Hogan & Hartson and Lovells are considering one of the riskiest maneuvers in the legal business — a trans-Atlantic merger, which in this case would create a global megafirm of more than 2,500 lawyers. “If the integration is done right, this thing could really sing,” said Altman Weil consultant Thomas Clay. That’s the good news. The tougher questions are ones that partners on both sides are likely struggling with. Can they overcome the client conflicts that plague massive firms and seem to cap growth?
Posts on ‘October 12th, 2009’
EDD Providers Adapt to a Down Economy
Even though scores of e-discovery companies have disappeared recently, there is agreement among industry observers that EDD represents a growth opportunity for vendors. As special master and consultant Craig Ball says, “It’s just a business that needs a little maturing.”
E-Mails Seen as a Flash Point for Bear Stearns Fund Managers’ Fraud Trial
On April 22, 2007, Bear Stearns’ Matthew Tannin e-mailed fellow hedge fund manager Ralph Cioffi, saying, “The entire subprime market is toast. … There is simply no way for us to make money — ever.” In a conference call three days later, Tannin assured investors that “there’s no basis for thinking this is one big disaster.” Ultimately, funds run by Tannin and Cioffi cratered, costing investors $1.6 billion. Tannin’s e-mails will be front and center this week in the fund managers’ trial on fraud and conspiracy charges.
Despite Drumbeat About Departure, White House Counsel Vows to Stay
In his most wide-ranging interview as White House counsel, Gregory Craig
told The National Law Journal that he does not intend to resign
his position and he pushed back against criticism of his role in the
administration’s plan to close the detention camp at Guantanamo Bay.
Craig has faced a drumbeat of news reports since August that he is on
his way out as the president’s top in-house lawyer. His dismissal of
those reports is his first public comment on the matter, though he
repeatedly declined to elaborate.
Heller Creditors Target Accountants
Heller’s creditors may sue accounting firm Ernst & Young for failing to raise red flags on its audit of the firm’s 2007 financials, according to a bankruptcy liquidation plan and disclosure filed on Thursday. Financial irregularities derailed at least one merger for Heller, according to sources, and are being used by creditors to build a fraudulent-transfer case against former shareholders. The plan also shows that the defunct firm has settled with its hundreds of former employees for about $19 million.