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  • June 13, 2008 |

    US Briefing: Milberg 'to pay $75m to end charges'

    Milberg could agree to pay $75m as soon as this week as part of an agreement to resolve criminal charges against the New York firm in the US Government's kickback case, according to a source familiar with the situation. Federal prosecutors have alleged that Milberg and seven of its partners conspired to obtain $251m in attorney fees by paying kickbacks to lead plaintiffs in shareholder and class action lawsuits.

    1 minute read

  • June 11, 2008 |

    The Am Law 100: Goodbye golden age?

    It was fun while it lasted. In 2007, The Am Law 100 - the top-grossing law firms in the US - finished the best sustained growth spurt since The American Lawyer began tracking firm financials in 1984. For the first time, the firms showed five consecutive years of better-than-average growth in both revenue per lawyer (RPL), the key measure of law firm financial success, and profits per equity partner (PEP), the metric that has turned law firm managers into contortionists. How good was this run? Since 2003, average RPL has increased by $205,000 (£105,000). Before that, it took the firms 10 years - from 1992 to 2002 - to improve that much. The relative gain in profits was even more impressive. Since 2003, PEP has jumped by $438,000 (£224,000), to an average of $1.3m (£665,000). It took the Am Law 100 firms 15 years - from 1987 to 2002 - to make a similar gain.

    1 minute read

  • June 11, 2008 |

    The Am Law 100: Behind the numbers

    Am Law 100 firms all have high gross revenues, but when it comes to translating that money into payouts for equity partners, the similarities end. Average profits per partner among the firms vary widely, from a low of $410,000 (£210,000) at Littler Mendelson to a high of $4.95m (£2.53m) at Wachtell Lipton Rosen & Katz. Likewise, there was plenty of disparity in firms' rates of profit growth, ranging from an increase of 42% at Cooley Godward Kronish to a decline of 17.6% at Howrey. (For The Am Law 100 as a whole, average profits per partner were $1.3m (£664,000), an 8.7% increase from 2006.) Here are reasons for some of the biggest changes in profits per partner among Am Law 100 firms in 2007.

    1 minute read

  • June 5, 2008 |

    Dechert taps Dewey & LeBoeuf for City arbitration partner Gal

    Dechert has bolstered its London arbitration practice with the hire of a partner from Dewey & LeBoeuf. Daniel Gal (pictured) joined the City arm of the Anglo-American firm this week from Dewey & LeBoeuf, where he had been a partner since January.

    1 minute read

  • May 28, 2008 |

    Beyond borders

    Given the instability of credit markets, the slowdown in activity among domestic M&A buyers and the low US dollar, the US emerged as an attractive destination in 2007 for in-bound, cross-border deals. As foreign buyers increase, foreign law firms and lenders could also benefit. Since 2003, the beginning of the global merger boom, there has been a steady increase in the number of US acquisitions made by foreign companies. Their share of such deals has increased to 20%, from 11% in 2003, according to Dealogic. Some of these foreign buyers are looking to the US as an opposite hedge to investing in emerging markets. The US is seen as a market where there are stable companies, with good investment environments.

    1 minute read

  • May 22, 2008 |

    Countdown to this year's Global 100: the UK members

    Later this year Legal Week and The American Lawyer will be joining forces to produce the Global 100 the definitive ranking and analysis of the world’s…

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  • May 21, 2008 |

    Dechert and Fulbright partners join Bryan Cave

    Bryan Cave has hired two partners in the US, bagging a Dechert practice group chair and a Fulbright & Jaworski banking partner. Stuart Kaswell was Dechert's chair of the broker-dealer, financial institutions and market regulatory practice group. He will work with Bryan Cave's white-collar defence and investigations, securities litigation and enforcement and corporate finance and securities client service groups in Washington DC. Shep Melzer, a partner at Fulbright, will practise with the banking, finance and real estate client service group at Bryan Cave's New York office.

    1 minute read

  • May 20, 2008 |

    2008 Assistant Pay League: a Legal Week Wiki special

    Who pays what and how. Your A-Z guide to the pay scales at the top UK and US firms.

    1 minute read

  • May 7, 2008 |

    Dechert and Skadden Arps secure trophy public float on Czech £1.1bn mining IPO

    Dechert has landed a trophy corporate role advising Czech coal mining company New World Resources (NWR) on a flotation on the main stock exchanges in London, Prague and Warsaw that could be worth up to £1.1bn.The deal, which was scheduled for an early May listing as Legal Week went to press, is set to be the largest ever in Czech history and the largest European initial public offering (IPO) this year. It will also be the first to have a triple listing on the three bourses.

    1 minute read

  • April 30, 2008 |

    Hermione's potted history

    It's been a big few weeks for well-travelled City competition partner Chris Watson, formerly of Dechert, A&O and Simmons & Simmons.

    1 minute read