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  • May 1, 2009 |

    Former IP client goes after Heller for $50m

    A well-known patent-holding company, and one of Heller Ehrman's most lucrative former clients, is claiming $50m (£33.5m) from the firm's estate for extra costs incurred for having to find other lawyers to cover its cases. Ronald A Katz Technology Licensing, which could owe Heller an undisclosed amount of contingency fees on pending cases against 48 companies, played an indirect role in the US firm's demise. Its outside lawyers were among the 14 partners in the intellectual property (IP) group that moved to Covington & Burling when the firm was days away from a merger with Mayer Brown last summer. The move cost the dying firm a significant revenue stream from Katz's prolific patent fights. The loss of the partners also triggered a contract clause with Heller's banks, Bank of America and Citibank, that allowed them to seize control of Heller's cash.

    1 minute read

  • April 30, 2009 |

    Editor's Comment: Shooting the messenger

    Seven years on from the merger between Mayer Brown & Platt and Rowe & Maw seems long enough to resolve an identity crisis. But while this month's governance shake-up at Mayer Brown in isolation looks sensible - and less unwieldy than the three-leader structure it replaces - it only serves to reinforce doubts as to the firm's positioning and strategy. For years this confusion used to manifest itself in an obsessive concern that Mayer Brown was seen as a global firm, not a US law firm and certainly not a Chicago firm. And, to be fair, the Rowe & Maw guard, in particular the droll but highly-driven Paul Maher, were helping to usher in a more commercially-minded approach at the firm as a whole. By common consent this was needed. Mayer Brown's elevated position in Chicago's legal establishment meant the firm had a reputation for turning out accomplished technical lawyers but business nous was in short supply. But perhaps its biggest problem a decade ago was more basic: too many US partners thought the firm was better than it was.

    1 minute read

  • April 28, 2009 |

    Maher hints at exit in wake of Mayer Brown revamp

    Mayer Brown co-vice chairman Paul Maher has confirmed to partners that he is considering leaving the firm. London-based Maher told the firm's partnership today that he will be taking a short sabbatical to consider his options in the wake of a series of management changes at the Anglo-American firm.Maher's position at Mayer Brown has been the subject of speculation since the firm confirmed earlier this month that it is to overhaul its management structure, with Herbert 'Bert' Krueger voted in as its new chairman, replacing James Holzhauer, and Maher's co vice-chairman Kenneth Geller chosen as firmwide managing partner.

    1 minute read

  • April 23, 2009 |

    City lawyers hit with Budget income tax hike

    City solicitors will see a sharp rise in personal taxation after chancellor Alistair Darling today (22 April) announced a new 50% rate of income tax as Labour fights to bring the UK's strained public finances under control. The new top tax rate, which will apply to earnings in excess of £150,000, will be implemented from April next year, earlier than was initially expected.The move goes further than an announcement in November 2008 that the top rate of UK income tax would rise from 40% to 45% in April 2011. The move is also likely to spark a renewed debate regarding the impact of taxation on the City's position as a leading finance centre.

    1 minute read

  • April 22, 2009 |

    Pinsents, Eversheds and Nabarro advise on 'green lease toolkit'

    Nabarro, Eversheds and Pinsent Masons have advised on a new initiative to help companies reduce their carbon dioxide emissions.The trio have teamed up to advise the Better Buildings Partnership (BBP) - a group of property companies brought together by the Mayor of London and the London Development Agency (LDA) including Land Securities, British Land and GE Real Estate - on the creation of a green lease toolkit.

    1 minute read

  • April 17, 2009 |

    Mayer Brown partners approve top-level overhaul

    Mayer Brown's partnership has approved a new governance structure for the firm in an overhaul that sees vice chairman Paul Maher miss out on a top-level management role. The new management structure sees the elimination of the both vice-chairman seats, which were previously filled by London corporate partner Maher (pictured) and Washington DC litigation partner Kenneth Geller. It is unclear what Maher's new role within the firm will be. Along with voting in favour of Herbert 'Bert' Krueger to replace James Holzhauer as chairman in June, the firm's partners also approved a plan to create a new governance structure that replaces its current 16-member policy and planning committee with a new six-member management committee and 12-member partnership board.

    1 minute read

  • April 8, 2009 |

    Shearman acts for Dow Chemical on $1.7bn sale

    Shearman & Sterling has reprised its role for Dow Chemical, advising the company as it agrees to sell Rohm and Haas unit Morton International to a German agrichemicals company for $1.7bn (£1.14bn). The company will use the sale to help finance its $16.5bn (£11.1bn) buyout of Rohm, which closed last week (2 April) - a deal on which it also turned to Shearman.

    1 minute read

  • April 7, 2009 |

    Mayer Brown elects new chair in top-level revamp

    Mayer Brown's partner committee has selected Herbert 'Bert' Krueger to replace James Holzhauer as firm chairman, pending a partnership vote later this month, reports The National Law Journal. Krueger, who is based in Chicago, will become chairman of the firm this June under a new governance structure, if the partners vote in favour of the changes, the firm said in a statement.Holzhauer said in March said he was stepping down from the post for health reasons and because he had grown weary of the heavy travel schedule associated with the job.

    1 minute read

  • April 3, 2009 |

    Mayer Brown lays off 45 lawyers across US offices

    Mayer Brown has announced that it is cutting 45 lawyers and 90 administrative staff across its US offices. In a statement released by the firm on Thursday (2 April), chairman James Holzhauer blamed the reductions on the prolonged downturn in the global economy, which has resulted in "reduced business activity by our clients".The cuts are the latest by the Anglo-American law firm. Last November it let go of 33 lawyers from its global network; while in March, the firm confirmed that up to 55 legal and staff jobs were under threat in London.

    1 minute read

  • April 1, 2009 |

    Major US firms' City partner promotions hit a four-year low as only 34 make the grade

    Partner promotions at some of the largest US law firms in London hit a four-year low in 2009, with just 34 lawyers making the grade compared to 54 the year before, according to research from Legal Week. A survey of promotion trends at 28 leading US firms in London found promotions had increased each year between 2005 and 2008, before this year's fall. In 2005, 36 lawyers were made up, with that figure increasing to 38 for 2006 and 48 for 2007, before last year's bumper haul.

    1 minute read