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Kirkland & Ellis Lays Off Associates in New York, D.C.
Firm News |
2009/09/08 16:14
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According to The Wall Street Journal, Kirkland & Ellis earlier today laid off more than 20 associates in its New York office, according to a person familiar with the matter. Associate layoffs also hit the firm’s Washington, D.C. office.
The layoffs came at the end of the firm’s annual associate-review process. Associates deemed to have not been on track to make either equity partner or non-equity partner were asked to leave, the person familiar with the matter said. The numbers of associates asked to leave were higher than last year’s, partly due to the economy and partly due to a lack of attrition experienced by the firm throughout the year.
Kirkland is one of a handful of firms that has weathered the downturn in the economy without making dramatic salary cuts or deferring start-dates. The firm hasn’t instituted layoffs since this time last year. The firm recently made several dozen associates non-equity partners, and gave offers to a significant majority of this year’s summer-associate class. |
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Baker Botts Hits $100 Million Mark In Asarco Bankruptcy
Firm News |
2009/08/31 16:09
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According to The American Lawyer, as Tucson, Ariz.-based mining company Asarco nears the end of its four-year bankruptcy odyssey, lead debtors counsel Baker Botts submitted its 12th application for fees on Friday.
The filing put the firm past the $100 million mark in billable hours since Asarco filed for bankruptcy in August 2005 after getting hit with a series of asbestos and environmental pollution suits.
It pales in comparison to the $100 million in fees that Weil, Gotshal & Manges has racked up in just a year's worth of bankruptcy work for Lehman Brothers, but Baker Botts may have more work ahead.
"This is probably the middle of the end, and the end should certainly be in sight," Baker Botts bankruptcy and insolvency Chair Jack Kinzie says. "The final closing argument on the confirmation hearing was today and we expect a ruling from the judge on Monday." |
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Lawyers And Firms Stake Claims In Masry & Vititoe Bankruptcy
Firm News |
2009/08/28 17:33
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According to The National Law Journal, at least four lawyers and law firms are among the top creditors of Masry & Vititoe, the personal injury law firm of "Erin Brokovich" fame that filed for Chapter 11 bankruptcy protection on Aug. 14.
The firm, based in Westlake Village, Calif., said in bankruptcy court papers that it has spent $3 million defending lawsuits filed by the family and estate of former name partner Edward Masry, who died in 2005.
"Not only did a number of litigants come forward alleging that Mr. Masry had promised them certain assets and cash from the firm, additionally, his own estate and heirs instituted claims which have caused the firm to spend its resources, in time and staff, defending such claims," the firm said in an Aug. 24 motion seeking cash collateral in order to keep operating. |
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Cadwalder, Katten, Dewey Jump Into Coyotes Fray with NHL
Firm News |
2009/08/27 16:16
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According to the American Lawyer, it's complicated, it's happening all the way in Phoenix, and it involves the least popular of the nation's Big Four pro sports leagues, but the Phoenix Coyotes bankruptcy case is shaping up to be the year's landmark sports law case. The big question hovering over the entire proceeding: Who ultimately has the authority to decide who can own a team and where that team plays--a professional sports league or a bankruptcy court judge?
The National Hockey League, represented by Skadden, Arps, Slate, Meagher & Flom, believes such power rests with the league, and it has taken the highly unusual step of submitting its own bid to purchase the Coyotes over a rival bidder who might relocate the franchise to Canada. Though the exact amount of the NHL's bid is undisclosed, it is widely assumed to be far less than the current high bidder--Jim Balsillie, a Canadian businessman and hockey fanatic who has long desired to buy a U.S.-based NHL team and move it to Hamilton, Ontario, about an hour north of Toronto. Balsillie, who owns the company behind the Blackberry, has bid $212.5 million for the Coyotes, an amount that would likely produce the best deal for the Coyotes' creditors. Phoenix-based Lewis & Roca is serving as Balsillie's bankruptcy counsel, but the firm recently retained Dewey & LeBeouf sports law heavyweight Jeffrey Kessler to depose high-ranking NHL officials, court records show. |
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Chadbourne to Open in Northern California
Firm News |
2009/08/26 22:52
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According to The Recorder, New York's Chadbourne & Parke is swooping into Northern California with the hire of a Yahoo in-house IP lawyer in Silicon Valley. Duane Valz, associate general counsel of global patents, will be joining the firm next month as it makes its first foray into the Bay Area. Valz said it was still unclear where Chadbourne's new office would be located: San Francisco or Silicon Valley. The move comes in a tough economic year when only one other major firm, Haynes and Boone, has opened up shop in Silicon Valley. Chadbourne, with its 400 lawyers and offices around the world, joins a clutch of New York firms like Skadden, Arps, Slate, Meagher & Flom and Davis Polk & Wardwell that have already been in the region for years. |
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Foley & Lardner Sued For Allegedly Revealing Trade Secrets
Firm News |
2009/08/25 16:25
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The National Law Journal reports that a patent holding firm has sued Foley & Lardner for allegedly revealing confidential information and for undermining the company's settlement negotiations during a separate lawsuit.
Virginia-based SPH America, a company formed in 2008 by former Fish & Richardson associate Choongoo Park, filed suit against Foley Friday at the US District Court for the Eastern District of Virginia, alleging breach of contract, misappropriation of trade secrets and contract interference, among other claims.
Foley represented Japanese electronics manufacturer Kyocera in 2008 after SPH brought a patent infringement case against the company over technology used in its cell phones. According to last week's complaint, Foley allegedly publicized confidential information it gained during the course of that case by incorporating it in another lawsuit. |
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Skadden To Cut Summer Class By Half, Change Recruiting Process
Firm News |
2009/08/24 20:51
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The American Lawyer reports that Skadden, Arps, Slate, Meager & Flom is cutting the size of its 2010 summer associate class by half and adjusting its recruitment strategy by making all of its offers on a single day in late September, according to a copy of a letter the firm will send to prospective summers.
Skadden hired 225 summer associates this year and expects to hire a little more than 100 next year, though the precise figure will depend on offer acceptance rates, says Howard Ellin, Skadden's recruiting partner.
The firm will not rescind offers to any prospective 2010 summers; if, say, 150 summers accept, the firm will hire all 150 even though that number exceeds the figure it currently has in mind, Ellin says.
The idea of rescinding offers "is unprofessional and a shock to our conscience," he says. |
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