Some people just can’t stay out of our pages. Back in 2008, we wrote about Ira J. Schacter, a prominent corporate partner and major rainmaker at Cadwalader. Schacter earned Lawyer of the Day honors after he was accused of beating his wife. (He claimed he acted in self-defense and was ultimately cleared of the charges.)
Well, today Ira Schacter is back in the news. He’s accused of refusing to pay for his teen daughter’s $12,000 hearing aids, while dropping $215,000 on a diamond engagement ring for his Playboy-bunny fiancée. If true, that’s pretty shoddy behavior — the very embodiment of cheapness, from a big-time Biglaw partner who can easily afford twelve grand.
But I know what you’re all wondering right now: “How hot is that Playboy-model fiancée?”
Last week, the American Lawyer shined a spotlight on extensive partner departures from McDermott Will & Emery. According to Brian Baxter of Am Law Daily, a whopping 38 partners have left MWE in 2011 so far.
Some of these defections have come in clumps. Most notably, as we mentioned back in January, nine partners left McDermott for Cadwalader, Wickersham & Taft, as part of CWT’s raid on MWE’s energy law practice.
But that explains just a quarter of the year-to-date partner departures from McDermott. Let’s look at some of the others, explore possible implications for the firm, and discuss what might be motivating the movement toward the exits….
The law firm of Orrick, Herrington & Sutcliffe continues to do battle with its former client, MGA Entertainment. It seems that the maker of Bratz dolls is still acting in bratty fashion, by not paying its legal bills, and Orrick has moved to withdraw from representing MGA. (This is not the first time that Orrick has tried to fire its difficult client.)
Fortunately, things are happier on the transactional side for Orrick. The firm just announced that it’s picking up five bank finance and high-yield partners, for its New York office.
The new arrivals come from four different places, including three firms whose names you will definitely recognize….
Big news out of New York today: Dennis Block, a leading mergers and acquisitions attorney, is on the move. Known for being extremely successful — but notoriously difficult to work with — Block is stepping away from Cadwalader, Wickersham & Taft and bringing his huge book of business to Greenberg Traurig.
This Brooklyn Law School graduate proves that you don’t need to go to a T-14 school to have a great career. Block has served as counsel on several big time affairs, including Pfizer’s $68 billion Wyeth takeover, and JPMorgan’s Bear Stearns buyout.
Let’s learn more about Block’s past, and see what Cadwalader has to say about this partner’s defection….
- American Bar Association / ABA, Antitrust, Biglaw, Celebrities, Google / Search Engines, Law Schools, Morning Docket, Murder, Pictures, Screw-Ups, Shoes, U.S. News
* Bob Morse announces that new jobs data may be used to change the methodology for calculating law school employment rates. Because Bob Morse has to do the ABA’s job for them. HIYOOOO! [U.S. News & World Report]
* And speaking of employment (or lack thereof), it looks like UDel and SUNY Stony Brook have given up their plans to build new law schools. Did they smarten up and start worrying about jobs like we do? [Washington Post]
One of my favorite law firm names is Freshfields — Freshfields Bruckhaus Deringer, to be precise, but I prefer Freshfields. It makes me think of rolling green hills, crisp laundered linens, or a dairy, producing the creamiest milk in all the land.
As it turns out, Freshfields is a law firm — a top international law firm, a member of the elite Magic Circle. And this Freshfields is rolling out the green, doling out crisp bills, and ladling out the cream — to its associates. As reported earlier today by Am Law Daily, yesterday Freshfields announced spring bonuses, on the top-of-the-market Cravath scale.
These two moves are significant — far more significant than the earlier spring bonus announcements….
* In the wake of the tragic killing of Chief Judge John Roll, it’s probably unwise for a politician to call for putting federal judges “on the Endangered Species list.” [TPMDC]
* A tipster has the credited blurb for this article on judges in France: “Insert French surrender joke here.” [USA Today]
* A (rather cute) male associate named William stands accused of sending around pictures of his Greg. [The Dirty]
* If you’ll be in NYC on February 23, come to the annual dinner of the Asian American Bar Association of New York, which I’ll be emceeing once again. [AABANY]
* Looking for a job — or for a new employee? Don’t forget the ATL job board. [Above the Law Jobs Board]
Fact: Spring bonuses have been announced at Cravath, Sullivan & Cromwell, Simpson Thacher, and Cleary Gottlieb.
Fact: It’s February 7th.
Fact: Skadden, Davis Polk, Weil, and Debevoise should be ashamed of themselves.
Honestly, I don’t know what the top-tier firms that haven’t announced spring bonuses think they’re doing. Do they hope that no one is watching? Everybody is watching.
You want proof? Last week, at a “state of the firm” meeting, Cadwalader announced that it is considering spring bonuses. If Cadwalader goes with spring bonuses, it puts a whole host of other firms in play for the big payout…