So who are we still waiting to hear from?
Being married to a Paul Weiss partner is nice; getting divorced from a Paul Weiss partner is even nicer. Thanks to the prestigious firm’s eye-popping profits, getting divorced from a PW partner should give you a seven-figure payday (assuming the Paul Weiss partner has been a partner for a while and is the “monied spouse” — a pretty safe assumption, unless you work at, say, Goldman Sachs).
But when you get that gigantic payment — like winning the lottery, but without all the taxes — can you feel confident in its finality? Or do you have to worry that your ex-spouse, a partner at a firm known for its aggressive and brilliant lawyering, will find a clever way to get some of that money back from you, years later?
Consider the tale of Steven Simkin, a Paul Weiss partner of almost three decades, and his ex-wife Laura Blank, who works in education. It involves a multimillion-dollar marital estate, residential properties in Manhattan and the tony suburb of Scarsdale, and an investment account with one Bernie Madoff.
And yes, for your voyeuristic pleasure, the tale comes with hard numbers, lots of numbers…
Interesting. Leading litigation firm Paul Weiss just announced its associate bonuses, and it’s using the scale of Sullivan & Cromwell — not the substantially similar but slightly cheaper scale of Cravath.
Some Paul Weiss sources had hoped for better, noting that the firm scored a huge contingency fee in 2010. Last week, one of them wrote to us (before all the other shoes dropped): “I know S&C and STB are the best hopes, but do you really not want to mention PW, litigation powerhouse with $91 MM contingency fee this year? PW has been quiet, while lit-heavy K&E, QE, Cahill, and Sidley have topped market.”
(Oh, and add lit-heavy Boies Schiller to that, as we reported earlier this morning.)
Alas, it was not to be. Paul Weiss has fallen in line behind Sullivan & Cromwell, which (more or less) fell in line behind Cravath.
But let’s look on the bright side. The S&C scale offers slightly better payouts to the most senior classes of associates. Will any of the lockstep New York firms that originally followed Cravath go back and give their most senior people S&C bonuses?
Or is it not worth the hassle? The Sullivan & Cromwell scale is very close to the Cravath scale. Let’s put them side by side — and learn about a SPECIAL GIFT that Paul Weiss gave to its associates, to take the sting off the bonus news….
Mark Madoff, the oldest of Bernard Madoff’s two sons, committed suicide on Saturday, by hanging himself in his Manhattan apartment. Saturday was a significant day: the second anniversary of Bernie Madoff’s arrest for running a multibillion-dollar Ponzi scheme.
Mark Madoff’s lawyer, prominent Paul Weiss partner Martin Flumenbaum, issued a statement yesterday: “Mark Madoff took his own life today. This is a terrible and unnecessary tragedy…. [Mark Madoff was] an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.”
Flumenbaum wasn’t the only powerful Paul Weiss personage named “Martin” with involvement in this case. Mark Madoff’s body was actually found by legendary litigator Martin London, a longtime partner at the firm who is now of counsel at PW.
As noted on his Paul Weiss website bio, “[t]he gamut of Mr. London’s successes is vast.” But his experience is primarily on the civil side, with occasional forays into white-collar criminal work. His docket generally doesn’t include violence and death; he’s not the kind of lawyer who sees dead people (e.g., a homicide prosecutor).
So how did Marty London come to find Mark Madoff’s body?
I’d have to say I’m not particularly optimistic that they’re going to get this done.
This legal uncertainty is not going away anytime soon.
Ed. note: Have a question for next week? Send it in to firstname.lastname@example.org
I am getting married in December so I would love to work at a family-friendly firm. Like Elie, I’m a raging liberal, and I heard Paul Weiss seems to fit that bill. On the other hand, I want to be at a firm with plenty of lovely women. I am bi and my soon-to-be hubby doesn’t mind if I taste a woman’s sweet nectar. Plus I simply cannot live without a pair of supple breasts in my life. (My man is ripped so no manboobs for me.) I met many cute associates at Davis Polk too and I remember an ATL article that mentions the great number of hotties at DPW.
So many choices! Can you help me out?
– Paradox of Choice
Dear Paradox of Choice,
Nice try, but this question’s a flame because nobody uses the term “sweet nectar” unless they’re (1) referring to the drink Odysseus used to get the Cyclops drunk and poke his eye out, or (2) a copywriter at Cosmo. Nevertheless, we’ll answer it because it’s slim pickings around here this week, and it’s better than another snooze-alert “should I quit law school?” question. Of course you should quit law school. Don’t be ridiculous.
Let’s break down these firms…
Back in June, we bestowed Lawyer of the Day honors upon two of the nation’s top litigators: Ted Wells and Martin Flumenbaum, the co-chair and former chair, respectively, of the renowned litigation department at Paul Weiss. Given the sterling reputations of the two lawyers and their firm, it was a surprising development.
We recognized Messrs. Wells and Flumenbaum after a New Jersey judge sanctioned Paul Weiss and its co-counsel — Lowenstein Sandler, one of the Garden State’s leading law firms, and Wells’s former home (before he jumped across the Hudson) — for pursuing a “frivolous” and “ridiculous” legal claim on behalf of billionaire Ronald Perelman against his ex-father-in-law, Robert Cohen.
In June, Judge Ellen Koblitz ordered Paul Weiss and Lowenstein Sandler to pay Cohen’s fees and costs for opposing the claim; she scheduled a hearing to determine the amount. The hearing took place last month, and now we know the amount.
It’s nothing to sneeze at, even for firms as well-heeled as Paul Weiss and Lowenstein. And to add insult to (financial) injury, Judge Koblitz got super-snarky in the opinion setting forth her reasoning….
Most weeks nowadays, the New York Times weddings announcements — and our coverage of same — focus quite properly on the newlyweds and their impressive accomplishments. But occasionally, a few announcements hearken back to a simpler day, when nobody cared much about the bride and groom, because the game of social one-upmanship was played on the parental level.
This is one of those weeks. Our featured newlyweds are impressive, but some of their parents are even more so. The finalists:
More on these couples and their illustrious parents, after the jump.
Some summer associates are already halfway through their Biglaw summer experiences. We hope that Northwestern’s “No More I Love Yous” is not ringing true for you, and that your offices don’t bear any resemblance to the photo from our last Caption Contest.
We have heard that you’re not eating out as often or spending as much on lunch. That is inexcusable! Sure, times are tough, but the firms have brought in far fewer SAs this year, so they should be able to splurge a bit.
Skadden and Paul Weiss both had 102 summer associates in 2009, and have just 34 and 58, respectively, this year. Cravath cut its summer class from 121 to 22. Weil dropped from 96 in 2009 to 20 this year. With those drastic reductions in numbers, being a summer associate this year should be like being an only child — you get spoiled.
(By the by, we hear that a San Diego office dropped its numbers by one this month — anyone with information, email us!)
Please tell us about your spoils. Which firm has the best summer associate event this year? We’re holding a contest: make your submissions for Biggest & Bestest Biglaw Event of Summer 2010 by email or in the comments.
We had five finalists for the prize last year: Cleary Gottlieb, Sidley Austin, Cadwalader, Carlton Fields, and Fish & Richardson. Which firm won?
- Attorney Misconduct, Benchslaps, Biglaw, Lawyer of the Day, Legal Ethics, Lesbians, Litigatrix, New Jersey, State Judges
Our typical Lawyer of the Day is an attorney you’ve never heard of, from a firm you’ve never heard of. It’s highly unusual for LOTD honors to go to a pair of legal titans, two of the nation’s leading litigators: Ted Wells (pictured) and Marty Flumenbaum, the co-chair and former chair, respectively, of the celebrated litigation department at Paul Weiss.
It appears, however, that the honors are deserved. The New York Law Journal reports:
A New Jersey judge has sanctioned two firms, Paul, Weiss, Rifkind, Wharton & Garrison and Lowenstein Sandler, for pursuing a “frivolous” and “ridiculous” legal claim on behalf of billionaire Ronald Perelman against his 85-year-old ex-father-in-law [Robert Cohen]….
Superior Court Judge Ellen L. Koblitz ruled that Perelman’s attorneys should have known that the claim was unsupportable. “No competent attorney could have missed the frivolous nature of this promise claim once the unhelpful testamentary documents were received,” Koblitz said in ordering the sanctions last Wednesday. “There was no legal or factual basis for the plaintiffs to proceed with their amended complaint given the evidence they had and the state of the law in New Jersey.”
Ouch — quite the stinging benchslap. The Garden State hasn’t seen such a slugging since the first season of Jersey Shore.
And other marquee names got dragged into this mess — a pair of high-powered lady lawyers, in fact….