JD Journal » reorganizations

Clifford Chance to Spin Off Budapest Office

Erik Even — Thu, 09 Jul 2009 19:14:16 +0000

Clifford Chance’s office in Budapest, Hungary will spin off from the firm, to form the new Lakatos, Köves & Partners.

London’s Clifford Chance says it is dropping the office as part of a reorganization of international resources.

All of Clifford Chance’s lawyers and staff in Budapest will transfer to the new firm by the end of this month. The new firm will be headed by managing partner Peter Lakatos.

Clifford Chance LLP is the largest law firm in the world by number of lawyers, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

White & Case Profits Fell in 2008, Despite Layoffs

Erik Even — Tue, 10 Feb 2009 20:14:41 +0000

New York City’s White & Case reports it profits per equity partner fell by 5% in 2008 to $1.6 million. The decrease came despite a 7% rise in revenues to $1.467 billion.

The firm laid off 70 associates last November.

Revenue per lawyer fell from $720,000 to $705,000, and continues to lag behind many Am Law 100 competitors such as Latham & Watkins, Mayer Brown, and Orrick, Herrington & Sutcliffe.

In December the firm announced a reorganization of its management structure, following a four month review of its operations by management consultants McKinsey & Co. The changes mean that the firm is now run more closely along regional lines, rather than by office, and has placed renewed focus on 16 global practice groups.

There are no plans for additional layoffs.

Founded in 1901, White & Case LLP is a leading global law firm with 2,300 lawyers in 38 offices in 25 countries, and a total staff of more than 4,800.

Two Join Greenberg Traurig’s Bankruptcy Practice

Erik Even — Wed, 14 Jan 2009 22:02:06 +0000

Another ex-Cadawalderer has landed a new gig: Bruce Zirinsky, the New York firm’s long-time financial restructuring group head, has joined Greenberg Traurig’s Big Apple office, along with long-time colleague John Bae. Zirinsky joins as co-chairman and Bae as senior member.

For over 30 years, Zirinsky has represented debtors, creditors, investors and other parties in large and complex restructurings, reorganizations, acquisitions, financings and litigation, covering a broad range of industries and issues. His was a lead role in the successful Chapter 11 reorganization of Northwest Airlines.

Bae has practiced in the bankruptcy & reorganization field for almost 20 years, working closely with Zirinsky.

Greenberg Traurig’s business reorganization & bankruptcy practice numbers 80 lawyers worldwide and is co-chaired by Keith Shapiro of the Chicago office and Mark Bloom of Miami.

The 8th largest firm in the US, Greenberg Traurig employs more than 1,800 attorneys throughout the world.