Wake Up Call: Milbank Beats Cravath on Announcing Associate Bonuses for 2019

Nov. 8, 2019, 12:49 PM
  • Wall Street firm Cravath, Swaine & Moore usually leads the way for Big Law firms’ associate bonus announcements. But this year another New York firm, Milbank, beat it to the draw. Milbank announced bonuses ranging from $15,000 to $100,000 to be paid on Dec. 31, the same scale Cravath announced last year. (Above The Law)

  • Amidst a fierce fight for top talent among big firms, Milbank’s early announcement may be a sign it’s confident about the coming year, a legal recruiter said. (American Lawyer)

  • But Above The Law’s Elie Mystal said he’s getting emails from associates angry that their total compensation for 2019 turns out to be less than last year’s, because, unlike in 2018, they didn’t get summer bonuses. Mystal said firms might be holding back to get ready for a coming recession. (Above The Law)

  • A New York judge ordered President Trump to pay $2 million in damages to settle claims that the Trump Foundation misused funds. (NPR)

  • An attorney for the Ukraine whistleblower whose complaint document triggered the House impeachment inquiry of Trump sent a “cease and desist” letter to the White House warning Trump to stop attacking his client. (CNN)

  • Morrison & Foerster said it represented Fujifilm Holdings Corporation and Fuji Xerox Co. in this week’s deal in which Xerox Holdings Corp. agreed to sell 25% of Fuji Xerox to Fujifilm Holdings for $2.3 billion. After the transaction, Fujifilm Holdings owns 100% of Fuji Xerox, ending Xerox’s five-decade old share in the venture. (BN via BLAW)

  • Fujifilm Holdings said it agreed that, once the transaction closes, it will drop the $1 billion lawsuit it filed against Xerox after that company quit their $6.1 billion merger agreement in 2018. Mofo also advised Fujifilm Holdings Corp. in that 2018 bid. (FujifilmHoldings.com)

Lawyers, Law Firms

  • A 65-year-old administrative assistant became the third woman at DLA Piper accusing the firm and its former partner Louis Lehot of misconduct. She makes the charges in a filing to the U.S. Equal Employment Opportunity Commission. (American Lawyer)

  • A federal judge in a Jones Day gender-bias pay suit delayed a decision on whether the firm has to turn over compensation data to plaintiffs. (National Law Journal)

  • Paul Hastings is launching a European entertainment and media practice team in its London office, in response to a shift in its clients’ interests amid record levels of foreign bids for European assets coming out of Asia. The firm said the head of its Asian entertainment and media practice, Stephen Saltzman, is relocating from Los Angeles to London to lead the team. (BLAW via BLB)

  • One of Rudy Giuliani’s new lawyers said yesterday that the allegations against his client in the Ukraine scandal are “frivolous” and amount to election interference. (New York Law Journal)

  • For most B2B service companies, digital marketing is a key part of their marketing programs and budgets. However, a survey finds a majority of law firms have yet to “buy in” to digital marketing’s potential for promoting their firms (New York Law Journal) (InfiniteGlobal.com)

  • Harvard Law professor emeritus Alan Dershowitz countersued a woman who accuses him of having sex with her when she was a minor and working for convicted child sex trafficker Jeffrey Epstein. (LawandCrime.com)


  • Goodwin Procter advised private equity firm Sunstone Partners on the sale of its portfolio company, Onica, an Amazon Web Services (AWS) provider, to Rackspace Hosting, a managed cloud service and colocation provider. Terms weren’t disclosed. (DataCenterKnowledge.com) (PR Newswire)

  • Silicon Valley venture capital financings in this year’s third quarter had their highest average price increase since mid-2015, with the software and internet/digital media industries posting the quarter’s strongest valuation gains, according to Fenwick & West’s latest survey. (Fenwick.com)

Pro Bono

  • A Hogan Lovells team working pro bono adviseda nonprofit on its successful effort to get a $22.3 million federal grant for Miami-Dade County’s project to build a multi-modal (pedestrian/bike/automobile/ train/etc.) corridor. (TheUnderline.org)

Laterals, Moves, In-house, Promotions

  • Cravath promoted six lawyers to partner, including five litigators and two women. The promotions take effect Jan. 1, 2020. (Cravath)

  • Haynes and Boone added international energy transactions and projects lawyer Rob Patterson in London. Patterson arrives from Vinson & Elkins’ Dubai office and has also served as co-administrative partner of that firm’s Moscow office and managing partner of its Beijing office. (HaynesBoone.com)

  • Haynes and Boone also hired Kirkland & Ellis patent trial lawyer Eugene Goryunov as a partner in its Chicago office. He will lead the firm’s post-grant review trials practice. (HaynesBoone.com)

  • Pittsburgh-based Reed Smith hired former SEC attorney Chauncey M. Lane as a corporate partner in Dallas. He arrives from Husch Blackwell and is the fifth partner hired in the office since it opened in May. (ReedSmith.com)

  • Blank Rome added litigator Jill Lipman Beck as an associate in Pittsburgh. She was most recently a judicial law clerk in the Pennsylvania Supreme Court, after starting her legal career as an attorney for a nonprofit representing abused, neglected, and at-risk children in court. (BlankRome.com)

  • Blank Rome hired litigator Zachary Cain in Houston as an associate in its maritime group. (BlankRome.com)

  • Alternative dispute resolution services provider JAMS added former U.S. Magistrate Judge Henry Pitman to its New York panel. (JAMSadr.com)

Legal Actions, Bankruptcies, Decisions

  • Millions of records of immigration court proceedings are garbled or have gone missing and may have been intentionally deleted, according to the union representing Justice Department judges who handle those cases. (BLAW)

  • WeWork allegedly uses facial scans to track people in its shared office spaces without informed written consent, in violation of the Illinois Biometric Information Privacy Act, according to a class complaint in Illinois state court. (BLAW)

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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