Partners

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

Thacher Proffitt Loses Half its Lawyers as 100 Jump to Sonnenschein

Updated: Thacher Proffitt & Wood, rumored to be on the brink of dissolution, has suffered a debilitating blow with the loss of about 100 of its lawyers to Sonnenschein Nath & Rosenthal. Four practice groups and their chairs, including 40 partners, are making the move, according to a Sonnenschein press…

Dec 22, 2008 12:16 PM CST

Dreier’s Extravagant Lifestyle: ‘Dazzling’ Homes and $200K Secretaries

Some colleagues of indicted lawyer Marc Dreier, accused of stealing $380 million from hedge funds in investors, believe his alleged crimes may have been driven by a need to support an extravagant lifestyle and the aggressive expansion of his law firm. The Wall Street Journal (sub. req.) spoke to the…

Dec 19, 2008 2:39 PM CST

Good News for Creditors: Dreier Firm Has $100M-$500M, Owes Up to $50M

Although the Dreier law firm apparently is significantly behind on numerous bills, including its rent, the firm’s Chapter 11 bankruptcy filing (PDF) on Tuesday contained good news for creditors. In it, receiver Mark Pomerantz estimates that the law firm has between $100 million and $500 million in assets and $10…

Dec 18, 2008 7:31 PM CST

LaHood Named Transportation Secretary

Updated: President-elect Barack Obama has reportedly chosen a Republican congressman to be his transportation secretary. The job will go to U.S. Rep. Ray LaHood of Illinois, the Chicago Tribune reports. Vinson & Elkins partner Ronald Kirk had been mentioned as a leading contender for the job. Kirk has also been…

Dec 18, 2008 12:59 PM CST

Ex-Brown & Wood Partner among Three Advisers Convicted in Tax Case

Former Brown & Wood partner Raymond Ruble was convicted of tax evasion Wednesday for writing opinion letters supporting fraudulent tax shelters. Prosecutors claim Ruble was paid $50,000 for each opinion letter he wrote, the New York Law Journal reports. The letters said the tax shelters were likely to survive any…

Dec 18, 2008 12:34 PM CST

BigLaw Partner Sets World Record By Running 105th Marathon in a Year

Not content to rest on his laurels as a BigLaw partner, Larry Macon has also been ambitious on another front. “When the San Antonio litigator crossed the finish line of the Dallas White Rock Marathon last Sunday, he marked his 105th marathon this year and qualified for the Guinness Book…

Dec 18, 2008 12:21 AM CST

Judge Questions Dewey Fee Application Seeking About $100K a Day

A federal judge is seeking more information on a $2.1 million fee application by Dewey & LeBeouf that breaks down to about $100,000 a day in attorney fees. U.S. District Judge Denny Chin asked for more information on the application by Dewey partner Timothy Coleman, who is the receiver for…

Dec 17, 2008 2:55 PM CST

Why Wasn’t Madoff’s Alleged $50B Ponzi Scheme Discovered Earlier?

After staggering news last week that the longtime head of a respected Wall Street investment firm had allegedly been running a massive $50 billion Ponzi scheme under the guise of a hedge fund for years, there has been fallout on many fronts. As victims lawyer up, both the Securities and…

Dec 16, 2008 6:25 PM CST

Dreier Law Firm to File for Bankruptcy

A receiver for the Dreier law firm says it will soon file for bankruptcy, following an alleged massive fraud by its founder and sole equity partner, Marc Dreier. “I have advised counsel for the SEC and counsel for Mr. Dreier of my intention to seek bankruptcy protection, and I believe…

Dec 16, 2008 5:04 PM CST

AG Nominee Holder Would Get $3M Partner Payout from Covington

Public sector employment would mean a big cut in regular pay for attorney general nominee Eric Holder, but he’ll have a big payout from his law firm to cushion the blow. Covington & Burling would pay Holder $3.14 million as partner capital payout, separation payments and deferred compensation, Politico reports.…

Dec 16, 2008 4:26 PM CST

Another Issue for Dreier Lawyers: Lapsed Malpractice Coverage

A scary law firm financial situation that already posed possible liability risks to non-equity partners at Dreier has gotten even more frightening. Initially, with Marc Dreier, the firm’s only equity partner, as the sole person in charge of the 250-attorney partnership’s finances, it seemed that other attorneys there were benefited…

Dec 15, 2008 5:50 PM CST

Law Firms Will Likely ‘Take a Hard Look’ at Nonequity Partners

At least two more law firms are considering following the lead of DLA Piper and requiring nonequity partners to buy into equity status, a law professor says. William Henderson of Indiana University law school told the National Law Journal that the proposed move is aimed at improving law firm balance…

Dec 15, 2008 3:12 PM CST

3 More NY Lawyers Lose Pensions; 45 Now on State’s No-Pay List

Three more Long Island lawyers are having their government pension credits or pension revoked by the state comptroller, bringing to 45 the number of New York attorneys who have had their benefits rescinded. The three allegedly were improperly listed as employees of government entities, allowing them to receive state benefits,…

Dec 12, 2008 8:28 PM CST