Facebook went public less than a week ago. But, not unexpectedly, a lot has happened in the few days since. As with many highly anticipated events (e.g., the Star Wars reboot and Barack Obama’s presidency) a lot of the reaction to Facebook’s IPO has been negative and filled with disappointment.
We’ve already got shareholder lawsuits against Facebook and the NASDAQ stock exchange, a privacy lawsuit settlement, and questions about how the IPO may have revealed broader problems about the way the system works. On the upside, the company’s GC, Ted Ullyot, has been making headlines in a more positive way, which is to say the dude is making mad bank for someone working in-house.
It’s not every day that a partner leaves the storied firm of Cravath, Swaine & Moore. But it’s not every day that a suitor with comparable prestige, wealth, and WASPiness comes calling. Dealbook reports:
Morgan Stanley said on Thursday that it has hired Francis P. Barron, a partner at the law firm Cravath, Swaine & Moore, as its chief legal officer. Mr. Barron will replace Gary G. Lynch, who will remain with Morgan Stanley as a vice chairman in London…. The hiring is the latest management shake-up under James P. Gorman, Morgan Stanley’s chief executive since the beginning of the year.
At Cravath, where he has worked for 32 years, Mr. Barron specialized in litigation, corporate matters and advising boards. Among his clients are financial firms like Morgan Stanley, Citigroup, UBS and Goldman Sachs, as well as General Electric.
Moving from a law firm to Wall Street isn’t uncommon. On New York magazine’s recent list of hottest Wall Street bachelors — co-authored by Bess Levin, of our sister site Dealbreaker, and Jessica Pressler — two out of the 15 “foxes of finance” have law degrees (one from Harvard and one from Seton Hall).
A move at this high a level, from a Cravath partnership to an investment bank, is less common. But such moves happen — and, interestingly enough, Frank Barron isn’t even the first ex-Cravath partner to wind up in a top position at Morgan Stanley….
* Bad news for the big three: the New York Times says Congress “is suffering from acute bailout fatigue.” [NYT]
* There were 13 law firm mergers in the third quarter this year (not unusual). The largest number of combinations (5) were in the southeast. [The Birmingham News]
* O.J. Simpson is finally going to jail. He will be sentenced today in Nevada. This time, he stole back sports memorabilia from two people. Can you think of a more inelegant end to the Simpson saga? [The Associated Press]
* If you break the law in New York, at least you get free day care. Thanks to Judge Judith S. Kaye (New York State’s cheif judge), there are 34 children’s centers across the state in family, criminal, and civil courts. They provide a safe and happy place for children whose parents are involved in legal battles. [NYT]
* Singapore awarded Clifford Chance, White & Case, and Latham & Watkins licenses to practice law, as part of an attempt to compete with Hong Kong and other cities in China and the Middle East that have benefitted from having international law practices. [Bloomberg]
* Discover is mad at Morgan Stanley for secretly hanging-out with Visa and Mastercard behind Discover’s back. Sounds a lot like middle school, only in the real world, you can sue. [Bloomberg]
* Tax litigators B. John Williams, Jr. and Alan Swirski, to Skadden Arps (DC), from Shearman & Sterling (DC).
The WSJ Law Blog refers to the two men as “Tax Litigation Studs.” First: What do these guys look like? Second: Is using the word “stud” conduct unbecoming an MSM blog? (Just kidding, Peter.)
* Geroge Sullivan, to Greenberg Traurig (NY), from Morgan Stanley (where he headed litigation at the firm’s retail brokerage and investment management arm). Government to Private Sector:
* Mark Feldman, to BDO Seidman’s litigation and fraud investigation practice, from the U.S. Attorney’s Office for the Eastern District of New York (where he headed the office’s organized crime and racketeering section for over 10 years). Shearman Tax Litigation Studs Decamp to Skadden [WSJ Law Blog] Morgan Stanley Litigation Chief to Join Firm in NY [NYLawyer.com] Organized Crime Prosecutor Joins BDO Seidman [NYLawyer.com]
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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