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Wake Up Call: After MoFo Slashes Equity Partnership, PEP Surges 14% in 2018

March 26, 2019, 11:48 AM
  • Following double-digit growth in 2017, Morrison & Foerster’s gross revenues shrank 1.9 percent in 2018, to about $1.04 billion. However, its profits per equity partner surged 14 percent, to just under $2 million. The firm attributed that gain to its 25 percent reduction in the number of partners who get over half of their compensation from profit draws. The firm said the compensation change, made after a year of consulting partners, “advances the strategic needs of the firm.” (American Lawyer)

  • Sullivan & Cromwell and two big accounting firms are among companies urging the Securities and Exchange Commission not to make companies’ quarterly reports semi-annual, a move that President Donald Trump has said the agency should consider. “We are very skeptical that an economic case could be made for eliminating the quarterly reporting requirement, and believe that doing so would raise significant compliance concerns, as well,” the law firm said in a letter to the SEC. (BLAW)

  • Kirkland & Ellis recently gathered a cast of hundreds--87 litigation associates along with firm partners, mock juries and trained actors serving as witnesses--for a three and 1/2 day trial advocacy training session near Washington. The annual event is a rite of passage for the firm’s entry-level litigators. (BLAW)

  • Bayer AG and Johnson & Johnson unit Janssen Pharmaceuticals Inc. agreed to pay $775 million to settle thousands of suits over their blood-thinning drug Xarelto. Arnold & Porter represents Bayer. Drinker Biddle represents Janssen. (BLAW)

  • Duke University must pay $112.5 million to settle claims that biomedical researchers at the school manipulated research data to apply for federal grants, an attorney for the whistleblower in the case said March 25. (BLAW)

  • McDermott Will & Emery added an experienced renewable energy transactions team of former Akin Gump partners on both coasts. Edward Zaelke arrives in L.A, as global head of McDermott’s energy project finance group. He’s joined by former Akin Gump partner Lloyd MacNeil, who most recently served as general counsel of Edison Energy. Carl Fleming, who like Zaelke was most recently a partner in Akin Gump’s project finance group, joins McDermott in Washington, where he is an appointee to the Secretary of Commerce’s Renewable Energy and Energy Efficiency Advisory Committee. (MWE.com)

  • Sidley Austin was hired by Texas Pacific Land Trust, which is gearing up for a proxy contest fight against a group of dissident shareholders led by SoftVest L.P. (Sidley.com) (U.S. News) (Businesswire.com)

Lawyers, Law Firms, Deals

  • The American Lawyer announced its 2019 dealmakers of the year. (American Lawyer)

  • McGuireWoods said Charlotte-based Richard W. Viola, co-leader of its financial institutions industry team and former chair of its securities & capital markets department, will take over from David Pusateri as deputy managing partner of its corporate practice, effective May 2. (McGuireWoods.com)

  • London-based Woodsford Litigation Funding said it opened an office in Tel Aviv and aims to invest $20 million in Israeli-sourced disputes in 2019/2020. (WoodsfordLitigationFunding.com)

  • South Florida lawyers are making millions of dollars working in bankruptcy court. (Daily Business Review)

  • Richards Kibbe & Orbe launched a multidisciplinary advisory group aimed at helping corporate boards & directors avoid legal and media crises, and deal with the ones their companies couldn’t avoid. (RKOLLP.com)

  • Plaintiffs’ firm Grant & Eisenhofer launched a civil rights practice led by Chicago-based Karyn Bass Ehler, former chief of Illinois’ Civil Rights Bureau under the state’s Attorney General. (GELaw.com)

  • Lab-equipment company Thermo Fisher Scientific Inc. is buying Brammer Bio, which provides research and drug-making services to gene therapy innovators, from private equity firm Ampersand Capital Partners for $1.7 billion. Goodwin said it advised sellers Brammer Bio and Ampersand Capital Partners. (TheMiddleMarket.com)

Laterals, Moves, Promotions

  • McGuireWoods said veteran public finance partner Kenneth Neighbors joined the firm’s Atlanta office from Greenberg Traurirg. (McGuireWoods.com)

  • Perkins Coie said insurance recovery litigator James (Jim) M. Davis joined the firm as a partner in Chicago. He arrives from Reed Smith, where he previously served as the deputy practice group leader of the insurance recovery group. (PerkinsCo)

  • Winston & Strawn added real estate attorney Edward (Ed) Prokop as a partner in L.A. Prokop arrives from Sidley Austin, where he’d been nearly 23 years, most recently as a partner. (Winston.com)

  • Hogan Lovells added two lawyers in Washington. Anne Salladin, former senior counsel in the Treasury Department’s Office of Assistant General Counsel for International Affairs, joined the firm’s international trade practice as a partner. She arrives most recently from Stroock & Stroock & Lavan. (HoganLovells)

  • Hogan Lovells said energy lawyer Greg Junge joined as a partner in the firm’s energy and global regulatory practice, arriving from Van Ness Feldman, a boutique energy and environmental firm, where he was a leader in the firm’s pipeline regulatory practice. (HoganLovells.com)

  • JAMS, the alternative dispute resolution services provider, said retired Illinois federal magistrate judge Michael T. Mason joined its Chicago panel. (JAMSadr.com)

  • Fox Rothschild said real estate and environmental partner John R. Herin Jr. joined the firm’s Miami office as a partner. He was previously a member in GrayRobinson’s land use, environment, and government affairs department. (FoxRothschild.com)

  • Clark Hill said former Texas Congressman John Culberson joined the firm’s government & public affairs practice in its Washington and Houston offices. He was a member of the House Appropriations Committee, where he chaired its Subcommittee on Commerce, Justice, Science and Related Agencies and its Subcommittee on Military Construction and Veterans Affairs. He was also an active member of the Subcommittees on Homeland Security and Transportation, Housing, Urban Development, and Related Agencies. (ClarkHill.com)

Technology

  • In the last few years, some U.K. and U.S. law firms have invested in legal tech startups, and some firms have even started their own legal tech subsidiaries. But not everybody agrees it’s a good idea for law firms to get into the market for legal technology. (Legaltech News)

To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Molly Ward at mward@bloomberglaw.com

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