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Firms Hunting for Stars Re-Examine Partner Compensation
Although the most profitable law firms don't often lose partners to other firms, there's evidence suggesting that even firms with the highest profits per partner have become more vulnerable to the lateral market. In response, some Am Law 100 firms are deploying high-spread compensation systems specifically designed to reward their most valuable partners with more money than they could earn at the most profitable low-spread firms. Think your firm isn't re-examining its compensation system? Don't be so sure.For Martens and his bosses in Washington, the stakes in the trial of Fabrice Tourre were huge.
Combined with a previously reported $90 million deal with Lehman directors and officers, a proposed settlement disclosed Friday with a slew of underwriters would bring the plaintiffs' combined recoveries in the case to $507 million. Next up for co-counsel at Bernstein Litowitz and Kessler Topaz? Claims against underwriter UBS and Lehman auditor Ernst & Young.
New allegations packed into an amended complaint by plaintiffs lawyers at Wolf Haldenstein didn't sway Manhattan federal district court judge Lewis Kaplan, who dismissed the case for good on Wednesday.
On Thursday, after a day and a half of jury deliberations in federal court in Manhattan, the SEC finally got the victory it was hoping for in its case against former Goldman Sachs trader Fabrice Tourre.
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