Economic Stimulus Money for… Wait for It… Debevoise and Paul Weiss?
A partner at a top New York law firm — we have more partner readers (and tipsters) than you might think — sent us an email with this subject line: “Stimulus Money for Law Firms?” The email directed us to two links on Recovery.gov, the disturbingly expensive website devoted to tracking where the federal economic stimulus money is going.
Almost $900,000 in stimulus money — i.e., your taxpayer dollars hard at work — is going to two top law firms: Debevoise & Plimpton and Paul Weiss. Debevoise is getting $432,680 and Paul Weiss is getting $462,528, both from the U.S. Department of Energy. Links are here and here.
Needless to say, this got us hugely excited. Have things gotten so bad that law firms — even firms as prestigious and profitable as Debevoise & Paul Weiss — need government funds?
Economists sometimes talk about the hypothetical stimulus of the government paying people to dig ditches and then refill them. Is the federal government now trying to jump start the legal economy, by paying law firms to draft merger agreements or summary judgment motions, then send them through the shredder? Has the phenomenon of fake work spread beyond the summer associate class, into the ranks of associates and partners, to be paid for by U.S. taxpayer dollars?
Not quite (although that would have been a juicier story). Find out the somewhat boring reality, after the jump.
We reached out to both firms for comment. From a Debevoise spokesperson:
Debevoise is one of the firms representing the U.S. Department of Energy with regard to its Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
To similar effect, from a Paul Weiss spokesperson:
I can confirm that Paul, Weiss represents the U.S. Department of Energy in connection with its Advanced Technology Vehicles Manufacturing loan program. As a matter of professional obligation we do not otherwise discuss client matters.
We asked both firms for additional details about the engagements, including hours billed and billing rates, but they declined to provide them. Paul Weiss cited its policy of not discussing client matters; Debevoise referred us to a Department of Energy spokesperson.
In any event, congratulations to Debevoise and Paul Weiss for landing these excellent engagements. These matters may not generate seven-figure fees, but they are prestigious. And the federal government is a great client — you know your bill will always get paid.
(And if it doesn’t, then our TTT national economy has more serious problems.)
Contracts - Recipient Summary - Debevoise & Plimpton LLP [Recovery.org]
Contracts - Recipient Summary - Paul, Weiss, Rifkind, Wharton & Garrison LLP [Recovery.org]
Related: Government To Stimulate Economy By Tracking Stimulus
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Kash is already at Avalon. Starting the weekend early and throwing her money around.
Not surprised. During the summer leading to the primaries BHO made his rounds through large law firms, I assume to fundraise and bullshit/ spread his message of collectism/ socialism. From what I heard quite a few BigLaw partners made substantial cash contributions to his compaign. And by now, when I hear Obama, I think nepotism, affirmative action and socialism. This is nothing more than wasteful spending
Hey look, a non-story!
"Please accept this money as a token of gratitude for your help in getting me elected."
Sincerely,
BHO
I like that this post is by David Lat. I hope he becomes the regular blogger and that Elie is fired.
Top 10! WOOOOO!
Lat,
Thanks for making me think there was a story here only to find out two large law firms were representing the federal government. This was a real rollercoaster.
Blame the Cambridge police; they're getting blamed for everything else, and by some who weren't at the scene and admit they did not have access to the facts and circumstances, other than to proclaim publicly that the police acted "stupidly'. Well, the Cambridge police must have again acted stupidly in giving federal stimulus funds to overpaid white collar lawyers, instead of where they're really needed in places such as Michigan, Ohio and California with 12+ percent (and rising) unemployment. . If you think Obamanomics is working, talk to someone who isn't.
Obama equation: big law > healthcare.
You really broke one open! Lawyers getting money for doing work - unthinkable!
But D&P lays off people this week!?
is the use of the recovery.gov logo above an infringement of copyright or is it a fair use?
Please let us know what is going on at Barkan Neff Handelman Meizlish.
"Lawyers getting paid for doing work - unthinkable!"
Sadly, in this economy, that IS newsworthy.
Anyone else having collections problems out there? From Fortune 500 companies?
ANARCHY NOW!!!!!
He deliberately escalated the incident (how about the 'yo mama' comment?), precisely to procure his arrest, so that he could nail himself right back on the cross of victimhood.
Gates faked it from the start.
you heard it here first.
16, you're commenting on the wrong post, moron.
Please stop posting these idiotic stories and go investigate the layoffs at Debevoise.
12, almost certainly fair use, if its not in the public domain already.
Elie > Lat
17- Publicly labeling as moronic a complete stranger for a harmless technical error makes you something far worse: Intolerant and unkind.
Wait, you thought that a law firm getting $450K was going to even remotely constitute some sort of government bailout? You are just saying that to make this article flow better, right? Please tell me that's the case, please.
12 - You don't even reach the fair use analysis. Works created by the U.S. government are in the public domain.
21,
I told him he was on the wrong post because he made a technical error.
I called him a moron because of the cause he is espousing.
-17
This only proves one thing: the Class of 2011 is the lost generation.
That's cold as ice, 20.
17 -- I don't believe he/SHE was espousing a cause, but rather advocating a position. There is a difference. Furthermore, calling someone moronic for advocating a position unlike your own also makes you intolerant and unkind.
If this had been written by Elie, commenters would have savaged it.
Elie, I think you are doing an excellent job.
27 PWND 24
28 is right.
Can we grow it? Si se puede!
www.chiaobama.com
24 remains unkind
But correct
I read earlier that PW hires Canadians. Is there any truth to this rumor?
If so, they are definitely the firm for me.
David,
The money is going to two "top law firms"?
I think you meant two big law firms.
These powerful firms don't need you advertising for them on something as subjective as a "top" firm.
Debevoise. They know the judges.
I agree with 18, why not investigate the significant stealth layoffs conducted Paul Weiss
Lat please stop any attempts at humor. Everyone knows Gays aren't funny
Lat please stop any attempts at humor. Everyone knows Gays aren't funny
Paul Weiss is arguably a top firm. Debevoise, not so much.