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Bear Stearns' Demise Leaves Law Firms Jockeying for Position

New York Law Journal

The bargain-basement sale of Bear Stearns to JPMorgan Chase for $236 million, or $2 a share, brought out some of the biggest names in the legal profession. But whatever fees the firms collect and whether more will be generated by potential shareholder litigation, the corporate bar is mourning the passing of a major client that only recently generated rich billings. Investment banks have long been the bulwarks of leading New York firms' client lists, and the main reason for their high profitability levels.

Supreme Court Will Hear Case on Broadcast Indecency

Legal Times

Thirty years after it approved FCC rules banning the use of "indecent" language on broadcast television and radio, the Supreme Court on Monday agreed to look at the issue again -- this time in the context of the fleeting use of expletives in live broadcasts. At issue in the case of FCC v. Fox Television Stations is the seemingly spontaneous use of the "F-word" by Cher in 2002 and Nicole Richie in 2003 on Fox broadcasts of the Billboard Music Awards.

Sentences Reversed for Parties in $100 Million Fraud Scheme

New York Law Journal

Prosecutors have persuaded a federal appeals court to reverse the low sentences given a hotel group's former general counsel and its chief financial officer in connection with a $100 million bank fraud scheme. Monday the 2nd Circuit threw out the terms for one-time Days Inn GC Sanford Freedman and former CFO James Cutler. One reason Freedman initially received a lower sentence was the public humiliation he suffered, including the loss of his law license, but the circuit found that was "hardly unusual."

A Supreme Court Milestone for the New Millennium

Legal Times

At the Supreme Court on Monday, an unusually large number of veteran advocates could be seen watching oral arguments. But they were not there just to listen to the unusual discussion of how to compensate individuals for the thieving ways of the late dictator Ferdinand Marcos, at issue in the first argument. Many were there to mark a milestone for Deputy Solicitor General Edwin Kneedler. He was arguing in the 100th case of his career in the SG's office, more than any lawyer currently in practice.

Atlanta Lawyers Clean Up From Tornado

Fulton County Daily Report

Several downtown Atlanta law offices were damaged by Friday night's tornado and quite a few more were affected by snarled-up traffic Monday, when many downtown streets remained closed during the morning commute. The Equitable Building, which houses a number of law firms, was hit hard. At the Bloom Law Firm, on the 21st floor of the 35-floor building, the tornado blew out windows in one office as well as a wall between the floor's main hallway and an expansion space under construction.

Death Delays Graubard Miller's Battle Over Contingency Fee

New York Law Journal

The challenge to a 40 percent contingency fee deal between Graubard Miller and the widow of real estate developer Sylvan Lawrence will continue despite plaintiff Alice Lawrence's death. Ms. Lawrence was appealing an appeals court's determination that a payment of about $42 million to Graubard Miller under the fee agreement is not unconscionable on its face. Her attorney said last week he expects New York state's high court to hear arguments in the matter in five to six months under its customary timetable.

N.J. Bar, Still Against Mandatory CLE, Tells Court How to Do It Right

New Jersey Law Journal

The New Jersey State Bar Association last week released the report of a committee appointed last fall to study mandatory CLE, which is on the front burner of the New Jersey Supreme Court. The Bar has been against mandatory CLE in the past, but President Lynn Newsome says the court's determination to go forward convinced Bar trustees "that times have changed, that CLE is a good thing for the profession and that assuming it is affordable and accessible and not onerous, it is something we would accept."

Subprime-Related Filings in Federal Court Increase Dramatically

The National Law Journal

Perhaps not surprisingly, the number of subprime-related cases filed in federal courts is increasing dramatically, according to a new report. The study by Navigant Consulting found that the number of filings nearly doubled during the second half of 2007, with 43 percent being borrower class actions. The most common subcategories among the borrower class actions, according to the report, are matters focused on inadequate disclosure involving option ARMs, and cases alleging discriminatory lending practices.

Online Legal Research Revolution

Law Technology News

When nonprofit Public.Resource.Org published 1.8 million pages of federal case law online -- free of copyright or other restrictions -- it encouraged Web developers to build new tools. Attorney Robert J. Ambrogi sees this and other developments as a revolution in online legal research.

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GCs Should Treat Legal Fees as Execs Treat Business Issues

Texas Lawyer

Attorney fees are in the spotlight with firms popping for first-year associate salaries of $160,000 plus. It doesn't take a Harvard MBA to know what business gets in the gut: They pay for the increases short term, their customers pay for it long term. What's to be done? Attorney Michael P. Maslanka advises GCs to treat legal fees the way C-level execs down the hall treat business issues that cross their desks. He provides five rules to help GCs do just that.

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Spoiler Alert -- Michael Clayton Was an Associate

Fulton County Daily Report

How much does the film "Michael Clayton" imitate law firm life? Clients hiring hitmen to whack their attorneys might be unheard-of. But humor columnist The Snark says that while he's unaware of his firm employing mysteriously handsome former prosecutors to make house calls to clients when they get into trouble, George Clooney's "special counsel" character does have a lot in common with other associates: Michael Clayton is in debt and has dreams of chucking the large-firm life to own a bar.

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Law Firms Across U.S. Are Boosting Paid Leave

The National Law Journal

Several of the nation's largest law firms are boosting their paid leave for lawyers who become new parents. Administrators and lawyers at those firms deny that the benefits are meant to replace salary increases. But they admit the programs are designed to attract and retain associates, especially women, who are steadily leaving the legal profession. Among the first to jump to 18 weeks was Sullivan & Cromwell. "Firms follow because they're trying to be competitive," says partner Audra Cohen.

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Credit Crunch Raises New Issues for Divorce Lawyers

The Recorder

The weakening economy has some lawyers and judges in divorce cases grappling with issues they haven't seen in years, if ever. One court commissioner says more parties come to court saying they face foreclosure and the prospect of losing all equity in their homes if they don't sell fast. Yet one lawyer reports seeing more people in private mediation who want to maintain the family home as a joint investment, hoping to hold out until the market recovers so they can sell later and split a larger profit.

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