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N.Y. Court of Appeals Finds Promissory Notes Meet UCC's Securities Test
Venturing into territory where it called the case law "sparse," a divided New York Court of Appeals ruled Tuesday that "subordinated" promissory notes are securities under the meaning of the state Uniform Commercial Code. The question is at the center of a federal breach-of-contract case, and the 2nd Circuit panel reviewing the case had tentatively come to the same conclusion, but had asked the state Court of Appeals to settle the matter.King & Spalding Ups Ante to Match Alston's Pay for First-Years
King & Spalding matched Alston & Bird's $15,000 increase in associate starting pay late Aug. 1 - but made no mention of pay increases for senior classes of associates.Morrison & Foerster Chair Plans Move to New York
Atlanta Won't Follow $40K Bonuses for N.Y. First-Years
Year-end bonuses at New York law firms are peaking at $40,000 for first-year associates, but don't expect a similar trend in Georgia. One managing partner of an Atlanta firm says he is surprised by the high bonuses in New York this year. "I honestly don't know why they're doing this when you consider that dot-coms started this . . . and that the dot-com industry is now in trouble."Wal-Mart Demands Diversity in Law Firms
Law firms that pack their lower ranks with minorities and women while leaving white men in charge may soon find the nation's biggest retailer a tough customer. Wal-Mart has told its top 100 law firms that at least one person of color and one woman must be among the top five relationship attorneys handling its business. Wal-Mart's new policy, which echoes statements made by top lawyers at other major companies, signals a growing determination by corporate legal departments to pressure outside counsel.Giuliani's Firm to Get $400,000 a Month for Work on Delta Bankruptcy
Delta Air Lines has paid a consulting firm of former New York City Mayor Rudolph Giuliani $2.4 million and expects to pay it another $400,000 per month for advice on its Chapter 11 proceedings. The bills were disclosed in the airline's court filings. Law firms that Delta has retained in connection with the bankruptcy include Davis Polk & Wardwell; Stroock & Stroock & Lavan; Gibson, Dunn & Crutcher; Debevoise & Plimpton; Paul, Hastings, Janofsky & Walker; and Hogan & Hartson, according to the filings.Kilpatrick Stockton: $100,000 Plus $5K Bonus, 20 Percent Incentive
Another major Atlanta firm has boosted its first-year associate salary to six-figures. Kilpatrick Stockton announced Monday that it will pay newly minted lawyers in its Atlanta and Washington offices $100,000. Lawyer salaries in the firm's three North Carolina offices will start at $85,000, while the firm's Augusta salaries start at $75,000.Trending Stories
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