The Houston legal market is hot — and a lot of the heat is being generated by Kirkland & Ellis. As we reported last month, K&E recently launched a Houston office with talent poached from a rival.
Kirkland hired Andrew Calder away from Simpson Thacher, for a reported $5 million a year for the next three-plus years. We’ve heard that these figures are a bit high — that he’s hitting the $5 million mark in his first year, thanks to a signing bonus, but not guaranteed at that level for the subsequent years — but there’s no denying that he’s being paid very, very well.
And there’s no denying that K&E will pay what it takes to break into the Houston market. Who’s the latest up-and-coming young partner to get invited into the Kirkland club?
* If you want to become a Supreme Court justice, you can start by attending one of these three schools. The schools that produced the most justices are Harvard Law, Yale Law, and Columbia Law. [TIME]
* Many of the transactional practice areas that took a bruising during the height of the recession, like corporate work, M&A, real estate, and tax, seem to be coming back. Sorry litigators. [WSJ Law Blog]
* Following Oklahoma’s botched lethal injection, another death row inmate has been given a new lease on life — for the next six months — while an investigation is being carried out. [Associated Press]
* Members of the defense team for accused Boston Marathon bomber Dzhokhar Tsarnaev not only want their client’s comments after arrest stricken from the record, but they also want the death penalty off the table. Good luck. [CNN]
* A lawyer was arrested after a school board meeting because he complained for too long about a graphic sex scene in a book his daughter was assigned to read for school. That’s typical. [New York Daily News]
As the old saying goes, the best defense is a good offense. The exceedingly prestigious and profitable Kirkland & Ellis, which has seen some partner defections in the past few months, seems to be taking that lesson to heart.
Kirkland recently launched in the hot legal market of Houston — by poaching a promising young partner from a competitor. Which super-elite firm did K&E just raid for talent?
* “Those who support limits see the court right now as the T. rex from ‘Jurassic Park.’” Folks are pretty worried even more campaign finance laws will fall thanks to the Supreme Court’s ruling in the McCutcheon v. FEC case. [New York Times]
* Skadden Arps and Simpson Thacher are at the top of their game when it comes to mergers and acquisitions. Both firms did very well in new deal rankings released by Bloomberg, Mergermarket, and Thomson Reuters. Nice. [Am Law Daily]
* Former Massachusetts senator Scott Brown has reportedly ditched Nixon Peabody to try his hand at a U.S. Senate run in New Hampshire. We hope he doesn’t lose his shirt again. Oh wait… [Boston Globe]
* As it turns out, the book in the Harvard Law library once believed to be bound in human skin is actually bound in sheepskin. Congrats, this is slightly less creepy. [Et Seq. / Harvard Law School Library Blog]
* Celebrity chef Nigella Lawson was turned away from a flight to the U.S. after her admission to coke usage in a trial. She should probably stop sticking her nose in other people’s business. [The Guardian]
* After forcing Solicitor General Donald Verrilli to acknowledge that the Affordable Care Act could force for-profit corporations to pay for employees’ abortions, Chief Justice John Roberts seemed rather pleased with himself. [New York Times]
* Sidley Austin just hired a major M&A heavy hitter away from General Electric’s legal department. Congratulations to Chris Barbuto. We suppose he can make it rain as outside counsel now. [DealBook / New York Times]
* Because there’s no time too soon for an ambulance airplane chaser, the beginnings of the first lawsuit lodged against Malaysian Air after Flight 370′s probable crash was filed in court yesterday. [Bloomberg]
* UC Hastings and Iowa are the latest law schools to offer 3+3 accelerated degree programs. What a great recruiting tool for Iowa, which recently saw enrollment levels plunge by 40 percent. [National Law Journal]
* One month after the internet exploded with rumors of Gwyneth Paltrow having an affair with entertainment lawyer Kevin Yorn, the star announced her split from her husband. Coincidence? [New York Daily News]
Comcast has confirmed reports that the company will be acquiring Time Warner Cable in a deal estimated to be worth around $45 billion. With the ink on their NBC acquisition only just dry to the touch, the deal will tack 8 million broadband subscribers onto the company’s existing 22 million broadband customers. Comcast is already the nation’s largest fixed-line broadband company, largest cable TV provider, and third largest fixed-line phone company — and that’s before you include the company’s NBC or other assets. From a geographical perspective the deal makes sense; Time Warner Cable filling in Comcast’s coverage gaps and in particular giving Comcast the prized markets of Los Angeles and New York City, where Time Warner Cable has traditionally under-performed.
The problem is less of market share (the two companies didn’t compete directly) but one of consolidated power…
* Virginia is for lovers — gay and straight alike. Judge Arenda L. Wright Allen (E.D. Va.) just struck down the state’s ban on same-sex marriage (but stayed her ruling pending appeal). Happy Valentine’s Day! [Washington Post]
* Did a Biglaw firm make a big-time mistake by blowing a deadline to appeal a $40 million verdict? [Law360 (sub. req.)]
* Speaking of screw-ups, making them in the e-discovery realm can be costly — a lesson that California is learning the hard way, to the tune of $32 million. [ACEDS]
* Former New Orleans Mayor Ray Nagin thought he’d be acquitted; he thought wrong. [ABA Journal]
* George Washington wasn’t a member of the one of the 8 magic groups — but his story still illustrates the truth of The Triple Package (affiliate link), according to Washington biographer Logan Beirne. [Fox News]
* Authorities have made an arrest for the package bombing that killed a retired Tennessee lawyer and his wife. [CNN]
When you read about a multibillion-dollar, highly contested corporate takeover, there’s a decent chance that Wachtell Lipton is involved. The firm, which routinely tops the American Lawyer’s profits per partner rankings and Vault’s prestige rankings, is known for its expertise in mergers and acquisitions.
Charter Communications’ unsolicited $61 billion bid for Time Warner Cable? Yup, Wachtell is on the scene, representing Charter (with help from Kirkland & Ellis). If a deal goes through, count on an eight-figure fee for Wachtell.
And some of that lucre will trickle down to associates. Wachtell Lipton is known for gigantic bonuses, which can match (or even occasionally exceed) an associate’s base salary. And it pays out bonuses in lockstep fashion, without regard to hours (unlike, say, Boies Schiller, another firm famous for its generous bonuses).
How were Wachtell bonuses in 2013? Inquiring minds want to know. Alas, we don’t have the 2013 info (yet) — but here’s what we’ve heard about 2011 and 2012….
* Judge Ellen Huvelle has ordered the government to turn over to her an executive order that the feds claim is subject to executive privilege. Judge Huvelle rejected the administration’s argument that privilege exists because, “we don’t want to give it to you.” [Politico]
* Pepper Hamilton has joined the greener pastures of Silicon Valley, opening an office with three partners poached from Goodwin Procter. [Reuters Legal (sub. req.)]
* Speaking of poaching, Martin Dunn, former deputy director of the SEC and O’Melveny partner is joining Morrison & Foerster. [The Blog of the Legal Times]
* And while we’re at it, M&A partner Sean Rodgers has left Simpson Thacher to merge with Kirkland & Ellis. [The AmLaw Daily]
* Publisher ALM (The American Lawyer, Corporate Counsel, The National Law Journal, The New York Law Journal) has a new technology partner and hopes to boost its readership. If they want to boost their readership, wouldn’t starting a new law school be a better investment? [Talking Biz News]
* Conservative groups are miffed about video of this Democratic party lawyer “attacking” a Republican at the polls and trying to “steal” an election. It seems like he put his hand over the lens of a camera phone, but sure, this is exactly like telling minorities the wrong day to vote. [Bearing Drift]
* Let’s get ready to rumble! Senate Democrats are threatening to go “nuclear” on existing filibuster rules if Senate Republicans decide to band together to block Patricia Millett’s nomination to the D.C. Circuit. [New York Times]
* AMR Corp. and US Airways are reportedly trying to broker a deal with the Department of Justice that would allow the airlines’ merger to go through. And this is the room full of people who care. [Wall Street Journal (sub. req.)]
* Proskauer Rose and the zombie corpse of Dewey & LeBoeuf received a Halloween treat from Judge Martin Glenn in the MF Global case. The firms will each be receiving a combined $9 million for their work. [Am Law Daily]
* Twitter is facing a $125 million fraud suit filed by two financial firms claiming that the social media giant had them organize a private sale of shares and then canceled it. #OhShiat #LawyerUp [Businessweek]
* She’s got the right to remain topless: Holly Van Voast, the photographer famous for roaming the streets of New York with breasts bared, settled a lawsuit against the city for $40,000. [New York Daily News]
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