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Baker & McKenzie's Profits Fall 17 Percent
Headline Legal News |
2009/08/14 09:08
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According to The American Lawyer, Baker & McKenzie reported Friday that global revenue declined 3 percent to $2.11 billion and profits per partner fell a more significant 17 percent to $992,000 in fiscal year 2009, bringing an end to a four-year period over which the firm experienced consecutive double-digit revenue growth and an 85 percent increase in profits.
While Chicago-based Baker & McKenzie, which generated 66 percent of its fees outside the United States, highlighted the role currency exchange rates played in the falling benchmarks for fiscal year 2009, management admitted the economic downturn negatively impacted the firm's financial performance.
"The financial crisis progressed into an economic recession that has been very challenging for our clients, for all law firms and for us," said John Conroy, chairman of the firm's executive committee. According to Conroy, the impact of the economic downturn has been muted by the firm's proactive efforts, beginning more than eight months ago, to engage clients and adjust to their legal needs. This has included expanding the firm's restructuring practice.
Other practice areas helped hold up the firm's bottom line. Labor and employment, intellectual property and tax remained resilient throughout the downturn, Conroy says. |
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Wilson Sonsini Names New CEO
Headline Legal News |
2009/08/13 09:36
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The Recorder reports that Wilson Sonsini Goodrich & Rosati has reached into its core for its new chief executive. The firm announced Tuesday that corporate rainmaker Steven Bochner would be taking over from partner John Roos, who was confirmed as US ambassador to Japan last week. The partnership voted unanimously Monday. Observers say it's a natural pick. "The soul of what the firm does is corporate," San Francisco recruiter Gary Davis said. "Steven happens to be one of the more beloved partners, accomplished in his own regard." |
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Veteran Prosecutor To Join Paul Hastings
Law Firm News/California |
2009/08/12 11:54
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The American Lawyer reports US Attorney Thomas O'Brien has taken on international drug cartels, some of the West Coast's toughest street gangs, and human smuggling rings. But now he has to do something that may be even more challenging: build a book of business.
Paul, Hastings, Janofsky & Walker announced Tuesday that O'Brien, who has been US Attorney for the Central District of California since 2007, will become a partner in the firm's Los Angeles office, where he will focus on white-collar cases.
"The people I met at Paul Hastings are top notch attorneys and I look forward to working with the firm to help them develop a white-collar practice in Los Angeles," says O'Brien, who was appointed US Attorney by President George W. Bush after more than two years as the office's criminal division chief.
He joins the firm Oct. 1. |
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Merck Passes Landmark Securities Case From Cravath To Williams & Connolly
Law Firm News |
2009/08/11 09:23
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The American Lawyer reports that months away from arguing a landmark securities fraud case before the US Supreme Court, Merck has passed lead counsel duties from Cravath, Swaine & Moore's Evan Chesler to Williams & Connolly, court records show.
Williams & Connolly partner Kannon Shanmugam, who argued eight cases before the high court during his four years with the US Solicitor's Office, will present Merck's case to the justices this fall. Shanmugam -- W&C's first lateral hire in 22 years when he joined the firm last year -- won six of those eight cases.
In this case, Shanmugam will argue to overturn an appellate ruling that allowed a securities fraud class action brought by Merck's shareholders to proceed. |
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Patton Boggs Picks Up Mortgage Finance Group
Law Firm News |
2009/08/10 13:50
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The National Law Journal reports that Patton Boggs has brought on a six-lawyer mortgage finance team from Weiner Brodsky Sidman Kider, the firm announced Tuesday.
Partners Richard Andreano and John Socknat started work in the firm's Washington, D.C., office Monday. They will be joined by associates Reid Herlihy, Heather Hutchings and Haydn Richards on Thursday.
Michael Waldron, also a partner, will work out of Patton Boggs' Dallas office.
Andreano advises settlement service providers through issues concerning the Real Estate Settlement Procedures Act, Truth in Lending Act, Equal Credit Opportunity Act, Fair Housing Act, Fair Credit Reporting Act, Home Mortgage Disclosure Act and the Gramm Leach Bliley Act. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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