18 09:11   Bookmark and Share
According to The American Lawyer, we may have to scan the dockets of the largest bankruptcies in recent US history to see if any of them produced so much legal work as quickly as the Lehman Brothers Chapter 11 has since the bank filed for bankruptcy almost exactly 11 months ago.

To wit: Weil, Gotshal & Manges filed its second application for legal fees and expenses late Monday, and, if approved, the firm will have crossed the $100 million mark in total billings if one includes so-called hold back payments the court will distribute at a later date.

The second application covers four months -- Feb. 1 through May 31-- and it comes just a few days after Judge James Peck of federal bankruptcy court in Manhattan approved Weil's initial request for about $55 million in fees and expenses for the period of Sept. 15, 2008 through January of this year. As the Wall Street Journal reported Monday, that application got the approval of not only Peck, but also a special fee committee headed up by Kenneth Feinberg (the Obama administration's pay czar).
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Jones Day Lawyers Named To Northern California Super Lawyers & Rising Stars Lists

Headline Legal News 2009/08/17 09:19   Bookmark and Share
According to their website, 19 Jones Day lawyers are included in Law & Politics magazine's lists of Northern California Super Lawyers and Rising Stars. Those lawyers are listed on their website.

Super Lawyers are the top attorneys in their respective practice areas, selected by their peers and verified by the attorney-led research staff at Law & Politics.

2009 marks the inaugural year for Northern California Rising Stars, who must be 40 years old or younger, or in practice 10 years or fewer. The selection process includes nominations by Northern California Super Lawyers and evaluation by Law & Politics' research department.

The selection of the 2009 Northern California Super Lawyers & Rising Stars is based on surveys of more than 48,500 lawyers across northern California. Each lawyer was given a score based on the number of votes received and the source of those votes.

Law & Politics, a publication of Key Professional Media, Inc., has been publishing legal magazines since 1990 and Super Lawyers since 1991.
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Baker & McKenzie's Profits Fall 17 Percent

Headline Legal News 2009/08/14 09:08   Bookmark and Share
According to The American Lawyer, Baker & McKenzie reported Friday that global revenue declined 3 percent to $2.11 billion and profits per partner fell a more significant 17 percent to $992,000 in fiscal year 2009, bringing an end to a four-year period over which the firm experienced consecutive double-digit revenue growth and an 85 percent increase in profits.

While Chicago-based Baker & McKenzie, which generated 66 percent of its fees outside the United States, highlighted the role currency exchange rates played in the falling benchmarks for fiscal year 2009, management admitted the economic downturn negatively impacted the firm's financial performance.

"The financial crisis progressed into an economic recession that has been very challenging for our clients, for all law firms and for us," said John Conroy, chairman of the firm's executive committee. According to Conroy, the impact of the economic downturn has been muted by the firm's proactive efforts, beginning more than eight months ago, to engage clients and adjust to their legal needs. This has included expanding the firm's restructuring practice.

Other practice areas helped hold up the firm's bottom line. Labor and employment, intellectual property and tax remained resilient throughout the downturn, Conroy says.
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Wilson Sonsini Names New CEO

Headline Legal News 2009/08/13 09:36   Bookmark and Share

The Recorder reports that Wilson Sonsini Goodrich & Rosati has reached into its core for its new chief executive.

The firm announced Tuesday that corporate rainmaker Steven Bochner would be taking over from partner John Roos, who was confirmed as US ambassador to Japan last week. The partnership voted unanimously Monday.

Observers say it's a natural pick.

"The soul of what the firm does is corporate," San Francisco recruiter Gary Davis said. "Steven happens to be one of the more beloved partners, accomplished in his own regard."

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Veteran Prosecutor To Join Paul Hastings

Law Firm News/California 2009/08/12 11:54   Bookmark and Share
The American Lawyer reports US Attorney Thomas O'Brien has taken on international drug cartels, some of the West Coast's toughest street gangs, and human smuggling rings. But now he has to do something that may be even more challenging: build a book of business.

Paul, Hastings, Janofsky & Walker announced Tuesday that O'Brien, who has been US Attorney for the Central District of California since 2007, will become a partner in the firm's Los Angeles office, where he will focus on white-collar cases.

"The people I met at Paul Hastings are top notch attorneys and I look forward to working with the firm to help them develop a white-collar practice in Los Angeles," says O'Brien, who was appointed US Attorney by President George W. Bush after more than two years as the office's criminal division chief.

He joins the firm Oct. 1.
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Merck Passes Landmark Securities Case From Cravath To Williams & Connolly

Law Firm News 2009/08/11 09:23   Bookmark and Share
The American Lawyer reports that months away from arguing a landmark securities fraud case before the US Supreme Court, Merck has passed lead counsel duties from Cravath, Swaine & Moore's Evan Chesler to Williams & Connolly, court records show.

Williams & Connolly partner Kannon Shanmugam, who argued eight cases before the high court during his four years with the US Solicitor's Office, will present Merck's case to the justices this fall. Shanmugam -- W&C's first lateral hire in 22 years when he joined the firm last year -- won six of those eight cases.

In this case, Shanmugam will argue to overturn an appellate ruling that allowed a securities fraud class action brought by Merck's shareholders to proceed.
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