Just to be clear, the people who think that Cravath is the “compensation leader” in terms of Biglaw firms are incorrect. Wachtell Lipton, for example, regularly pays more than the people at Worldwide Plaza. Cravath does not set the top of the market in terms of associate bonuses.
The first firm to make Cravath associates feel impoverished this season appears to be Boies Schiller. Yep, the house that David Boies built is once again paying money to its people like bonuses are a reward for hard work.
But some say the payouts don’t appear to be quite as generous as last year. Others disagree. But you really don’t have to try that hard to beat Cravath anymore…
* You know what, screw the neighborhood. There goes the freakin’ country. Congress’s bipartisan, not-so-super committee has failed to reach an agreement for a deficit reduction deal. [CNN]
* “When the government takes action . . . there are legal limits to what they can do.” And one of those limits is that they can’t screw over any of the AIG shareholders, right, Maurice? [New York Times]
* While NBA players were busy consolidating their antitrust suits in Minnesota, David Boies was being called out by the NBA’s general counsel. Keep it on the in court, Buchanan. [USA Today]
* Remember that time we got arrested at an Occupy Wall Street protest and then sued over it? Probably not the kind of story you want to reminisce about with your future husband. [Bloomberg]
Last night we wrote about a high-profile lawsuit: 3M v. Lanny Davis. Yes, that’s right: the maker of Post-its and Scotch tape is going after Lanny J. Davis, the noted D.C. lawyer and lobbyist, along with his client, Porton Capital (a group of private investors).
It’s a strange lawsuit, but the allegations in it aren’t new. Similar suits were filed by 3M in June and July, in New York state court. (And one of them is still pending, despite the filing of an action in D.C. federal court.)
The primary parties, 3M and the Porton Group, have crossed swords before. In fact, they’re litigating against each other right now in merry olde England, before the High Court in London. In the U.K. litigation, 3M is being sued by Porton Capital and by the British government (in the form of Ploughshare Innovations, an entity owned by the U.K.’s Ministry of Defence).
According to the Wall Street Journal, Porton and Ploughshare allege that 3M failed to diligently develop the BacLite testing technology, “a product already proved and used in Europe as a cheap and quick way of detecting methicillin-resistant staphylococcus aureus, commonly known as MRSA, a hospital infection.” The reason this is so upsetting to Porton and Ploughshare is that they were contractually entitled to receive royalties from 3M’s sales of BacLite. The plaintiffs in the U.K. case claim that 3M abandoned BacLite less than a year after buying it — after botching the BacLite trials, and declaring the testing technology non-viable — “in order to protect a 3M-developed detection product known as Fastman from the less expensive rival posed by BacLite.”
Got that? Okay. Now, some updates to our prior coverage….
UPDATE (9/2/11, 9:30 AM): An update to our updates: a statement from William A. Brewer III, counsel to 3M, has been added below.
Physician, heal thyself? D.C. power broker Lanny Davis, a guru of crisis management, now has a crisis of his own to manage.
Davis has been hit with a federal lawsuit by, oddly enough, one of America’s largest corporations: 3M, the Fortune 100 company and Dow Jones Industrial Average component that’s famous for such products as Post-it Notes and Scotch tape. It’s surprising to see a mega-corporation like 3M going after a high-profile lawyer like Davis.
UPDATE (10:50 AM): Comments from Lanny Davis and his client, the Porton Group, have been added below. They point out that this is 3M’s third bite at the apple — the company previously filed two similar cases in New York state court. (The first suit was withdrawn, while the second still appears to be pending — rather strange, given the D.C. federal court filing.)
Since Japan is about to sink, drown, or blow up, you might have missed the fact that 32 or so billionaires officially can’t figure out how to share profits with a few hundred millionaires. That’s right, the National Football League — the most successful sports association ever — is in a stage of lockout. The owners and the players can’t agree, and now both sides have lawyered up and are heading to court.
The NFL owners have locked out the players, and the players have asked for an injunction preventing the lockout. Welcome to Brady v. NFL.
Naturally, I’m on the side of the marginally greedy, financially illiterate players over the unimaginably greedy, financially irresponsible owners. Bill Simmons perfectly captures the real core of this fight that the owners are picking with their employees.
And there are all kinds of funky legal issues swirling around the case: the player’s union “sham” decertification, the NFL’s T.V. revenue war chest they should have been sharing with the players all along, and enough Sherman Antitrust Act angles to fill a casebook.
And there’s legal star power: as we mentioned this morning, David Boies has joined the fight on the side of money grubbing owners who would happily sacrifice the long term health of their employees for some more short term profits.
But this morning we should focus on the man who could be “the Decider,” U.S. District Judge David Doty. The man has such a history of frustrating the NFL owner/oligarchs that simply getting the case into his courtroom could force the owners back into negotiating in good faith. We should know more about this guy.
Remember, the 1994 Major League Baseball strike was settled by a judge — and her name is Sonia Sotomayor — only she’s got a better title now. Just saying….
Here’s the Ninth Circuit’s certification order, available on the court’s Perry v. Schwarzenegger portal page, and here’s a quick write-up, from Bay City News. Essentially the Ninth Circuit wants the California Supreme Court to decide whether the official proponents of Proposition 8, California’s ban on gay marriage, have standing to defend the initiative’s constitutionality in court, since the public officials who would normally defend it have declined to do so.
The Boies bonuses make our use of this photo appropriate.
Earlier this month, we heard that Boies, Schiller & Flexner, the legendary litigation firm founded by the celebrated David Boies, wasn’t holding its lavish annual firm retreat in Jamaica (to which spouses and families have been invited in the past, all on the firm’s dime). This made us wonder: Despite its extensive involvement in headline-making cases throughout 2010, did BSF somehow not have a good year? [FN1]
Umm, no — at least not based on the Boies bonuses. Boies Schiller announced its associate bonuses on Tuesday, and they were “generous as usual,” according to one source.
Actually, that’s an understatement — a huge one. Almost as huge as the Boies Schiller bonuses. We believe them to be the biggest and best of the bonus season so far.
We reached out to the firm, which provided us with some hard numbers about its eye-popping bonuses….
Well, this is not going to make Bingham McCutchen partners happy. A judge today ruled that the marital agreement between Los Angeles Dodgers owner Frank McCourt and wife Jamie McCourt is invalid — and therefore Frank might not have sole ownership of the Dodgers.
We wrote about Bingham’s boo-boo back in September. Some copies of the postnuptial agreement use the word “inclusive” in a way that would have given Frank sole ownership, while others use the word “exclusive,” which would have made Jamie a co-owner.
Bingham’s agreement may have been thrown out by the court, but don’t think for a second that Frank McCourt is done fighting for sole control of the team…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
It’s the legal profession’s equivalent of a long-term relationship.
When Michelle Waites, Senior Patent Counsel for Xerox Corporation, attended The LGBT Bar’s Lavender Law conference several years ago, she wasn’t sure what to expect. She left having forged a lasting business relationship that still endures today.
It was during The LGBT Bar’s event – an annual gathering of more than 1,600 lesbian, gay, bisexual, transgender and allied legal professionals – that Waites first met Marla Butler, a partner at Robins, Kaplan, Miller & Ciresi LLP, who specializes in patent law.
Today, the two are still close friends as well as professional colleagues. Butler’s firm continues to work with Xerox – a business partnership forged via The LGBT Bar.
On November 19th, The Bar will present its first-ever conference outside the United States. Dubbed “A Lavender Law Experience for Europe,” the day-long Business Legal Conference will replicate programs such as the one that brought Waites and Butler together for legal professionals in Europe.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: