Energy

Yesterday Elie offered some predictions for 2012. I’ll get even more specific and offer a prediction for January 2012: energy lawyers will be making moves this month.

January is generally a popular time for partner moves, and energy lawyers are popular people. Right now their practice area is as hot as New York City is cold. As you may recall, this time last year a slew of energy attorneys moved from McDermott to Cadwalader.

We’ve recently received word that at least two prominent partners in the energy space are switching firms. Let’s find out who they are and where they are heading….

UPDATE (2:30 PM): After the jump, we’ve added an update with additional context, details, and partner names. A source states that five partners are leaving and that the departures constitute a major move — a much bigger deal than our original report might have suggested.

double red triangle arrows Continue reading “Musical Chairs: Energy Lawyers in Motion”

Sometimes lawyers at Cadwalader are the victims of theft. And sometimes they’re the ones doing the stealing.

Here’s the promised follow-up to yesterday’s post about Cadwalader’s successful raid on the energy law practice of McDermott Will & Emery. It’s big news in Biglaw. As of now, nine partners are moving — Paul Pantano, Karen Dewis, Greg Lawrence, Greg Mocek, Tony Mansfield, Ken Irvin, Rob Stephens, Daryl Rice and Doron Ezickson — but if they’re followed by associates, a few dozen lawyers could be involved.

In an email sent out on Wednesday by MWE leaders Jeff Stone and Peter Sacripanti, reprinted in full after the jump, McDermott tried to minimize the losses. Stone and Sacripanti pointed out that “[t]his group of partners focused mainly on one aspect of our overall energy practice, which was commodities and derivatives trading for financial clients,” and that “the departing partners’ total collections in 2010 amounted to about three percent of overall firm revenue.”

Still, three percent of total MWE revenue is nothing to scoff at. In 2009, McDermott had total revenue of $829 million, according to the American Lawyer. Assuming that 2010 revenue is similar (the Am Law numbers aren’t out yet), three percent amounts to $24.87 million. Dividing that out over nine partners yields revenue per partner of about $2.8 million — not a bad book of business.

Let’s check out some reader views on this news….

double red triangle arrows Continue reading “More on Cadwalader’s Capture of Energy Lawyers from McDermott”

Ted Cruz

A new year, a new job. That seems to be the thinking of many within the legal profession, based on the proliferation of professional moves we have to report (and not just out of Howrey).

We’ll start with one move that’s aspirational rather than actual. Legal and political superstar Ted Cruz — the Morgan Lewis partner who heads the firm’s Supreme Court and appellate practice, and who was recently named one of the 25 greatest Texas lawyers of the past 25 years — will run for the U.S. Senate seat being vacated by the good senatrix Kay Bailey Hutchison (R-TX). Check out the announcement on his website, or read this BLT post.

Like many lawyers turned politicians, including our current president, the 40-year-old Cruz is a Harvard Law grad (and one of The Elect — Rehnquist / OT 1996). Graduates of HLS’s rival to the south, Yale Law School, tend to take more quirky paths.

Yul Kwon

That brings us to the second move of the day. YLS grad Yul Kwon — a former Second Circuit clerk and McKinsey consultant, the first Asian-American winner of Survivor, and one of People’s “sexiest men alive” (in 2006) — has left the Federal Communications Commission. Kwon served as deputy chief of the consumer and governmental affairs bureau at the Commission.

Instead of working at the FCC, Kwon, 35, will be regulated by it: he’s going to be the host of a new television series on PBS, America Revealed (which sounds pretty cool). Read more from the FCC (press release), Bloomberg, and the Washington Post.

More moves — a Cravath partner’s jump over to Wall Street, and the defection of many McDermott energy lawyers to Cadwalader — after the jump.

double red triangle arrows Continue reading “Musical Chairs: Legal Celebrities on the Move
(Including the energy lawyers going from MWE to CWT.)

Article II, meet Article III. Hope you enjoy the pwnage. CNN reports:

A federal judge has blocked a six-month federal moratorium on deepwater drilling in the Gulf of Mexico.

Several dozen plaintiffs had sued the Obama administration, arguing the ban would create long-term economic harm to their businesses.

Well, think of it this way: the chances of another one of these rigs exploding and creating an environmental catastrophe that is beyond our ability to fix is like really, really small…

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