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The 2009 Global 100: The Great Game

The American Lawyer

The American Lawyer's 2009 Global 100 rankings, compiled in conjunction with London's Legal Week, provide a glimpse of the far-reaching impact of the financial meltdown on the world's largest firms. In many cases the effect is profound: Clifford Chance's profits per partner, for example, fell by 41 percent, while Latham & Watkins' dropped by 20.5 percent. Such results are a far cry from the steep upward trajectory that global firms have long enjoyed.

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Hertz GC Sues Analyst Who Said Company Could Go Bankrupt

Corporate Counsel

Take it back. That's what general counsel Jeffrey Zimmerman of Hertz Global Holdings has demanded from a research firm that put Hertz on a list of companies "likely to go bankrupt or suffer severe financial distress." Zimmerman initially wrote a letter to Audit Integrity, accusing the firm of reaching "incomplete and misleading conclusions" in a September report. On Monday, Zimmerman and Hertz sued Audit Integrity for defamation and trade libel, seeking a retraction, an apology and attorney fees.

Privilege Didn't Apply to Former Broadcom Executive, 9th Circuit Rules

The National Law Journal

Statements that a former Broadcom executive made to his lawyers -- who represented the company at the same time -- were not protected by attorney-client privilege, the 9th Circuit ruled on Wednesday. Former Broadcom chief financial officer William Ruehle had argued that certain statements he made during Irell & Manella's internal investigation of stock options backdating were confidential and should not have ended up in the hands of the U.S. government.

Supreme Court Adds 12 Cases to Docket, Including a Second Amendment Sequel

The National Law Journal

The Supreme Court on Wednesday waded back into the contentious debate over the Second Amendment, agreeing to hear a Chicago case that will answer a question it left unanswered last year: whether the individual right to bear arms applies against state and local gun restrictions as well as federal. The case -- one of 12 new matters the justices added to their docket -- could also intensify a debate within the Court and academia about the best way to apply or incorporate rights embodied in the U.S. Constitution to states.

Skadden, Paul Weiss, S&C -- but Not Wachtell -- on Hand for CIT's Last Gasp

The American Lawyer

CIT Group, the lender nearing collapse under the burden of $30 billion in debt, has turned to Skadden to negotiate a last-minute rescue deal with a group of bondholders represented by Paul Weiss, according to sources. That news comes as no surprise, as the firms sat across from each other when CIT negotiated the terms of an emergency $3 billion loan from its main bondholders in July. What might come as a surprise is that Wachtell is no longer involved in CIT's restructuring, say sources close to the matter.

Dismissal of Fraud, Malpractice Claims Against Prominent Litigator and Three Firms Upheld

New York Law Journal

A Manhattan appeals panel has upheld the dismissal of fraud and legal malpractice claims against prominent Manhattan litigator Kenneth A. Caruso, his current firm Bracewell & Giuliani, and two other firms where he worked: Pillsbury and Chadbourne & Parke. However, the court disputed the lower court's holding that a malpractice claim against Pillsbury was time-barred, finding that the statute of limitations was tolled while Caruso continued representing the plaintiff in the same matter while at Chadbourne.

Boston Scientific Agrees to Pay J&J $716 Million in Stent Settlement

The American Lawyer

The march toward peace in the stent wars continues. A couple months ago, Abbott Laboratories and Medtronic signed a blockbuster deal that ended all their patent litigation over cardiac stents. Now comes news that two more major stent players -- Boston Scientific and Johnson & Johnson's Cordis unit -- have settled more than a dozen stent-related patent suits. In a deal to resolve cases that have provided 12 years of billable hours for a horde of lawyers, Boston Scientific will pay Johnson & Johnson $716.3 million.

Michael Jackson Estate Alleges Violations of Trademarks, Rights of Publicity

The National Law Journal

Michael Jackson's estate has filed suit against two California organizations that it alleges sought infringing trademarks for such phrases as "King of Pop" and "Thriller" in an attempt to masquerade as a legitimate charity tied to the late pop star. The suit -- the first trademark infringement case for the estate since Jackson's death on June 25 -- was filed on Tuesday in Los Angeles federal court and names the Heal the World Foundation and its affiliated corporation, United Fleet.

Federal Judge Tosses Out $388 Million Patent Verdict Against Microsoft

The American Lawyer

Rhode Island federal Judge William Smith ruled Tuesday that, as a matter of law, Microsoft did not infringe Uniloc's patent on a method of limiting unlicensed use of software through casual copying. Essentially concluding that the jury did not understand the highly complex technical evidence both sides presented, Smith vacated a $388 million jury verdict and entered judgment for Microsoft -- the second time this month that the software giant has wiped out a huge patent infringement jury verdict against it.

Payroll Worker Accused of Stealing $1.2 Million From Small Firm

The National Law Journal

Federal prosecutors say a former payroll worker stole $1.2 million dollars from the small Washington, D.C., law firm where she was employed. Tamika Beasley allegedly used her access to the checking account of James E. Brown & Associates to transfer money into several of her own bank accounts, and hid her activity by making fake entries in the firm's payroll records listing the transfers as loans. Name partner James Brown said the theft has reduced his firm to seven lawyers from a high of thirteen.

Federal Judge Rebuffs ACLU, Denies Release of CIA Interrogation Memos

New York Law Journal

A New York federal judge on Wednesday refused to order the release of hundreds of documents concerning the use of enhanced interrogation techniques by the Central Intelligence Agency. Judge Alvin K. Hellerstein, weighing whether to punish the CIA for having destroyed videotapes of interrogation sessions, said he was deferring to the judgment of the CIA's director that the release of documents related to the interrogations would hurt the agency's ability to gather intelligence in the field.

Feinberg Questions Rescinding Company Execs' Pay

The National Law Journal

Attorney Ken Feinberg, who was appointed by the Obama administration to determine the pay of top corporate executives at companies that received the most federal government aid, doesn't plan to "claw back" compensation already paid to company officials except in "egregious" situations, he told a group of lawyers Wednesday. "I'm wary of exercising that power in too many cases," Feinberg said, explaining that it's complicated by the fact that the money may have been spent and taxed already.

Judge OKs $54.7 Million in Claims by Victims of Lawyer's Debt-Relief Scam

Daily Business Review

A Florida judge approved nearly $54.7 million in claims Tuesday by people who were bilked out of their money by disbarred attorney Laura Hess in a debt settlement scam. The claims were by almost 20,000 consumers who turned to Hess and a series of companies she oversaw for help managing credit card and other debts. Hess, who has been disbarred for five years, promised to cancel debts for pennies on the dollar but instead was accused of pocketing the money.

Buchanan Ingersoll & Rooney Answers Malpractice Allegations

The National Law Journal

Buchanan Ingersoll & Rooney and a former firm partner have responded to the malpractice suit filed by the name partners of Alcalde & Fay in July. The suit stems from work done by former Buchanan partner Louis Diamond, who was hired by lobbyists Hector Alcalde and Kevin Fay to set up an employee stock ownership plan and advise on related investments designed to defer capital gains taxes. The case marks the second time Buchanan Ingersoll has been sued in the past three years as a result of ESOP-related work by Diamond.

N.Y. Appeals Court Dismisses Dan Rather's Suit Against CBS

New York Law Journal

A New York appeals panel has thrown out the remaining claims in newsman Dan Rather's $70 million suit against his former employer, CBS. Rather alleged CBS caved to political pressure by forcing him out of his anchor chair and denying him the opportunity to cover important stories. Under his contract, the network had no obligation to "use [Rather's] services or to broadcast any program" as long as it kept paying him his annual $6 million salary, a deal the network upheld until it fired Rather in 2006, the panel concluded.

Technology Enables New Work-Life Norms

The American Lawyer

In a world where technology enables so much, it is time for law firm leaders to acknowledge and embrace the fact that employees can access information and provide good counsel from almost anywhere. That makes telecommuting viable for anyone. What does this mean for law firms?

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Dealing With Big Law Survivor's Guilt

Fulton County Daily Report

The recent Great Purge of law firm personnel passed you by, and you still have a paycheck, a current business card and an office to go to every morning. You should be elated, right? Well, if you're not, The Snark understands, because many Cogs who managed to hold onto their jobs are suffering from survivor's guilt. These days, conversations with involuntarily-ex-Cogs who have not yet found employment are awkward and guilt-ridden, so the Snark discusses some do's and don'ts when connecting with ex-colleagues.Visit the Career Center

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