Wake Up Call: O’Melveny Surpasses $1 Billion in Gross Revenue

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

• O’Melveny & Myers saw a large rebound in 2024, surpassing $1 billion in gross revenue with an 8.4% increase to $1.07 billion. Profits per equity partner rose 10.9% to a record $3.05 million, while net income grew 15.4%, improving the firm’s profit margin to 46%. This growth came alongside a modest 1.3% increase in lawyer headcount. (Law.com)
• A senior lawyer at the Internal Revenue Service warned that the mass firing of nearly 7,000 IRS employees on performance grounds was fraudulent and that if the firings went through, he would file a report with the agency’s inspector general. Despite his repeated objections, the IRS proceeded with the terminations and now faces multiple lawsuits, with one judge saying the firings were based on a “lie.” (ProPublica)
• Tony Buzbee is withdrawing from one of his lawsuits involving Sean “Diddy” Combs after a US district judge questioned his failure to disclose that he was not admitted to practice in the Southern District of New York. Buzbee acknowledged the oversight and stated that his New York-based colleagues would continue handling the case while he focuses on state-level lawsuits. (Houston Chronicle)

Laterals, Moves, In-House

• Jan Lang joined Morrison Foerster as a partner in its European competition practice and global antitrust law practice group in Brussels.
• Niels Jensen joined Simpson Thacher & Bartlett as a partner in its capital markets practice in New York. He joins from Vinson & Elkins.
• Graig Alvarez joined Norton Rose Fulbright as a partner in its litigation practice in Houston. He joins from Alvarez Stauffer Bremer.
• Collin Schwartz joined Gordon Rees Scully Mansukhani as a partner in New York and Miami.
• Christopher Larus, William Manske, and Rajin Singh Olson joined Thompson Hine as partners in its new Minneapolis office. They join from Robins Kaplan.