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Baker McKenzie's Profits Fall 17 Percent
Headline News |
2009/08/14 09:08
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According to The American Lawyer, Baker amp; 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 amp; 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 News |
2009/08/13 09:36
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| pspan style=text-decoration: underline/spanThe Recorder reports that Wilson Sonsini Goodrich amp; Rosati has reached into its core for its new chief executive./ppThe 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./ppObservers say it's a natural pick./ppThe 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. /p |
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Veteran Prosecutor To Join Paul Hastings
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 amp; 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
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 amp; Moore's Evan Chesler to Williams amp; Connolly, court records show.
Williams amp; 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 -- Wamp;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
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.span class=text/span |
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Weil Gotshal Honored With ABA Pro Bono Publico Award
Firm News |
2009/08/07 08:45
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As reported on their website, Weil, Gotshal amp; Manges is proud to announce that the firm has received the American Bar Association’s (ABA) 2009 Pro Bono Publico Award for outstanding public service. The award was presented during the ABA’s Annual Meeting at a special luncheon in Chicago on August 3, 2009. The Pro Bono Publico Awards honor individuals or organizations in the legal community that enhance the human dignity of others by improving or delivering volunteer legal services to the poor or disadvantaged.
One of five award winners, Weil was cited for its leadership in and commitment to pro bono work. ABA President H. Thomas Wells stated, “With more than 90 percent of its partners doing pro bono work, the firm is setting a standard for the profession. Through its goals for growth and sustainability of its pro bono program, the firm is putting into practice its belief that pro bono work is the right thing to do.” |
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