Business & Practice

Wake Up Call: Cravath Equals Milbank Bonuses; Texas Boutique Beats Both

Nov. 12, 2019, 1:05 PM
  • Cravath, Swaine & Moore matched year-end bonuses posted last week by Milbank. Both firms’ bonuses scales, ranging $15,000 for first-year associates up to $100,000 for senior associates, are the same as what they offered last year. (Above The Law) (American Lawyer)

  • Meanwhile, Austin-based trial boutique Reid Collins & Tsai said it’s paying bonuses that beat what the two Big Law firms are offering. (TexasLawyer.com)

  • As Madoff trustee, BakerHostetler partner Irving Picard has collected over $14 billion for investors who were ripped off by Bernie Madoff in the biggest ponzi scheme ever. Picard’s going to the U.S. Supreme Court to take on his last big target: $3.2 billion held overseas by foreign banks. As of September, lawyers, trustees, and consultants, but mostly lawyers, working on behalf of Madoff victims have earned close to $1.8 billion fees since the claw-back process began more than a decade ago. (Bloomberg Businessweek)

  • White & Case and Latham & Watkins are advising on Saudi Aramco’s gigantic IPO. (The Lawyer)

  • Goodwin Procter added longtime Simpson Thacher litigator Alexis Coll-Very as a partner in Silicon Valley in its securities and shareholder litigation and government investigations and enforcement practices. (GoodwinLaw.com)

  • Department of Justice civil rights lawyer John Gore, who argued for putting the controversial citizenship question on the 2020 census, is going back to Jones Day as a partner in its government regulation practice in Washington. (BLAW via BLB)

  • Baker Botts added emerging companies and venture capital partner Michael Torosian, based in San Francisco and Palo Alto. Torosian, the fifth lateral partner to join Baker Botts’ Bay Area offices since early October, arrives from Pillsbury Winthrop Shaw Pittman, where he was a partner in San Francisco and Silicon Valley. (BakerBotts.com)

  • As the House Intelligence Committee begins public impeachment hearings this week, staff counsel will be up front questioning witnesses. (National Law Journal)

  • President Trump lost another round in his effort to block New York from giving his state tax returns to the House. (National Law Journal)

Lawyers, Law Firms

  • Competition is the top issue worrying top U.K. law firms as Brexit approaches, according to a new survey report. (Global Legal Chronicle)

  • Women are making some progress when it comes to making partner at major law firms, despite challenges, according to a report. (BLAW via BLB)

  • Forbes interviewed L.A.-based entertainment and sports lawyer Jaia Thomas, who recently started Diverse Representation. She said the platform aims to boost the exposure and number of African-American agents, attorneys, managers and publicists working in the sports and entertainment industries. (Forbes)

  • Drinker Biddle & Reath added insurance litigator Sulema Medrano as a partner in Chicago. She was a Cook County prosecutor and arrives most recently from SmithAmundsen, where she was a partner. (DrinkerBiddle.com)

  • After 2018’s record levels of optimism for the M&A outlook, dealmakers’ expectations are more tempered, Dykema’s new survey finds. (Viewer.Zmags.com)

  • London-based Woodsford Litigation Funding said it has expanded into the Canadian market, hiring three consultants in the country. (WoodsfordLitigationFunding.com)


  • Milbank advised Piraeus Bank, Greece’s biggest lender, on a deal with a Spanish unit of Sweden’s Intrum Holdings, selling a majority stake in the bank’s non-performing exposures servicing unit. The deal included the negotiation of associated long-term servicing agreements related to Piraeus’ 27.3 billion euro portfolio of non-performing debt. (FT.com)

  • Cooley advised internet-connected-camera brand Arlo Technologies on its strategic partnership with Verisure Sàrl, which provides monitored security solutions in Europe. (Businesswire.com)

  • Morrison & Foerster advised private equity firm Main Post Partners on its strategic growth investment in Sugared + Bronzed, which provides sugaring hair removal and sunless tanning. (MoFo.com) (TheMiddleMarket.com)

  • Hogan Lovells advised electronic design automation company Synopsys on its acquisition of certain IP assets from eSilicon. No terms were disclosed. (PRNewswire.com)

  • Appleby said its Hong Kong office acted as Cayman Islands and British Virgin Islands counsel to China Tianbao Group Development Company Limited on its listing yesterday on the Hong Kong Stock Exchange main board, as well as on the company’s global offering. (ApplebyGlobal.com) (South China Morning Post)

Laterals, Moves, In-house, Promotions

  • Snell & Wilmer added commercial finance in-house veteran Judith Lajoie as of counsel in Denver. She arrives most recently from CoBiz Financial, where she was general counsel. (SWLaw.com)

  • Tarter Krinsky & Drogin grabbed a three-lawyer trusts and estates team from Schiff Hardin in New York, including partners Robert Freedman and Barry Lutzky. (TarterKrinsky.com)

  • Blank Rome added corporate litigator Neeru Jindal as an associate in Los Angeles. She represents financial institutions in state and federal trial and appellate courts. (BlankRome.com)

  • The San Antonio, Texas office of Detroit-headquartered firm Dykema added five associates across various practice areas. (Dykema.com)

  • Quarles & Brady said health law partner Anne M. O’Brien has taken over as president of the American Society for Pharmacy Law. (Quarles.com)

  • Arent Fox added veteran federal government lobbyist Oliver Spurgeon as a senior government relations director in Washington, where he’ll lobby on health care and taxes, among other issues. (ArentFox.com)

Legal Education

  • The University of Pennsylvania law school is getting a $125 million donation, the largest in its history, from the W.P. Carey Foundation. Some students are protesting against the plan to rename the school the Carey Law School, after the late investment trust founder William Polk Carey. (BLAW via BLB)

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; Darren Bowman at dbowman@bloomberglaw.com

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