JD Journal » Bloomberg

Willkie Farr is Raided for In-House Talent

chelsei — Thu, 03 Nov 2011 17:51:24 +0000

Willkie Farr may be getting raided, but it’s not entirely a bad thing. Because Willkie is just losing talent to a top client, instead of losing talent to a rival law firm. The Bloomberg LP has decided they want to strengthen their in-house presence, and they plan on doing so with almost all of Willkie’s attorneys.

Could this be a good thing for Willkie Farr? Even with less work coming in from the client, the firm will remain Bloomberg’s outside counsel.

And Willkie was even generous enough to send an email to all of their people, to insure that nobody freaked out. He obviously didn’t chaos in the firm. If chaos were to happen, things would be a lot harder to manage.

Even if it may not seem like it, I think this move could be a net positive for Willkie. Because, according to the Bloomberg press release, the company doesn’t want to shift work away from the outside counsel, they just want more in-house lawyers to make the company grow.

The Bloomberg press release says this:

Bloomberg LP announced today that five partners from Willkie Farr & Gallagher will be coming to Bloomberg as full-time employees to join the existing Bloomberg legal team, effective January 1, 2012. The newly constituted internal legal team will include Dick DeScherer, Dan Grossman, David Levine, Carol Mascera and Sarah Osborn from Willkie. DeScherer will become Chief Legal Officer. ”As a growing company operating in almost 200 locations around the world, we are finding unprecedented opportunities for growth in our customer base, our product offerings and our local partners. Bloomberg will benefit greatly from a ramp-up of both the number and range of expertise of in-house legal staff to ensure we are much more efficient and nimble and we seek to take advantage of these global opportunities.” said Bloomberg CEO Daniel L. Doctoroff.

If Bloomberg decides to expand, there will be plenty of work for the outside counsel. And with the five additional Willkie partners on board, it feels like Willkie has really locked up the client for the future.

And it doesn’t hurt Willkie recruiting to say that not only can you work on the Bloomberg account, but if you’re really good at the job, then Bloomberg may hire you.

Willkie says this to calm everyone:

For many years we have been privileged to handle almost all of Bloomberg LP’s legal matters with a dedicated team of attorneys. Effective January 1, 2012, some core members of that team, including our partners DeScherer, Grossman, Levine, Mascera, and Osborne, as well as a number of counsel and associates, will move in-house at Bloomberg. Willkie will continue to serve as the company’s primary outside counsel. Given the profile of the team, we wanted to let you know first hand about this change. A press release will be issued by Bloomberg shortly that we will also circulate. We look forward to working with our new colleagues in their new in-house roles and to our continued representation of Bloomberg. Please join us in wishing a successful transition to those involved in this new chapter of our client’s growth.
-The Executive Committee.

Hey, this is just an opportunity for new talent to show the company what they’re made of.

Baker & McKenzie Enters Turkey Market Via Exclusive Relationship with Turkish Law Firm

rebneely — Fri, 28 Oct 2011 08:00:37 +0000

Leading global law firm Baker & McKenzie has announced it has entered into an exclusive relationship with leading Turkish law firm Esin Attorney Partnership (Esin Avukatlık Ortaklığı).

The move follows ever increasing client interest and activity in Turkey, which is one of the world’s fastest growing economies. The relationship will also serve to strengthen the firm’s global reach and client offerings.

Eduardo Leite, Chairman of Baker & McKenzie’s Executive Committee was quoted as saying in a press release at the firm’s site: “Istanbul is an increasingly important hub for global business. By entering into an exclusive arrangement with one of Istanbul’s leading law firms we are underlining our commitment to being able to serve our clients in those markets in which they are growing their businesses, while strengthening our ability to help Turkish clients take advantage of the opportunities beyond their borders.”

By working in an exclusive consultancy arrangement with Esin Attorney Partnership, clients of Baker & McKenzie will have access to the full-service, international and foreign law advice of the world’s leading global law firm and the Turkish law counsel of one of the leading law firms in Turkey.

Founded in 1997 by Ismail Esin, Esin has forty lawyers. It was named Legal Adviser of the Year in Turkey at the European M&A Awards 2010 by the Financial Times and MergerMarket and ranked in Tier 1 for M&A in legal directory The Legal 500. Its practices include Corporate and M&A, Real Estate, Dispute Resolution and Competition law.

Koen Vanhaerents, European Chairman and member of the Firm’s Executive Committee was quoted as saying: “It has become increasingly clear that Turkey is rapidly growing in importance for our clients. This exclusive relationship with Esin Attorney Partnership, provides our clients with access to the very best legal services in Turkey.”

This move follows Baker & McKenzie’s continuing expansion. In May of this year, the firm opened an office in Qatar, in October 2010, in Luxembourg in and in 2009, in Abu Dhabi.

According to the October 27th article at amlawdaily.com, “Baker Moves Into Turkish Market by Teaming With Istanbul Firm”, several other prominent law firms have opened offices in Turkey, including Clifford Chance, DLA Piper, White & Case, and Chadbourne & Parke.

Also according to the article, Bloomberg reported the Turkish economy grew 8.8 percent in the second quarter of 2011; that is over four times the rate of the euro zone. Bloomberg also reported the Turkish deal market is far outpacing that of the emerging markets.

Founded in 1949 in Chicago, Baker & McKenzie has over 3,800 lawyers in almost 70 offices in 41 different countries. The firm has more leading lawyers in more countries in the Chambers Global Directory than any other global Top 20 law firm. Additionally, Chambers lists 19 of the firm’s practices in its global rankings of the world’s leading practices.

Almost Twenty Attorneys Will Leave Willkie Farr & Gallagher for Bloomberg

rebneely — Thu, 27 Oct 2011 21:54:32 +0000

Almost twenty legal professionals are leaving Willkie Farr & Gallagher to join Bloomberg’s existing legal team, effective January 1, 2012.

That number includes five partners, and perhaps fifteen associates and counsel. Among those leaving Willkie include Dick DeScherer, Dan Grossman, David Levine, Carol Mascera and Sarah Osborn. DeScherer will join the company as Chief Legal Officer.

Bloomberg Chairman Peter T. Grauer was quoted as saying in a press release at the company’s website: “Dick DeScherer has been a vital partner to Bloomberg for several decades and we’re thrilled to welcome him as the Chief Legal Officer of the company. We are also looking forward to the addition of his talented colleagues from Willkie Farr & Gallagher and integrating them into our existing internal legal team.”

Richard “Dick” DeScherer is a partner in the firm’s Corporate and Financial Services Department and Chair of the Information Systems/Technology Practice Group in New York. He focuses his practice on general corporate law, information technology, media, and intellectual property.

Bloomberg CEO Daniel L. Doctoroff was quoted as saying in the October 27^th press release at the company’s website: “As a growing company operating in almost 200 locations around the world, we are finding unprecedented opportunities for growth in our customer base, our product offerings and our local partners. Bloomberg will benefit greatly from a ramp-up of both the number and range of expertise of in-house legal staff to ensure we are much more efficient and nimble as we seek to take advantage of these global opportunities.”

Bloomberg is one of Willkie’s largest clients, and will continue to be. The firm has served Bloomberg as its primary outside legal counsel for almost 25 years. For almost the same amount of time, DeScherer has served on the Board of Directors of Bloomberg, and he will continue to do so.

Bloomberg is known as the global business and financial information and news leader. The company gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength lies in its delivery of data, news and analytics through innovative technology, quickly and accurately.

Michael Rubens Bloomberg is the founder and eighty-eight percent owner of Bloomberg L.P, and a widely acclaimed business magnate, politician, and philanthropist. Since 2002, he has been the Mayor of New York City and, with a net worth of $18.1 billion in 2011, he is also the 13th-richest person in the United States.

Founded in 1888, Willkie Farr & Gallagher LLP has nearly 600 attorneys. An international law firm with eight locations in six countries, including offices in New York, Washington, D.C., London, Paris, Rome, Milan, Frankfurt and Brussels, the firm has an established corporate practice which focuses on investment funds, bankruptcy and intellectual property. The firm has a wide variety of clients, ranging from Fortune 500 to pro bono community causes.

Morning Roundup

joshua — Wed, 07 Oct 2009 15:45:22 +0000

Good morning everyone. Here’s a look back at yesterday’s news…

Nine IP lawyers from Fish & Richardson head for Bracewell & Giuliani…

Bloomberg is set to unveil its new legal search engine…

A new law makes it easier for foreign firms to open in South Korea…

and Kenneth Glazer has joined K&L Gates…

Bloomberg Unveils its Legal Search Engine

joshua — Tue, 06 Oct 2009 17:34:23 +0000

Bloomberg has been working on a database to rival Westlaw and Lexis for at least two years and the big coming out party is scheduled for the end of the month. You can take a sneak peek here.

From the company’s website:

“BLOOMBERG LAW is a legal, regulatory, and compliance research platform, offering a suite of news, data and analytics to the legal and compliance community. BLOOMBERG LAW can be tailored specifically for the needs of modern professionals, providing indispensable resources for legal research, compliance, business development, sector intelligence, and other information needs.
BLOOMBERG LAW’s news, data, and analysis are delivered in user-friendly formats and feature full-text database search and alert functionality, analytical reports, litigation research tools, and competitive intelligence profiles.”

Bloomberg: China Law Offices Grow as US, UK Firms Shrink

Erik Even — Wed, 25 Feb 2009 22:28:41 +0000

Bloomberg reports that while law firms in the US and UK are shrinking, their offices in China expanding.

Twenty-eight foreign firms have opened offices in mainland China since September 2006, a 19% increase to 177 firms.

The continued expansion comes as some of the largest U.S. and U.K. law firms cut jobs at home because of the global financial crisis. While China isn’t immune — new share sales collapsed to $7.9 billion last year — lawyers said the country’s growing importance to clients makes it an essential location for global law firms, along with New York and London…

With the world’s largest foreign-currency reserves and third-largest economy “it’s now at the center of resolving global economic, financial and political crises,” [Christopher] Stephens, [Asia managing partner of Orrick, Herrington & Sutcliffe] said. San-Francisco based Orrick cut 40 structured-finance, real estate and corporate lawyers worldwide in November.

Latham & Watkins LLP, based in Los Angeles, expanded its Hong Kong office this month into a local law practice with the addition of seven lawyers from Allen & Overy LLP, including the U.K. firm’s former Asia corporate chief, Michael Liu.

Via Bloomberg.

Marc Dreier: World’s Most Amazing Lawyer/Liar

Erik Even — Fri, 26 Dec 2008 22:00:03 +0000

Bloomberg has a story about the sheer chutzpah that disgraced lawyer Marc Dreier used to scam investors and charities out of $380 million.

My favorite part describes how Dreier convinced officials that other firms backed his scam deals:

As the U.S. Attorneys Office in Manhattan tells it, [Dreier] would lie his way into an accounting firm’s or real estate developer’s offices as if he had business there.

He then would use their conference rooms for meetings with hedge-fund officials to make it seem the accountants or developers were in on the deal, according to the feds.

Now that takes some brass ones.

Read the story.

News Flash: Water Wet, Ice Cold, Dreier Bankrupt

Erik Even — Tue, 16 Dec 2008 21:02:47 +0000

Marc Dreier (center) with football ex-player Michael Strahan
and actor William Shatner. No, really. Notice how this photo
really plays up Dreier’s Oompa Loompa ancestry.

The law firm Dreier LLP will seek bankruptcy protection after its founder was jailed for cheating hedge funds out of more than $100 million.

Marc Dreier, who is being held on federal criminal charges, may seek protection too, said the receiver, lawyer Mark Pomerantz, who was appointed to run the firm.

Prosecutors say Dreier, 58, a graduate of Harvard Law School and Yale College, convinced two unidentified hedge funds to give him more than $100 million, by falsely claiming he was selling notes issued by New York developer Sheldon Solow at a discount. At a court hearing, prosecutors said they had discovered additional losses for a total of $380 million.

Separately, Eton Park Capital Management, the New York-based hedge fund, wrote down loans stemming from deals with Dreier. The loans were worth less than 1% of the investments Eton Park manages. Eric Mindich, a former Goldman Sachs partner, founded the firm in 2004 with $3.5 billion, a record for a hedge-fund start-up size at the time. The firm now manages $13 billion.

Via Bloomberg.