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Six Firms Take Roles on Biggest Hong Kong IPOs of the Year
Slaughter and May and Freshfields Bruckhaus Deringer are among a number of international law firms to have picked up mandates on two major Hong Kong Stock Exchange listings that closed last week. China's largest pharmaceutical company, Sinopharm, raised HK$8.73 billion ($1.13 billion), while Metallurgical Corp. raised HK$18.2 billion ($2.34 billion) from the listings, which together dwarfed the initial public offering activity on the Hong Kong exchange so far this year.The Global Lawyer last examined the broad impact of Morrison v. National Australia Bank in the U.S. federal courts, and the limited prospects for state law workarounds for world-spanning securities claims. Where else in the world might global securities class actions be filed? And could an international treaty someday govern them?
New Deals: Lawyers on Major Transactions
In a deal valued at about $650 million, New York-based media conglomerate Viacom Inc., whose assets include television networks CBS, UPN, MTV and Nickelodeon, as well as the Showtime cable network, video rental powerhouse Blockbuster and publisher Simon & Schuster, announced last week that it had reached an agreement to purchase Los Angeles television station KCAL-TV from New York`s Young Broadcasting Inc. The acquisition of KCAL gives Viacom two owned and operated television stations in Los Angeles,Courtroom 'Magician' Outduels Morgan Stanley
Plaintiffs attorney Jack Scarola has fought countless courtroom wars, first as a prosecutor in highly publicized criminal trials and then as a litigator in high-profile civil cases. His exploits have produced some bitter enemies, but his admirers are lavish in their praise. One describes him as a "magician with words." Scarola's $850 million win in financier Ronald O. Perelman's civil fraud suit against Morgan Stanley last week has not motivated the 57-year-old grandfather to slow down, either.Davis Polk Leads the Pack in New York; Sullivan and Cleary Hang In There
Davis Polk & Wardwell achieved what few New York firms were able to do last year, scoring fat increases in both revenue and profits per equity partner. The firm's revenue grew by about 7 percent, the highest percentage growth among New York firms. The firm's PPP rose an astonishing 10 percent -- at least 5 percent higher than about a dozen other elite New York firms. By comparison, revenue and profits per equity partner at Sullivan & Cromwell were up 1 percent and were basically flat at Cleary Gottlieb Steen & Hamilton.How Managing Partners Manage to Survive
Being in charge of an office full of lawyers may be as close to thanklessness as a job gets. "Everybody says, 'Thank God you're doing that,'" Jonathan Hayden, head of Heller Ehrman's San Francisco office, says with a laugh. But if gratitude is measured in dollars, managing partners are taken for granted; only 22 percent of those surveyed said they're earning more than before they began their new roles. So why take the job? For a few it's a new career track; others say they're simply taking one for the team.Top Law Firms Join Forces in Landmark Detainee Case
In today's landmark Supreme Court arguments over executive power in wartime, the Bush administration is outnumbered, if not outgunned. More than three dozen briefs have been filed on the side of Guantanamo Bay detainee Salim Hamdan, many from the nation's top law firms. "The blue-chip firms are all in this case," said David Remes, the Covington & Burling partner who coordinated the amicus curiae effort. And the legal elite's nearly united front has not gone unnoticed by the administration.The ruling is as exhaustive a study of Twombly as we've ever seen. In the end, it gives both the small team of plaintiffs lawyers and the veritable defense army in the case something to cheer about.
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