Partners

Alleged $3.5B Petters Ponzi Scheme Racks Up Another $1.6M in Legal Bills

An alleged $3.5 billion Ponzi scheme that a Minnesota businessman is accused of operating for a decade is keeping a number of Twin Cities law firms busy. The latest legal fee requests concerning the ongoing civil and criminal cases against Tom Petters total $1.6 million, reports the Star Tribune. The…

Feb 24, 2009 6:54 PM CST

Law Firm Consultant: ‘I’ve Never Seen It This Bad’

Last year, as the economy began to plummet, many law firms saw bankruptcy as a hot practice area that would counterbalance a sudden shortage of corporate work. Now, some are thinking about filing themselves. “I have never seen it this bad,” legal consultant Bill Brennan of Altman Weil tells the…

Feb 24, 2009 6:15 PM CST

UK Firm Set to Hire at Least 10 McKee Nelson Partners for US Presence

The British law firm Ashurst is in advanced talks to acquire at least 10 finance partners from McKee Nelson, giving the British law firm a presence in New York and Washington, D.C. Leading the McKee Nelson finance team is partner William Gray, Legal Week reports. Ashurst is also seeking to…

Feb 24, 2009 2:15 PM CST

Lawyer Layoffs at Neal, Gerber & Eisenberg Include Partners

Chicago law firm Neal, Gerber & Eisenberg has laid off 19 lawyers and 32 administrative staffers. Partners as well as associates were hit by the layoffs, managing partner Jerry Biederman told the Chicago Tribune. He did not say how many partners were ousted. The cuts represent about 10 percent of…

Feb 24, 2009 1:14 PM CST

Attorney Layoff Alternative: Temporary 10% Pay Cut at Much Shelist

Amidst the latest news of law firm layoffs and salary restructuring announcements, a Chicago-based business law firm has temporarily imposed a 10-percent pay cut on partners and associates. The measure will be in effect until May 31, when the fiscal year ends at 80-attorney Much Shelist Denenberg Ament & Rubenstein,…

Feb 23, 2009 10:42 PM CST

‘Survivor’s Guilt’: What to Say When a Colleague Is Laid Off

Suddenly finding out that a colleague has been laid off, many people aren’t sure what to say. For some, the instinct is to say nothing. But ignoring the situation is one of the worst things you can do, reports the Wall Street Journal. And, in an economy in which law…

Feb 23, 2009 8:54 PM CST

Appeals Court Tosses Malpractice Verdict Against Seyfarth Shaw

A California appeals court has overturned a malpractice judgment against Seyfarth Shaw that was won by a fitness instructor who sued the firm over a missed deadline. The Court of Appeal said a judge had erred in rulings on behalf of the plaintiff, Tae Bo promoter Billy Blanks, according to…

Feb 23, 2009 8:04 PM CST

Patton Boggs Changes Partner Compensation to Reward Cooperation

Patton Boggs is changing its partner compensation system to reward cooperation and mentoring. Eight-five percent of compensation for equity partners will still be based on billable hours, Legal Times reports. But a compensation committee will also distribute 15 percent of profits based on factors such as associate training and mentoring,…

Feb 23, 2009 7:21 PM CST

Finance Giant Asks Top Law Firm to Probe Lobbying re Mortgage Regs

Freddie Mac has asked Covington & Burling to conduct an internal probe of the finance giant’s own $2 million lobbying campaign. The lobbying effort was mounted to counter a 2005 effort in Congress to enact new regulations that would have required Freddie Mac to sell a substantial amount of mortgages…

Feb 23, 2009 5:30 PM CST

As Heller Dissolved, Partner Closed Big Deal; But Now What?

As others at the dissolving Heller Ehrman law firm scrambled to find work last year, partner Steven Tonsfeldt found himself in an unusual situation. He had a lot of work to do in a $3 billion deal involving a client’s planned merger with Brocade Communications Systems, Inc. But, due to…

Feb 20, 2009 7:14 PM CST

Lawyer & Staff Allegedly Held Hostage in Kan. Office Before Gunman Gives Up

Following a seven-hour standoff, a suspect who allegedly initially held an attorney and office staff hostage, after he entered a Hutchinson, Kan., law office armed with a .25-caliber handgun, was arrested and charged last night. Attorney David Holmes and his staff reportedly were released within an hour of when the…

Feb 20, 2009 5:53 PM CST

Cravath Partner Profits Drop by Almost a Fourth

Partner profits at Cravath, Swaine & Moore plummeted 24 percent in 2008, dropping to $2.5 million per partner. The American Lawyer reported the figure and said the drop is one of the steepest so far reported by a top-100 law firm. Gross revenue fell 13 percent. In 2007, Cravath’s profits…

Feb 20, 2009 3:51 PM CST

Hotel Sues Akin Gump for Canceled Retreat

A San Diego hotel has sued Akin Gump Strauss Hauer & Feld for canceling a planned April retreat. The suit by the Hotel Del Coronado seeks $386,000 for “877 sleeping room nights” secured by the firm for the partner retreat, the American Lawyer reports. The firm had chosen the San…

Feb 20, 2009 3:01 PM CST

Cellphone Conversation on Train Tips Listener to Planned Pillsbury Layoffs

A post on Above the Law this morning reported that an unidentified tipster claimed to have overheard two top lawyers at Pillsbury Winthrop Shaw Pittman discussing planned attorney layoffs in a cell phone conversation loudly conducted on a crowded train. And that apparently may be true, reports the Legal Times,…

Feb 19, 2009 9:59 PM CST

Texas Fundraiser Convicted on 14 of 22 Counts in Criminal UPL Case

A prominent Democratic political fundraiser has been convicted by a Texas jury on 14 of the 22 counts he faced in an unusual criminal trial for allegedly practicing law when he wasn’t actually licensed as an attorney. Mauricio Celis, 37, had claimed he was licensed in Mexico. But that wasn’t…

Feb 19, 2009 8:15 PM CST