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  • November 24, 2008 |

    Cravath cuts back year-end bonus for associates

    Cravath Swaine & Moore has cut back its end-of-year bonuses for associates as the tough economic climate pushes more US firms into cost-cutting measures. The firm's bonuses will now start at a pro-rated $17,500 (£11,600) for first-year associates and rise to $30,000 (£20,000) for seventh and eighth-years - roughly half of the base bonuses the firm paid during the last two years. In addition, the firm will not repeat the special bonus it paid out in 2007, a decision that follows a similar move by Skadden Arps Slate Meagher & Flom last week (20 November).

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  • November 21, 2008 |

    ...Legal Week Lunchbox: 21/11/08...

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

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  • November 20, 2008 |

    Skadden cuts special bonus for associates

    Skadden Arps Slate Meagher & Flom has revealed that it is to drop its special bonus payout for associates. The special bonus was implemented by the elite US firm last year. The firm will continue to pay out its usual year-end bonus to all associates.The prudent decision from Skadden is likely to be followed by similar moves by other top US firms in light of the continuing economic turmoil.

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  • November 19, 2008 |

    Bigger isn't better

    The rise of large, high-quality, global corporate law departments started more than 20 years ago. It was aimed, in part, at breaking up the monopolies that law firms had with corporations. Using a range of initiatives from requests for proposals to auctions, in-house counsel sought to end these cosy relationships and introduce a measure of competition into the law firm-client dynamic. The mantra of 'lawyers, not law firms' was uttered so often that it became a cliche.Because of these pressures - among others - law firms increasingly focused on becoming more effective business organisations. Some followed globalising clients and looked to provide cross-speciality, cross-border service, either through acquisitions or organic growth, or both.

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  • November 10, 2008 |

    Cads and Shearman shrink as US firms' growth slows

    Staff growth at America's largest law firms slowed in 2008, according to new research, with a host of major firms contracting in the face of the ailing economy. The National Law Journal's 250 survey, a closely-watched annual snapshot of staffing at the US's largest law firms, shows the group added 4.3% more lawyers over the last 12 months, down on the 5.6% growth in 2007.The 2007 gains represented the largest increase in lawyer numbers since 2001, when numbers ballooned by 8.2%. In 2006, law firm growth was 4%, while in 2005, it was 4.4%.DLA Piper held its position at the top of the list, with a total of 3,785 lawyers. It grew by 4.5% in 2008.

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  • November 7, 2008 |

    Paul Weiss advises Spitzer in prostitution probe

    Paul Weiss Rifkind Wharton & Garrison has advised Eliot Spitzer as the former New York governor escapes criminal charges for his role in a prostitution scandal, reports The New York Law Journal. Southern District of New York US Attorney Michael Garcia announced on Thursday (6 November) that his office will not pursue charges against Spitzer following the disgraced politician's acknowledgement that he was a patron of the prostitution ring.Spitzer - a former lawyer at both Paul Weiss and Skadden Arps Slate Meagher & Flom - resigned in March, only 15 months in to his first term, after being identified as 'Client 9' of the Emperors Club VIP. According to a federal complaint against four people connected with the ring, Spitzer spent $4,300 (£2,700) for sex with a New York prostitute named 'Kristen' at a Washington DC hotel in February. The woman was later identified as Ashley Dupre.

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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 3, 2008 |

    McDermott City partner joins hedge fund specialist

    New York hedge fund specialist Schulte Roth & Zabel is set to significantly boost its London presence with the hire of McDermott Will & Emery's co-head of securitisation and structured finance. Nick Terras will be the third partner to join the firm in the City and the first lateral partner hire since 2002.Terras specialises in structured finance and investment funds with an emphasis on hedge funds and securitisation.

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  • October 30, 2008 |

    Top firms line up for 2008 British Legal Awards

    Ashurst, Freshfields Bruckhaus Deringer and Linklaters have been named among the nominees for a number of top accolades at the 2008 British Legal Awards. The trio have been shortlisted for the coveted law firm of the year award alongside Baker & McKenzie, Eversheds and Latham & Watkins.Linklaters has been shortlisted for three further awards, including cross-border M&A team of the year, while Freshfields is among the nominees for M&A team of the year. Allen & Overy also secured nominations in both of these categories.

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  • October 30, 2008 |

    Skadden defends Roman Abramovich in £2bn claim

    Skadden Arps Slate Meagher & Flom has successfully defended Russian billionaire Roman Abramovich (pictured) against a claim worth more than £2bn, in a ruling which could further increase the attraction of the UK as a jurisdiction for disputes involving oligarchs. In a judgment handed down by Mr Justice Christopher Clarke in the High Court yesterday (29 October), the claim brought by OJSC Oil Company Yugraneft - which alleged fraud against Chelsea FC owner Abramovich and his adviser Millhouse Capital in relation to a stake in an oilfield in Siberia - was thrown out.Mr Justice Clarke refused jurisdiction in the UK and went on to strike out the case. The case had already been unsuccessfully brought in Russia and the British Virgin Islands.

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