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  • November 27, 2008 |

    US bonus season gets underway as firms cut back associate handouts

    Cravath Swaine & Moore and Skadden Arps Slate Meagher & Flom have kicked off the New York bonus round with Cravath confirming that its bonuses are set to halve this year. Both firms have also scrapped the special 'one-off' bonus brought in during last year's boom. The decision means associates at Cravath will receive a bonus of between $17,500 (£11,700) and $30,000 (£20,000) depending on their year of graduation, compared with a range of between $35,000 (£23,400) and $60,000 (£40,100) last year. On top of this, the firm last year paid out a special bonus of between $10,000 and $50,000 (£6,700 and £33,500).

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  • November 26, 2008 |

    ...Legal Week Lunchbox: 26/11/08...

    The five most popular articles on legalweek.com today; the pick of the day's posts; and more

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  • November 25, 2008 |

    Simpson Thacher to cut associate bonuses in half

    Simpson Thacher & Bartlett has announced that it is to halve its year-end associate bonuses, following similar moves by other elite US law firms. The bonuses, which range from a pro-rated $17,500 (£11,600) for first-year associates to $32,500 (£21,500) for eighth and ninth-years, broadly match the reduced rates announced on Thursday (20 November) by Cravath Swaine & Moore."The numbers are essentially half of last year's," says Simpson Thacher chairman Philip Ruegger. The staff memo, sent out on Monday (24 November) cited "the current challenging business environment" as the reason for the cuts.

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  • November 24, 2008 |

    Wall St duo lead on US Government's Citi bailout

    Davis Polk & Wardwell and Cleary Gottlieb Steen & Hamilton have taken lead roles on the US Government's high-profile rescue plan for Citi, announced last night (23 November). The two Wall Street firms picked up the mandates as the US Government agreed on a rescue deal including a $20bn (£13bn) direct investment into the banking giant.Davis Polk advised Citi fielding a high-profile New York team including three practice group heads - M&A head George Bason, financial institutions head Randall Guynn, and tax head Avishai Shachar. M&A partner Louis Goldberg was also part of the team.

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  • November 24, 2008 |

    ...Legal Week Lunchbox: 25/11/08...

    The five most popular articles on legalweek.com today; the pick of the day's posts; and more

    1 minute read

  • 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?

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  • 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…

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  • 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."

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  • 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.

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  • 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