JD Journal » restructuring

WilmerHale Shows Profits and Revenue Growth in 2010

marvins — Tue, 25 Jan 2011 11:23:35 +0000

Wilmer Cutler Pickering Hale and Dorr reported that their profits per partner rose by 17%, from $1.13 million in 2009 to $1.33 million in 2010. WilmerHale’s gross revenue also expanded by 2.2% to $962 million and revenue per lawyer registered a 10.4% uptick to $1.08 million. The firm said that the growth was driven by the firm’s active performance in some of its practices, particularly government regulation and investigations, securities, and intellectual property.

WilmerHale explained that the firm’s restructuring plan has also helped in boosting its profits and revenue. In 2010, the firm downsized its workforce by 90 lawyers, resulting in more savings for the company. The number of equity partners was also slashed by 21 bringing it to 297.

William Perlstein, co-managing partner, stressed that 2010’s record is a mix of increased revenue, fewer partners, and lowered expenses. “The coming and going among the partnership is a constant. The firm has seen a number of lawyers move into jobs with the Obama administration, or lateral to other firms. In November, a five-lawyer real estate group, including one partner, left Wilmer for Venable.”

Vice Chairman at Howrey Departs for Dewey & LeBoeuf

marvins — Thu, 20 Jan 2011 18:28:00 +0000

Partner defections continue to hurt Howrey LLP, a global law firm with more than 700 lawyers. Henry Bunsow, Howrey’s vice chairman and managing partner of the firm’s Northern California offices, is the latest addition to the growing number of partners leaving the firm. Bunsow served as a partner at Howrey’s San Francisco office and used to be a member of the firm’s executive committee. Bunsow is now a San Francisco-based Dewey & LeBoeuf LLP partner and will focus on handling complex patent cases in various industries such as electronics, integrated circuits, networking, semiconductor manufacturing, software, wireless communications, biotechnology and mechanics. Bunsow is also joined by two other colleagues from Howrey, Denise De Mory and Brian Smith.

Sean Boland, Howrey vice chairman, said that the firm respects the decision of the three former partners. He revealed that Howrey is now under a major restructuring plan to put the firm in a better position this year. “The amount of costs taken out of the firm at all levels—which include leases, partners, associates, and the like leaving the firm—have made the firm much more efficient. It’s done wonders for our cost structure such that we’re going to see some major advantages in 2011. We’re very encouraged by the cost cutting that we’ve done.” Boland admitted that Howrey has been through a lot of challenges over the past years and is now more determined to stabilize its operations across its offices globally. “Like every firm, we’d like to see the recession end. But there are changes in the legal market that are likely permanent. Clients have learned that they have more purchasing power and in some cases are exercising that. We as a firm have to continue operating more efficiently as a result.”

Morning Roundup

joshua — Fri, 13 Aug 2010 12:17:15 +0000

Good morning everyone! Today is Friday, August 13th. Here’s a quick look back at yesterday’s stories.

Baker McKenzie reported its revenues were flat but profits were up…

Ventricelli joined Capstone Advisory Group LLC as Managing Director…

The stay was lifted in California same-sex marriage ban…

Brinks Hofer laid off 18 workers this week…

Law Firm Best, Best, & Krieger was subpoenaed by the Attorney General’s office during its investigation of overpaid employees in the city of Bell…

A top compliance officer from BAE Systems joined Covington & Burling as a partner…

Ventricelli Joins Capstone Advisory Group LLC as Managing Director

joshua — Thu, 12 Aug 2010 20:58:59 +0000

Daniel Ventricelli has joined Capstone Advisory Group, LLC as a Managing Director of the Litigation and Forensic Practice Group in the firm’s New York City office.

Ventricelli, an expert in areas of financial investigations, litigation consulting and bankruptcy, has over 22 years of experience working with counsel to conduct accounting and financial investigations, providing litigation consulting and expert witness services and serving as forensic accountant/financial advisor to trustees, debtors, lenders and committees.

According to today’s press release at PR Newswire, Ed Ordway, Executive Director and Co-Founder of Capstone Advisory Group was quoted as saying: “I am delighted to announce that Dan Ventricelli will be joining Capstone. He will be an invaluable addition to the Litigation and Forensics Practice and the New York Office.”

Capstone Advisory Group offers Restructuring and Transaction Advisory Services, Litigation and Forensic Services, and Valuation Services. The firm has led the resolution process in some of the most complex corporate domestic and international matters. Its broad experience and superior service, coupled with its personal, hands-on approach, have benefited hundreds of clients – from small businesses to Fortune 500 companies, in a wide array of industries.

ALM Study Finds Firms Take On Variety Of Measures To Counter Economy

eric — Mon, 17 May 2010 17:25:49 +0000

Earthtimes.org has reported that ALM Legal Intelligence has released a new study entitled “Changes In Staffing Structure of Law Firms”. The study is based on interviews with senior management at the nations top 100 law firms.

According to the study, firms have taken on a number measures to counter the ailing economy including cutbacks in travel and marketing, offering deep client discounts to maintain market presence, creating more flexible hiring and promotion policies and the continuation and broadening of ongoing partner de-equitization trends.

Focused on top U.S. and international law firms ALM Legal Intelligence offers detailed business information for and about the legal industry.

Greenberg Traurig Adds to London Office

joshua — Fri, 26 Mar 2010 15:31:09 +0000

Greenberg Traurig Maher, the London arm of Greenberg Traurig, has added two shareholders and an associate to its UK restructuring practice. Joining the firm as partners are Paul Atherton and Jason Salman; and Helena Potts joins as associate.

All three arrive from Kirkland & Ellis. Atherton brings experience in restructuring, corporate recovery and insolvency. He has represented financial institutions as well as directors, creditors, debtors and insolvency practitioners on a variety of global restructuring matters.

Salman has experience in restructuring matters, having focused on intricate financial restructurings, acting for corporate debtors, financial creditors, directors and insolvency practitioners.

Greenberg Traurig Maher was established in 2009 by Greenberg Traurig. The firm represents UK-based and multinational clients in many different sectors, including chemicals, pharmaceuticals, life sciences, energy, real estate, financial services, information services, automotive, entertainment, retail and communications.

Clifford Chance Loses 50 Partners

Erik Even — Thu, 09 Jul 2009 19:05:41 +0000

According to sources, Clifford Chance has lost almost 50 partners since March of this year, most from New York City and the London headquarters office.

Eighteen partners have left the firm in London, and another 18 in New York. Twelve have jumped ship in Europe.

Clifford Chance is restructuring, and expects to lose 90 further partners, or 15%, between now and April 2010.

Last week, the firm reported that average profits per equity partner dropped 37% to £733,000 ($1.2 million) in the last fiscal year.

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.

London Firms Delay Partner Promotions

Erik Even — Wed, 08 Apr 2009 16:25:26 +0000

London Magic Circle firms Clifford Chance and Allen & Overy have delayed their 2009 partner promotions.

Clifford Chance will defer this year’s promotions process until the firm completes its restructuring this Summer, which is likely to cut the firm’s partnership up to 15%.

Allen & Overy is delaying its partner promotions until at least the beginning of May, when the firm will have completed its global restructuring. The firm expects to see 47 partners, or 9%, ousted by the end of the financial year.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue. It is a prestigious international practice with its principal office at Canary Wharf in London.

Founded in 1930, Allen & Overy has approximately 5,500 staff and 31 offices worldwide.

Blockbuster Hires Kirkland And Ellis For Financial Issues

Erik Even — Tue, 03 Mar 2009 23:52:48 +0000

To help find a way out of financial woes, Blockbuster has hired the law firm of Kirkland and Ellis.

The video rental company, based in Dallas, Texas, said on Tuesday is bringing in Kirkland and Ellis to arrange enough financing to keep the company solvent in the middle of a worsening recession.

Blockbuster spokeswoman Karen Raskopf said that the 7,500-store chain has no intention to file for bankruptcy protection. Other reports had claimed that Blockbuster hired Kirkland and Ellis because it was looking into bankruptcy filing.

Kirkland & Ellis has existed as a firm for 100 years. The firm handles areas of law including litigation, corporate and tax, intellectual property, restructuring and counseling matters.

Tip: Duval & Stachenfeld Laying Off 1st & 2nd Year Associates

Erik Even — Tue, 20 Jan 2009 21:48:39 +0000

New York City’s Duval & Stachenfeld is laying off an undisclosed number of first and second year associates, according to a JDJournal tipster.

If you know anything about what’s going on at Duvall & Stachenfeld, please contact us confidentially.

Founded in 1997, Duval & Stachenfeld LLP provides legal advisory services. The firm focuses on areas such as bankruptcy, litigation, real estate, restructuring, securities and construction.

Bienenstock to Make GM Into “Futuristic” Automaker

Erik Even — Fri, 12 Dec 2008 18:17:47 +0000

Yesterday we reported that General Motors had hired Dewey LeBoeuf’s Martin Bienenstock, who worked on the Enron bankruptcy and was previously a GM lawyer.

Today the ABA Journal reports that Bienenstock is “devising a speedy plan to remake the automaker into a 21st century success.”

The Senate failed to reach an agreement on a $14 billion bailout plan last night, after Republicans insisted that union autoworkers should bear the brunt of any financial pain.

Bienenstock hopes to help GM use the bankruptcy process to create a “futuristic” automaker for the 21st century. His plan is to create a new company to oversee GM’s best auto lines, with the proceeds going to the auto unions to win their support.

Redundant brands, surplus dealers and legacy costs would be hived off in bankruptcy court.

Most reorganizations can take two years or more, but Bienenstock has told GM his restructuring plan can be completed in 30 to 90 days.

Bienenstock did not elaborate what a “futuristic” automaker would be, but hopefully it involves these.

Pohl Ankles Skadden for Business Side

Erik Even — Fri, 12 Dec 2008 03:11:47 +0000

Timothy Pohl will leave Skadden, Arps, Slate, Meagher & Flom to become a managing director in the restructuring group at financial services firm Lazard. Pohl was one of three co-heads of Skadden’s corporate restructuring group.

Last spring Skadden promoted the 42-year-old Pohl to become one of three co-heads of Skadden’s 100-lawyer corporate restructuring group, along with John “Jack” Butler, Jr., and J. Gregory Milmoe.

The firm ranked first in the Am Law 100 with gross revenues of $2.17 billion and profits per equity partner of $2.28 million.

Pohl’s departure is a blow to the firm, as it comes at a time when bankruptcy and restructuring work is at a premium.

“Tim is a spectacular lawyer and a wonderful human being and while we wish him well, we will miss him enormously,” Milmoe says. “We’re not losing a partner but gaining a client.”

Milmoe says Skadden isn’t immune to losing top talent to the business side, noting that former restructuring partner David Kurtz left for a managing director position at Lazard in 2002. Pohl will now join Kurtz, who coheads Lazard’s restructuring group, with both working out of Chicago.

Lazard is the parent company of Lazard Group LLC, a global, independent investment bank with approximately 2,400 employees in 41 cities across 24 countries throughout Europe, North America, Asia, Australia, Central and South America.

Via The AmLaw Daily.

“Onslaught of Bankruptcies” Means Steady Increase in Law Jobs

Erik Even — Fri, 12 Dec 2008 02:45:43 +0000

From the AE Feldman Blog:

Executive search firm, A.E. Feldman, says the surge in bankruptcies is creating opportunities for candidates with expertise in underwriting, restructuring, valuation and loan workouts. The firm says bankruptcy accountants are also in strong demand. Amid the onslaught of bankruptcies, law firms are also seeing a steady increase in need for legal services. As a result, A.E. Feldman says legal jobs are opening up for candidates with excellent academic credentials and a demonstrable track record as top firms bet that bankruptcy and restructuring work will be one of their most promising avenues of growth.

The post goes on to day that the current wave of bankruptcies is likely to be much more litigious, as creditors seek news ways to recover money. Reuters quotes Lisa Donahue, Co-Head of the Turnaround & Restructuring Practice at AlixPartners, as saying a big uptick in litigation over bankrupt companies’ collapses could continue for years.

Isn’t nice to know that the economic meltdown is good for someone?