|
Cravath Adds Salaried Partner Tier in Latest Wall Street Shift Cravath, Swaine & Moore’s move to create a non-equity partner tier is a sign of the times for the 204-year-old law firm and many of its peers. “Partner” roles that come with a salary, rather than a significant share of profits, are increasingly common at Big Law firms, including among Wall Street’s elite. Pay Changes: Cravath established a salary partner tier in late 2021. That’s around the same time the firm made another major change, loosening its lockstep pay model in which partners were compensated solely based on seniority. “The tweaks are designed to make it easier to compete for lateral talent, as well as retain superstar performers,” said Michelle Fivel, a partner at legal recruiting firm Hatch Henderson Fivel. They give firms flexibility to pay rainmakers more than others and promote attorneys who are not big business generators. Read More
|
|
|
|
|
Wachtell, Lipton, Rosen & Katz has appointed new firm co-chairs, tapping litigator William Savitt and corporate partner Andrew Nussbaum to lead one of the country’s most unique and profitable law firms. Read More
|
Deep Dive WeWork Inc. has arranged a path to reorganize with speed and aggression that, despite the company’s extraordinary fall from grace, will be boosted by favorable bankruptcy laws and continuing demand for office flex space. Read More
|
WeWork Inc. has tapped Kirkland & Ellis and other legal advisers for its bankruptcy filed late Monday in Newark, N.J. Read More|Documents Attached
|
Longtime Stroock & Stroock & Lavan partner Howard Lavin is heading to Thompson Coburn as the New York-founded Stroock begins its wind-down operations. Read More
|
Eye on the Bench Hundreds of lawsuits alleging that TikTok, Instagram and other Big Tech social media platforms have sparked a child mental health emergency are in the hands of a path-breaking California federal judge with little appetite for courtroom stunts. Read More
|
Explainer The stakes are high for the law firms competing to take the lead in litigation blaming Rupert Murdoch and other Fox Corp. senior leaders for leaving the conservative news network vulnerable to potentially billions of dollars in liability. Read More
|
The US Equal Employment Opportunity Commission’s newest commissioner, Kalpana Kotagal, has signaled she is keen to collaborate with her two Democratic colleagues to provide more direction on and encouragement of diversity and inclusion efforts in US workplaces. Read More
|
|
|
|
Milbank Raises Associate Salaries, Kicks Off Bonus SeasonMilbank LLP is giving its associates $10,000 salary raises, a bump that could spark a wave of similar moves by major law firms as they seek to compete with other firms on pay. Milbank is also rolling out annual bonuses for junior lawyers. Its most senior associates could see bonuses up to $115,000. Read More
|
|
|
|
Wake Up Call- Nixon Peabody chief Stephen Zubiago reportedly defended the firm’s work for Donald Trump in a firmwide meeting Monday. (Above The Law)
- Less than one-quarter (23%) of senior in-house lawyers say they have directly asked a law firm to put a woman or racially diverse attorney on a litigation or arbitration matter, according to a new survey. (Burford Capital)
- A South Florida dentist was convicted for the 2014 murder of a Florida State University law professor. (South Florida Sun Sentinel)
Read these and other legal industry stories in today’s Wake Up Call. Read More
|
|
|
|
|
Keith K. Grissom has joined Armstrong Teasdale as a partner in the St. Louis office, the firm said Tuesday. Read More|Document Attached
|
Randy S. Grossman has joined Manatt, Phelps & Phillips in the trial, white collar and investigations practice and will lead its new San Diego office, the firm said Tuesday. Read More|Document Attached
|
|
Will Hooker has joined Alston & Bird as a partner in the litigation and trial practice group and its international arbitration and dispute resolution team in the London office, the firm said Tuesday. Read More|Document Attached
|
|
|
|
|
WeWork Inc.’s bankruptcy filing caps a years-long saga that revealed breathtaking flaws in the investment style of Japanese billionaire Masayoshi Son, damaging his professional reputation far beyond the money he lost. Read More
|
Telecom Italia SpA has agreed to sell its landline network to KKR & Co. for as much as €22 billion ($24 billion), moving ahead with a strategic shakeup it’s been weighing for over 15 years — and defying its biggest shareholder. Read More
|
|
|
|
|
A New York federal jury’s demand that Google LLC shell out $1.15 million in damages to resolve a former female executive’s gender bias claims is a wake-up call for employers, especially tech companies, to identify and mitigate biases against protected groups. Read More
|
The Equal Employment Opportunity Commission will try to revive its lawsuit accusing a Texas pharmacy of disciplining, humiliating, and threatening an asthmatic worker for seeking to wear a mask at the start of the Covid-19 pandemic. Read More|Document Attached
|
The Fifth Circuit’s decision to move a copyright lawsuit out of Texas will likely make it more difficult for patent infringement plaintiffs suing foreign entities to keep their cases in one of their favorite venues. Read More|Documents Attached
|
Deep Dive Private plaintiffs are primed to file new lawsuits against the National Association of Realtors following a $1.8 billion verdict against the powerful trade group, pushing potential damages into the hundreds of billions of dollars and posing significant risk to the real estate industry. Read More|Documents Attached
|
|
|
|
|
|
Perspectives From Legal Experts and Thought Leaders
|
|
|
By Jessiah Hulle of Gentry Locke Gentry Locke’s Jessiah Hulle surveys federal courts’ ever-expanding guidance on artificial intelligence, and finds that, for now, courts are experimenting with varied approaches to the new technology. Read More
|
By George Fishman of Center for Immigration Studies The Center for Immigration Studies’ and DHS former deputy general counsel George Fishman argues that the University of California system has no legal basis for hiring students who are unauthorized to work in the US. Read More
|
|
|
|
|
Abortion policy and more will indirectly be on multiple state ballots in 2024 as voters fill openings or decide whether to retain justices on state supreme courts. Read More
|
The Senate has now confirmed 100 women to the federal bench under Joe Biden, a pace that’s said to be faster than other recent presidents achieved in their full first terms. Read More
|
|
|
|
Bankman-Fried’s Legal Woes Don’t End With Guilty VerdictSAM BANKMAN-FRIED went from crypto king to convict with astonishing speed. Now he’s looking at potentially decades in prison. The latest episode of our On The Merits podcast considers the sentencing phase of his trial, and the ongoing legal battle over insurance coverage of attorneys fees in litigation related to the collapse of the FTX crypto empire. Bloomberg Law reporters Matthew Bultman and Daphne Zhang join host David Schultz. Listen Here
|
|
|
|
|
The IRS’s stepped-up effort to audit large, complex partnerships is still looking into exactly what sorts of compliance issues at the partnerships to focus on, agency officials said Tuesday. Read More
|
A Democratic Ohio Supreme Court justice sued state officials in federal court Tuesday over a law that mandates the political affiliations of justice and appellate judge candidates appear on ballots in general elections. Read More|Document Attached
|
Like no one before him, Donald Trump is at once a former president, a leading candidate to be nominated for the presidency again, and a criminal defendant. This unprecedented situation raises questions that previously would have been implausible law school hypotheticals. One of those questions, about Trump’s eligibility to run again, moved from theoretical to real when the Colorado Supreme Court ruled him ineligible for that state’s primary ballot. Read More
|
|
|
1801 South Bell Street, Arlington, VA 22202 Copyright 2025 Bloomberg Industry Group, Inc. and Bloomberg LP
|
|
|
BUNW_NL
|
|
|
|
|