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Clifford Chance's Revenues Fall in the Americas
It's been a tumultuous fiscal year for Clifford Chance, and the extent of the firm's financial troubles is clearer now with the release of its second annual report. Clifford Chance saw gross revenues fall by 5 percent, lost its status as the world's largest law firm by revenues -- a distinction that now goes to Linklaters -- and saw profits drop by a massive 37 percent. The new report shows the firm's revenues in New York, Sao Paulo and Washington D.C. slipped from $344.3 million to $265.19 million.Private Equity Helps Fuel IP Wars
Like hungry wolves roving through the financial forest, private equity and hedge funds are always looking for fresh meat, or rather, new investment opportunities. Over the last few months, they've been feasting on patents, say attorneys working in the field. And already, the involvement of these investment vehicles in the IP sphere has fueled arguments in patent litigation.Malpractice Suit Ruled Not 'Core' to Chapter 11
The former partners of defunct New York law firm Hall Dickler are facing a legal malpractice suit for failing to advise a company to file for bankruptcy earlier than it did. John R. Sachs of Epstein, Becker & Green, who represents the Hall Dickler defendants, said the case could allow a federal court to consider the question of whether lawyers can be held liable for advising on transactions that worsen a bankruptcy situation.It's been a banner week for the N.Y. AG's probe of conflicts in public pension fund investments--and for the two women leading the office's investigation.
Lawyers Giving Bush and Kerry Campaigns Cash at Record Pace
pressure to raise enormous sums for the presidential campaign is on, and lawyers are delivering. Law firms and individual attorneys have poured nearly $17 million into presidential campaigns within the last year, putting them on target to increase the amount they gave in the 2000 presidential election by more than half. Between January 2003 and March of this year, lawyers nationwide have donated $8.8 million to Bush and $7.9 million to Sen. John Kerry.National Law Journal Pro Bono Awards
Every year at this time, The NLJ bestows its Pro Bono Awards on lawyers doing exemplary work upholding the principle that justice shouldn't be contingent on one's ability to pay. We looked for firms that contributed substantial time and money to the cause and gave bonus points if the lawyers risked opprobrium by standing up for unpopular people and causes. After sifting through dozens of top-notch entries, here are the firms honored this year.In a desperate ploy last March, Ambac spun off policies on subprime mortgage-backed securities, relinquishing control of them to the Wisconsin insurance commissioner. He's asking a state judge to approve a plan that pays policyholders 25 cents on the dollar. But a raft of big-firm lawyers is standing in the way.
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