Law Firm Mergers

Pillsbury’s so lonely these days.

* “Without the formation of character, the rest is futile.” An Article III judge’s take on the law school crisis. [Simple Justice]

* Because nobody likes sloppy seconds, the merger talks between Pillsbury Winthrop and Dickstein Shapiro are now off the table. [Thomson Reuters News & Insight]

* David Tresch, an ex-Biglaw CIO, was indicted last week on wire fraud charges. “Bitch better give me back my money,” said Mayer Brown. [ABA Journal]

* Does Jeffrey Toobin understand the Voting Rights Act? This law professor seems skeptical. [PrawfsBlog]

* Praise the Lord and pass the ammunition, because this Saturday is Gun Appreciation Day. Go celebrate your Second Amendment rights — but do it responsibly, please! [Volokh Conspiracy]

* Remember Ryan Chenevert, the young lawyer who took home the title of Cosmo’s Bachelor of the Year for 2012? Check out the very tongue-in-cheek interview this hottie did with 225 Magazine, after the jump….

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Housewife: best job ever?

* Go to BuzzFeed to see pictures of cute animals, or go to BuzzFeed to see some quality journalism — like Chris Geidner’s profile of Edith Windsor, plaintiff in one of the landmark gay-marriage cases before the Supreme Court. [BuzzFeed]

* “A python is fairly dangerous. There’s definitely a turn-on about hunting something carnivorous that could, in theory, eat you,” says the NYU law student heading to Florida to hunt pythons for prize money. [Bloomberg]

* Looking for work? It’s time to head south, before everyone else does. Word is starting to get out about Texas, which boasts a low cost of living, no state income tax, and jobs — yes, actual freaking jobs. [Instapundit]

* But there’s no shortage of jobs in the housewife sector. If that’s what you want to do, then be fruitful, multiply, and remove your résumé from consideration at the jobs you’ve unwillingly applied to. [The Careerist]

* Although a reference from this century would’ve been appreciated, both Lat and Elie agree that I’m pretty damn great at “mak[ing] everything be okay.” Where’s a cute hat to toss when you need one? [Law and More]

* Lat sometimes dabbles in Biglaw predictions (despite the risks of being wrong). If you’re interested in seeing more, watch him in this interview with Lee Pacchia of Bloomberg Law….

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* Change may be coming soon in light of the Newtown shooting, but any talk about new federal restrictions on guns will hinge on the Supreme Court’s interpretation of the Second Amendment through the lens of the Heller case. [National Law Journal]

* Joel Sanders and the Steves are facing yet another “frivolous” lawsuit over their alleged misconduct while at the helm of the sinking S.S. Dewey, but this time in a multi-million dollar case filed by Aviva Life and Annuity over a 2010 bond offering. [Am Law Daily]

* Always a bridesmaid, never a bride: Pillsbury has had the urge to merge since February, and now the firm may finally get a chance to walk down the aisle with Dickstein Shapiro. [Thomson Reuters News & Insight]

* Income-based repayment is a bastion of hope for law school graduates drowning in student loan debt, but when the tax man commeth, and he will, you’ll quickly find out that the IRS doesn’t have IBR. [New York Times]

* Is the premise of graduating with “zero debt” from a law school that hasn’t been accredited by the ABA something that you should actually consider? Sure, if you don’t mind zero jobs. [U.S. News and World Report]

* Daniel Inouye, Hawaii’s Senate representative for five decades and a GW Law School graduate, RIP. [CNN]

* “The people who are paying us say this is what we want.” When it comes to cross-border mergers, law firms aren’t becoming behemoths for the hell of it. The end goal is to be able to edge out the rest of the competition. [Wall Street Journal (sub. req.)]

* It’s been six weeks since Hurricane Sandy hit the east coast, and “[e]verybody wants to go back downtown,” but some Biglaw firms in New York City — firms like Harris Beach and Cahill Gordon — are still stuck in their temporary offices. [New York Law Journal]

* Following Jeh Johnson’s adieu to the DoD, drone-loving Harold Koh will be packing up his office at the State Department and returning to Yale Law to resume his professorship next month. [WSJ Law Blog (sub. req.)]

* According to the Bureau of Labor Statistics, the legal sector is employing 5,800 more people than it was at this time last year. We’d be in good shape if 40,000 people hadn’t graduated law school in May. [Am Law Daily]

* Another day, another wrist slap: Villanova Law has been placed on probation for by the Association of American Law Schools over its grade-inflation scandal. Does that even mean anything? [Philadelphia Inquirer]

* The Lanier Law Firm, known for its spectacular Christmas parties, hosted some country superstars at this year’s event. Guess we know where Faith Hill and Tim McGraw go for legal assistance. [Houston Chronicle]

* A slim majority of American adults think that federal government employees should just sit back, relax, and smoke a bowl instead of enforcing federal laws against marijuana use. [FiveThirtyEight / New York Times]

* “I’m sorry they are confused in the White House.” Puerto Rico’s statehood referendum received a majority of votes, but lawmakers say the results of the two-part plebiscite are too confusing to add a 51st state. [CNN]

We interrupt your regularly scheduled programming to bring you some important news about Middletons: she’s having a baby!

Oops, sorry, wrong Middletons. We’re talking about the Australian law firm, not the Duchess of Cambridge.

The long-running merger talks between K&L Gates and Middletons have borne fruit. The partnerships of both firms just voted to approve the transaction.

Let’s learn more about the shape of this new entity…

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* “Maybe in the future you could let us know when something as definite as that comes [at the last minute.]” It would appear Chief Justice John Roberts has yet again been angered terribly by a lawyer from the Department of Justice over policy changes. [CNN]

* G’day, mate! Perhaps Peter Kalis was telling the truth about his firm, because everything really is great at K&L Gates after last night’s announcement. Partners at the Biglaw firm just approved a merger with Australian firm Middletons. [WSJ Law Blog]

* The commission overseeing the revisions to Chapter 11 of the Bankruptcy Code will focus their energies on labor and benefits. Aww, how nice of them to think of the little people. [Thomson Reuters News & Insight]

* The suit over job stats against Thomas Jefferson School of Law lives to fight another day. The school was “disappointed,” but probably not as disappointed as the students it allegedly duped. [National Law Journal]

* And speaking of disappointment, people are still pissed off about Case Western Law Dean Lawrence Mitchell’s defense of going to law school, aka “a full-throated defense of the indefensible.” [New York Times]

* If you’ve made a mistake on your law school application, fret not, because there’s a way to correct it. (Note: some would say the real mistake was applying in the first place.) [Law Admissions Lowdown / U.S. News]

* Another day, another lawsuit filed against the much-sued and oft-creepy Dov Charney. This time, an ex-store manager alleges the American Apparel CEO choked him out and tried to rub dirt in his face. [Huffington Post]

Law firm mergers seem to be popping up as frequently as, well, problematic emails between married generals and their gal pals. Just a week after SNR Denton’s three-way merger with international firm Salans and Canadian firm Fraser Milner Casgrain, we’re learning of another law firm combination with Canadian and European elements.

This morning brings word of a merger between the global law firm of Norton Rose and the international but U.S.-based law firm of Fulbright & Jaworski. As you may recall, Fulbright has been the subject of merger buzz before — including rumors that featured Norton Rose as suitor.

How big will the new firm be, and what name will it operate under?

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When we last checked in with SNR Denton back in May, the firm had just finished wiping its hands of a potential merger with Dewey, right before the failed firm’s LeBoeuf was officially cooked. But from what we know, SNR had the urge to merge with another firm since at least February. The firm’s desire to seduce another suitor has gone unsatisfied for almost a year, but it now appears that SNR Denton may finally have the chance to get its rocks off.

Today, we’ve got news that the firm plans to get down with not one, but two firms. Ooh la la! Which firms is SNR Denton wooing, and when is the merger set to take place, if approved? Let’s check out the details on this potential ménage à trois….

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Merge; merge; merge. It’s all we hear about from law firms these days.

But corporations do these things in both directions: Corporations do acquisitions, but they also do divestitures. Corporations merge, but they also de-merge.

If it occasionally makes sense for a corporation to divest itself of a business unit, or to split itself in two, then it surely also makes sense for law firms occasionally to divest themselves of practice groups or split themselves in two. But we almost never hear about those things. (A reader of this column tells me that he googled “law firm” and “de-merger” and found only this five-year-old announcement about a firm in the UK.) (Don’t complain about my shoddy research. That’s more spadework than goes into a typical one of these columns.)

So here’s the idea: You have a global mega-firm that combines a fine M&A practice with a great litigation practice. Just as corporations sometimes think that combined business units would have more value if pulled apart, the law firm decides that everyone would prosper if the litigation firm were spun off from the transactional practice.

Divestiture! It’s not a dirty word in the corporate world; why is it never spoken among law firms?

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Not so fast, Canellas…

* Yeah, about that huge bonus we were going to pay our ex-finance director — we realized how silly that was, so we’re not going to do that. Aww, don’t worry, Dewey & LeBoeuf, you’ll have plenty of other chances to look absurd. [Am Law Daily]

* Not only is Samsung suing Apple for patent infringement, but the company is also trying to get a do over by getting Judge Lucy Koh to throw out the original billion-dollar verdict over jury foreman Velvin Hogan’s alleged misconduct. [Bloomberg]

* “Small deals are easier to swallow, easier to integrate.” Regional firms like Carlton Fields and Adams and Reese are gobbling up smaller firms in what seems to be the latest trend in law firm merger mania activity. [Thomson Reuters News & Insight]

* Douglas Arntsen, the former Crowell & Moring associate who had to be extradited from Hong Kong after embezzling $10.7M from clients, pleaded guilty in exchange for a lesser sentence. [New York Law Journal]

* It’s tough to come up with appropriate whistleblower jokes given the background here. We’ll play it straight: Mike McQueary filed a defamation suit against Penn State, and he’s seeking $4M in damages. [ABC News]

* Jose Godinez-Samperio, an undocumented immigrant, is fighting for the ability to practice law in Florida, but the members of the state Supreme Court are literally trying to make it into a “federal case.” [Washington Post]

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