Partners

How McDermott Tackled its Leverage Problem

Seven of out of the 10 most highly leveraged law firms have acknowledged cutting personnel, a sign of the problems that can be caused by too many associates and nonequity partners. At one time having a high ratio of salaried lawyers to equity partners was considered a “basic tenet of…

Jan 6, 2009 5:50 PM CST

Davis Wright Lawyer Plans Suit on Behalf of Detainee Who Claims Torture

A partner at Davis Wright Tremaine is planning to file suit on behalf of a former Guantanamo Bay detainee who claims he was tortured as part of the Bush administration’s extraordinary rendition program. The former detainee, Muhammad Saad Iqbal, says he was beaten, subjected to electric shocks, forced to drink…

Jan 6, 2009 2:45 PM CST

Lawyers Contribute $1.8M to Obama Inauguration

President-elect Obama’s inauguration committee had raised $22 million from individuals by the end of 2008, and lawyers contributed $1.8 million of that amount. The biggest individual lawyer contributor so far is Gibson, Dunn & Crutcher partner Cantwell “C.F.” Muckenfuss III, according to a Legal Times (sub. req.) story about the…

Jan 5, 2009 7:44 PM CST

Landmark UK Case: Law Firms Can Require Partners to Retire at 65

In a much-watched age discrimination case that is expected to be the basis of law firm retirement policies throughout the United Kingdom, a appellate tribunal has ruled that partners can be forced to retire at a specific age. Although the landmark ruling by the Employment Appeal Tribunal does not finally…

Jan 5, 2009 7:36 PM CST

How Former Dreier Client Became a Co-Defendant in Claimed $200M Scheme

In 2006, Kosta Kovachev consented, without admitting wrongdoing, to a $358,146 judgment in a civil Securities and Exchange Commission case. It concerned an alleged timeshare-sales Ponzi scheme involving 10 defendants and claimed profits of $28 million. His attorney at the time was Marc Dreier. By 2008, Kovachev, a 57-year-old Harvard…

Jan 5, 2009 6:10 PM CST

‘Chaotic’ Lehman Bankruptcy Cost up to $75B in Value

An internal analysis concludes that Lehman Brothers lost up to $75 billion in value because of the hurried nature of its bankruptcy filing. The “unplanned and chaotic” filing led to cancellation of 900,000 separate derivatives contracts under provisions that called for contract terminations under an “event of default,” the Wall…

Jan 5, 2009 2:47 PM CST

High Law Firm Leverage a ‘Combustible Combination,’ Expert Says

A law professor says changes in law firm structures are contributing to high labor costs and financial problems that are causing some firms to crumble. Law professor William Henderson of Indiana University told the Chicago Tribune that one problem is higher leverage. The average large law firm has 4.3 associates…

Jan 5, 2009 12:38 PM CST

‘You can’t calm directors by telling them it’s all going to be OK.’

Robert Joffe, partner at Cravath, Swaine & Moore

Jan 1, 2009 10:15 AM CST

What Your Secretary Wants for Christmas: Cash

With the holidays upon us, many lawyers presumably have already anted up. But for the procrastinators amongst us, Texas Lawyer offers a thoughtful gift-giving suggestion for lawyers seeking to show their appreciation to secretaries and legal assistants: Between $100 and $500, in cash. It should be enclosed in a card…

Dec 23, 2008 10:02 PM CST

Thacher Proffitt Announces Expected Dissolution

Updated: Thacher Proffitt & Wood announced its expected dissolution Monday evening following news that the troubled law firm had lost about half its 200 lawyers to Sonnenschein Nath & Rosenthal. “It is anticipated that Thacher Proffitt will discontinue the practice of law and will begin an orderly dissolution after December…

Dec 23, 2008 1:30 AM CST

Absolved by Firm, Ex-Holland & Knight Partner Faces Ethics Case re Timekeeping

After Matthew Farmer complained in 2005 that a fellow partner at Holland & Knight’s Chicago office had allegedly added hours to a client’s bill for work in a litigation matter that Farmer and others didn’t actually perform, the law firm said Edward Ryan had done nothing wrong. But now the…

Dec 22, 2008 9:19 PM CST

A Secret to Success for ‘Jake the Bake’: Crushed Potato Chips

It isn’t just in the courtroom that Florida trial lawyer Jake Schickel excels. His skills in the kitchen have earned the Coker Schickel Sorenson & Posgay founding partner the nickname Jake “The Bake” at his law firm’s annual holiday cookie exchange, reports the Jacksonville Daily Record. One winning combination involves…

Dec 22, 2008 7:17 PM CST

Prosecutor Seeks More Charges in Case of Murdered D.C. Area Attorney

New evidence tampering charges are being sought against three men already facing obstruction charges in the death of a Washington, D.C.-area lawyer, including an Arent Fox partner on paid leave from his firm. Assistant U.S. Attorney Glenn Kirschner says his office is seeking additional grand jury indictments against Arent Fox…

Dec 22, 2008 6:26 PM CST

WilmerHale Partner Said to Be Likely Deputy AG Nominee

WilmerHale partner David Ogden is said to be President-elect Barack Obama’s top choice to become deputy attorney general. Ogden is heading the Justice Department transition team for Obama. A Washington lawyer close to the transition told Legal Times that Ogden is all but certain to be named second in command…

Dec 22, 2008 1:44 PM CST

Judge Frees Money for Dreier Insurance Policies, Hears Commingling Warning

The chief bankruptcy judge in Manhattan has authorized payments to keep malpractice and health policies in place for the Dreier law firm—good news to a litigation associate who attended a hearing to learn whether the delivery of his child would be covered. The lawyer, Timothy Joseph McAuliffe Jr., told the…

Dec 22, 2008 1:03 PM CST