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After enduring a flat 2010, Sidley Austin saw gross revenue rise nearly 6 percent and profits per partner jump almost 10 percent in 2011, thanks partly to its Palo Alto, Calif., location posting an almost 50 percent increase in revenue. The 21-lawyer office opened in 2009.
Though rising only modestly, Paul Weiss' gross revenue and profits per partner hit record levels last year, according to The American Lawyer's reporting. However, if a 2010 contingency fee is left out of the equation, the firm's gross revenue jumped by 19 percent in 2011, said the firm's chairman.
Arnold & Porter partner William Baer is President Barack Obama's pick to lead the Justice Department's antitrust division. Obama on Friday formally announced he was sending Baer's nomination to the U.S. Senate.
Less than a year after the U.S. Supreme Court's landmark ruling in Pliva v. Mensing, two generic drugmakers have agreed to the national settlement of a class action alleging that their version of a popular antidepressant drug was not as therapeutically effective as the brand-name drug.
JPMorgan Chase disclosed in a court filing Friday that it had tentatively agreed to pay $110 million to settle consolidated class action claims that it overcharged customers for overdraft fees. Combined settlements in multidistrict overdraft litigation against about 30 banks now exceed $619 million.
Medical device maker Smith & Nephew will pay $16.8 million to resolve claims that company officials made illegal payments to public health officials in Greece, the U.S. Justice Department said Monday. The company disclosed misconduct to the DOJ and the SEC, according to a deferred prosecution agreement.
According to the Association of American Law Schools, lagging employer support, workers' fears about losing their jobs, the growing popularity of MBA programs, rising tuition and the tough legal job market all are contributing to declining enrollment in part-time law school programs.
In one of the few cases tied to the subprime meltdown to actually reach trial, a federal judge has ruled that State Street Corp. caused losses in nearly 200 of Prudential Financial's retirement plans by not prudently managing a group of bond funds that heavily invested in subprime mortgage-backed securities.
The expansion of U.S. law firms is giving some Hong Kong associates the chance to nearly double their salaries. Is a pay war about to set a new standard in the market? Or will darkening economic clouds intervene?
Employees of privately held contractors or subcontractors of public companies are not eligible for whistleblower protection under the Sarbanes-Oxley Act of 2002, a split panel of the 1st U.S. Circuit Court of Appeals has ruled in a case of first impression. In a vehement dissent, Judge O. Rogeriee Thompson criticized the majority for barring "a significant class of potential securities-fraud whistleblowers from any legal protection."
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