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Lessons From a Large-Firm Partner Who Set Up His Own Shop
Many partners in large firms dream of chucking it all and setting up their own practice. However, many also fear that they need their firm's name recognition and resources. Mark Zimmett took the plunge more than 15 years ago, leaving Shearman & Sterling to hang his own shingle in New York. And he's lived to tell his tale. Zimmett says that with today's advances in legal technology and his donning of many hats, his four-attorney firm is able to take on the cases many associate with big firms.Vulture funds seeking to collect more than $550 million in bond default judgments against the Republic of Argentina are closer than ever to sinking their talons into frozen Argentine pension assets. In a 40-page opinion, Manhattan federal district court judge Thomas Griesa ruled last week that funds held in the U.S. for Argentine pensioners can be used to satisfy the vulture funds' previously-obtained judgment against the country.
U.S. Firms in London Say They're More Merger-Minded
Legal Week's annual survey of U.S. firms in London reveals that 47 percent of respondents would consider a merger with a U.K. firm, up from 39 percent last year and just 29 percent in 2005. The trend may signal that firms realize how hard it is to grow organically in the London legal market, which by some measures is now the most costly in which to operate worldwide. Putting additional pressure on U.S. firms: the weak dollar and the related disadvantage in attracting heavy-hitting London partners.For the second time in less than a week, a Delaware Chancery Court judge had harsh words for a CEO seeking to sell his company in a multibillion-dollar deal, but stopped short of blocking the proposed sale.
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