Posts on ‘March 18th, 2009’

Most law firms were happy to put 2008 behind them, and hope for a better 2009. But for Fried Frank, the year from hell continued for another two months, as the firm’s fiscal year ended Feb. 28. Gross revenue fell more than 9 percent in 2008 to $488 million; profits per equity partner plunged a whopping 23 percent, to $1.23 million. Revenue per lawyer fell nearly 12 percent, to $858,000. A firm spokeswoman said that Fried Frank is a transactional firm, and that it was a bad year for that work.

With numerous challenges waiting in the wings, the 1st U.S. Circuit Court of Appeals has issued the first ruling to uphold the authority of a vacancy-riddled National Labor Relations Board to make decisions by only two of its five members. An estimated 60 to 70 challenges have been filed to two-member decisions by the NLRB. A recently argued challenge is pending decision in the D.C. Circuit.

The Supreme Court issued a statement Tuesday by Justice Ruth Bader Ginsburg affirming that the course of treatment for her pancreatic cancer is under way, with the expectation that once it is done, “I will require only routine examinations to assure my continuing good health.” In a talk last week, Ginsburg said she expected a vacancy on the Court “soon,” and by stressing her expectation of a positive outcome for her own treatments, she may be steering speculation about possible departures away from herself.

A federal judge has refused to dismiss monopoly claims against pharmaceutical giant GlaxoSmithKline, maker of the antidepressant drug Wellbutrin, for allegedly using sham patent suits to delay generic versions of the drug from making their way to the market. In the suit, a group of drug wholesalers claim that GSK conspired with Biovail, the Canadian company it partnered with to market Wellbutrin XL, an extended release version of the drug. “The plaintiffs have adequately alleged a conspiracy,” the judge wrote.

The Judicial Conference on Tuesday adopted revisions to the federal judiciary’s code of conduct aimed at broadening and clarifying how judges should handle conflicts of interest and the “appearance of impropriety.” The conference also agreed to ask Congress to create 63 new judgeships: 12 appeals court judges and 51 at the district court level. The revised code, which clarifies the impact on judges’ personal conduct, as well as their professional conduct, takes effect July 1.

San Francisco lawyers rescued Wal-Mart and a group of pet food manufacturers on Monday from a class action that could have led to millions of dollars in damages. A federal judge in Nevada granted a motion by the defense to pre-emptively deny certification to a class of plaintiffs that would have spanned eight states. Squire, Sanders & Dempsey of counsel Evan Nadel, who with partner Mark Goodman represented Wal-Mart, said a pre-emptive motion is “particularly potent,” because it can eliminate exposure early on.