Cleary Gottlieb

Welcome, Summer Associates! We’re Glad You’re Here, But Clients Aren’t.

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It’s summer time! A lucky few are being paid to warm seats in law firms across the land. (Very few — thanks to the minimal numbers of offers extended to law students in Recession Land.)

Some firms are very excited about their summer associates, to the point of issuing press releases about them. Firms are planning fun events. Hopefully, Williams & Connolly offers cooking classes at a culinary institute again this summer (for those who don’t get offers and may not be able to afford to eat out one day). We’ve got a round-up of our favorite summer “happenings,” after the jump.

But one thing firms may not plan to do this year is bill for summer associates’ time. Nate Raymond reports in the New York Law Journal that Citigroup Inc. has told its outside counsel that it will not pay for law students’ time. Citi does not stand alone:

J. William Dantzler Jr., a tax partner at White & Case who oversees hiring in New York, said with regard to billing clients for summer associates, it has been “a slide for 10 years.”

“More and more clients don’t want summer associates to bill to them,” he said. “When I started almost all clients would accept it. And it’s evolved to where a lot of clients don’t.”

Ironically, because of the huge decline in the number of summers brought in, they’re more likely to actually do substantive work this year. One Biglaw firm, for example, instituted a requirement last year that every summer associate produce at least one piece of seriously impressive legal writing. Which firm is it?

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Law Firm Facebook Pages Reveal How Associates Really Feel

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Earlier this year, in one of its many format changes, Facebook forced users to make their profile info more public via Community Pages. Facebook created pages based on users’ lists of interests, jobs, and favorite things to help people find others “who share similar interests and experiences.”

So if you, for example, listed “document review” as something you like, you’d be a member of this page. And maybe this page too.

One issue discussed in some circles was the potential trademark violation in Facebook’s automatically creating and populating Community pages for businesses and brands. Another issue picked up by the National Law Journal was that some of the Community Pages created aren’t very flattering to law firms.

If you listed your employment as “Slave” at Skadden Arps, for example, you’re responsible for this page:

What are some of the other interesting law firm-affiliated Community Pages on Facebook?

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Who’s Afraid of the Big Bad Rakoff?

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Judge Jed Rakoff: A bank's nightmare?

Since Judge Denny Chin is moving on up to the Second Circuit, the S.D.N.Y. cases pending before him have to be redistributed. Lawyers for Bank of America, which has 15 civil shareholder lawsuits on Chin’s docket, sent the chief judge a letter requesting that the cases be reassigned using a lottery system. As we mentioned in Morning Docket, Cleary Gottlieb, Davis Polk, and Wachtell Lipton all signed the letter.

Why did they need to send this special letter? Because they were scared of B of A landing again in the lap of Judge Jed Rakoff, says the Wall Street Journal:

Judge Rakoff disappointed bank executives last year when he rejected a $30 million settlement with the Securities and Exchange Commission, which had charged the bank with misleading shareholders about bonuses paid prior to the Merrill merger. The New York judge reluctantly approved a new $150 million agreement in February but called it “half-baked justice at best.”

One of the pending shareholder cases accuses the bank of failing to “disclose billions in Merrill losses before shareholders approved the deal in December 2008.”

Apparently, the lawyers debated whether or not to name Judge Rakoff in their letter, thus making it clear that he was the particular judge they hoped to avoid. They ultimately decided to name names.

They were successful in steering their cases clear of Rakoff, though the chief judge claims the letter wasn’t a factor in her decision to assign the cases to Judge Kevin Castel (aka the John Gotti judge). How did she decide?

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Breaking: Cleary Matches Cravath Bonuses
Is it all over? Reader poll after the jump.

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2009 Associate bonus watch above the law.JPGWe have confirmed the news of a Cravath bonus match with multiple sources at Cleary Gottlieb. One exchange went something like this:

ATL: Any good news today?

CGSH: No. Cravath news. Bonus FAIL.

So the 2009 bonus market is probably going to coalesce around the Cravath-level bonuses — unless S&C shows up and trumps CSM. Stay tuned.
The timing of the announcement is telling. Usually bad news is saved for Friday afternoons, so it gets lost in the pre-weekend shuffle. Did CGSH view its bonus numbers as potentially disappointing to the recipients?
Perhaps. In our reader poll on the Cravath bonuses, a majority of respondents said the CSM bonuses made them either “unhappy” or “very unhappy” (the most popular choice). Approximately 30 percent said the bonuses made them “neither happy nor unhappy.” Under 20 percent said the bonuses made them “happy” or “very happy.”
The Cleary memo and another READER POLL, after the jump.

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Is it all over? Reader poll after the jump.“

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Legal Eagle Wedding Watch 10.18: Jean-John

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Congratulations to Caroline Nyenke and LaRue Robinson, selected by ATL readers as our August Couple of the Month in a close race. Things were a bit more lopsided in our September Couple of the Month poll, as SCOTUS clerks and lovebirds Karen Dunn and Brian Netter took the crown with 40 percent of the vote. Both couples will compete for Couple of the Year honors in a few months.
Now, this week’s contestants:

1. Molly Rusten and Peter Rosen
2. Xixi Yin and Edward Amley Jr.
3. Simrin Parmar and John Bennett

Check out these newlyweds’ pictures and bios, after the jump.

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Legal Eagle Wedding Watch 9.6: The Point Is Probably Moot

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LEWW’s memory isn’t what it once was, but we can’t recall a stronger week in legal nuptials than this one. All six of our featured newlyweds are truly impressive, and a few are even interesting! And not to give anything away, but if you love SCOTUS clerks (and oh, we do!) prepare to curl your toes in ecstasy.
Here are our finalists:

1. Lee Bickley and Martin Carr
2. Betsy Anderson and David Gottlieb
3. Karen Dunn and Brian Netter

Join us in evaluating these couples, after the jump.

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Cleary Lawyer Calls Out Cuomo

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Andrew Cuomo small Andy Cuomo Attorney General New York.JPGYesterday, we covered Andrew Cuomo’s letter to Bank of America. In it, the New York Attorney General ask BofA to essentially waive its attorney client privilege and allow the AG’s office to question BofA outside counsel at Cleary Gottlieb.
Update: The NYAG is looking to talk to the lawyers who consulted on the Bank of America/Merrill Lynch merger. Cuomo wants to talk to attorneys at Wachtell and Shearman & Sterling. He is not asking to talk to Cleary lawyers about their work for the bank.
Today, Cleary commercial litigation partner Lewis Liman, fired back at New York’s chief lawyer. The Charlotte Observer has the details:

“First, the basic premise of the letter is simply wrong,” Bank of America’s attorney, Lewis Liman, wrote in the bank’s response. “Bank of America has not put at issue the subject matter of any advice of counsel. Nor has Bank of America offered reliance on legal advice as a justification for its disclosures. Bank of America’s position has been clear and consistent throughout: the proxy statement and related disclosures complied with all applicable laws, rules and regulations. Because Bank of America did not violate the law, it has not offered reliance on legal advice as a defense.”

Lewis Liman? That sounds more like something Josh Lyman would write.
Apparently, the NYAG isn’t the only one that knows how to litigate in through the press. More from Liman and Bank of America, after the jump.

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Cleary Lawyers, The NYAG Would Like to Meet You

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Andrew Cuomo small Andy Cuomo Attorney General New York.JPGA couple of weeks ago, I asked if the mainstream media was aware of the existence of Biglaw lawyers. They’re still not, but the New York Attorney General is. Dealbook reports:

Attorney General Andrew M. Cuomo fired another shot at Bank of America on Tuesday, asking the bank to allow its lawyers to be questioned.
In a letter to the bank’s outside counsel, Lewis J. Liman of Cleary, Gottlieb, Steen & Hamilton, Mr. Cuomo wrote that “attorney-client privilege is hindering this office’s ability to make fair and fully informed decisions as to what charges, if any, to bring and whether individual Bank of America officers should be charged.”

What, does Andrew Cuomo want BOA to waive privilege to help him out? I’m not sure that this is how to run a prosecutor’s office, but it seems like a pretty effective way to run for Governor through the headlines.
Cuomo Takes Aim at Bank of America’s Lawyers [Dealbook]
Earlier: The Mainstream Media Is Aware That Law Firms Exist, Right?

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Legal Eagle Wedding Watch 8.30: The Usual

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This week’s Vows column is a jaw-dropper. Twelve-year-old girl has crush on doorman (“‘He looked like the guy from Tiger Beat,’ she recalled”), stalks doorman for over a decade, and finally marries him. And he’s still the doorman!
Also, don’t miss this Skadden associate’s unorthodox proposal: He had his girlfriend served with a “complaint” while he was in the men’s room.
On to this week’s couples:

1. Florence Davis and Anthony Gooch
2. Alexandra Seggerman and Stephen Poellot
3. Marin Levy and Joseph Blocher Jr.

Read all about this week’s featured newlyweds, after the jump.

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Fall Recruiting Open Thread: Vault 6-10 (2010)

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comparing.jpgMoving right along with our Vault open threads, it’s time to take a look at the firms ranked #6 – #10.

6. Weil Gotshal
7. Simpson, Thacher & Bartlett
8. Cleary
9. Covington & Burling
10. Kirkland & Ellis

Weil’s strong move up the Vault charts — the firm was ranked #9 last year — shows the power of high profile work. The Lehman bankruptcy and the General Motors restructuring were just two of the many recognizable matters Weil has had its hands on in the past 12 months.
But Weil also seems to have timed the Vault rankings quite well. The firm didn’t start deferring incoming first years until March, didn’t start laying off staff until May, and didn’t start laying off associates closing offices until the end of June.
Regardless of whether or not those moves catch up with Weil next year, right now is Weil’s time to shine in the warm recruiting light of sixth place. Congrats.
Let’s look at the other firms after the jump.

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