We’ve been following the legal wranglings between SAC Capital’s Steve Cohen and his ex-wife, Patricia. Why wouldn’t we, how often does an ex-wife file civil RICO charges against a billionaire?
Initially, Patricia Cohen retained civil RICO expert, Paul Batista. Apparently, Cohen and counsel didn’t see eye-to-eye. Batista withdrew the initial suit and Cohen retained Gaytri Kachroo of McCarter & English.
But the drama doesn’t stop there. Patricia Cohen might at times act like she has a little bit too much in common with Glen Close in Fatal Attraction, but it’s Batista who won’t be ignored…
Continue reading “Lawsuit of the Day: Patricia Cohen’s Ex-Lawyer Wants to Get Paid”
Patricia Cohen, ex-wife of SAC Capital billionaire Steve Cohen, has dropped her lawsuit against her ex-husband.
Except she hasn’t.
Dealbreaker is covering all the ins-and-outs of this case. After it was reported that the lawsuit had been dropped, Dealbreaker received comment from Patricia Cohen. Bess Levin writes:
Uh, so Patricia has this to say: “I did not authorize Paul [Batista] to withdraw the case. My attorney, Gaytri Kachroo, will take the necessary actions in response to this.” So we’re back on!
Funny, Batista isn’t even her lawyer anymore. Click on the link below and try to follow along.
Ex-Mrs. SAC Drops Suit Against Stevie [Dealbreaker]
Earlier: Ex-Wife Goes After Deep Pockets
Patricia Cohen Switches Horses in the Middle of the Race
Last month we mentioned the civil RICO lawsuit filed against billionaire financier Steve Cohen by his ex-wife, Patricia Cohen. The suit is just a few weeks old — Mr. Cohen has yet to file an answer — but there’s already a new development.
Patricia Cohen has replaced her original lawyer — prominent trial lawyer Paul Batista, author of a treatise on RICO — with Gaytri Kachroo, a former partner at McCarter & English in Boston. Kachroo has some experience with high-profile, Wall Street-related engagements; she represented Harry Markopolos, a Madoff whistleblower, before Congress and the SEC. But she is primarily a transactional lawyer, whose practice focuses on emerging markets in India and Southeast Asia.
It’s all a bit… strange. Check out the details, along with Batista’s somewhat snarky motion to withdraw as counsel, over at Dealbreaker.
Paul Batista Claims Patricia Cohen Left In The Middle Of The Night And Didn’t Even Have The Bedside Manner To Say Good-Bye [Dealbreaker]
Earlier: Ex-Wife Goes After Deep Pockets
Billionaire and hedge fund god Steve Cohen, founder of SAC Capital, has been sued in a civil RICO case by his ex-wife, Patricia Cohen.
And this isn’t some kind of pro se craziness. The suit is being handled by noted trial attorney Paul Batista.
Dealbreaker has the full story, and it is juicy. Click on the link below for the details.
SAC Capital, Steve Cohen Sued By Ex-Mrs. C [Dealbreaker]
We interrupt the spirited smackdown of ATL Idol to bring you a couple of LEWW-related announcements. First, as expected, Team Ho-Glover scored a decisive win in June’s Couple of the Month voting. LEWW salutes this glorious SCOTUS – WGWAG – Friend-of-Lat juggernaut!
In other news, two notable grooms didn’t make our list of finalists this week. The first is Lee Bollinger, son of current Columbia University president (and former University of Michigan president) Lee Bollinger. And the second is Paul Lieberstein, who looks a lot like that guy who plays Toby in The Office. Because he is that guy.
On to this week’s contestants:
1. Sue-Yun Ahn and Charles Kitcher
2. Jennifer Hare and Jaron Shipp
3. Gena Hatcher and David Lenzi
4. Athena Theodoro and Daniel Adamson
Click on the link below to read more about these impressive legal matches.
Continue reading “Legal Eagle Wedding Watch 7.13 and 7.20: Columbian Dictatorship”
As some of you have noticed, we have an article in today’s New York Times, in the DealBook Special Section. It’s about fee arrangements in the (highly lucrative) context of mergers-and-acquisitions work. Here’s a teaser:
For some firms, billable hours are just the beginning. As the boom rolled on, law firms specializing in mergers and acquisitions increasingly engaged in premium billing, charging fees in excess of their total hourly billings. Think of it as a tip for good work. Whether a client pays a premium depends upon its satisfaction with the result, the size and complexity of the transaction, and the nature and length of the attorney-client relationship.
But since the credit market began to tighten this summer, an event that brought new deals to a crawl and has upset several old ones, many lawyers have been wondering whether the premium party is over…
And here’s one of the more juicy portions:
One firm, though, has moved beyond billable hours to the flat fee preferred by bankers: Wachtell, Lipton. A former Wachtell lawyer described a typical bill as follows: “There’s a paragraph stating something like, ‘For legal services rendered in connection with Transaction X,’ then a dot leader, then a number followed by six zeros.” He said he worked on some deals where Wachtell was paid more than the bankers.
Wachtell charged a flat fee when it advised the Bancroft family, which controlled Dow Jones & Company, during the $5 billion bid by Rupert Murdoch’s News Corporation For its work on the deal, Wachtell first submitted a bill for $10 million.
You can read the full piece here (or here). Feel free to email it liberally to friends and family. Thanks!
When $1,000 an Hour Is Not Enough [Dealbook / NYT]
That seems to be the theme of this very interesting article, by Ben Hallman and Aruna Viswanatha, in the current issue of the American Lawyer. It echoes the problems we discussed back in this post, concerning the $70 million malpractice suit filed against Cadwalader, in connection with the firm’s mortgage-backed securities practice.
Here’s an excerpt from the American Lawyer piece:
Even scarier for Debevoise, and for all firms with big private equity practices, was the fact that no new deals were popping up to take the place of those that were stuck. Those fears are shared by lawyers who work on mortgage-backed securities, a market that has completely shut down.
The fears are well justified for both groups, and for any lawyer whose business is linked to the availability of easy credit. In June there were nearly $100 billion worth of private-label mortgage securitization issuances. The next month, they were half that. “There’s always an element of cyclicality,” says Paul, Weiss, Rifkind, Wharton & Garrison structured finance partner Jordan Yarett, “but the implosion of credit is somewhat shocking.”
Indeed. More depressing discussion, after the jump.
Continue reading “More Woe Ahead for Private Equity and Mortgage-Backed Securities Lawyers?”
Each week we highlight an exciting job opportunity available through Lateral Link, ATL’s career partner.
Here’s the latest listing. No word on whether or not they have a theme song. But for two-fifty large, we think you can live without one.
Position: Counsel
Employer: Multi-Billion Dollar Hedge Fund
Description: Large, prominent hedge fund based in Manhattan seeks a lawyer with 3-5 years of experience to work closely with a senior attorney and new General Counsel. Ideal candidate will have excellent academic credentials and come from a large law firm. Responsibilities include working on private equity deals, PIPE transactions, bond offerings, drafting and negotiating various agreements including subscription documents, organizational documents, vendor contracts, etc. Will interface extensively with senior management and outside counsel. Extremely collegial environment and varied and interesting work.
Compensation: Pay is $250,000 – $300,000 with bonus.
To apply for this position, please visit laterallink.com.
* Barry Ostrager of Simpson Thacher bills out at $1,000 an hour? Well, just keep him away from your bathroom. [WSJ Law Blog]
* Eager to soak the rich (hedge fund kings)? Good luck with that. [DealBreaker]
* Remember the wacky Stephen Dunne, who blames the gays for his bar failure? Not being admitted may be the least of his problems. [Keeping Up With Jonas]
* A funny parody? Or a disturbingly accurate account of how the law review submission process works? [Concurring Opinions]
* Truth in advertising? This was probably well-intentioned, but ultimately unwise. [copyranter]
* Voting irregularities: not limited to “coolest law school” contests. [Machinist]
Transactional attorneys have been showered with opportunities lately. Spring has sprung and it is raining jobs for fund formation associates. The recruiters at Lateral Link are currently looking to fill a number of fund formation positions in Chicago, Hong Kong, L.A., London, the Silicon Valley and the Middle East. The latest Job of the Week is for a junior associate with experience in the formation and management of private equity funds.
