Wake Up Call: At Wall Street Firms, ‘Hotshot’ Lawyers Triple Pay

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Pay rates for certain “hotshot” Wall Street lawyers with firms like Kirkland & Ellis, Simpson Thacher & Bartlett, and Latham & Watkins, have roughly tripled over the last five years, approaching what big bank chiefs make. In this “star-centric system,” six Kirkland partners earned $25 million last year, and $20 million has become “the new $10 million.” (New York Times)
• A $128 million upgrade to fabled “Black Rock” tower in Midtown Manhattan, the former headquarters of CBS, helped convince “white-shoe” law firm Orrick, Herrington & Sutcliffe to renew its 144,000-square-foot lease for another 15 years. The building is also home to Wachtell, Lipton, Rosen & Katz. (New York Post)
• A seven-lawyer team, including four shareholders, is jumping from Armstrong Teasdale to Dentons Durham Jones Pinegar, the Salt Lake City member of the Dentons mega-firm. The four shareholder litigators are Aaron Clark, Peter Donaldson, Michael Gehret, and Trinity Jordan. (Dentons)

Laterals, Moves, In-House

• Michelle Reed has joined Paul Hastings as a partner in the firm’s global data privacy and cybersecurity practice in Dallas. She joins from Akin Gump Strauss Hauer & Feld.
• Thomas Henry has joined Weil, Gotshal & Manges as a partner and co-head of its US real estate practice in New York. He joins from Willkie Farr & Gallagher.
• Elena Millerman joins Davis Polk as a partner and co-head of its infrastructure finance practice in New York. She joins from White & Case.
• Alice Hrdy has joined Morgan, Lewis & Bockius as a partner in its Washington office after three decades of service with the Federal Trade Commission and the US Consumer Financial Protection Bureau.
• East Berhane has joined Vinson & Elkins as a Dallas-based partner with Vinson’s finance practice. She joins from Kirkland & Ellis.
• Hadrien Servais will join Simpson Thacher as a member of its alternative capital and private credit group and leader of its European private credit team.
• Larry Kern has joined Holland & Knight as a partner in the private wealth services group in Chicago. He joined from Greenberg Traurig.
• Peter Koclanes has joined Venable as a partner in its commercial litigation practice group in Denver.
• Ronnie Johnson has joined Holland & Knight as a partner with its public policy and regulation group in Dallas. He joins from McGlinchey Stafford.
• Nine tax attorneys are joining Nelson Mullins Riley & Scarborough’s Houston office in a variety of practice areas, including tax controversy and litigation, state and local tax, and planning. They are joining from Chamberlain Hrdlicka.
• Baker McKenzie Paris has promoted eight attorneys in the employment, tax, real estate, M&A, and intellectual property practices, as well as in the Africa Projects group in France.