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Wake Up Call: Norton Rose Tells Lawyers No Comments on Sanctions

Feb. 28, 2022, 2:18 PM

In today’s column, Fried Frank nabs financial services team from Cadwalader; BakerHostetler, Cozen O’Connor, Haynes and Boone, and Fisher & Phillips posted revenue and profit gains for 2021; several more firms matched the Davis Polk pay scale for associates.

  • Leading off, Norton Rose Fulbright is prohibiting its lawyers, in a “firm-wide ban,” from commenting on sanctions implemented against Russia over its invasion of Ukraine, according to a report. (The Lawyer) A Norton Rose Fulbright spokesperson told Bloomberg Law that the firm issued an internal note specifically regarding external comments on the sanctions, calling such notes “standard practice” where clients could be affected. “Our sanctions team is advising clients across the world and, given the rapidly evolving situation, it is important that this advice is provided directly, through the appropriate channels,” the spokesperson said. “We take client confidentiality extremely seriously.”
  • A U.K. government official is complaining that the U.K.’s sanctions against Russia are being “held up” by law firms, a report says. (The Independent)
  • Law firms are preparing for pro bono work helping Ukraine refugees. (Law.com International)
  • Fried Frank reportedly poached a 20-lawyer team of financial services lawyers from Cadwalader, Wickersham & Taft, amidst fierce competition for talent in the industry. The group includes five New York and Washington-based partners with four starting right away plus 15 other lawyers and 15 business service professionals arriving later. (Financial Times)
  • Several more firms matched Davis, Polk & Wardwell’s pay hike scale for associates. They’re Baker McKenzie, Vinson & Elkins, Fried Frank, Clifford Chance, Weil Gotshal Mangers, Selendy Gay Elsberg, Irell, (Above The Law) (American Lawyer)

Lawyers, Law Firms

  • BakerHostetler said it had growth across its six core practice in 2021, with higher demand from top clients. The Ohio-founded firm posted a 5.9% increase in revenues to a record $836 million for the year, with profits per equity partner expanding 11.5% to 1.7 million, according to early data. (American Lawyer) Philadelphia-based Cozen O’Connor’s revenues rose 10.2% on strong demand across its practices to reach $584.8 million in 2021, while profits per equity partner jumped 13.3% to 1.097 million, a report said. (Legal Intelligencer)
  • Dallas-founded Haynes and Boone said its busy litigation and deals practices fed 12% growth in its revenues to $481.9 million. Its average profits per equity partner surged 16.2% to $1.252 million. (Texas Lawyer) Atlanta-based worklaw firm Fisher & Phillips’ gross revenue swelled 9.8% $277.2 million in 2021 as employers sought its help facing a growing number of challenges by employees. The firm’s average profits per equity partner climbed 6.8% to $736,000. (Daily Report)
  • A New York court greenlighted Schulte Roth’s lawsuit seeking tens of millions of dollars in rent-abatement related to the Covid-19 pandemic. (New York Law Journal)
  • A Long Island man who won a big verdict after fracturing his skull now in a multimillion dollar fee fight with his lawyer. (New York Post)

Laterals, Moves, In-house

  • Goodwin Procter grabbed Davis Polk capital markets lawyer Radoslaw Michalak as a partner in its tech practice in New York; Goodwin hired private equity lawyer Barbara Shander, who spent 24 years as a partner at Morgan, Lewis & Bockius, as a partner working “on a remote basis” in Philadelphia; Winston & Strawn got back longtime real estate lawyer Jarrid King in New York. According to his LinkedIn profile, he’d been in-house at Morgan Stanley, a DLA Piper partner, and arrives most recently from Goodwin; tax lawyer Jerome Labrousse, who advises on French tax implications of the digital and environmental and social governance economy, joined Kramer Levin as a partner in Paris. Labrousse arrives from French firm De Gaulle Fleurance, where he was a partner. (KramerLevin.com)
  • Warshaw Burstein brought in corporate and securities partner Brian Daughney from Becker & Poliakoff and tax partner Michael Kaufman from Moses & Singer. Akin Gump London and Frankfurt financial restructuring partner Christian Halász is moving to German firm Gleiss Lutz for its restructuring practice starting March 1; plaintiffs’ law firm DiCello Levitt Gutzler poached six antitrust lawyers in New York, including four partners, from Labaton Sucharow; Downtown Music Holdings rehired its former vice president, legal and business affairs, David K. Dormon, who’s returning as the New York-headquartered company’s general counsel after a brief stint at Reed Smith. (Music Business Worldwide)

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

To contact the editors responsible for this story: Chris Opfer in New York at copfer@bloomberglaw.com; Darren Bowman at dbowman@bloomberglaw.com