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Ratner Prestia to Freeze Rates for First Half of 2009
Valley Forge, Pa.-based intellectual property boutique Ratner Prestia has announced it will freeze "essentially all attorney billing rates for at least the next six months" in an effort to help clients "weather the current economic storm," according to a press release.McDermott lays off 60 attorneys, 89 staff
McDermott Will & Emery has laid off 60 lawyers and 89 staff employees, citing a slowdown in clients' business and a resulting impact on the firm. McDermott follows in the footsteps of other major law firms across the country, including Morrison & Foerster, Blank Rome and Mayer Brown, that have also cut their attorney workforces in recent months in the face of decreased client demand in certain areas, such as real estate and financial securities work.Record number of general counsel charged in 2007
THIS HAS NOT BEEN a good year to be a general counsel. In the first nine months of 2007, a record 10 GCs were charged with or pleaded to civil or criminal fraud in federal courts, most in the wake of the stock-options backdating scandal. "This is unprecedented," said David Bayless, former head of the U.S. Securities and Exchange Commission's San Francisco office and now doing white-collar defense for Covington Burling.Many GCs still fighting backdating charges
After two years during which eight general counsel ran afoul of federal regulators for alleged improper stock-options backdating, four are still fighting charges, three have settled or pleaded guilty and just one was acquitted. SEC enforcers view this as a successful effort against corporate improprieties, while the defense side says it shows the difficulty of linking corporate lawyers to accounting-related misconduct.Trending Stories
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