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  • April 8, 2009 |

    A difficult year at Dewey

    In November of last year, Dewey & LeBoeuf chairman Steven Davis was quoted saying that though the firm had seen its structured finance work evaporate, it was in a stronger position than most other large New York law firms to weather the financial storms, given its global spread and practice group diversity. The firm's M&A head, Morton Pierce, said the firm was expected to hit budget, and projected an increase in profits for 2008. Six weeks later, Davis and firm executive director Stephen DiCarmine quietly told 19 partners that they should start exploring their options and that their compensation would be reduced to only their monthly draw. The luckier ones in the group had their compensation reduced to the standard draw of $25,000 (£17,800) per month, or $300,000 (£214,000) per year; lower-tier partners saw that draw reduced further to $10,000 (£7,100) per month - less on a yearly basis than a first-year associate.

    1 minute read

  • April 6, 2009 |

    SJ Berwin to relocate partner duo for Dubai launch

    SJ Berwin is gearing up to launch in Dubai with an office set to open in the emirate as soon the firm receives regulatory approval. It is understood that London-based litigation partner Tim Taylor and Paris-based funds formation partner Benjamin Aller will both relocate to the region to head up the new operation.The news comes after the firm's Hong Kong office officially opened last week (1 April), having gained regulatory approval to operate as a foreign firm.

    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

  • April 1, 2009 |

    Orrick and Arnold & Porter step up lateral hiring in London as partners move between US firms

    Mayer Brown, Orrick Herrington & Sutcliffe and Arnold & Porter were the most active recruiters of lateral partners among US law firms in London last year. Legal Week research has found that Orrick picked up seven new partners - with the most significant haul of five partners coming from collapsed firm Heller Ehrman, including venture law group partners Richard Eaton, Chris Grew and Struan Penwarden.

    1 minute read

  • March 30, 2009 |

    Chadbourne bankruptcy partner quits to join Weil Gotshal

    Chadbourne & Parke bankruptcy partner Joseph Smolinsky has agreed to move to the high-powered bankruptcy unit at Weil Gotshal & Manges, reports The Am Law Daily. Howard Seife, global chair of Chadbourne's bankruptcy practice, confirmed that Smolinsky is leaving the firm for Weil. Sources familiar with Smolinksy's practice say he has a significant book of business and that his move will represent a significant blow to Chadbourne's bankruptcy group.Smolinsky has represented both high-profile debtors such as Days Inns of America and Orion Pictures, and, more recently, creditors and lenders in Chapter 11 cases. Smolinsky advised Citicorp, a lender/creditor in the bankruptcy of TOUSA, one of the ten largest Chapter 11 bankruptcies of 2008.

    1 minute read

  • March 27, 2009 |

    White & Case partner Hatfield set to quit firm

    White & Case partner Rachel Hatfield has announced that she is to leave the firm. The banking and capital markets partner is understood to have been considering her future for some time and has decided to leave the firm to reassess her career options.Hatfield, a highly-regarded figure at White & Case, headed up the high yield practice from 2005 to 2008 and was co-head of capital markets from 2002 to 2005. She is also a former member of the firm's executive committee.

    1 minute read

  • March 26, 2009 |

    US firms in City reach new high for lateral hires

    Lateral partner hiring across the top US and international firms in London has almost doubled over the last five years, according to research from Legal Week.A survey of hiring trends at 33 US and transatlantic firms with operations in the City found the group made a total of 79 lateral partner hires during 2008 - 11 more than in 2007, despite the banking crisis and the onset of the global recession.

    1 minute read

  • March 19, 2009 |

    Mayer Brown escapes Refco shareholder claim

    Mayer Brown has moved a step closer towards putting the Refco scandal behind it after a New York judge this week dismissed a securities litigation claim against the law firm and ex-partner Joseph Collins. In a judgment that will be seen as limiting wider liability against professional advisers, Manhattan federal district Judge Gerard Lynch on Tuesday (17 March) offered a broad interpretation of the protection afforded law firms by the Supreme Court's ruling in Stoneridge.He concluded that even if Mayer Brown and Collins engaged in fraudulent activity as advisers to Refco, they were not liable to shareholders unless they made misstatements directly to them. The firm was represented by John Villa of Williams & Connolly, while Collins was represented by William Schwartz of Cooley Godward Kronish.

    1 minute read

  • March 18, 2009 |

    Proffitt and loss

    Thacher Proffitt & Wood real estate partner Donald Simone was at his desk on the 40th floor of the World Trade Center's south tower early on 11 September, 2001, pushing to close a deal, when United Airlines Flight 175 crashed into the building about three dozen floors above."When it hit, my whole office moved," Simone recalls. With the electricity off and ceiling tiles falling, he made his way to a stairwell and then to safety.

    1 minute read

  • March 18, 2009 |

    Terra Firma promotes GC to chief executive post

    Terra Firma general counsel Tim Pryce is taking over from Guy Hands as the buyout house's chief executive. Hands, who has been both chief executive and chairman for the last seven years, is stepping down from the executive position to concentrate on his role as chairman and chief investment officer. Pryce, who was a founder member of Terra Firma and had previously worked with Hands at Nomura, will now take up day-to-day responsibility for the investment house's operations.

    1 minute read