Are you familiar with the website Post Secret? If not, you should check it out. It describes itself as “an ongoing community art project, where people mail in their secrets anonymously on one side of a homemade postcard.”
The secret-spilling postcards are then posted to the web. One of the entries from this past weekend gives a great shout-out to a leading law firm….
The high-powered law firm of Paul Weiss has a legendary litigation practice. But their corporate department is strong too — they’re working on, for example, the big Warner Music deal — and it’s only getting stronger.
Yesterday corporate lawyers at Paul Weiss received an unusual email: “We would like to ask all counsel and associates to attend a meeting tomorrow morning at 11 to discuss some exciting developments affecting the Corporate Department. The meeting will be held in the concourse. Please make every effort to attend.”
The meeting took place earlier today. What was announced?
UPDATE: Please note that several updates have been added to this post, after the jump.
The Jones Street townhouses. Number 20 has the purple door.
As small-firm columnist Valerie Katz previously discussed, some partners at small law firms are worth big bucks. The only practicing lawyer in the Forbes 400 is a small-firm attorney, in fact.
So it shouldn’t come as a surprise that some partners at small firms have big and beautiful wives homes. The New York Times recently featured one such lawyerly lair: a magnificent townhouse in Manhattan’s coveted West Village neighborhood, now on the market for almost $7.5 million.
The owner of this house once worked at a large law firm and is now a partner in a small law firm. Which firms?
Find out — and ogle photos of the palatial spread — after the jump.
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, committedsuicide 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).
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.
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….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
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