GM

* A Minnesota court ruled that it is not a crime to encourage people to commit suicide. So… keep commenting assholes, just know that you’ll feel really bad if I do it. [Gawker]

* I might be in the market for a used car, and I’m hoping to get a really good deal on one of these “recalled” GMs. I hope the DOJ doesn’t screw up my plans. [Reuters Legal]

* Speaking of cars, Alan Dershowitz calls for vigorous prosecution of reckless drivers. I call for vigorous prosecution of any box-blocking suburbanite who drives around Manhattan on a Saturday like they’re cruising to the country fair. [ABA Journal]

* Alabama thinks that people over 70 should be excused from jury duty. YES, they deserve to be excused and I hope they burn in Hell! [WSJ Law Blog]

* Narc is the new tattletale. [Simple Justice]

* Are you an IP lawyer, especially a patent litigator? Here’s a symposium you should consider attending (featuring ATL columnist Gaston Kroub). [Markman Advisors]

* Speaking of conferences, who wants to hang out with Lat in Las Vegas? Read on for details (plus video)….

double red triangle arrows Continue reading “Non-Sequiturs: 03.20.14″

Weil.gifSo should Weil Gotshal associates be rooting against a government bailout of GM and the other big automakers?

GM bankruptcy –> more fees for Weil –> bigger bonuses (which WGM has not yet announced)?

UPDATE (1:00 AM): As of now, it looks like the auto industry bailout talks have failed. This makes a GM bankruptcy even more likely.

But even if GM does file for Chapter 11 (or even Chapter 7), thereby generating thousands of billable hours for Weil associates, it’s unlikely that Weil will pay out Skadden-sized bonuses (although the speculation sure is fun). As noted in the comments, Weil generally follows the market, and the market has settled around Cravath.

Paying above market could create problems for Weil. As one reader previously noted, “Weil will never be a bonus leader because there is concern at the firm that it would seem unsightly by the firm’s bankruptcy clients to lead the market with bonuses.”

That concern seems warranted. As GM director George Fisher told Bloomberg last week, “We are fearful, very fearful, of a prolonged [bankruptcy] proceeding that would just destroy our brand in the marketplace and therefore that is not considered a viable option…. These Wall Street geniuses and law firms are coming up with all these solutions that make them a lot of money.”

FURTHER UPDATE: As noted in the comments, as well as the original WSJ article, GM has also retained former Weil partner Martin Bienenstock, now at Dewey & LeBoeuf, to help it become a “futuristic” automaker for the 21st century. Good luck with that.

GM Hires Advisers to Weigh a Bankruptcy Filing [Wall Street Journal (subscription)]
GM Hires Lawyer Bienenstock to Reconfigure Automaker [Bloomberg]

Earlier: If the Big Three Fall, Which Law Firms Rise?
Jones Day’s Chrysler Bankruptcy Coup
Chrysler Hires Jones Day As Bankruptcy Counsel [Dealbreaker]