Corporate Law

As Unpaid Bills Add Up, Some Lawyers Work for Free

When a tech client of attorney David West went bankrupt two years ago, it left Fenwick & West with an unpaid legal bill of $125,534.16. But that’s far from the worst such problem those in the profession are facing, as they strive to strike a balance between collecting their fees…

Apr 3, 2009 7:33 PM CDT

Appeals Court Raps ‘Sophie’s Choice’ Given NJ Plaintiff and Caregiver

A New Jersey judge erred when he gave a plaintiff a “Sophie’s Choice” between pursuing her sex discrimination case against a former employer and caring for her mortally ill 89-year-old father in Florida, a state appellate court has held. It reinstated the case brought by plaintiff Linda Pangione, which Ocean…

Apr 2, 2009 11:55 PM CDT

US Sues BP Sub Over Alaska Oil Spills, Seeks Maximum Penalties

The U.S. Department of Justice has filed suit against a subsidiary of a global oil company, contending that two discharges totaling some 200,000 gallons of crude oil into Prudhoe Bay on Alaska’s North Slope in 2006 violated federal clean air and water laws and seeking maximum penalties. Filed in federal…

Apr 1, 2009 9:15 PM CDT

‘Meatball Justice’ Creates World of Hurt for NY Workers’ Comp Claimants

A once-groundbreaking system of helping injured New York workers obtain treatment and reasonable compensation from their employers is now a struggling $5.5-billion-a-year state-run “subbasement of the legal world” in which delay and questionable results reportedly are commonplace. At some hearings of the New York State Workers’ Compensation Board, judges looked…

Apr 1, 2009 12:14 AM CDT

Conn. Judge Freezes Assets of Madoff Sons, 5 Hedge Fund Execs

Siding, for now, with a municipality suing over the loss of $42 million from its pension fund, a Connecticut judge has temporarily frozen the assets of Bernard Madoff’s wife, brother, two sons and five executives of hedge funds that funneled money into Madoff’s now-admitted Ponzi scheme (one of whom is…

Mar 31, 2009 11:52 PM CDT

Cyclical Downturn or Paradigm Shift? BigLaw Leaders Aren’t Sure

It’s been a stunningly severe economic downturn, with nearly 7,000 legal jobs lost at major United States and United Kingdom firms—so far—this year. But is the sudden change of fortunes, possibly, a paradigm shift, rather than simply another cyclical downturn? Law firm leaders aren’t sure, reports the Lawyer. Regardless of…

Mar 31, 2009 12:06 AM CDT

Stanford Exec Sues Proskauer Partner, Says He Put Her in SEC Frying Pan

Blaming a former company lawyer for the criminal case against her, an executive of Stanford Financial Group has sued the lawyer, Thomas Sjoblom, and Proskauer Rose, the firm at which he is a partner. “He essentially dropped her in the grease,” attorney Tony Buzbee, who represents Laura Pendergest-Holt in the…

Mar 28, 2009 1:42 AM CDT

N.Y. Art Dealer Accused of $88M Fraud

A former New York art dealer is now included among an elite group of alleged white-collar master manipulators recently accused of defrauding others of monster sums. Lawrence Salander was arrested today pursuant to a 100-count state-court indictment that charges him with stealing $88 million from investors, artists and collectors (including…

Mar 26, 2009 10:56 PM CDT

Clifford Firm Lays Off 24 NYC Attorneys, Defers Start Date for Incoming ‘09 Class

A London-based megafirm has made a second round of associate layoffs in its New York office, and it is pushing back the start date for its incoming class of associates. Because of a work slowdown, Clifford Chance has cut 24 transactional associates in New York City, the firm announces in…

Mar 26, 2009 6:18 PM CDT

Ex-Fed Chief Volcker to Help Gov’t Collect More Tax, Advise on Tax Code Revision

In the wake of unprecedented emergency federal spending to deal with the nation’s dismal economy, the Obama administration is now asking financial experts to help figure out how to increase the nation’s tax revenue. A new advisory panel is being appointed by President Obama to make recommendations on revising the…

Mar 26, 2009 12:48 AM CDT

Stanford Receiver Asks Judge for Hunton & Williams Legal Files

A receiver for Stanford Group Co. has asked a federal judge in Dallas to order a law firm that represented an Antigua-based bank at the center of a claimed $8 billion Ponzi scheme allegedly run by Texas billionaire R. Allen Stanford to turn over related legal files. The court-appointed receiver,…

Mar 25, 2009 5:47 PM CDT

Chicago-Based Arnstein & Lehr Acquires 7-Lawyer Fla. Firm

Following up on a previously announced plan of Florida expansion, Chicago-based Arnstein & Lehr is acquiring a seven-lawyer Coral Gables firm. All of the attorneys at Fieldstone Shear & Denberg will be joining Arnstein, and Ronald Fieldstone, David Shear and Michael Denberg will be joining as equity partners, according to…

Mar 24, 2009 8:46 PM CDT

BigLaw Firms Converge on Dubai: Jones Day Launches, CC Amps Up

Adding to an ongoing trend of looking to the Middle East for new legal business, two major international law firms are establishing a bigger foothold in Dubai. Jones Day has just announced that it will be opening an office there with six lawyers, reports Legal Week. They are: project finance…

Mar 24, 2009 1:00 AM CDT

Lawyer Layoff Surge is Hitting In-House Counsel Hard, Too

It isn’t just BigLaw private practitioners who are getting the ax as corporations struggling to cope with the dismal economy cut legal expenses. Many in-house corporate lawyers are being laid off, too, reports the National Law Journal. “Name an industry where you’ve seen a significant problem, and attorneys are experiencing…

Mar 23, 2009 11:41 PM CDT

Skadden’s Still Thinking Big

Although Skadden Arps Slate Meagher & Flom has taken other cost-cutting measures, the mega-firm hasn’t laid off any associates. And, as the firm’s new executive partner plans to take over the megafirm’s helm next month, Eric Friedman, like his soon-to-be predecessor Robert Sheehan, is still thinking big, reports the Lawyer.…

Mar 23, 2009 5:22 PM CDT