Dodd-Frank Act

‘Best court-ordered pajama party ever! Yay!’

* Our own Elie Mystal isn’t the only one who’s capable of fanning the flames of race baiting — it seems that Supreme Court justices can do it, too! We’ll probably have more on Justice Sonia Sotomayor’s benchslap later today. [The Two-Way / NPR]

* Patience is obviously one of this judge’s virtues, because this took a looooong time. After waiting more than a year for people to put their petty political pandering aside, the Senate confirmed Robert Bacharach to the Tenth Circuit. [Blog of Legal Times]

* Mary Jo White, the nominee to lead the SEC, will probably face her confirmation hearing in March. Her legal wranglings at Debevoise may be of interest to some, but really, who cares? She’s so cute and tiny! [Reuters]

* Mayer Brown and the terrible, horrible, no good, very bad year: gross revenue is up overall at most Biglaw firms, but not this one. In 2012, Mayer Brown’s revenue dipped 3.7 percent for a six-year low. [Am Law Daily]

* Kirkland & Ellis, now the fifth-largest Biglaw firm in the nation, is leading the market in terms of top dollar merger-and-acquisition deals. Now, if only the firm could get some bananas. [Crain's Chicago Business]

* Orderly liquidation authority may be a legitimate exercise of power under the Bankruptcy Clause, but as far as these states are concerned, it’s just another reason to hate the Dodd-Frank Act. [DealBook / New York Times]

* Remember Peggy Ableman, the judge who ordered lawyers to attend a course on remedial civility in their “jammies”? She’s now at McCarter & English, so mind your manners. [Thomson Reuters News & Insight]

* An “astronomically stupid” legal loophole? Unpossible! Gun trusts are seeing the limelight because Chris Dorner claims he used one to purchase his paraphernalia without a background check. [New York Times]

* Now that Barack Obama has secured his seat as a two-term president, in-house counsel in the financial sector can kiss their dreams of Dodd-Frank being repealed goodbye. Here are some issues to think about in light of its new footing. [Corporate Counsel]

* “We’re in the early innings of adjusting what value means.” And these days, it looks like “value” is synonymous with “making less money.” Given the results of this third quarter analysis, it’s quite clear that flat is still the new up for Biglaw. [WSJ Law Blog]

* Blow my whistle, baby? A DLA Piper partner filed a $4M suit against the Office of the Comptroller of the Currency on claims he was maliciously prosecuted as revenge for whistleblowing. [Daily Business Review]

* After being arrested on domestic violence charges, it seems that Steven Guynn of King & Spalding has left the firm. He doesn’t need to sweat his unemployment, because his house is for sale for $3.3M. [Am Law Daily]

* From Biglaw to Midlaw: Morrison Cohen, a midsize firm, managed to poach a partner from Willkie Farr. But how? Apparently this guy was no longer interested in billing “$900-plus” per hour. [New York Law Journal]

* Former Congresswoman Gabrielle Giffords will be present at Jared Lee Loughner’s sentencing hearing today, though it is unknown if she herself will speak. His expected sentence is life without parole. [ABC News]

H. Rodgin Cohen

Yesterday I got to chat with H. Rodgin Cohen, one of the nation’s leading corporate lawyers. Cohen has been accurately described by the New York Times as “the dean of Wall Street lawyers” as well as the “trauma surgeon of Wall Street” (for his heroic work rescuing the nation’s financial system during the 2008 financial crisis).

When he’s not working on bank mega-mergers, Cohen plays a major role in running the venerable firm of Sullivan & Cromwell, where he has spent his entire legal career (except for two years as an Army lawyer). He served as chairman of the firm from 2000 until 2010, when he passed his crown to Joseph Shenker, but Cohen continues to serve in the role of “senior chairman.”

So of course I asked Rodge Cohen about a very hot topic: spring bonuses. What did he have to say?

double red triangle arrows Continue reading “An Oracular Utterance from Sullivan & Cromwell on Spring Bonuses”


* Now that DADT has been repealed, the Ninth Circuit has tossed the Log Cabin Republicans case. How does that Paula Abdul song go? Two steps forward, two steps back? [Los Angeles Times]

* Is this a new way of protecting taxpayers? In early 2012, Bank of America is going to start charging $5 a month for debit card purchases. Thanks Dodd-Frank, thanks a lot. [Wall Street Journal]

* Bob Morse of U.S. News wants to know if the ABA will “take more steps . . . to ensure data integrity” in light of the latest admissions data scandal. Aww, you’re so cute. [ABA Journal]

* The DOJ wants Raj Rajaratnam’s medical information, but they probably don’t need it. Just pick some of the usual fat people diseases, like diabetes and high blood pressure. [Bloomberg]

* If I only had a brain heart lower recidivism rate. A serial shoplifter is probably going to lose out on a heart transplant because her health insurance doesn’t cover inmates. [New York Daily News]

* What did you think of the way Obama was pimping out his reelection jobs bill last night? People were probably more excited about the football game that followed. [Los Angeles Times]

* Congratulations to Stephanie D. Thacker of West Virginia. She was nominated to fill a seat on the Fourth Circuit. If she doesn’t have a family circle, things will go well in her confirmation hearing. [State Journal]

* Money might not grow on trees, but it certainly grows on financial reform legislation. Thanks to the Dodd-Frank Act, the pockets of Biglawyers will continue to be lined with cash for years to come. [New York Times]

* Skinnygirl is supposed to be “the margarita you can trust,” but now the company is facing two class actions. I’ve never tried it (duh), but it’s never good to put your trust in alcohol. [Thomson Reuters News & Insight]

* If you really want a job, you can start packing for South Dakota. A bit deserted for me. In fact, I think you might need some oxen and a covered wagon to practice out there. [WSJ Law Blog]