Wall Street
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Trendspotting, Wall Street
Does Anybody Understand The Emergency Economic Stabilization Act
We previously reported that firms are starting to launch global financial crisis practice groups. But we wondered what (if anything) those groups would be able to do for their clients. According to the National Law Journal, clients are just as confused about the bailout as everybody else. Even the ABA doesn’t actually know what to […] -
Wall Street
Weil Gotshal Produces The Mother Of All "We're Awesome" Emails
We’ve been covering law firms’ attempts to reassure associates in these troubled times. Because of their respected bankruptcy practice, we’ve assumed that all was well at Weil. Friday we received word that Weil isn’t just doing “well.” Apparently, “global financial crisis” is how you spell “straight cash homey” at Weil Gotshal. From firm chairman Stephen […] - Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so… -
Wall Street
Pictures Of Our Times
There are many strange visuals floating around during these days of financial uncertainty. Here are some interesting ones we saw over the weekend. The first is from Sheppard Mullin‘s new Menlo Park office: That is one way of saying “we have no clue how long we’re going to be here.” Meanwhile, others exact pictorial revenge […]
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Constitutional Law, Wall Street
A Little Bit Of Knowledge Is A Hilarious Thing
The market may have already discounted the $700 billion ($840 B) bailout bill, but the legal profession hasn’t even begun to get its hands around this thing. But while we wait for serious actions to arise from the market implosion, at least we have this crazy dude from “reenactment of 1776” to help us pass […] -
Wall Street
Manna Is Real: The Bailout Passes
The Bailout just passed the House: 263 – 171. The party breakdown. Democrats: 172 – 63. Republicans: 91-108. -
Law Schools, Wall Street
The "Fight Club" Solution
If there is one factor that ties most attorneys into the current market crisis: it’s called “law school debt.” Almost every young associate has a significant amount of money they still owe their hyper-expensive professional school (and if you don’t, I hope your trust fund is tanking right now). For many, that debt drives them […] -
Trendspotting, Wall Street
New Practice Groups Coming to a Firm Near You
It doesn’t always feel like it, but the legal profession is actually very recession proof. Deal work may be drying up, but the Good Book says “Whenever Hank Paulson closes a door, somewhere He opens a window.” Of course, open windows are pretty dangerous if you work in a Manhattan skyscraper these days, but the […] -
Politics, Wall Street
FYI: The Bailout Is So Totally Off
We like to think of ATL as a place where lawyers can get together and discuss the compelling news of the day. Well, the news of the day is that Wall Street will apparently not be receiving $700 billion dollars to cover their bad investments. The House rejected the bailout plan. The Dow is down […] - Sponsored
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Gay, Gay Marriage, New York Times, Wall Street, Weddings
Legal Eagle Wedding Watch 9.21: I'll Meltdown With You
Even as the national economy teeters on the brink of collapse, Wall Street’s elite continue to flock to the altar. Click here, here, and here, and imagine what this month has been like for these people. Getting married is stressful enough; we can’t imagine doing it while at the center of a financial meltdown. In […] -
DUI / DWI, Health Care / Medicine, Jack Thompson, Morning Docket, Politics, Sex Scandals, Videos, Wall Street
Morning Docket 09.26.08
* The bailout is not on. Talks imploded at 10:30 p.m. last night. Congress is back at it today. [New York Times] * Two-time ATL Lawyer of the Day Jack Thompson, the crazy controversial video game crusader, has been permanently disbarred. [Crave / CNET News] * Words to live by: Don’t make sex videos. And […]
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Advertising, Wall Street
Skadden Rushes To Citi's Defense
You’d think Skadden attorneys would have better things to bill Citigroup for than running around after small-time advertisers. But, then again, there are an awful lot of Skadden attorneys. Citi-Mobile is an advertising company that utilizes trucks as mobile billboards. Citigroup is a large commercial bank that is trying to ride out the current economic […] -
Wall Street
FYI: The Bailout Is So Totally On
No real legal angle here since Paulson, Dodd & Co. stopped talking to the lawyers long ago. But in case you haven’t heard, the $700 billion bailout is going to happen. Boy, aren’t you glad you elected a Democratic Congress that could stand up to Bush when he goes on television, terrifies millions of Americans, […] -
Bankruptcy, Boutique Law Firms, Law Firm Mergers, Musical Chairs, Wall Street
Musical Chairs: Hughes Hubbard Is Ready For Some Action
We mentioned that litigation boutiques would likely be big winners from the market collapse. Some small firms are already cashing in. The bankruptcy boutique of Luskin, Stern & Eisler has merged with Hughes Hubbard & Reed. There was enough room on the Hughes Hubbard bandwagon for everybody at Luskin. All eight lawyers will be joining […]
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Arnold & Porter, Morning Docket, Politics, Wall Street, Women's Issues
Morning Docket 09.25.08
* President Bush wants lawmakers to hurry up and pass the $700 billion bailout plan. Sounds like taxpayers are going to be paying back those $600 economy stimulation rebates and then some. The Dems agree to drop the provision giving greater authority to bankruptcy judges. [New York Times] * Democrats sue in Washington to force […]
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Wall Street
Meltdown Roundup For Litigators
We have extensively covered the law firms shaking and baking thanks to the market collapse over the past few weeks. But the M&A and bankruptcy lawyers are only half of the clusterf&^%. Which litigators will get work as old Wall Street business models die spectacular deaths? LegalTimes reports that O’Melveny & Myers is set up […] -
Wall Street
Debevoise & Plimpton: Doing Well in the Downturn
Remember the Davis Polk “internal memo” from last week, touting the firm’s success at navigating the perilous waters of Wall Street? Other firms are following DPW’s lead, taking the opportunity to toot their own horns about how well they’re doing despite — or perhaps because of — the financial system meltdown. From a firm-wide email […] -
Wall Street
Meltdown Fees Trickle In, But Do They Trickle Down?
Am Law Daily reports that H. Rodgin Cohen of S&C is making serious money as the markets collapse. Cohen has been the man in demand by companies struggling to ride out the latest subprime-related rollercoaster roiling the capital markets. His work this past week alone includes advising Lehman Brothers on its limited options prior to […] -
Eliot Spitzer, Wall Street
Crusading Attorneys General Beware
There is so much blame to go around over the AIG debacle that even “Governor John” Eliot Spitzer is getting knocked around. Remember Attorney General Spitzer orchestrated AIG founder Maurice “Hank” Greenberg’s resignation, back in 2005. But since then some of the charges against Greenberg have been dropped, while Greenberg continues to fight other allegations. […] -
Wall Street
Davis Polk: Making Bank
We’ve been providing extensive coverage of the unfolding financial crisis (as have our colleagues at our sister site, Dealbreaker). In several recent posts — see, e.g., here and here — we’ve discussed the Biglaw winners and losers with respect to the Wall Street meltdown. One evident winner: Davis Polk & Wardwell. Several DPW sources forwarded […] -
Wall Street
Wait ... I Own AIG Now? Is That Legal?
Another day, another market massacre. Right now the SEC is meeting about “improper short selling” of Morgan Stanley and Goldman Sachs stock. The Dow is down nearly 450 points. We have definitely entered the “dogs and cats, living together, mass hysteria” phase of this meltdown. But while everybody is running around trying to CYA, the […]