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  • November 19, 2008 |

    A landscape that's changed forever

    The mantra of responsible investors is diversify. Don't be too heavily committed to one sector or one type of investment. A balanced portfolio is the key to success. In the good times, you won't get the spectacular results but in the bad times you'll avoid painful losses.But many of the top US law firms have ignored - even flouted - that rule. Few firms are as focused on one sector as the big Wall Street law firms are on financial institutions. In past downturns, no one questioned that the premier firms would fare just fine. They were too prestigious, too wealthy, too strong. But this downturn, everyone agrees, is different. This time, should the big New York law firms be worried?

    1 minute read

  • November 6, 2008 |

    Lawyers predict top business litigation issues for President-Elect Obama

    Most lawyers don't keep a crystal ball in their office, but if pressed, some will take a crack at forecasting the future. We asked a selection of litigators…

    1 minute read

  • November 6, 2008 |

    US duo land Treasury roles on $700bn bailout

    The US Treasury Department has selected two law firms to help execute the $700bn (£440bn) bailout package that Congress passed in October, reports The National Law Journal. Squire Sanders & Dempsey and Hughes Hubbard & Reed were each awarded contracts worth up to about $5.5m (£3.5m) to assist the US Treasury in the execution of transactions under the new Emergency Economic Stabilisation Act, as the bailout package is formally known. The plan allows the US Government to purchase distressed assets from the nation's banks.According to a press release from the Treasury Department, the firms' duties include "reviewing executed investment agreements, working directly with accepted financial institutions to identify and resolve and legal issues before closing, and conducting the closing of transactions."

    1 minute read

  • October 20, 2008 |

    Simpson Thacher set for $300k Treasury payout

    The Treasury Department has released its contract with Simpson Thacher & Bartlett, reports The American Lawyer. The firm will make $300,000 (£174,000) over the next six months for its work as the Treasury's lead adviser on the US Government's banking bailout. As The Am Law Daily has previously reported, the Treasury reached out to six law firms, requesting proposals for the work. Four declined: Davis Polk & Wardwell, Wachtell Lipton Rosen & Katz, Cleary Gottlieb Steen & Hamilton, and a mystery firm.

    1 minute read

  • October 15, 2008 |

    Cleary confirms US bailout plan role rejection

    Cleary Gottlieb Steen & Hamilton has confirmed that it was one of the six firms the Treasury Department considered as candidates for a role as lead adviser on the $700bn (£400bn) bailout plan. Only two of those six firms pursued the work that eventually went to Simpson Thacher & Bartlett. Four of the six law firms have confirmed that the Treasury reached out to them: Simpson, Cleary, Davis Polk & Wardwell, and Wachtell Lipton Rosen & Katz. The two others, including the firm the Treasury turned down, remain unidentified. Two of the most likely candidates - Sullivan & Cromwell and Latham & Watkins - would not comment on the matter. A third, Shearman & Sterling, has not responded to messages.

    1 minute read

  • October 14, 2008 |

    Davis Polk wins role on new $250bn US bank rescue

    Davis Polk & Wardwell has been appointed as the sole adviser to the Federal Reserve Bank of New York on the US Government's $250bn (£142bn) plan to purchase shares in nine of America's largest banks. The plan, announced by US President George Bush today (14 October) will take $250bn from the $700bn (£399bn) bailout package passed on 3 October. The part-nationalisation will see the government invest in Bank of America (BoA), Citi, JPMorgan, Goldman Sachs, Wells Fargo, Morgan Stanley, Merrill Lynch, Bank of New York and State Street.

    1 minute read

  • October 13, 2008 |

    Simpson Thacher wins Treasury role on US bailout

    The US Treasury Department has chosen Simpson Thacher & Bartlett as its lead legal adviser on the $700bn (£405bn) bailout plan from among a group of six law firms that were asked to consider taking the job, reports The Am Law Daily. The interim assistant secretary for financial stability, Neel Kashkari, announced the selection of the elite US firm in a speech on Monday. The department contacted the six firms on Thursday to advise on the equity program's structuring. Only two of the firms responded. By Friday, Simpson Thacher had been chosen, Kashkari said. The firm began work immediately.

    1 minute read

  • October 9, 2008 |

    A&O's Hynes to advise embattled Lehman CEO

    Allen & Overy litigation senior counsel Patricia Hynes has landed a role advising Lehman Brothers' beleaguered CEO Richard Fuld, reports The Am Law Daily. Hynes - a former name partner at Milberg Weiss Bershad Hynes & Lerach and a onetime assistant US attorney in New York's Southern District - led several major cases against brokerages and investment houses such as Drexel Burnham Lambert and Paine Webber through the 1980s and 1990s. She left Milberg in 2006, the highest-profile partner to defect after the firm was indicted in May of that year.In May of 2008, the seasoned litigator was named president of the Association of the Bar of the City of New York.

    1 minute read

  • October 2, 2008 |

    A&O opens Sao Paulo arm led by NY partner

    Allen & Overy (A&O) has formally launched in Sao Paulo, opening an office led by New York-based project finance partner Bob Kartheiser, who also co-heads the law firm's Latin America practice groupKartheiser will split his time between New York and Brazil while senior counsel Bruno Soares has relocated to Brazil full time. The office will start out with three full-time lawyers on the ground in Sao Paulo. Around 30 of the magic circle firm's lawyers have a Latin America focus.Kartheiser said: "There was a clear client-driven need to open in Sao Paulo. Brazil is a very large, very dynamic market. Servicing our clients there requires a day-in, day-out presence and specialised dedication of resources. We are excited to provide that."A&O senior partner David Morley added: "This is a natural extension of the work we have been doing throughout the region for years."A&O's launch follows several openings in the Brazilian city over the last year, however most have been US firms. These include Skadden Arps Slate Meagher & Flom, which opened in Brazil earlier this year, and Proskauer Rose. New York's Simpson Thacher & Bartlett is also planning to launch in the city.

    1 minute read

  • September 30, 2008 |

    A&O makes Brazil entrance with Sao Paulo launch

    Allen & Overy has opened its first office in Brazil with the formal launch of its Sao Paulo base today (30 September). As previously reported by Legal Week (4 September), the office, which will focus on corporate finance work, will be led by New York-based project finance partner Bob Kartheiser, who also co-heads the firm's Latin-America practice group.Kartheiser will split his time between New York and Brazil while senior counsel Bruno Soares has relocated to Brazil full-time. The office will start out with three full-time lawyers on the ground in Sao Paulo. Around 30 of the firm's lawyers have a Latin-America focus.

    1 minute read