JD Journal » Sonnenschein Nath & Rosenthal

Morning Roundup

joshua — Fri, 01 Oct 2010 13:45:08 +0000

Good morning everyone! Today is Friday, October 1st. Here’s a quick recap of yesterday’s stories.

Two former Mintz Levin Partners formed their own Boston based boutique…

The combination of Sonnenschein Nath & Rosenthal LLP and Denton Wilde Sapte LLP – SNR Denton – launched as a top 25 firm by lawyers and professionals worldwide…

SNR Denton Launches as Top 25 Firm by Lawyers and Professionals Worldwide

joshua — Thu, 30 Sep 2010 15:08:26 +0000

The combination of Sonnenschein Nath & Rosenthal LLP and Denton Wilde Sapte LLP, SNR Denton, creates an international legal practice with 48 locations in 32 countries across four continents.

The firm, which officially opened its doors today, launches as a top 25 firm by lawyers and professionals worldwide, spanning the US, UK, Europe, the Middle East, Russia and the CIS, South-East Asia, and Africa. The firm’s website is www.snrdenton.com.

In today’s press release at PR Newswire, SNR Denton Chief Executives Elliott Portnoy and Howard Morris were quoted as saying: “Our lawyers and professionals worldwide are already working together on many client matters – we have made a great start. Our driving motivation remains simple: to better serve the needs of our clients – whether in the world’s financial centers, business hubs or emerging markets – and to deliver the highest-quality service. We want to be the first choice of clients for whom quality and value make a difference.”

SNR Denton is a client-focused international legal practice delivering quality and value. The firm serves clients in key business and financial centers from 48 locations in 32 countries. The firm offers business, government and institutional clients premier service and a disciplined focus to meet evolving needs in eight key industry sectors: Energy, Transport and Infrastructure; Financial Institutions and Funds; Government; Health and Life Sciences; Insurance; Manufacturing; Real Estate, Retail and Hotels; and Technology, Media and Telecommunications.

Morning Roundup

joshua — Fri, 24 Sep 2010 10:54:21 +0000

Good morning everyone! Today is Friday, September 24th. Here’s a quick look back at yesterday’s stories.

Reed Smith was brought on as U.S. corporate and securities counsel for China Sun Group High-Tech Co…

Quarterly revenue at Britain’s 100 biggest law firms increased by an average of 5 percent for the three-month period ending July 31…

Arnold & Porter acquired three attorneys from Sonnenschein…

Four Davis Polk partners were named ‘Top Lawyers’ in California…

Troutman Sanders appointed a new managing partner in its Washington, D.C office…

The Best Lawyers in America 2011® will feature 58 attorneys from Winstead PC…

Arnold & Porter Acquires Team from Sonnenschein

joshua — Thu, 23 Sep 2010 16:36:39 +0000

Arnold & Porter LLP announced this week that corporate and financial services lawyers Robert Azarow and Edward Bright have joined the firm as partners in New York, along with Stephanie Nygard, who has joined as counsel. The team joins the firm from Sonnenschein Nath & Rosenthal.

Azarow and Nygard bring experience in mergers and acquisitions and securities transactions for commercial banks, savings institutions, and other financial institutions that complement Arnold & Porter’s existing bank regulatory and corporate practices, the firm said in a press release.

Bright’s background in executive compensation and employee benefits will add depth to the firm’s executive compensation and tax-planning practices.

“Rob, Ed, and Stephanie will add to our transactional capability in New York and broaden our footprint in the financial services sectors,” said Arnold & Porter Chair Thomas Milch. “This team has an excellent track record and reputation, and will deepen our bench in financial services.”

Azarow was a member of the corporate and financial institutions practice groups at his former firm. He has served as corporate and regulatory counsel, handling mergers and acquisitions, capital markets, SEC reporting, and bank regulatory matters for a wide range of publicly held and privately owned depository institutions, as well as for investment banks.

Nygard was also a member of the corporate and financial institutions practice groups at Sonnenschein. She represents federally and state chartered depository institutions, holding companies and other financial institutions in a broad range of corporate and regulatory matters and transactions, including mergers, public and private offerings of securities and Securities Exchange Act reporting.

Bright’s practice focuses on executive compensation and employee benefit needs of publicly traded financial institutions, providing advice to institutions, their boards of directors, and individual executives. He frequently acts as outside counsel for executive compensation and ERISA matters for these clients, including retirement plan design, compliance and administration, employment contracts, equity and incentive compensation programs, and related corporate governance issues.

Arnold & Porter LLP, an international law firm of more than 700 attorneys. It has offices in Brussels, Denver, London, Los Angeles, New York, Northern Virginia, San Francisco, and Washington, DC.

Morning Roundup

joshua — Fri, 09 Jul 2010 12:18:10 +0000

Good morning everyone! Today is Friday, July 9th. Here’s a quick look back at yesterday’s stories.

Clifford Chance was the highest grossing firm among UK firms…

Sonnenschein added a veteran Exxon Lawyer to its Energy Practice…

Ogletree opened a Portland office…

Gonzalez Saggio & Harlan added two partners to its IP team…

A survey of nearly 700 women law firm partners revealed an “intense dissatisfaction” with the compensation gap between men and women…

A former Texas representative joined Greenberg Traurig’s Austin office as an of counsel in the governmental affairs practice group…

A shareholder in Greenberg Traurig’s Tampa office, was appointed chairman of the Florida Bar Board of Legal Specialization and Education…

Morvillo Abramowitz was recognized by Chambers & Partners for the 7th consecutive year…

Morning Roundup

joshua — Thu, 08 Jul 2010 11:32:39 +0000

Good morning everyone! Today is Thursday, July 8th. Here’s a quick look back at yesterday’s stories.

Cadwalader named a new co-chair of its Litigation Department…

Former U.S. Sen. John E. Sununu, R-N.H., joined Akin Gump Strauss Hauer & Feld LLP…

The World Economic Forum named Greenberg Traurig’s James Bacchus to its Global Agenda Council on Trade…

McKool Smith added three attorneys to its Bankruptcy Practice…

Chadbourne & Parke announced it would open an office in Sao Paolo, Brazil…

Dykema Gossett PLLC hired marketing expert…

Head of Simpson Thacher & Bartlett’s global M&A team,will leave to become chief legal officer of The Blackstone Group…

Donovan & Yee LLP added two partners…

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…

Dykema Brings On New Marketing Expert

eric — Tue, 06 Jul 2010 22:30:51 +0000

Greentarget has informed the Journal that Detroit-based firm Dykema has hired Robyn Radomski as its Chief Marketing Officer. Ms. Radomski will direct the firm’s marketing and business development, client and media relations, communications and promotions. Prior to joining Dykema, she has held similar positions at Reinhart Boerner Van Deuren and Sonnenschein Nath & Rosenthal.

“Robyn brings significant marketing experience to the firm along with an impressive track record in the areas of business development, strategic planning, brand positioning, and integrated marketing communications programs …,” says firm CEO Rex Schlaybaugh.

Dykema’s COO, Steve Cambell, added that, “We believe her innovative thinking and collective experience in sales, marketing and communications will help Dykema to enhance its overall brand and market leadership position at both a regional and national level.”

Dykema Gossett PLLC is a law firm headquartered in Detroit, Michigan. Founded in 1926, the firm has offices across the United States, including Chicago, Dallas, Los Angeles, and Washington, DC. It currently employs over 450 lawyers and lobbying professionals. With the 2008 acquisition of 53 lawyers from the now-defunct Schwartz Cooper, Dykema’s largest office is now in Chicago.

Morning Roundup

joshua — Thu, 24 Jun 2010 11:23:40 +0000

Good morning everyone! Today is Thursday, June 24th. Here’s a quick recap of yesterday’s stories.

Gonzalez Saggio & Harlan opened an office in Atlanta, the fifteenth for the firm…

DLA Piper announced the expansion of its Venture Pipeline Service and online resource center for entrepreneurs….

Cooley’s bankruptcy and restructuring practice earned top honors at last week’s Turnaround Atlas Awards…

Sonnenschein added a former U.S. Treasury tax counsel as a partner in its taxation practice…

Jones Day cut staff in Cleveland…

Bowman & Brooke launched a blog for women executives in law and other fields…

The former co-chair of Mayer Brown’s litigation practice joined Buckley Sandler…

Former U.S. Treasury Tax Counsel Joins Sonnenschein

joshua — Wed, 23 Jun 2010 17:25:21 +0000

Sonnenschein Nath & Rosenthal has added John L. Harrington as a partner in its taxation practice at its Washington D.C. office. Harrington had previously been with the Treasury Department since 2001 and most recently served as international tax counsel from 2007-2009.

Sonnenschein’s taxation practice national chair, Marc D. Teitelbaum, called the addition of Harrington “a coup for our clients.”

“Understanding tax policy on the domestic and international level, as well as its direction, is the key driver for business planning. The level of sophistication and expertise that John brings in this regard is a coup for our clients,” Teitelbaum said.

The addition of Harrington comes prior to Sonnenschein’s pending merger with U.K-based Denton Wilde Sapte, which is slated to go live Sept. 30.

Sonnenschein has more than 700 lawyers in 13 offices in the U.S. and Europe.

Morning Roundup

joshua — Tue, 15 Jun 2010 13:13:50 +0000

Good morning everyone! Today is Tuesday, June 15th. Here’s a quick look back at yesterday’s stories.

Some SNR Partners were considering leaving prior to the merger with Denton…

Former White House counsel John Adams joined McGuireWoods…

Skadden snagged rival Global Antitrust head Simon Baxter…

A landmark $82.5 Million verdict was awarded for the death of a man killed in a 2007 natural gas explosion…

Gibson Dunn & Crutcher received Chambers’ annual Award for Excellence in the Antitrust Category…

Morning Roundup

joshua — Thu, 10 Jun 2010 10:47:46 +0000

Good morning everyone! Today is Thursday, June 10th. Here’s a quick recap of yesterday’s stories.

Scott Rothstein, who admitted to operating a $1.2 billion Ponzi scheme, was sentenced to 50 years in prison by a Florida judge…

The proposed transatlantic merger between Sonnenschein Nath & Rosenthal and Denton Wilde Sapte was approved by the firm’s partnerships…

According to the quarterly Robert Half Legal Hiring Index the legal world is optimistic more jobs will be forthcoming in the third quarter of the year…

Former Lindquist & Vennum partner Michael Scott Margulies pled guilty to embezzling around $2 million from his clients and the firm…

Dechert announced plans to open an office in Dublin, Ireland…

Trovillion, Inveiss & Demakis added two partners…

Morning Roundup

joshua — Thu, 27 May 2010 12:51:35 +0000

Good morning everyone! Today is Thursday, May 27th. Here’s a quick recap of yesterday’s stories.

Report: Varied Billing Rates Could Provide Bargaining Chip…

Twin Cities Attorney Charged With Embezzlement…

Mintz Levin Awarded Presitgious ABA Pro Bono Award…

Sonnenschein, Denton Agree on Merger…

Sonnenschein Nath & Rosenthal Profits Drop 3%

sara — Fri, 22 Jan 2010 17:33:12 +0000

In a report released on Thursday, profits per equity partner at firm Sonnenschein Nath & Rosenthal dropped 3% in 2009. Gross revenue remained flat. Profits per partner fell from $804,000 in 2008 to $780,000 last year. Gross revenue fell from $473 million in 2008 to $472.5 million in 2009. Despite this, Sonnenschein chair Elliott Portnoy said that the firm is pleased with their performance in 2009.

Last year marked the second straight year the firm reported lower profits. In 2008 profits dropped an estimated 2%. The firm also restated gross revenue for 2008 yesterday. Initially gross revenue for 2008 was reported at $492 million but was adjusted Thursday to $473 million. Sonnenschein attributed the discrepancy between the figures to a change in accounting. Last year Sonnenschein cut associate compensation and cut about 20 lawyers, including income partners.

Sonnenschein was founded in 1906. It has 13 offices in the U.S. and Europe and more than 700 lawyers.

Sonnenschein Abandons Lockstep and Cuts Staff

joshua — Tue, 15 Dec 2009 22:30:57 +0000

There are two unconnected stories coming out of Sonnenschein today.

The first is that the firm has made staff cuts 14 days before Christmas. The firm has confirmed the staff layoffs to abovethelaw.com but no details were provided on the number of staff cut. No associates were cut.

The firm also laid out the outlines of its new compensation plan being implemented in early 2010. I say outlines, because important details like base compensation seem to have been overlooked. Like many other firms, Sonnenschein is moving to a three tiered merit based system. The firm says that bonuses based on merit will make up a larger part of associate salaries. Although everyone certainly appreciates a large bonus, it does make financial planning a bit more difficult – particularly when nobody yet knows what the baseline pay will be.

Sonnenschein Nath & Rosenthal is an international law firm headquartered in Chicago with 13 offices and 800 attorneys around the world.

More Storm Clouds at Sonnenschein

joshua — Wed, 09 Sep 2009 20:24:05 +0000

One week ago we reported on an unknown number of layoffs at Sonnenschein. Today we get word that the firm, whose name is German for “sunshine”, has let go of 10 income partners and as many as 20 other attorneys. No details yet on severance packages.

The cuts came mostly in the real estate and corporate practice areas, which have been particularly hard hit by the economic downturn.

Sonnenschein is an international law firm headquartered in Chicago with 13 offices and 800 attorneys around the world.

Lathrop & Gage Hiring for New Chicago Office

Erik Even — Tue, 21 Jul 2009 16:21:46 +0000

Lathrop & Gage has hired two Sonnenschein partners to launch its new Chicago office, its 11th — and plans “aggressive recruiting.”

Blaine Kimrey will be managing partner in Chicago, joining Lathrop’s intellectual property practice. He is joined by associate Bryan Clark.

The oldest law firm west of the Mississippi River, Kansas City, Missouri’s Lathrop & Gage provides litigation and business law services with 300 attorneys in 11 offices in Kansas, Missouri, Illinois and Washington DC.

Sonnenschein Sued Over Attorney Hires

Erik Even — Wed, 10 Jun 2009 17:26:59 +0000

Sonnenschein, which brought on three lawyers from Huron Consulting, has been sued by the Chicago-based firm, claiming the attorneys were illegally recruited. Huron seeks $30 million.

The three lawyers are Sonnenschein health care managing director Nancy Freeman, compliance director Judy Ringholz, and Linda Robinson.

The suit accuses Sonnenschein health care partner Lisa Murtha, a former Huron employee, of arranging the recruitment of the three lawyers from her former company. Huron claims that Sonnenschein is a direct competitor to its health care consulting business.

Huron accuses Murtha of directing the employees to steal the firm’s data and clients. The suit alleges breach of fiduciary duty, violation of trade secrets laws and computer fraud.

Chicago’s Huron Consulting has 20 offices, including in Jordan, Dubai, Saudi Arabia, Japan and Singapore.

Sonnenschein Nath & Rosenthal LLP is an international law firm with 700 lawyers and other professionals in the United States and Europe. Founded in Chicago in 1906, it has 14 offices in the US and Europe.

Sonnenschein to Slash Associate Pay [Update]

Erik Even — Tue, 26 May 2009 16:40:43 +0000

Sonnenschein Nath & Rosenthal plans to cut associate salaries, beginning June 1st.

First year salaries, previously a Biglaw standard $160,000, will be reduced to $145,000.

Sonnenschein seeks to make associate salaries performance-based, and will create an associate-partner committee to work out the details. This year, the firm will have a merit-based bonus program; bonuses will be paid in January 2010.

UPDATE

Online sources have obtained further details about the salary reductions for Sonnenschein associates — the longer a lawyer has been with the firm, the more their pay will be cut.

If an associate started in 2004 or earlier, the pay cut is 15%. Those who started in 2005/6 take a 14% cut. And the 2008 class is taking a 10% cut.

Morgan Lewis & Bockius Adds More Sonnenschein Lawyers

Erik Even — Wed, 29 Apr 2009 22:07:38 +0000

Philadelphia’s Morgan, Lewis & Bockius, which poached six partners from Sonnenschein Nath & Rosenthal earlier this month, has added two more partners and five associates from the Chicago-based firm.

The team of health care attorneys will join Morgan Lewis’ Washington, DC office, where five of the previously hired partners will be based.

Philadelphia-based Morgan, Lewis & Bockius LLP is a law firm that was founded as Morgan & Lewis in 1873. It has 1,400 lawyers in 22 offices worldwide.

Morgan Lewis Lures Away Sonnenschein Partners

Erik Even — Mon, 06 Apr 2009 16:16:38 +0000

Six partners from Sonnenschein have joined Morgan Lewis’ health care regulation practice.

Joyce Cowan, Kathleen McDermott, John Rah, Albert Shay, and Howard Young are joining Sonnenschein’s Washington office, while Reece Hirsch is joining the firm in San Francisco.

Sonnenschein has 18 lawyers in its FDA and health care regulation practice.

Philadelphia-based Morgan, Lewis & Bockius LLP is a law firm that was founded as Morgan & Lewis in 1873. It has 1,400 lawyers in 22 offices worldwide.

Seyfarth Shaw Poaches Team from Sonnenschein

Erik Even — Fri, 27 Mar 2009 17:59:11 +0000

A group of five trusts & estates attorneys is defecting from Sonnenschein’s Los Angeles office to Seyfarth Shaw.

The group is led by partner Alan Yoshitake, a resident in the business service group. Yoshitake is joined by Mark Hansen and Edward McCaffery, both of counsel, and two associates.

Seyfarth Shaw employs over 750 attorneys located in nine offices throughout the United States including Chicago, New York, Boston, Washington DC, Atlanta, Houston, Los Angeles, San Francisco and Sacramento, as well as Brussels, Belgium.

Sonnenschein Shutters Charlotte Offiche

Erik Even — Fri, 27 Feb 2009 21:46:23 +0000

(The misspelling in the title is intentional — read it aloud.)

Partners at Chicago’s Sonnenschein Nath & Rosenthal voted today to shut the firm’s Charlotte, North Carolina office. The decision affects 11 lawyers and eight staff members.

Sonnenschein chair Elliott Portnoy cited “local marketplace realities, the declining demand for legal services in the Charlotte legal and financial markets, and the needs of our financial institution clients” for the decision.

Some lawyers will be offered the chance to relocate, while others will receive severance packages. The closure will take effect April 1st.

Sonnenschein opened its Charlotte office in April 2007 with three lateral partners from Kilpatrick Stockton; John “Jay” Suhr Jr., Jonathan Nugent and James Tucker. They were joined at the time by two counsel and 13 associates.

The firm has discussed relocation with the three partners; no decision has been made yet about their future at Sonnenschein.

Many Thacher Refugees Still Looking for Work

Erik Even — Tue, 17 Feb 2009 16:40:55 +0000

The National Law Journal reports that many former Thacher lawyers have been unable to find new positions.

More than 65 attorneys from defunct Thacher Proffitt & Wood, many of whom specialize in structured finance and real estate, are still looking for jobs.

The attorneys, including eight partners, represent more than one-third of the total who remained at the New York firm before it announced its dissolution on Dec. 22, 2008. Nearly 100 joined Sonnenschein Nath & Rosenthal immediately before the firm collapsed, brought down by the securitization market’s decline, numerous partner departures and a failed merger with Atlanta’s King & Spalding.

…eight partners remain unemployed, [and] 60 associates are still unaccounted for, and their severance packages are expected to expire this month.

In December Thacher Proffitt & Wood, the 160-year-old New York-based law firm, announced it would close forever. The subprime crisis slashed demand for its structured-finance practice, and more than half of its attorneys left for a competitor.

Via NLJ.

Sonnenschein Posts Higher Revenue

Erik Even — Fri, 06 Feb 2009 23:48:04 +0000

Chicago’s Sonnenschein reports gross revenue was $492 million for 2008, up nearly 3%. Revenue per lawyer also increased about 3%, to $809,000.

But profits-per-partner decreased 12%.

Last year, Sonnenschein went through two rounds of layoffs. Then the firm recruited 100 attorneys from Thacher Proffitt & Wood.

Sonnenschein Celebrates Inauguration

Erik Even — Mon, 19 Jan 2009 20:31:28 +0000

The Blog of Legal Times reports from Sonnenschein Nath & Rosenthal’s swanky Obama inauguration party:

Saturday night, Sonnenschein Nath & Rosenthal held an inauguration reception at The Phillips Collection in Washington. About 100 people showed up for the evening cocktail affair. On Tuesday morning, Sonnenschein will continue celebrating – hosting a breakfast for its clients in its D.C. office on K Street.

Sonnenschein is doing well, considering the economy; they recently snatched up 100 Thacher lawyers. But they also have frozen salaries, which makes the idea of a swanky party a bit inappropriate.

Read the whole story.

Sonnenschein Pays Bonuses, Freezes Salaries

Erik Even — Wed, 07 Jan 2009 00:00:39 +0000

Chicago’s Sonnenschein Nath & Rosenthal LLP will pay associates bonuses…

We are pleased to announce that Associate productivity bonuses for 2008 range from $10,000 to $70,000. The Policy and Planning Committee has approved the… bonus schedule which… remains unchanged from last year and includes a step up for seniority. These bonus levels will result in some of our Associates receiving significantly higher bonuses than their peers at many of the firms with whom we compete for talent and clients, and reflect our strong belief that it is important to recognize and reward our most productive Associates.

… but will freeze salaries in 2009.

With respect to our Associate salary schedule, Policy and Planning has concluded… that, effective January 1, 2009, Associates moving to the next class year in 2009 will continue to receive the same base compensation as they did in 2008.

Via ATL.

Sonnenschein’s Portnoy Speaks on Thacher “Survivors”

Erik Even — Tue, 30 Dec 2008 21:40:10 +0000

As we reported last week, Sonnenschein Nath & Rosenthal hired 100 lawyers from the dissolving Thacher Proffitt & Wood.

This week, the National Law Journal spoke to Sonnenschein chair Elliott I. Portnoy about the hires and the future of his firm. From the interview:

NLJ: Mergers often led to tensions. Any worries?

EP: All the research, all the studies, suggest when lawyers move to new law firms, groups do better than individuals. The Thacher lawyers survived the attack on the World Trade Center. They lost everything, except, thank goodness, their people. They stayed together, rebuilt and moved back downtown. Now they have survived the economic collapse. That could have torn them apart; instead it binds them. We find that enormously attractive. It is a home run for us. The fact they come together gives us great confidence the work will follow them.

Sonnenschein Nath & Rosenthal LLP is an international law firm with 700 lawyers and other professionals in the United States and Europe. The firm was started in Chicago in 1906.

Read the whole interview.

Thacher Proffitt Is No More; Fourth Biglaw Collapse This Year

Erik Even — Tue, 23 Dec 2008 18:10:58 +0000

Thacher Proffitt & Wood, the 160-year-old New York-based law firm, will close forever. The subprime crisis slashed demand for its structured-finance practice, and more than half of its attorneys have left for a competitor.

Thacher Proffitt will wind down operations next year. Its planning committee failed to reach a merger agreement with an unidentified firm (known to be King & Spalding) over the past six months.

A group of about 100 Thacher Proffitt lawyers, including 40 partners, will join Chicago-based Sonnenschein, Nath & Rosenthal, bringing that firm’s total number of lawyers to about 800.

Thacher Profitt is the fourth major US law firm to announce plans to close this year. Thelen, a San Francisco firm that was, like Thacher Proffitt, focused on structured finance, has shut down. Heller Ehrman, a 118-year-old firm that once boasted about 700 lawyers, also collapsed. And New York-based Dreier filed for bankruptcy protection after its founder was jailed and accused of cheating investors out of more than $100 million.

Thacher Proffitt, which had about 195 lawyers before the departures, put up for sublease all five floors of its headquarters this year. In October, it closed its office in White Plains, New York.

Some Thacher Proffitt lawyers were hired by the US Treasury Department on December 10th, to assist in purchasing asset-backed securities under the Emergency Economic Stabilization Act. The attorneys will be paid as much as $500,000 for the work.

Sonnenschein is also facing slowing demand for legal services. The firm has fired 62 lawyers and about 175 staff since May due to “tumult in the financial markets.” The new hires will double the size of the firm’s New York office.

Via Bloomberg.

Thacher Proffitt Dissolves; Sonnenschein Rescues 100 [Update]

Erik Even — Mon, 22 Dec 2008 18:19:18 +0000

Chicago’s Sonnenschein Nath & Rosenthal has announced it will hire 100 lawyers (NYT says 40) away from New York CIty’s Thacher Proffitt & Wood.

Bailout talks with King & Spalding have collapsed, and Thacher Proffitt will dissolve today.

Founded in 1848, Thacher Proffitt’s clients included many of the biggest banks and investment banks, including Citigroup and UBS. In 2006, the firm was ranked among the top 200 by The American Lawyer. But It was one of the leading firms behind the creation of the sort of mortgage-backed securities that fueled the lending spree that has since backfired on the banks.

We will update this post as the situation evolves.

Via Above the Law and NYT.

UPDATE:

Confirmed by Law.com:

Sonnenschein, Nath & Rosenthal announced late Sunday that 100 lawyers, including 40 partners, from Thacher Proffitt & Wood will be joining the firm’s New York office, effective January 1. The hires increase Sonnenschein’s total headcount to about 800 lawyers, nearly doubling the size of its New York office…

Sonnenschein is drawing from all of Thacher’s existing practices, including structured finance (representing the largest number of additions, with 26 partners and of counsel), corporate, banking, real estate, regulatory and litigation.