Posts on ‘June 24th, 2009’

U.K. law firm Norton Rose has agreed to acquire Australia’s Deacons, expanding its presence in the Asia-Pacific region by more than 500 lawyers. Approved by votes at both partnerships on Monday, the tie-up will be the largest to date in the region. “We are making a deliberate play to become one of the leaders in the Asia-Pacific region,” Norton Rose chief executive Peter Martyr says. “We think there’s a limited window for that.”

The industry is changing. And that means lawyers’ views of their career paths need to change as well. Several industry consultants remain optimistic about the options available to lawyers who may choose a different path, as long as they maintain an entrepreneurial spirit. “The whole industry is in turmoil, so each lawyer … has to look inside and say: ‘Who am I and what do I want to do when I grow up?’” said consultant Raymond Bayley. And that might mean a career alternative or a career transition, according to consultant David E. Behrend.

The Supreme Court on Monday granted certiorari on the issue of what constitutes public disclosure under the False Claims Act. The suit itself, which is making an unexpected return trip to the high court, is no blockbuster — “a dinky little case,” in the words of John Boese of Fried, Frank, Harris, Shriver & Jacobson, who authored one of five briefs filed by high-powered amici asking the Court to grant certiorari. But the case is poised to make important law and resolve a nearly even circuit split.

Attorneys Frank Natoli and Moshe Lapin launched their new law firm in March 2008, just six months before the economy began its free fall. The timing proved something of a boon because of the firm’s niche: low-cost legal services for entrepreneurs launching new business ventures. Natoli credits the firm’s success to its business model, which includes offering unbundled, flat-fee basic services geared toward new business owners. Following a virtual law firm model also means 80 percent of the firm’s revenue is profit.

Establishing a new point of Connecticut case law, the state Supreme Court has concluded that private waivers of First Amendment free speech rights are “presumptively enforceable.” Decisions on the validity of such waivers should be made on a case-by-case basis, taking into account the background and abilities of the person waiving the rights, the court ruled. The decision came in a case involving a multimillionaire skin doctor and his ex-wife, who wanted to talk about their divorce on television news magazine “20/20.”

The New Jersey Supreme Court has ordered the disbarment of attorney Edward Fagan, who won millions of dollars in settlements for Holocaust victims but who also misappropriated some of their money to pay his debts. During a June hearing, Fagan said authorities’ handling of the evidence may have deprived him of a chance to prove that the money he took was for legal work and he asked for a remand for more fact-finding. But the justices declined and found him guilty of knowing misappropriation of client and escrow funds.

Huntsman Corp. on Tuesday announced a $1.73 billion settlement with Deutsche Bank and Credit Suisse Group, the banks it sued for backing out of financing its busted $10 billion merger with Hexion Specialty Chemicals. The announcement brought an abrupt end to the trial that began just a week ago and to the litigation marathon undertaken by the troubled Texas-based chemical company. Both sides in the case are claiming victory.

Law firm leaders feel the economy is stabilizing and could even improve over the next six months, a survey from Citi Private Bank says. About two-thirds of 133 managing partners or chairmen surveyed said the economy is the same or better than six months ago, and 59 percent expect a stable or improving economy over the next six months. However, many still expect layoffs in the near future due to rising expenses.

An association representing the restaurant industry has filed a petition for writ of certiorari before the U.S. Supreme Court to overturn a ruling by the 9th Circuit upholding a law requiring San Francisco employers to provide health insurance to employees. A Nixon Peabody attorney who represents the Golden Gate Restaurant Association says the 9th Circuit ruling is inconsistent with Supreme Court precedent and is based on a novel theory.

Nortel, the bankrupt Canadian phone-equipment maker that once had a market valuation of $250 billion, agreed Monday to sell its most lucrative asset to Nokia Siemens for $650 million by the third quarter of this year. Nortel, once Canada’s largest company by market value, is selling off its wireless assets in an attempt to make a dent in the $3.6 billion in bonds it owes creditors, a debt that forced the Ottawa-based company to file for bankruptcy in January.