JD Journal » Cleary Gottlieb

Cleary Gottlieb Announces Plans to Open Office in Seoul, Korea

rebneely — Mon, 28 Nov 2011 14:49:52 +0000

Leading international law firm Cleary Gottlieb Steen & Hamilton LLP announced today its plans to open an office in Seoul, Korea during the first half of 2012.

The firm’s announcement comes after the recent ratification of the Korea-U.S. Free Trade Agreement by both countries; this resulted in the opening in 2012 of the Korean legal services market to U.S.-based law firms.

Partner Yong Guk Lee and counsel Jay Hoon Choi, both currently based in Hong Kong, will relocate to Seoul.

Cleary Gottlieb managing partner Mark Leddy was quoted as saying in a press release at the firm’s website: “Our plan to open an office in Korea as soon as we are able reflects our 30 year commitment to Asia. During that period, our Korea practice has become the leading international practice covering Korea. Having Cleary Gottlieb lawyers in Seoul will allow us to serve both our Korea-based clients as well as clients outside the region doing business there more efficiently and effectively.”

As well, several associates fluent in Korean from the firm’s Korea practice will relocate to Seoul. In addition, the firm also plans to relocate other members of the Korea practice team to Seoul over a period of time. Cleary Gottlieb attorneys in Seoul will continue to be fully integrated with the firm’s larger Asia practice.

Cleary Gottlieb has had a robust Korea practice for over twenty years. With over 30 lawyers worldwide fluent in Korean – this includes four partners, two counsel, one senior attorney and ten associates based in Hong Kong – the firm possesses a team of uniquely talented, native Korean-speaking lawyers.

In addition, the firm has a broad network of relationships with leading Korean law firms with whom it works hand in hand to ensure that clients receive exceptional Korean law advice.

Cleary Gottlieb opened offices in Hong Kong in 1980 and in Beijing in 2006. The firm has operated continuously in Asia through times of extraordinary changes in the economies of many Asian countries. The firm has developed a thorough understanding of the region and an unmatched ability to work for clients based in Asia and for those based outside of Asia doing business there. Currently, the firm has more than fifty lawyers resident in Asia serving the needs of those clients.

Cleary Gottlieb has significant experience in a broad range of public and private sector transactions, as well as litigation, arbitration and enforcement matters, involving Korea. The firm assists Korean clients with their capital raising, overseas investment and other activities and assists non-Korean clients in direct investment in Korea. These transactions often require advice with respect to a range of issues, including finance, corporate governance, tax and disclosure of information. As well, the firm has broad experience and has enjoyed great success in litigating and arbitrating important disputes on behalf of Korean clients and in matters involving Korea. The firm also handles sensitive criminal and regulatory matters, including conducting internal investigations, for Korean clients and for companies facing such issues in Korea.

Cleary Gottlieb Steen & Hamilton LLP was founded in 1946, and has over 1,100 attorneys worldwide.

Linklaters Paying Spring Bonus to US Associates

joshua — Wed, 23 Feb 2011 18:56:44 +0000

In yet another sign that things are looking up in the legal industry, Linklaters became the second Magic Circle firm to announce spring bonuses for its US based associates. Freshfields announced its spring bonuses last week, following a string of New York firms breaking the ice.

Linklaters will pay associates in its US offices as well as US-qualified associates outside the country between $7500 and $20,000 dollars at the end of April. These bonuses match the scale set by US firms like Cravath and Cleary Gottlieb.

Linklaters has 26 offices in 19 countries and is one of the five members of the “Magic Circle” of prominent UK law firms.

Morning Roundup

joshua — Wed, 22 Dec 2010 15:59:34 +0000

Good morning everyone! Today is Wednesday, December 22, and after a brief hiatus we are returning to bring you a quick review of the week’s top stories.

King & Spalding is expanding its government investigations practice in California…

Jones Day has a new Partner In Charge of its Dallas office…

Fulbright & Jaworski is relocating its Austin office…

Covington & Burling picked up a former Bush appointee…

Quinn Emanuel announced its new partnership class…

And Cleary Gottlieb has a new managing partner…

Cleary to Launch a Hong Kong Law Practice

marvins — Fri, 03 Dec 2010 13:33:32 +0000

Cleary Gottlieb Steen & Hamilton revealed its plan to launch a Hong Kong law practice with a partner recruited out of Norton Rose, a UK based law firm. Cleary, like several other US firms before it, is responding to a rapidly growing legal market in Hong Kong, driven by Hong Kong IPO’s. Freeman Chan, who is leaving Norton Rose to head up Cleary’s Hong Kong practice, is a member of The Takeovers Appeal Committee of the Securities and Futures Commission of Hong Kong.

Cleary managing partner Mark Walker explained that the plan is a vital step given the present market condition. “Adding Hong Kong law capability to our existing, successful Asia practice is a natural and important extension of our firm’s global business model, which combines strong local law and international law practices around the world.”

Morning Roundup

joshua — Mon, 22 Nov 2010 14:32:56 +0000

Good morning everyone! Today is Monday, November 22nd. Here’s a quick look back at Friday’s news.

Brinks Hofer Gilson & Lione, one of the largest intellectual property law firms in the U.S., promoted four attorneys to shareholder…

Ulmer & Berne LLP was recognized for strategic growth…

McDonald Hopkins added a lateral from Jenner Block…

Goodwin Procter Chairman Regina Pisa received the ACCESS First One Award…

Cleary Gottlieb announced plans to open an office in Brazil…

Sidley Austin added a partner in its Palo Alto office…

Cleary Gottlieb Announces Plans to Open Office in Sao Paulo

joshua — Fri, 19 Nov 2010 16:01:35 +0000

Cleary Gottlieb Steen & Hamilton announced its plans to open an office in Sao Paulo, Brazil in 2011, subject to approval of Brazilian authorities.

Cleary managing partner Mark Walker said in a statement from the firm: “Brazil is a significant part of our Latin America practice, which began over 50 years ago and includes more than 100 lawyers.”

New York partner Juan Giráldez and Rome partner Francisco Cestero will manage the Brazil office. Both will relocate to São Paulo. Giráldez focuses on international financing and business transactions, in particular capital markets transactions, M&A, cross-border financings, joint ventures and privatizations. Cestero has assisted América Móvil, the largest wireless operator in Latin America, in over 10 international acquisitions and joint ventures.

Cleary plans to staff the São Paul office with around 10 lawyers who will focus on capital markets, project finance and restructuring, cross-border mergers and acquisitions, regulatory issues, corporate governance, and litigation.

Cleary’s planned move into the market is the latest in a string of Brazil entries over the past two years by Am Law 100 and Magic Circle law firms, includeing Skadden, DLA Piper and Chadbourne & Parke. The market is appealing to firms with strong cross-border capital markets and infrastructure practices.

A leading international law firm with 12 offices located in major financial centers around the world, Cleary Gottlieb Steen & Hamilton LLP has helped shape the globalization of the legal profession for more than 60 years. Organized and operated as a single, integrated global partnership, Cleary Gottlieb employs approximately 1,100 lawyers.

Carlton Fields Again Tops Vault Diversity Rankings

joshua — Thu, 05 Aug 2010 17:11:07 +0000

For the second year in a row, Carlton Fields ranked No. 1 in the category of Overall Diversity in the Vault Guide to the Top 100 Law Firms (2011 edition). Hughes Hubbard & Reed, which last year ranked 18^th in diversity, leapfrogged to No. 2.

According to a press release from Carlton Fields, the firm ranked nationally in the following Quality of Life categories:

1st in Overall Diversity (second year in a row)
1st in Diversity Issues with Respect to Women (second year in a row)
1st in Diversity Issues with Respect to Minorities (second year in a row)
5th in Diversity Issues with Respect to GLBT (moved up from 20th in 2010)
6th in Informal Training
9th in Associate Satisfaction
14th in the Best Law Firms to Work For

Carlton Fields was honored for its top ranking during a Diversity Awards Breakfast on July 30 at the Renaissance Hotel in Washington D.C.

The Vault rankings are based on associate surveys on various “Quality of Life” criteria. A team of Vault researchers surveyed 170 of the nation’s largest firms, including Carlton Fields. The top 20 for Overall Diversity scored the highest nationally across all three diversity categories (Women, Minorities, GLBT).

Vault is an insider career network providing detailed information on careers with thousands of companies and dozens of industries.

Here is the complete Top 5:

1. Carlton Fields

2. Hughes Hubbard & Reed

3. Paul, Weiss, Rifkind, Wharton & Garrison

4. Ropes & Gray

5. Cleary Gottlieb Steen & Hamilton

Morning Roundup

joshua — Wed, 07 Jul 2010 10:15:26 +0000

Good morning everyone! Today is Wednesday, July 7th. Here’s a quick look back at yesterday’s stories.

Latham & Watkins announced its launch of an Asian litigation practice centered in Hong Kong…

Detroit-based firm Dykema hired Robin Radomski as its Chief Marketing Officer…

Saul Ewing added a four-person team focused on the gaming industry…

Sidley Austin named a new managing Partner in San Francisco…

Thompson Hine LLP received national recognition for leadership in promoting diversity…

Skadden was found to be first in M&A Advisements for first half of year…

A global study found tracking procedures lacking in lawyer-to-lawyer referrals…

Weil Gotshal received two international Legal Alliance Awards…

Fisher & Phillips opened an office in Washington, D.C….

The Bureau of Labor Statistics showed legal sector lost 3,900 jobs in June…

Clifford Chance named a new London practice head…

Skadden Tops The World in M&A Advisements

joshua — Tue, 06 Jul 2010 16:22:43 +0000

Thompson Reuters’ quarterly study of worldwide mergers and acquisitions shows Skadden, Arps, Slate, Meagher & Flom had the best first half of the year advising on 82 deals worth $137 billion.

Skadden secured top deals in telecoms and media to regain the top spot it held at the end of 2009. However, Skadden’s market share did decrease by more than 8 percentage points to 12.8 percent since the first half of 2009.

Among Skadden’s deals was the second-largest of the six-month period, U.S. phone operator CenturyLink’s $22 billion acquisition of Quest Communications International Inc., according to a Reuters press release.

Skadden is also representing News Corp’s proposed $13.7 billion bid for British satellite broadcaster BSkyB.

Cleary Gottlieb Steen & Hamilton jumped to 2nd from 17th place for the first half of the year after advising on 57 deals worth $111 billion.

Jones Day had the heaviest volume with 175 transactions worth $50.8 billion.

The number of global deals rose 3.8 percent from the first half of last year, while their value jumped 9.4 percent, taking the total to $1.1 trillion — the strongest opening six month period for global deals since 2008.

Weil Gotshal Tops the World in M&A Advisements

joshua — Fri, 26 Mar 2010 15:59:20 +0000

Weil, Gotshal & Manges advised on $90.8 billion in announced mergers and acquisitions in the first quarter of 2010 to top all law firms. Reuters reports an improved credit market and more risk taking has led to a rebound in the M&A market.

Weil Gotshal’s advisements included the biggest in the quarter, a $35.5-billion takeover of American International Group Inc’s Asian life insurance unit by Britain’s Prudential Plc. Frederick Green, co-chairman of Weil’s M&A practice, commented on the state of the market.

“You are seeing the effects of pent-up demand after a lengthy period of very slow M&A activity, coupled with a strong equity market,” Green told Reuters. “That has led to a marked increase in the number of stock-for-stock mergers, where the buyer’s stock is used as acquisition currency.”

Coming in second in transactions with $88 billion was Wachtell, Lipton, Rosen & Katz. It is followed by Cleary Gottlieb Steen & Hamilton ($80 billion), Davis Polk & Wardwell ($77.2 billion).

Skadden, Arps, Slate, Meagher & Flom LLP which ranked first last year, came in eighth. Weil ranked 10^th last year.

NALP Settles on Heavily Scaled Back Recruitment Plan

joshua — Mon, 01 Mar 2010 20:25:01 +0000

The recruitment plan originaly proposed by the National Association for Law Placement drew criticism from many sides, as we reported here. On Friday, NALP scaled back its ambitious plan and instead adopted two smaller changes.

Under the new guidelines, students will have 28 days to accept offers, down from 45, and students who have completed a summer program with a firm must accept offers by November 1, instead of November 15.

It’s obvious that these changes benefit firms by making it easier for them to manage recruitment, but less obvious is what benefit students and law schools gain from the changes.

More Debate Over NALP Recruitment Plan

joshua — Thu, 11 Feb 2010 19:53:23 +0000

Jones Day has been the most vociferous opponent of the NALP recruitment plan, as we originally reported here, but several other firms have come out against it.

Weil Gotshal and Lowenstein Sandler have spoken out against it, saying that it would create a five month gap between on campus interviews and the extension of offers – a gap that would be expensive for firms that feel compelled to spend larger amounts of money wining and dining top recruits.

Jones Day has asserted that a predetermined “offer day” raises anti-trust issues and benefits weaker firms that are less able to predict their own internal needs to the detriment of better run firms.

Cleary Gottlieb is also opposed to the plan.

Taking NALP’s corner are firms like White & Case and Wilkie Farr.

This raises some interesting questions about law firm recruitment and the NALP plan. There are three constituent groups affected by the plan: Law firms, students, and law schools. Which group, if any, should the NALP plan seek to benefit and which group benefits from the current plan?

Certainly a longer recruitment period benefits law students, who will have more time to meet with and learn about the various firms while also receiving increased perks. Some firms may benefit as well by having more information about their own internal numbers before issuing final offers, and Jones Day’s objection not withstanding even the best run firms will be able to capitalize on this information. The longer recruitment period will, however, cut down on the advantage enjoyed by some firms. But what about the schools themselves, who certainly have a vested interest in seeing their students receive offers from top ranked firms? Will the NALP plan benefit them all equally or will some schools fare better than others as a result of the plan, and should that factor into the decision?

The discussions thus far have focused almost entirely on the firms and the students. I’m eager to hear your comments on the impact to the schools.

Firms Tighten up in Partnership Promotions

joshua — Mon, 30 Nov 2009 23:21:46 +0000

In a year that has been notable for salary cuts, layoffs, associate deferrals and smaller bonuses, it should come as no surprise that promotions to partner are also down across the board. Profits are down, and firms are reluctant to increase the number of slices of the shrinking pie. Although not every firm has announced this years promotions yet, plenty have.

Here’s a sampling of prominent firms that have announced a smaller partnership class this year compared to last year: Cleary Gottlieb, Latham & Watkins, Ropes & Gray, Proskauer Rose, Wachtell Lipton Rosen & Katz, Skadden Arps, Davis Polk, Paul Hastings, Gibson Dunn, Mayer Brown, Kirkland & Ellis. The list of firms bucking the trend is much smaller and those that have promoted larger classes have promoted only marginally more partners while some of the firms with smaller classes have cut promotions by as much as half. Fried Frank for example promoted seven new partners, up from five the previous year, but did so in a year where its total number of attorneys shrank by 26%.

More Bonuses

joshua — Wed, 25 Nov 2009 21:11:24 +0000

-Insert cookie cutter story here-

Debevoise & Plimpton announced bonuses today. Second verse, same as the first… I’m rapidly running out of new and creative ways to say this, so here it is – it’s the same bonus schedule first issued by Cravath, then followed by Cleary Gottlieb, Skadden, Wilkie Farr, Simpson Thatcher, and Davis Polk. $7500 for first year associates, seniors get $30k, and everyone else is on a sliding scale somewhere in between.

Nothing to see here, move along…

Morning Roundup

joshua — Mon, 09 Nov 2009 17:32:47 +0000

Good Morning everyone! I hope everyone had a terriffic weekend. Here’s a look back at Friday’s news (and a small weekend update) to get your week started.

A judge has vacated the $1.2 billion default judgementagainst PepsiCo…

Cleary Gottlieb announced its year end bonuses…

Greenberg Traurig added five attorneysfrom Ballard Spahr…

and Latham & Watkins promoted 23 to partner…

Over the weekend we got an anonymous tip that in addition to letting go of 21 second year associates, Goodwin Procter also laid off around 30 staffers, including secretaries who had been there for over 20 years.

Cleary Gottlieb Follows Cravath on Bonuses

joshua — Fri, 06 Nov 2009 21:49:21 +0000

Cleary Gottlieb Gottlieb has confirmed their bonus schedule for this year, which falls right in line with Cravath. Cravath was the first major law firm to announce its year end bonuses. The bar was set so low by Cravath that it’s no great feat for other firms to meet it. Gottlieb

Like Cravath, bonuses at Cleary Gottlieb this year will range from $7500 for first year associates up to a cap of $30,000 for the most senior associates. Of course it could always be worse… at least there are no pink slips attached to the checks.

Cleary Gottlieb Steen & Hamilton has 12 offices and 900 attorney spread around the world. It is headquartered in New York City, which also houses its largest office.

Cuomo v Bank of America, Round 2

joshua — Wed, 09 Sep 2009 22:43:39 +0000

Yesterday, New York Attorney General Andrew Cuomo began running for Governor errr trying his case in the media when he publicly called on Bank of America to waive attorney-client privilege so that he, AG Cuomo, could determine what crimes if any were committed. Well, it appears the game is afoot and Bank of America is just as familiar with the court of public opinion. Today, Lewis Liman from Cleary Gottleib, BofA’s outside counsel, reminded Cuomo that the Bank has not invoked the privilege and that Cleary has asked to meet with Cuomo on several occasions to clear the matter up. Both sides claim to want to have a heart to heart, but first they want to make sure everyone knows the other guy is stalling. We’ll keep you posted as developments warrant.