Lawyerly Lairs

1112 Park Avenue

Partners at high-powered Cadwalader, Wickersham & Taft, where profits per partner in 2010 clocked in at almost $2.4 million, appreciate the finer things in life. These include $6 million houses in the Hamptons and the company of former Playboy models (who used to date movie stars like Matt Dillon).

Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)

Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.

Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….

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Edward Hayes (on The Charlie Rose Show)

What draws people to the practice of law? Some do it for the paycheck, some do it for the prestige, and some do it for the excitement and fun of it all.

Veteran New York litigator Edward Hayes belongs firmly in the final camp. Although he has amassed fame and fortune over almost four decades of practicing law, his legal career reflects a quest for adventure.

And what adventures Hayes has had. After graduating from the University of Virginia and Columbia Law School, he joined the Bronx District Attorney’s office, where he prosecuted homicides (which there was no shortage of in the Bronx in the 1970s). He then launched his own practice, handling civil and criminal matters for such clients as the estate of Andy Warhol, notorious “Mafia cop” Stephen Caracappa, acclaimed architect Daniel Libeskind, actor Robert De Niro, celebrity editrices Anna Wintour and Tina Brown, billionaire publisher Si Newhouse, and then-paramours Sean Combs and Jennifer Lopez (after they were arrested together back in 1999).

Eddie Hayes has even found his way into literature. He served as the basis for Tommy Killian, Sherman McCoy’s defense lawyer in Tom Wolfe’s great novel, Bonfire of the Vanities. Wolfe dedicated the book to Hayes, a close friend of his for many years.

This past summer, I enjoyed the privilege of spending a day with Ed Hayes. We met up at Penn Station and took the train out to his vacation home in Bellport, Long Island, where we enjoyed a leisurely lunch, dining outdoors and overlooking the water. (There are Lawyerly Lairs-style photos of his house, after the jump.)

During our time together, Hayes reminisced about his extraordinary life in the law, offered career advice for fellow lawyers, and showed me how to properly prepare a caprese salad….

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1185 Park Avenue

We recently took a peek at a $1.7 million apartment on Manhattan’s Upper West Side, in a story entitled Lawyerly Lairs: Cravath Cribs (Part 1). (By the way, we’ve updated that post with the condo’s floor plan, as well as information about what it means to be a practice area attorney at Cravath.)

We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.

Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.

Who are the parties to this transaction? And what does a $4.6 million apartment look like?

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(Partner parts with Park Avenue property.)


The Cornwall: home to a Cravath crib.

The venerable firm of Cravath, Swaine & Moore has received a fair amount of criticism for its allegedly subpar bonuses. I’ve previously defended their payouts — in times of economic uncertainty, is paying modest bonuses to avoid later layoffs such a bad idea? — but my view has been poorly received. (For commentary castigating firms for their cheapness, please turn to my colleague, Elie Mystal.)

Partners at Cravath, where profits per partner exceeded $3 million in 2010, are definitely in the top 1 percent. But it seems that even non-partners are doing quite nicely for themselves, despite all the bonus bellyaching.

Check out the million-dollar penthouse — yay real estate porn! — of one of Cravath’s corporate lawyers. And she’s not even a partner….

UPDATE (12/12/11): We’ve gotten our hands on the floorplan, which we’ve added to the slideshow, and we’ve added additional comments about what a “practice area attorney” does at Cravath.

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(A non-partner’s million-dollar penthouse.)

Last summer, David Van Zandt announced that he was stepping down as dean of Northwestern Law, in order to assume the presidency of the New School here in New York. In the fall, he put his magnificent mansion on the market — for a whopping $4.7 million. (DVZ bought the 6,300-square-foot house, in Chicago’s tony Lincoln Park neighborhood, for $922,550 back in 1996.)

We were impressed. We wrote at the time: “It seems that Dean Van Zandt’s talents extend to real investing as well as academic administration!”

But some commenters were less enthused. Wrote one, “Let’s wait and see how much he actually gets, shall we?” Said a second, “I live in the area…. he will be lucky to get $3.0M.”

We can now report that a buyer has closed on President Van Zandt’s former home. How much did he get for it?

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Edward De Sear

I grew up in the town of Saddle River, New Jersey, a suburb about 40 minutes outside of New York City. With its wooded rolling landscape and small-town charm, Saddle River is a pleasant place to live. Large houses, a mix of stately older homes and well-executed McMansions, sit on sizable plots of land, thanks to two-acre zoning.

It was a peaceful and bucolic locale, and when I visit my parents, it seems much the same. My colleague Staci Zaretsky, our newest full-time contributor here at ATL, also grew up there — and concurs with my assessment.

But Saddle River, like the suburbs depicted in such films as American Beauty and Happiness, is not without its drama. Yesterday Edward De Sear, 64, a resident of Saddle River and a capital-markets partner at the distinguished international law firm of Allen & Overy, was arrested at his home and charged with distributing child pornography. The charge of distributing child pornography carries a mandatory minimum penalty of five years in prison and a maximum penalty of 20 years and a $250,000 fine.

UPDATE (12:00 PM): Make that a former partner of Allen & Overy. De Sear has resigned from the firm, according to a statement issued by A&O. Read it in full after the jump.

Let’s learn more about the allegations against Ed De Sear, hear from someone who knows him, meet his high-powered defense counsel — and check out his beautiful and historic home….

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Ted Freedman

Last October, we wrote about the mysterious departure from Kirkland & Ellis of Theodore Freedman. Freedman was a prominent bankruptcy and restructuring partner at the firm, based out of the New York office.

As we mentioned in the story, our coverage of Freedman’s departure was prompted by “interesting rumors.” We hoped that our post would result in additional corroboration of what we were hearing. Alas, our write-up just prompted the usual attacks from Kirkland Kool-Aid drinkers, who accused us in the comments of harboring ill-will toward K&E and engaging in shoddy journalism.

Well, this time we’ll enjoy the last laugh (not because we have anything against K&E — we don’t — but because we like being proven correct). We can share what we know about Ted Freedman, because the rumors are now embodied in a federal criminal indictment….

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The Mandarin Oriental in Boston.

Some readers have issues with the often irreverent commenters here at Above the Law. While ATL commenters sometimes say hurtful or offensive things, like anonymous commenters all over the internet, they also provide significant value. They serve as copy editors, highlighting our typographical mistakes; they work as tipsters, pointing us in the direction of news stories; and they function as fact checkers, identifying errors in reporting.

Relying upon the estimable Boston Globe, we recently reported that Henry Rosen, a real estate lawyer at Choate Hall & Stewart, purchased a fabulous $13 million penthouse condominium. But a commenter came along and disputed that: “[Rosen's] just a straw — he purchased it as trustee for a trust.”

After seeing this comment, we raised the issue with the Boston Globe reporter who wrote the original story. And as it turns out, Henry Rosen is not the real party in interest. He is not the true purchaser of the prime penthouse at the Mandarin Oriental in Boston.

Let’s look at the Globe’s correction….

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The Mandarin Oriental in Boston.

CORRECTION (7/13/11): Alas, it appears that this apartment is not a lawyerly lair. Please see this correction.

It’s time for a new installment of Lawyerly Lairs, Above the Law’s behind-the-scenes look at luxurious lawyer residences. As we close out the week that started off with the Fourth of July, it’s fitting that we turn our attention to Boston, the city some call “The Cradle of Liberty.”

Ain’t freedom grand? One Boston attorney has enough free cash flow to buy the most expensive condominium ever sold in Boston — the very best penthouse at the Mandarin Oriental Residences, on tony Boylston Street.

Let’s find out who this lawyer is, where he works — and, of course, what $13.2 million buys you in Beantown….

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This year, we’ve heard a few horror stories from the poor and downtrodden students of NYU Law School –- and that is not the way we’d usually characterize these students.

But when the recession hit, NYU Law’s students were hit even harder. Some 3Ls were unemployed — so unemployed that Barrister’s Ball tickets had to be subsidized. Some 3Ls were so poor that they can’t afford black market commencement tickets. Holla! Livin’ in squala!

How could the school better use student tuition dollars to avoid these problems in the future? How could the school improve its students’ quality of life? These circumstances were likely difficult for the school’s administration to address, so it seems that they decided not to address them at all.

Instead, the school did this:

Yep, NYU Law bought a $3.5 million condo in the West Village….

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