In-house Counsel

Fannie Mae GC Could Earn Nearly $3M Annually, Despite Bailout

Former Bank of America general counsel Timothy Mayopolous landed on his feet after his abrupt ouster from the company more than a year ago. His pay in his new job as general counsel of Fannie Mae could work out to an annual paycheck of up to $2.95 million, an amount…

Jan 7, 2010 7:06 PM CST

AIG GC Resigns Over Salary Cap, Will Receive Millions in Severance

AIG general counsel Anastasia Kelly will receive millions of dollars in severance pay after resigning over salary caps imposed because the insurer received government bailout funds. Kelly resigned along with her deputy general counsel, Suzanne Folsom, the Wall Street Journal (sub. req.) reports. Kelly will receive “several million dollars in…

Jan 5, 2010 3:26 PM CST

Will Client Demand For Greater Value Lead to Meaningful Change Inside Law Firms?

As law firms strive to provide more “value” to clients, legal industry insiders warn that without a permanent overhaul of business practices, firms will face decreased profitability in 2010. Cynics say the mass amounts of law firm layoffs last year – 12,196 people were laid off at 138 large law…

Jan 4, 2010 6:28 PM CST

Meet Art Block, General Counsel of Comcast

When Art Block gave up a partnership at Wolf Block Schorr & Solis-Cohen in 1988 to become the No. 2 attorney in a three-person corporate legal department, his friends told him he was crazy. But today the 54-year-old University of Michigan law graduate is general counsel in charge of a…

Jan 4, 2010 5:44 PM CST

What, GC Worry?

What are the top concerns of corporate counsel now? Reducing outside legal spending ……………. 80.5% Compliance work ……………. 78.2% Staffing/work levels with fewer resources ……………. 60.3% Keeping management apprised of legal developments ……………. 60.0% Staying current about changes in the law ……………. 54.1% Source: 2009 Association of Corporate Counsel/Serengeti Managing…

Jan 2, 2010 3:30 AM CST

Bank of America’s 44-Day GC Gets Chief Executive Job

The former general counsel of Bank of America has been chosen as its new chief executive. Brian Moynihan, 50, was chosen late Wednesday, according to stories in the New York Times, Washington Post and the Wall Street Journal (sub. req.). He joined Bank of America in 2004 when it acquired…

Dec 17, 2009 1:09 PM CST

New Career Path for U.S. Lawyers: Outsourcing Firms

Outsourcing firms could offer an alternative career path for job-hunting lawyers. That’s the suggestion of international management consulting firm Fronterion, which advises law firms and corporations on outsourced legal services. The firm has released a list of the top 10 trends for outsourcing in 2010 that predicts law firms and…

Dec 10, 2009 3:43 PM CST

Partner Decries Depersonalization of BigLaw, Urges Investment in Associates

A law firm partner who saw the demise of her former firm, Heller Ehrman, says the quest for immediate returns and status contributed to its downfall. Patricia Gillette, now a labor and employment partner at Orrick, Herrington & Sutcliffe, says too many of the nation’s largest law firms are marching…

Dec 9, 2009 6:04 PM CST

As Law Firms Respond to Crisis, 21% of Law Students Regret Choice

It’s not surprising that law students are a discontented lot. A new survey by LexisNexis found that, based on the changing legal marketplace, 21 percent of law students regret attending law school. Thirty-five percent said they don’t feel adequately prepared to succeed in the new marketplace, and 65 percent said…

Dec 9, 2009 1:54 PM CST

AIG GC Reportedly Threatens to Resign if Pay Czar Cuts Her Compensation

The general counsel of American International Group is reportedly one of five corporate employees who told the company last week that they would resign if the government’s pay czar cuts their compensation. AIG general counsel Anastasia Kelly reportedly asked other employees to join her in indicating their intention to resign…

Dec 8, 2009 7:23 PM CST

Objections to a Prosecutor’s Phone Call Benefit Ex-Broadcom GC

Broadcom’s former general counsel won’t face criminal backdating charges because of a phone call by a federal prosecutor. The government plans to give former general counsel David Dull a nonprosecution agreement after a federal judge criticized the phone call by Assistant U.S. Attorney Andrew Stolper, the Orange County Register reports.…

Dec 4, 2009 1:04 PM CST

Pfizer GC Pushes for Flat Fees and Gets Them

Pfizer Inc.’s general counsel Amy Schulman has a theory about the way to force changes in law firm billing, and she’s putting it into practice. “I really believe that if you are going to try to do something that is fundamentally not based on the billable hour, you can’t do…

Dec 3, 2009 7:11 PM CST

Opinion Letters Are Privileged, Calif. High Court Rules

The California Supreme Court, in a unanimous opinion, ruled that factual information in letters from outside counsel to corporate counsel is just as privileged as legal advice. “Although exercise of the privilege may occasionally result in the suppression of relevant evidence, the legislature of this state has determined that these…

Dec 2, 2009 11:23 PM CST

DynCorp Fires Top Compliance Lawyer in Wake of Foreign Bribery Probe

Defense contractor DynCorp International Inc. has fired its top compliance lawyer amid an internal investigation into whether its employees bribed foreign government agencies. The fired lawyer, Curtis Schehr, had joined the company in 2006 as general counsel, Corporate Counsel reports. In a Nov. 9 report, DynCorp disclosed that subcontractors may…

Dec 2, 2009 3:41 PM CST

The Empty (In-)House

SEC commissioner warns against corporate-law cutbacks

Dec 2, 2009 2:19 AM CST