Johnson & Johnson

Are layoffs becoming daily news in Biglaw once again? Today marks the fourth consecutive day that we have news of reductions to report.

The latest layoffs involve both lawyers and staff, based out of two large legal markets, New York and Washington, D.C….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Negative News From New York and D.C.”

Gotta have that entourage.

The world is diverse enough that it is conceivable that a mogul who needed to address an urgent debt situation at one of his coolest companies (say a sports team or entertainment or fashion business), would sell a smaller, less sexy, but fully solvent and healthy company in a finger snap (say two months) at 75% of what could be achieved if the company sought out a wider variety of possible buyers, gave them time to digest non-public information, and put together financing.

In that circumstance, the controller’s personal need for immediate cash to salvage control over the financial tool that allows him to hang with stud athletes, supermodels, hip hop gods, and other pop culture icons, would have been allowed to drive corporate policy at the healthy, boring company and to have it be sold at a price less than fair market value, subjecting the minority to unfairness.

– Delaware Court of Chancery Chancellor Leo E. Strine Jr., rejecting lawsuits claiming that Hansjoerg Wyss, the chairman of Synthes, shortchanged shareholders when he sold the company to Johnson & Johnson.

* Johnson & Johnson will have to fix several factories after an agreement with the FDA prompted by massive product recalls. This still doesn’t explain why my bottle of Tylenol may contain tree nuts. [Bloomberg]

* Charlie Sheen hammered out a custody agreement With Brooke Mueller. That’s nice. [People Magazine]

* Texas may consider a law that would make losers pay attorneys’ fees. Easy, New York Mets. Not all losers. Just those who lose lawsuits. [New York Times]

* A discussion of the legal complaints lodged against the Wisconsin Legislature for Wednesday night’s votes. You know who’s not complaining? This guy. [Wisconsin State Journal]

* A former assistant attorney general from Maine was sentenced yesterday in a child porn case. This is definitely the year of the assistant AG. [ABA Journal]

Happy Birthday Nino

* Not all people living in Idaho are racists, duh. Some are gangsters from Boston. [New York Times]

* Law firm profits and productivity were up in 2010, while demand was flat and revenue was modestly up. Someone named Dan DiPietro and someone named Gretta Rusanow tag-teamed a report all about it. [Am Law Daily]

* A former McGuireWoods partner pleaded guilty to falsifying a tax document. [ABA Journal]

* Linda Greenhouse wishes Justice Scalia a happy 75th birthday. Sort of. [The Opinionator / New York Times]