This week’s job is another in-house position with one of Lateral Link’s financial services clients. In January, Lateral Link placed several attorneys in-house at international companies in the U.S. and Asia. If you are currently employed at a law firm and looking to make the jump in-house, apply to become a member of Lateral Link at www.laterallink.com.

Position: ISDA Attorney

Location: New York, NY

Description: Major investment bank seeks an ISDA Negotiator with at least 5 years experience in negotiating ISDA Schedules, Credit Support Annexes, Contracts for Differences Annexes, guaranties and ancillary documents. Ideal candidate will have previous investment bank experience. Must have outstanding credentials.

If you are interested in this position, please contact T.J. Duane at tjduane@laterallink.com. If you are a current Lateral Link Member, please see Position #5873 and contact your personal search consultant for more information.

Associate - ISDA Negotiator [Lateral Link]

Earlier: Prior Job of the Week listings

Patricia Cohen, ex-wife of SAC Capital billionaire Steve Cohen, has dropped her lawsuit against her ex-husband.

Except she hasn’t.

Dealbreaker is covering all the ins-and-outs of this case. After it was reported that the lawsuit had been dropped, Dealbreaker received comment from Patricia Cohen. Bess Levin writes:

Uh, so Patricia has this to say: “I did not authorize Paul [Batista] to withdraw the case. My attorney, Gaytri Kachroo, will take the necessary actions in response to this.” So we’re back on!

Funny, Batista isn’t even her lawyer anymore. Click on the link below and try to follow along.

Ex-Mrs. SAC Drops Suit Against Stevie [Dealbreaker]

Earlier: Ex-Wife Goes After Deep Pockets
Patricia Cohen Switches Horses in the Middle of the Race

Last month we mentioned the civil RICO lawsuit filed against billionaire financier Steve Cohen by his ex-wife, Patricia Cohen. The suit is just a few weeks old — Mr. Cohen has yet to file an answer — but there’s already a new development.

Patricia Cohen has replaced her original lawyer — prominent trial lawyer Paul Batista, author of a treatise on RICO — with Gaytri Kachroo, a former partner at McCarter & English in Boston. Kachroo has some experience with high-profile, Wall Street-related engagements; she represented Harry Markopolos, a Madoff whistleblower, before Congress and the SEC. But she is primarily a transactional lawyer, whose practice focuses on emerging markets in India and Southeast Asia.

It’s all a bit… strange. Check out the details, along with Batista’s somewhat snarky motion to withdraw as counsel, over at Dealbreaker.

Paul Batista Claims Patricia Cohen Left In The Middle Of The Night And Didn’t Even Have The Bedside Manner To Say Good-Bye [Dealbreaker]

Earlier: Ex-Wife Goes After Deep Pockets

If you happen to be on the frigid East Coast today, currently experiencing the coldest temperatures of the season, grab yourself a cup of cocoa and a copy of the Sunday New York Times. The NYT often has articles of interest to a legal audience, but this weekend’s edition has an especially high number of stories either by or about the boldface names of the legal profession. To wit:

1. Power of Attorney: Questions for John Yoo. Deborah Solomon interviews John Yoo, the Berkeley law professor perhaps most well-known for his authorship of the so-called “torture memos.” Considering her liberal politics and modus operandi as an interviewer — we’ve previously described her as “snarky, cranky, exceedingly direct” — we were expecting her to go to town on Yoo.

But Professor Yoo actually comes across very well in the short Q-and-A (and is looking newly svelte in the accompanying photo). He’s smart, funny, and charming — not a surprise to us, based on our personal interactions with him, but perhaps a surprise to some who know only the cartoon villain depicted by the mainstream media.

2. The 30-Minute Interview: Jonathan L. Mechanic. An interesting interview with real estate super-lawyer Jonathan Mechanic, chairman of the real estate department of Fried Frank (and previously profiled here). We learn that Mechanic, in addition to being a top real estate attorney, is also a real estate investor: he owns retail and commercial properties in Bergen County, NJ (where we grew up).

Three more stories, after the jump.

Billionaire and hedge fund god Steve Cohen, founder of SAC Capital, has been sued in a civil RICO case by his ex-wife, Patricia Cohen.

And this isn’t some kind of pro se craziness. The suit is being handled by noted trial attorney Paul Batista.

Dealbreaker has the full story, and it is juicy. Click on the link below for the details.

SAC Capital, Steve Cohen Sued By Ex-Mrs. C [Dealbreaker]

‘Tis the season for… litigation between law firms and their ex-clients? What happened to the holiday spirit of peace and good will for all?

First Simpson Thacher (malpractice), then Debevoise (last item — unpaid fees), and now, Paul Hastings (malpractice). From the New York Law Journal:

A financing unit of Cerberus Capital Management L.P. has sued Paul, Hastings, Janofsky & Walker, claiming the law firm gave it bad advice in connection with a loan the private equity firm made last year to a company looking to bring retailer Steve & Barry’s out of bankruptcy.

Ableco Finance LLC, a unit of Cerberus with more than $6 billion under management, filed an amended complaint Friday in Manhattan Supreme Court against its former lawyers seeking more than $55 million it said it lost because of the $125 million loan. Ableco claims it would never have made the loan last year if the Paul Hastings team had advised it that the buyer would not have rights to all of Steve & Barry’s inventory, which Ableco understood would back the loan.

“No competent, diligent finance lawyer would have put his client in such a vulnerable position,” Ableco’s complaint reads in part.

Ouch. We agree with Ashby Jones of the WSJ Law Blog: “It’s never good for a law firm to get sued by one of its clients. But when the client is a deep-pocketed heavyweight like private-equity giant Cerberus, the news is probably especially unwelcome.”

But Paul Hastings is fighting back, with the help of high-powered counsel.

We continue our lateblogging of the Federalist Society’s 2009 National Lawyers Convention. The conversations at the conference are always interesting. As far as we’re concerned, this has to be one of the most painless ways to rack up CLE credits.

Here’s the next panel discussion that we attended:

Regulation of Financial Institutions

Congratulations to Williams & Connolly and Hughes Hubbard & Reed, the firms that represented Ralph Cioffi, and Brune & Richard, the litigation boutique that represented Matthew Tannin.

Ed. note: This post has been corrected; an earlier version switched the defendants around. Thanks for pointing out the mistake, commenters.

Not Guilty! [Dealbreaker]
Breaking News: Bear Defendants Found Not Guilty on All Charges [WSJ Law Blog]
BREAKING: Bear Stearns Hedge Fund Managers Not Guilty [Am Law Daily]
Bear Stearns Hedge Fund Managers NOT Guilty On All Counts [Business Insider]

Over the weekend, the New York Times had an interesting article about compensation for Wall Street bankers. The article explained how, due to criticism from the public and from Congress, banks shifted employee comp away from cash and towards stocks and options. This shift was supposed to align pay with performance, averting an AIG situation of rewarding failure.

Now, thanks to the recovery in bank shares — fueled in part by generous government bailouts, and not necessarily the brilliant performance of bank employees — these stock and option grants are turning out to be super-lucrative. Here’s an interesting excerpt:

Goldman Sachs, for instance, sharply cut nearly all bonuses it paid last year but gave some executives more options than usual.

The company gave its general counsel, for example, 104,868 stock options and 14,117 shares in December, when the bank’s stock was around $78.

Now the bank’s shares have more than doubled in value, making that stock and option award worth nearly $12 million, according to Equilar, an executive compensation research firm in Redwood Shores, Calif.

Sullivan & Cromwell partners, eat your hearts out. Not only does Goldman GC Gregory Palm get to boss you around, he also makes more money than you do.

Way more. Get a hint of how much, after the jump.

Today the winners of Lawyer of the Day honors are obvious. Congratulations to Arthur Cutillo, Michael Kimelman, and Jason Goldbfarb, three attorneys who stand accused of involvement in the infamous Galleon Group insider trading scheme.

Both Cutillo and Kimelman have distinguished pedigrees, with ties to two top firms. Cutillo (left), a holder of an M.S. in chemical engineering as well as a J.D. (both from Villanova), was an associate at the white-shoe firm of Ropes & Gray. Kimelman (right), a partner at Incremental Capital LLC, once worked as an associate at super-prestigious Sullivan & Cromwell. Check out Cutillo’s firm bio and Kimelman’s LinkedIn profile over here.

The third charged lawyer, Jason Goldfarb, apparently worked as a personal injury lawyer in Brooklyn. He allegedly served as a conduit of information between Cutillo and Zvi Goffer — the former Galleon employee apparently referred to as “Octopussy” at the SEC, because “he had his arms in so many insider” trading schemes.

More on our three honorees, after the jump.

The news was first reported by CNBC. See Dealbreaker for more details.

We have phone calls and emails in to Ropes & Gray and are waiting to hear back. We will keep you posted on further developments.

If you have more info, please email us. Thanks.

UPDATE (10:00 AM): According to Bloomberg, the FBI has arrested Arthur Cutillo (pictured). He is no longer on the Ropes & Gray website, but you can find his bio via Google Cache. Interestingly enough, he was an IP litigator, not a corporate attorney.

CNBC is now reporting that a Ropes & Gray employee allegedly provided inside information about various “going private” transactions the firm was involved in. Some of these transactions apparently involved companies heavily dependent upon intellectual property, such as technology companies.

UPDATE (10:10 AM): In case the Google Cache entry is removed, we have posted Arthur Cutillo’s bio after the jump. He graduated from Rutgers (undergrad) and Villanova (law), and he worked at Merck before joining Ropes.

UPDATE (10:15 AM): Here is a statement from Ropes & Gray:

We are deeply disappointed to learn about this situation, which suggests an extreme breach of this person’s duty of trust to our clients and to the firm. We cannot comment in detail on an ongoing investigation but we are moving quickly to protect our clients and are cooperating fully with authorities.

UPDATE (12:15 PM): U.S. Attorney Preet Bharara (S.D.N.Y.) is giving a press conference discussing the charges. One of the other individuals charged, Michael Kimelman, once worked as an associate at Sullivan & Cromwell.

UPDATE (4:30 PM): We’ve honored Artie Cutillo, Michael Kimelman, and a third lawyer, Jason Goldfarb, as our Lawyers of the Day.

Art Cutillo’s Ropes bio and Mike Kimelman’s LinkedIn profile, after the jump.

Seven Arrested In Insider Trading Case [Dealbreaker]

The general public really doesn’t understand what top-flight counsel does for their corporate clients. If they did, the pitchforks and torches crowd would be as angry at Wall Street lawyers as they are at Wall Street bankers.

Friday’s “revelation” about the advice given to Bank of America by Wachtell Lipton illustrates the point. Am Law Daily reports:

Amid the piles and piles of formerly privileged documents related to the Bank of America-Merrill Lynch merger, there are a few notes and e-mails from mid-December 2008 showing that BofA’s lawyers at Wachtell, Lipton, Rosen & Katz were saying very different things to their client and to federal regulators.

What dastardly double talk did Wachtell Lipton allegedly engage in? Corporate Counsel reports:

The e-mails show that early on the morning of December 19 [Wachtell litigation partner Eric Roth] advised the bank’s chief executive, Ken Lewis, and its interim general counsel, Brian Moynihan, on how difficult and financially risky it would be to try to invoke a so-called MAC — or material adverse change — clause, which would allow the bank to get out of the merger with Merrill.

But another e-mail from associate general counsel Teresa Brenner to Moynihan, sent several hours later and on the same day as Roth’s e-mail, says, “Eric made a very strong case as to why there was a MAC” during a conference call with some officials from the Federal Reserve.

J’accuse!

Pitchforks on parade after the jump.

Have you ever considered the possibility of getting sued for not being able to dance? That’s the reality now facing James Graeber, who allegedly flung a hedge fund employee right off of a dance floor at a New Jersey wedding. The New York Post reports:

An Upper West Side woman is suing a rowdy reveler who drunkenly clobbered her on the dance floor at his sister’s reception last year.

Christine Mancision said she was grooving after dinner at the Hyatt Morristown in New Jersey when, “all of a sudden, I turn and I’m grabbed by this really tall individual.”

“I had no idea who he was. And he grabbed my arm and spun me around to dance with me and then just flung me off to the side of the dance floor, and I went flying to the floor,” the petite 27-year-old recalled.

Turn around, bright eyes
Every now and then I fall apart
Turn around, bright eyes
F***in every now and then I fall apart
And I need you now tonight
I f***in need you more than ever.

In related news, people who can dance do not go to weddings in New Jersey.

Mancision suffered a broken wrist and is suing James Graeber. But she’s also suing the Hyatt, for reasons passing understanding.

Details and updates after the jump.

* Bank of America’s board votes to waive privilege and disclose the legal advice it received on the Merrill Lynch merger, which could spell trouble for B of A’s outside counsel at Wachtell (depending on the advice given). [New York Times]

* Meanwhile, B of A expands its team for the SEC litigation in the S.D.N.Y. by hiring Paul Weiss (which, along with Cleary Gottlieb, urged the bank to waive privilege with respect to the Merrill merger advice). [Dealbook / New York Times]

* Tort reform, in the form of limitations upon medical malpractice suits, could save up to $54 billion over the next 10 years. [CNN]

* Jon and Kate arbitrate… [People]

Is the Public Company Accounting Oversight Board unconstitutional? This admittedly boring-sounding entity has the important task of overseeing accounting firms, who in turn keep an eye on the balance sheets of corporate America, through such mechanisms as Sarbanes-Oxley (SOX) compliance.

The constitutionality of SOX and the PCAOB is at issue in Free Enterprise Fund v. Public Company Accounting Oversight Board, one of the most important cases of the new Supreme Court term. As previously noted, the D.C. Circuit upheld the board’s constitutionality against a separation-of-powers challenge — but over a strong dissent by Article III rock star Brett Kavanaugh, which may have grabbed the justices’ attention.

Read more — and comment (anyone care to predict the result?) — over at Going Concern.

Is the PCAOB Going the Way of the Dodo? [Going Concern]

Earlier: The Sarbanes-Oxley Accounting Board: Not Long For This World?

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.

A couple of weeks ago, I asked if the mainstream media was aware of the existence of Biglaw lawyers. They’re still not, but the New York Attorney General is. Dealbook reports:

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.”

What, does Andrew Cuomo want BOA to waive privilege to help him out? I’m not sure that this is how to run a prosecutor’s office, but it seems like a pretty effective way to run for Governor through the headlines.

Cuomo Takes Aim at Bank of America’s Lawyers [Dealbook]

Earlier: The Mainstream Media Is Aware That Law Firms Exist, Right?

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?

You know you want to know….

Hazard a guess. Then click on the link below.

Bernie Madoff’s Greatest Scam Of All [Dealbreaker]

Earlier: What Kind Of Package Is A Bernie Madoff Package?

Or maybe good news? It seems they’ll get to enjoy Labor Day weekend before any trouble hits.

Read more and discuss over at Dealbreaker.

Federal Prosecutors May Let Andy And Mark Madoff Enjoy Labor Day Weekend
[Dealbreaker]