Yesterday, we covered Andrew Cuomo’s letter to Bank of America. In it, the New York Attorney General ask BofA to essentially waive its attorney client privilege and allow the AG’s office to question BofA outside counsel at Cleary Gottlieb. Update: The NYAG is looking to talk to the lawyers who consulted on the Bank of America/Merrill Lynch merger. Cuomo wants to talk to attorneys at Wachtell and Shearman & Sterling. He is not asking to talk to Cleary lawyers about their work for the bank.
Today, Cleary commercial litigation partner Lewis Liman, fired back at New York’s chief lawyer. The Charlotte Observer has the details:
“First, the basic premise of the letter is simply wrong,” Bank of America’s attorney, Lewis Liman, wrote in the bank’s response. “Bank of America has not put at issue the subject matter of any advice of counsel. Nor has Bank of America offered reliance on legal advice as a justification for its disclosures. Bank of America’s position has been clear and consistent throughout: the proxy statement and related disclosures complied with all applicable laws, rules and regulations. Because Bank of America did not violate the law, it has not offered reliance on legal advice as a defense.”
Lewis Liman? That sounds more like something Josh Lyman would write.
Apparently, the NYAG isn’t the only one that knows how to litigate in through the press. More from Liman and Bank of America, after the jump.
Attorney General Andrew M. Cuomo fired another shot at Bank of America on Tuesday, asking the bank to allow its lawyers to be questioned.
In a letter to the bank’s outside counsel, Lewis J. Liman of Cleary, Gottlieb, Steen & Hamilton, Mr. Cuomo wrote that “attorney-client privilege is hindering this office’s ability to make fair and fully informed decisions as to what charges, if any, to bring and whether individual Bank of America officers should be charged.”
Will the mainstream media ever hold law firms accountable for their roles in the global financial crisis? Probably not. Relatively speaking, only a small sector of society understands that Biglaw firms played a significant role making “toxic assets” lucrative and legal. Without attorneys, bankers wouldn’t know their tranches from their enhancements.
Too few people can get their head around what actually happened to cause the market crisis. But the public — the average American citizen — can wrap its mind around the concept of bonuses. I think it goes something like this:
Bonuses, BAD. Wall Street, BAD. Pitchforks and Torches, GOOD.
Can the mainstream media latch onto that?
Friday was the last day for companies on the government dole to submit their pay plans to Kenneth Feinberg, our nation’s new Pay Czar. The new compensation commissar is as powerful as a mid-winter blizzard on the Eurasian Steppe. According to Law.com:
The Obama administration’s “pay czar” is embarking on a review of proposed compensation packages for the top employees at seven companies that are on government life support, marking the first time a federal official will have veto power over how much private-sector executives are compensated.
Kenneth Feinberg, who ran the government’s fund for families of the victims of the Sept. 11, 2001, terrorist attacks, has 60 days to approve or reject the compensation plans submitted this week from bailout recipients. They include American International Group Inc. and General Motors.
Can’t you just see a detail of Feinberg’s men assigned to follow Fritz Henderson (the new CEO of GM) during his training routine? One day maybe Fritz will outrun Feinberg’s men and climb to the top of a high peak and scream “Fein-BERG,” as he prepares for an epic final battle with Feinberg himself?
In the meantime, here are more reasons why being a lawyer right now is better than being a banker.
A U.S. House member wants Bank of America to turn over extensive documentation relating to its Merrill Lynch deal (with a focus on lossess and loss projections at Merrill). We wonder which law firm is representing B of A in this matter — there’s nothing like a good old-fashioned congressional investigation to get the billable-hour engines revving.
Read more and discuss over at Dealbreaker. In A Surprising Twist, Lawmakers Focus On The BAC/ML Merger [Dealbreaker]
If the SEC was a private law firm, it would have dissolved already.
The SEC is taking action against Bank of America over its bonus payments. But it probably won’t matter. Even if the SEC levels BOA with huge fine, we’ll probably just bail them out of again.
Click on the link below to read more about the suit. BAC May Need Some More TARP Funds…… [Dealbreaker]
If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?
We just received word that Citigroup has decided to cancel its 2010 Summer Program for 2L summer associates. A tipster sent us this email that students at Penn Law School received this morning:
I regret to inform you that Citigroup is not having a summer class for the Summer of 2010 and has cancelled all of it on campus interviews. Your bid will not be lost as we will consolidate it before we process the interview schedules. I apologize for any inconvenience this cancellation may cause you. Please do not hesitate to contact me if you need further assistance.
All the best,
Did you know that Citigroup got legal talent fresh off of the law school tree? Well, they don’t anymore.
Let’s look at what the program used to be after the jump.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.