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The U.K.'s top law firms have suffered a dramatic fall in profitability and a shrinking market in what has been confirmed as the worst economic conditions for the profession since the early 1990s. Legal Week's 2008-09 results, the first comprehensive picture of the performance of the U.K.'s top 50 law firms, shows that profits per equity partner across the group on average fell by 17.3 percent.
When she was opening her solo family law practice in September 2007, attorney Renee C. Berman found a dearth of helpful resources. Helping to alleviate that problem, she's written her own book, "The Ultimate Guide to Solo and Small Firm Success," which was released last month. The book focuses on the nuts and bolts of what it takes to open and operate a law practice. Berman says one of her favorite chapters discusses the challenges of being taken seriously as an entrepreneurial female attorney.
Gaytri Kachroo, the former attorney for Harry Markopolos, the Boston forensic accountant who tried to warn the SEC about Madoff's $50 billion Ponzi scheme, left McCarter & English three weeks ago for conflicts reasons. But while Kachroo is now flying solo, her role in the continuing-to-unfold Madoff mess is far from over. "I'm looking at a number of class and individual actions principally against feeder funds," says Kachroo, adding that those types of matters weren't possible at her former firm.
Abbey Kaplan, who represented Downtown Associates in a suit against investor Eli Weinstein and his related companies, is about to hit the road in search of more than $16 million awarded his client over lost profits in a failed land deal. Getting paid is the next step in a five-year-old journey likely to take Kaplan from Florida to the Northeast. As investors, sellers and lenders head to court since the implosion of the commercial real estate market, more lawyers could be joining the hunt for money over soured deals.
An arbitrator cannot sue a lawyer for wrongful use of civil proceedings, the 3rd Circuit has ruled, even if the lawyer allegedly lodged false accusations in court papers to have the arbitrator disqualified, because lawyers enjoy an "absolute privilege" that immunizes them from liability over any communication made in the course of litigation. The decision upholds the dismissal of a suit brought by a former federal magistrate judge who now works as a private arbitrator.
Two New York lawyers agreed Thursday to give up their law licenses in a case where they were accused of providing cover to a suspended lawyer, allowing him to continue practicing for 19 months. David Resnick and Serge Binder were the 13th and 14th attorneys ensnared in an investigation that began in 1999 when a "runner" first came under scrutiny for bribing hospital employees. The bribes were an attempt to gain access to accident victims whose no-fault cases were then steered to attorneys for as much as $500.
An appeals court on Wednesday upheld a product liability verdict against Ford Motor for $8 million in compensatory damages and $42,050 in punitives, despite the plaintiff's contention that the award was lopsided because Ford's lawyer was allowed to tell jurors about the carmaker's financial straits and layoffs. Though the panel found counsel for both sides said things they should not have, it upheld the verdict because a lower court judge gave curative instructions and there was no prejudicial impact.
Mississippi Judge Bobby DeLaughter pleaded guilty Thursday to a federal obstruction of justice charge, ending a respected legal career that had been sullied by scandal. Prosecutors dropped charges of conspiracy and mail fraud against DeLaughter, who was accused of giving an unfair advantage to former attorney Richard "Dickie" Scruggs in a dispute over millions of dollars in fees from asbestos lawsuits. Prosecutors have said the promise of a federal judgeship drew DeLaughter into the scheme.
Holland & Knight is reducing associate pay by an average of 7 percent. Some individuals will see no pay cuts, but others will see cuts of as much as 10 percent, according to a statement from firm managing partner Steven Sonberg, who said the cuts are due to "changing market conditions." The base salaries of some senior counsel and other staff also will be reduced by an undisclosed amount. The firm plans to modify its overall associate compensation plan next year, with a formal announcement coming later this year.
Britain's High Court on Friday rejected an autistic British man's bid to avoid extradition to the United States to face trial for hacking into military computers. Gary McKinnon, who claimed he was searching for evidence of UFOs, has fought a long legal battle against extradition after he was charged with breaking into 97 computers belonging to NASA, the U.S. Department of Defense and several branches of the U.S. military soon after the Sept. 11, 2001, terrorist attacks.
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