Partner Issues

Congratulations to Weil Gotshal on securing a significant role in the big Grupo Corporativo Ono / Vodafone deal. The firm is representing Ono’s principal shareholders, a group of private equity firms, in the $10 billion transaction. This comes not long after news of Weil’s representation of Facebook in the company’s $16 billion acquisition of WhatsApp.

At the same time as it handles eleven-figure deals, Weil Gotshal continues to lose partners. Are these defections wanted or unwanted by Weil? If the latter, how significant are they?

Let’s find out which partners are leaving, and where they’re going….

(Please note the UPDATE added to the end of this post.)

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Dewey & LeBoeuf: back in the headlines.

Last week brought some good news for Georgetown University Law Center. In the latest U.S. News law school rankings, GULC moved up one spot to tie at #13 with Cornell. Go Hoyas!

Alas, over the past year the news has been less happy for some individual GULC students and graduates. About a year ago, former student Marc Gersen got sentenced to four years for meth dealing. Earlier this year, alumnus Stephen Glass got rejected for California bar admission, due to his notorious past as a dishonest journalist.

In recent weeks, a very accomplished (and handsome) GULC graduate, currently clerking for a federal appeals court judge, got indicted in connection with the collapse of Dewey & LeBoeuf. What Dewey know about Zachary Warren?

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Juan Monteverde and Alexandra Marchuk

Alexandra Marchuk’s headline-grabbing lawsuit against her former firm, Faruqi & Faruqi, has generated a lot of headaches for the firm. It has given rise to some bad PR. It has created client concerns. It has distracted the firm from its mission of shaking down corporate America vindicating shareholder rights.

And is it now causing the high-profile boutique to lose lawyerly talent? Here’s what we’re hearing….

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There are so many interesting parts of the Dewey criminal charges, it’s hard to count them all.

For starters, there are the emails laid out by the SEC in its complaint, such as:

  • “I don’t see how we’ll get past the auditors another year.”
  • “I assume you [k]new this but just in case. Can you find another clueless auditor for next year?”
  • “I don’t know anything about [the contracts] and I don’t want to cook the books anymore. We need to stop doing that.”
  • “I don’t know. He’s starting to wig a little. Maybe he’s hearing and seeing too much . . . .”

Sadly for people and happily for prosecutors, regrettable emails are simply a fact of modern electronic life. Still, “I don’t want to cook the books anymore” has to be pretty high on the list of things that one is likely to regret putting in an email.

(These emails, and more, are collected in the Bloomberg piece by Matt Levine wonderfully titled “Law Firm Accountants Were Bad at Accounting, Law.”)

But, probably more interesting than these regrettable emails is what the Dewey prosecution can tell us about white-collar prosecutions in New York more generally….

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Ed. note: Please welcome Above the Law’s new poet-in-residence, Qui Tam. You can read the rest of his law-related poetry over here.

First week, the subject was an infirm professor and second week, OCI. More or less chronological, so logically, you might expect summer associate stories next, but I’ll save those for some other post.

A name came up at work today and I was reminded of some fun times, so this week the subject is partners, or a couple of them anyway…

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Patton Boggs, the once heralded D.C. lobbying firm, has been in trouble for more than a year now. It all started in March 2013 when the firm conducted significant layoffs, and things continued to spiral out of control from there. Additional layoffs followed, flanked by fleeing partners and the closure of the firm’s Newark, New Jersey, office. Profits have plummeted, so much so that Patton Boggs hired the Dewey & LeBoeuf turnaround team of financial advisers Zolfo Cooper and bankruptcy attorney Al Togut. Things certainly aren’t looking very good for the firm, even though managing partner Edward Newberry claims it’s all lollipops and unicorns over there.

Admittedly, first Newberry was afraid, he was petrified. He thought Patton Boggs could never live without cash by its side. But then he spent so many nights thinking how his firm went wrong, and he grew strong. He learned how to get along. His firm will survive — “healthy and profitable” — the same way all floundering firms do: additional layoffs are making their way down the pipeline, and it’s partners’ heads that will roll.

How many partners will have to find new homes? Let’s find out…

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Rachel Canning

* Dewey know who Zachary Warren is? Per this failed firm’s insiders, he seems to be a “man of mystery” who apparently worked in the “bowels of the bureaucracy” that ultimately led to D&L’s demise. [Am Law Daily]

* “You can cross-examine the witness. You can’t cross examine an email.” Defense of the Dewey defendants may be tough when it’s time for trial — and you can bet your ass there’ll be a trial. [New York Law Journal]

* Fear not, friends, because Patton Boggs has found a way to weather the storm. It’s the same way most barely buoyant firms stay afloat: more layoffs. Expect more on this news later today. [National Law Journal]

* Paul Ceglia, the man who claims he owns half of Facebook’s fortunes, can’t toss his criminal charges. Sometimes wheeling and dealing with allegedly faux contracts will land you in the clink. [Bloomberg]

* Because no father wants to see his daughter become “tabloid fodder”: Rachel Canning, the New Jersey schoolgirl who sued her parents, is being “savaged” by the public. Aww, poor little Millennial. [Daily Record]

Biglaw partners from international firms don’t like to lose cases — especially not to solo practitioners. Biglaw partners think they own the world, and to lose a case to a lowly solo practitioner would likely bring shame to their firm and force them to commit ritualistic seppuku-style suicide in an attempt to regain their lost honor. (No offense, solos, but we imagine Biglaw partners’ horses are quite high.)

Watch out, solos, because you’ll get absolutely no love from Ho-Love if something like this were to happen. You might get stepped on — literally — and even get slapped in the face with a briefcase…

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Dewey & LeBoeuf: it’s baaack (in the headlines).

Criminal charges are on the way for Steven Davis, Stephen DiCarmine, and Joel Sanders — the former chairman, executive director, and CFO, respectively, of defunct Dewey & LeBoeuf.

Almost two years have passed since the Biglaw firm’s bankruptcy filing, causing some observers to think that perhaps the Steves would never get charged. The argument, in a nutshell: they might have been poor managers or even downright moronic, but they didn’t commit any crimes.

Alas, sadly for Messrs. Davis, DiCarmine, and Sanders, it seems that Manhattan District Attorney Cyrus Vance doesn’t agree with that line of thinking. What types of charges can the trio look forward to?

(Please note the UPDATES added to this post, reflecting information from the indictment and the SEC complaint.)

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* Upskirt photos not illegal in Massachusetts. The spirit of Kennedy lives on! [Mass Live]

* The investigation continues into whether Judge Mike Maggio, who might be the infamous Geauxjudge, suffers from a bad case of the Internet Crazies — but in the meantime, his campaign for the Court of Appeals took a hit. [Arkansas Times]

* Speaking of judicial ethics, Judge Kimberly Brown has been removed from the bench in Indiana. She’s only the third judge ever to be permanently removed from the job. [Indy Star]

* Wachtell Lipton partner Ricky Mason and his wife, Hoboken mayoral candidate Beth Mason, have been charged with several election-law violations. Uh-oh. [PolitickerNJ]

* Which state just ruled that you have a reasonable expectation of privacy in texting… even if you’re texting about a heroin deal? [IT-Lex]

* Dewey love the judge’s name in the Barclays suit over the dead firm’s debts? Yes. Because “Popplewell” is an awesome name. [The Lawyer]

* The data are in, and the top college grads have passed an all-important math test: they figured out law school is a bad deal. [Associate's Mind]

* Yet another Florida law school dean has stepped down. This is what happens when you take a job in a state full of retired people. [Daily Business Review]

* Obamacare has been credited — and bashed — for a lot, but are we underselling its role in reducing prison populations? [Sentencing Law and Policy]

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