Mergers and Acquisitions

Gwyneth Paltrow

* After forcing Solicitor General Donald Verrilli to acknowledge that the Affordable Care Act could force for-profit corporations to pay for employees’ abortions, Chief Justice John Roberts seemed rather pleased with himself. [New York Times]

* Sidley Austin just hired a major M&A heavy hitter away from General Electric’s legal department. Congratulations to Chris Barbuto. We suppose he can make it rain as outside counsel now. [DealBook / New York Times]

* Because there’s no time too soon for an ambulance airplane chaser, the beginnings of the first lawsuit lodged against Malaysian Air after Flight 370′s probable crash was filed in court yesterday. [Bloomberg]

* UC Hastings and Iowa are the latest law schools to offer 3+3 accelerated degree programs. What a great recruiting tool for Iowa, which recently saw enrollment levels plunge by 40 percent. [National Law Journal]

* One month after the internet exploded with rumors of Gwyneth Paltrow having an affair with entertainment lawyer Kevin Yorn, the star announced her split from her husband. Coincidence? [New York Daily News]

Comcast has confirmed reports that the company will be acquiring Time Warner Cable in a deal estimated to be worth around $45 billion. With the ink on their NBC acquisition only just dry to the touch, the deal will tack 8 million broadband subscribers onto the company’s existing 22 million broadband customers. Comcast is already the nation’s largest fixed-line broadband company, largest cable TV provider, and third largest fixed-line phone company — and that’s before you include the company’s NBC or other assets. From a geographical perspective the deal makes sense; Time Warner Cable filling in Comcast’s coverage gaps and in particular giving Comcast the prized markets of Los Angeles and New York City, where Time Warner Cable has traditionally under-performed.

The problem is less of market share (the two companies didn’t compete directly) but one of consolidated power…

double red triangle arrows Continue reading “Comcast: Allowing Us To Get Immensely, Inconceivably, Ridiculously Massive Is ‘Pro Consumer’”

Judge Diarmuid O’Scannlain (my former boss)

* Virginia is for lovers — gay and straight alike. Judge Arenda L. Wright Allen (E.D. Va.) just struck down the state’s ban on same-sex marriage (but stayed her ruling pending appeal). Happy Valentine’s Day! [Washington Post]

* The Ninth Circuit, in an opinion by Judge Diarmuid O’Scannlain, issued a major Second Amendment ruling. Is it correct, and what will happen next? Professor Eugene Volokh shares his thoughts. [Volokh Conspiracy; Volokh Conspiracy]

* Which leading law firms are trying to make the Comcast/Time Warner Cable monstrosity into reality? [American Lawyer]

* Did a Biglaw firm make a big-time mistake by blowing a deadline to appeal a $40 million verdict? [Law360 (sub. req.)]

* Speaking of screw-ups, making them in the e-discovery realm can be costly — a lesson that California is learning the hard way, to the tune of $32 million. [ACEDS]

* Former New Orleans Mayor Ray Nagin thought he’d be acquitted; he thought wrong. [ABA Journal]

* George Washington wasn’t a member of the one of the 8 magic groups — but his story still illustrates the truth of The Triple Package (affiliate link), according to Washington biographer Logan Beirne. [Fox News]

* Authorities have made an arrest for the package bombing that killed a retired Tennessee lawyer and his wife. [CNN]

When you read about a multibillion-dollar, highly contested corporate takeover, there’s a decent chance that Wachtell Lipton is involved. The firm, which routinely tops the American Lawyer’s profits per partner rankings and Vault’s prestige rankings, is known for its expertise in mergers and acquisitions.

Charter Communications’ unsolicited $61 billion bid for Time Warner Cable? Yup, Wachtell is on the scene, representing Charter (with help from Kirkland & Ellis). If a deal goes through, count on an eight-figure fee for Wachtell.

And some of that lucre will trickle down to associates. Wachtell Lipton is known for gigantic bonuses, which can match (or even occasionally exceed) an associate’s base salary.[1] And it pays out bonuses in lockstep fashion, without regard to hours (unlike, say, Boies Schiller, another firm famous for its generous bonuses).[2]

How were Wachtell bonuses in 2013? Inquiring minds want to know. Alas, we don’t have the 2013 info (yet) — but here’s what we’ve heard about 2011 and 2012….

double red triangle arrows Continue reading “Associate Bonus Watch: Wachtell Lipton (2011-2012)”

* Who are the real victims of insider trading? It’s the Duke brothers, duh. [DealBook / New York Times]

* Judge Ellen Huvelle has ordered the government to turn over to her an executive order that the feds claim is subject to executive privilege. Judge Huvelle rejected the administration’s argument that privilege exists because, “we don’t want to give it to you.” [Politico]

* Pepper Hamilton has joined the greener pastures of Silicon Valley, opening an office with three partners poached from Goodwin Procter. [Reuters Legal (sub. req.)]

* Speaking of poaching, Martin Dunn, former deputy director of the SEC and O’Melveny partner is joining Morrison & Foerster. [The Blog of the Legal Times]

* And while we’re at it, M&A partner Sean Rodgers has left Simpson Thacher to merge with Kirkland & Ellis. [The AmLaw Daily]

* Publisher ALM (The American Lawyer, Corporate Counsel, The National Law Journal, The New York Law Journal) has a new technology partner and hopes to boost its readership. If they want to boost their readership, wouldn’t starting a new law school be a better investment? [Talking Biz News]

* Conservative groups are miffed about video of this Democratic party lawyer “attacking” a Republican at the polls and trying to “steal” an election. It seems like he put his hand over the lens of a camera phone, but sure, this is exactly like telling minorities the wrong day to vote. [Bearing Drift]

* The Amanda Knox case has a trade secret component as a battle rages over DNA testing technology. [Trade Secrets Watch / Orrick]

Brains Billable hours…

* Let’s get ready to rumble! Senate Democrats are threatening to go “nuclear” on existing filibuster rules if Senate Republicans decide to band together to block Patricia Millett’s nomination to the D.C. Circuit. [New York Times]

* AMR Corp. and US Airways are reportedly trying to broker a deal with the Department of Justice that would allow the airlines’ merger to go through. And this is the room full of people who care. [Wall Street Journal (sub. req.)]

* Proskauer Rose and the zombie corpse of Dewey & LeBoeuf received a Halloween treat from Judge Martin Glenn in the MF Global case. The firms will each be receiving a combined $9 million for their work. [Am Law Daily]

* Twitter is facing a $125 million fraud suit filed by two financial firms claiming that the social media giant had them organize a private sale of shares and then canceled it. #OhShiat #LawyerUp [Businessweek]

* Jill Bjorkholm Easter, the lawyer accused of planting drugs on a PTA volunteer at her son’s school, has pleaded guilty to false imprisonment. Her hubby’s trial is next week. [L.A. Now / Los Angeles Times]

* She’s got the right to remain topless: Holly Van Voast, the photographer famous for roaming the streets of New York with breasts bared, settled a lawsuit against the city for $40,000. [New York Daily News]

* “Ed,” the anonymous editor of the defunct Blawg Review site, RIP. [Trial Warrior Blog; Simple Justice]

In vino veritas — about unannounced transactions.

Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.

According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….

double red triangle arrows Continue reading “Tipsy Partner Tipped Insider Trading Defendant, SEC Alleges”

* Even at the top of the in-house food chain, women lawyers are still paid less than their male counterparts. But hey, at least they’re not being forced to cry poverty like their in-house staff attorney brethren. [Corporate Counsel]

* Neil Barofsky, the former King of TARP in the United States, is making the move to Jenner & Block, specifically because as opposed to all other firms, “Jenner took the side of really getting to the truth of the matter.” [Reuters]

* Luxury fashion is fun: four Biglaw firms, including Cleary Gottlieb, Cravath, Torys, and Proskauer Rose, all took Tim Gunn’s mantra to heart to make it work for the $6 billion sale of Neiman Marcus. [Am Law Daily (sub. req.)]

* If you want to try some lawyer, we hear that they taste great when poached this time of year. Speaking of which, Troutman Sanders just reeled in three attorneys from Hunton & Williams. [Richmond BizSense]

* Law schools in the Dakotas are renovating their buildings in the hope of enrolling more students. Luckily, South Dakota has that sweet indentured servitude plan. [Prairie Business; National Law Journal (sub. req.)]

* If you’re thinking of applying to law school, here’s a plan of attack for the month of September. That’s right, friends, you can start gunning right now! [Law Admissions Lowdown / U.S. News & World Report]

* Are you ready for some tax law?! The NFL and other professional sports leagues might lose their nonprofit status if new tax reform legislation makes it through the House and the Senate. [Businessweek]

The third year of law school?

* Biglaw’s billing bonanza: at least 12 firms are advising on the multi-billion dollar deals going on between Microsoft / Nokia and Verizon / Vodafone, and Simpson Thacher landed a seat on both. [Am Law Daily (sub. req.)]

* Standard & Poor’s is now accusing the Department of Justice of filing its $5 billion fraud lawsuit in retaliation for downgrading the country’s credit rating. Aww, we liked the “mere puffery” defense much better. [Reuters]

* The new ABA prez doesn’t think Obama meant what he said about two-year law degrees. He thinks it’s about cost. Gee, the ABA should probably do something about that. [National Law Journal (sub. req.)]

* Meanwhile, New York Law School wants to condense its offerings into a two-year honors program that comes complete with a $50,000 scholarship. Sweet deal if you can get it, but it sounds like most people won’t. [Crain's New York Business]

* Stewart Schwab, the dean of Cornell Law School, will be stepping down at the end of the academic year. The search for someone new to oversee the filming of amateur porn in the library is on. [Cornell Daily Sun]

* Crisis? What crisis? Nothing is f**ked here, dude. Amid plummeting applications, GW Law increased the size of its entering class by about 22 percent. The more lawyers, the better, right? /sarcasm [GW Hatchet]

* Jacked up! Attorneys for NFL player Aaron Hernandez got a stay in the civil suit accusing the athlete of shooting a man in the face until after the athlete’s murder charges have been worked out. [USA Today]

* President Obama says he’s not changing his mind on the legality of marijuana “at this time.” I guess we need Biden to go on Face the Nation this time around to get some movement on the drug war. [Volokh Conspiracy]

* California lawmakers are looking to retool its “revenge porn” — the act of posting embarrassing sex pics/videos of a significant other who screwed you over — bill. Now California won’t be able to post all those amateur vids of the organizers behind Prop 13. [WSJ Law Blog (sub. req.)]

* New York just boasted the largest seizure of illegal guns in NYC history because a rapper used Instagram to show the world a whole mess of illegal guns. Sometimes you have to avoid that “pics or it didn’t happen” tweet. [ABA Journal]

* Michael Jackson’s estate is battling the IRS. The article coyly suggests that the estate has told the IRS to “Beat It.” What they don’t understand is the IRS, as a general rule “Don’t Stop ‘Til [They] Get Enough.” [TaxProf Blog]

* Inspired by our recent post on the 15 Reasons to Date a Lawyer, Going Concern has found eHarmony’s “15 Reasons to Date an Accountant” and given it a similar beatdown. [Going Concern]

* Congratulations to the M&A Advisor’s “40 Under 40″ award winners. Your families would be so proud if they remembered what you looked like. [The M&A Advisor]

* I was quoted in this week’s episode of This American Life. Host Ira Glass interviewed Sharon Snyder, the court clerk fired for helping free an innocent man. [This American Life]

* Bruce MacEwen explains the mid-year results for Biglaw as reported by Wells Fargo and Citi respectively. Video after the jump…

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