Litigation

Ted Olson and David Boies: adversaries, then allies, then adversaries again.

After covering the Dewey & LeBoeuf bankruptcy hearing on Wednesday morning, I walked a few blocks uptown to the Second Circuit for another exciting event: oral argument in the closely watched Argentina bondholder litigation. It was a Biglaw battle royal, pitting Ted Olson, the former solicitor general and current Gibson Dunn partner, against a tag team of top lawyers that included David Boies, Olson’s adversary in Bush v. Gore (and ally in Hollingsworth v. Perry).

Here’s my account of the proceedings, including photos….

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Earlier this week, we wrote about a pair of prominent partners at Skadden Arps who got hit with a big-time benchslap. A federal judge in Chicago issued an order to show cause, requiring the Skadden lawyers to explain why they should not be sanctioned for failing to cite a highly relevant (arguably dispositive) Seventh Circuit case when briefing a motion to dismiss. The judge also set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.”

The Skadden partners filed a contrite response. They apologized profusely to the court, explained why they viewed the Seventh Circuit as distinguishable, and argued that even though they erred, their conduct didn’t merit sanctions. They announced to the court that they had settled the case in question, with Skadden “contributing to the settlement amount in order to personally redress plaintiffs’ counsel for responding to the motion to dismiss.” (In a classy move, they also extracted their associate from under the bus, explaining that he played no substantive role in the briefing.)

Despite the apology and the settlement, the status hearing went forward as scheduled yesterday. What happened?

double red triangle arrows Continue reading “Benchslap Update: Skadden Partners Learn Their Fates”

On the transactional side, things seem to be going gangbusters for Skadden Arps. As we noted yesterday, the firm took the top spot in three separate rankings of 2012 M&A work. In 2011, a different firm sat atop each set of rankings, but in 2012, Skadden ruled them all.

On the litigation side, though, the new year has brought new headaches for Skadden. Earlier this month, a high-profile partner at the firm, along with another partner and an associate, got hit with a big benchslap. A federal judge issued an order to show cause, asking the Skadden lawyers to explain why they should not be sanctioned, and set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.” Ouch.

Skadden recently filed its response to the OSC. Let’s review the benchslap, then see what the Skadden lawyers had to say for themselves….

double red triangle arrows Continue reading “Benchslap of the Day: Skadden, Smacked, Eats Crow”

When I worked at a law firm, I knew that lawyers’ responses to audit letters — in which the firm confirms to auditors the status of litigation pending against a client — were a massive waste of time.

Firm policy dictated that we would speak only pablum in response to audit letters. We would identify each case by name, court, and number; explain that a complaint had been filed; list the causes of action; say where we stood in discovery and whether a trial date had been set; and then say that we didn’t have a clue who would win. (If we thought that the client’s chance of losing was either “probable” or “remote,” we were required to say so. I’m not sure we ever saw such a case.)

Every once in a while, a junior associate would receive an audit letter and write a real response to it — analyzing the lawsuit, the tactics, and who would win. When the powers that be learned about that mistake, there’d be hell to pay: “How could you write those things? Didn’t you run this past an audit letter review partner? We don’t actually provide information in those responses, you fool! Never do this again!”

As a partner at a firm, I knew that responding to audit letters was an expensive nuisance: A full-time audit letter assistant cranked out first drafts of responses to the letters. (That’s all she did, eight hours per day, 52 weeks per year — honest.) The appropriate client relationship partner reviewed each draft. An “audit letter review partner” (I had the misfortune to be one of those for four or five years) took another pass at the thing. Only then — after the letter had been stripped of all content — did the response go out the door. That was an awful lot of time and money invested to insure that the firm didn’t accidentally say something.

But I always assumed that someone — the client, the auditors, someone — thought those ridiculous letters served a purpose. Now I’ve gone in-house, and it turns out that audit letters serve no purpose at all. . . .

double red triangle arrows Continue reading “Inside Straight: Stop The Audit Letter Lunacy!”

A few months ago, we wrote a story about the $160K-Plus Club: those law firms that pay their first-year associates more than $160,000 a year, the going rate within Biglaw. Earlier this week, we covered which cities give young lawyers the biggest bang for their buck — i.e., cities where the buying power of the median salary for that city is the greatest.

Let’s mash up these two stories. Today we bring you news of a law firm that (1) pays a starting salary of more than $160,000 and (2) is based in a city that’s in the top ten for buying power. Associates at this firm are — by our calculations, based on the NALP Buying Power Index — living as well as someone earning $414,000 in New York City. That’s a staggering sum for a first-year associate.

So which firm are we talking about? And are they hiring?

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A correspondent recently posed this question: I’m a litigation partner at a big firm. If I go solo, will my corporate clients continue to use me for their smaller matters?

I’ll use this column to do two things. First, I’ll offer the customary answer to all legal questions: It depends.

Second, I’ll ask my in-house readers at large corporations to let me know (either by posting in the comments or sending an e-mail to the link in the shirttail below) whether their corporations use sole practitioners.

Will big corporate clients follow an individual lawyer who jumps ship and goes solo?

It depends . . .

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In a recent ranking of the world’s most valuable law firms, the litigation powerhouse of Quinn Emanuel topped the chart in “value per partner” (total firm value divided by number of equity partners). For QE, the “VPP” figure came out to a whopping $17.7 million.

So you can understand why masochistic talented lawyers pursue partnership at the famously hardworking firm with such fervor. Sure, occasionally you’ll hear about a partner walking away from the riches. But for many a young lawyer, making partner at Quinn Emanuel is a dream come true.

Over the weekend, QE announced ten new partners. Who made the cut?

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You really don’t want to be sued in a corrupt, backwater swamp.

No, no! I don’t mean Louisiana! I mean a truly corrupt backwater swamp like, say, Sudan.

(I pick Sudan because it’s subject to sanctions by most first-world countries, so I don’t have to worry about someday being dragged before a Sudanese judge who isn’t tickled by my having called his country a “corrupt, backwater swamp.” I may well pay a price for having tarred Louisiana with that label, but my opening two sentences just wouldn’t have been funny if I hadn’t named a specific state. I’ll have to hope that judges in Louisiana have a sense of humor.)

You get sued in Sudan. You hire Sudanese counsel. You probe him about Sudanese substantive law, Sudanese procedure, and whether the Sudanese judicial system can be trusted. He answers your questions about corruption with vague assurances about how he’s a pretty well-connected lawyer, and most judges aren’t too bad, and corruption isn’t quite as rampant as outsiders seem to think. Then he goes on to explaining how he’ll defend your lawsuit.

That advice may be okay as far as it goes, but it’s missing the global perspective. Here’s one place where in-house lawyers — and sophisticated outside counsel — can add real value in litigation….

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It’s been a few months since we last heard from Paul Ceglia, the guy who claims he owns a 50 percent stake in Facebook.

In August, he was getting slapped around by a federal magistrate judge, but this morning, we learned he got slapped again — with handcuffs.

It appears federal prosecutors caught wind of his, as Magistrate Judge Leslie Foschio wrote, incomprehensible and vexatious tactics, so they decided to take matters into their own hands…

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Life in a service profession — there’s nothing to it!

When you’re asked to do something, think about how you can make the other guy’s life as easy as humanly possible. Then, do precisely that. Presto! You’re a star!

When a client asks you to do something, do it. On time and right.

When a partner asks you to do something, do it. On time and right.

“On time” is typically pretty easy to understand: That means “on or before the established deadline.”

“Right” is slightly trickier: It certainly means, at a minimum, “done to the absolute best of your ability.” (There’s a chance that “the absolute best of your ability” won’t make the grade. That’s an individualized issue, not capable of being resolved in a blog post. But it’s a lock-cinch that you won’t make the grade by “submitting a crappy first effort, riddled with incomplete research, barely literate, and filled with typographical and grammatical errors, because all I’m really trying to do is get the client/partner off my back.”)

Now I’ve moved in-house, and life in an in-house service profession is just like life at a firm — there’s nothing to it! . . .

double red triangle arrows Continue reading “Inside Straight: Professional Life Is So Easy!”

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