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How a Global 100 Firm Became a Profit Powerhouse
Organizationally speaking, Slaughter and May is a dinosaur, with lockstep compensation and consolidated foreign offices. But had the Tyrannosaurus rex thrived like Slaughter, it might have lasted a few more million years. According to the Am Law Global 100 survey, Slaughter is one of the 10 most profitable firms in the world, topping its U.K. competitors and trailing only the highest-earning Wall Street players. Two reasons for its success: a focus on high-end mergers and a network of independent firms.Lodsys's infringement claims against app developers and other companies have won it plenty of attention--maybe more than the patent holding company bargained for.
Pro Bono Training For New Associates
Nearly 200 new associates learned how to handle volunteer legal work at the first annual Pro Bono Day hosted by the New York City bar association. "The idea is you have to start pro bono work fairly early on in your career before you lose track of it in all the billable work," said one associate at the event.Hostile Bids Take Over Canadian Companies
Since mid-2005, there have been a slew of hostile bids for and by Canadian companies. And in contrast to the United States, in Canada such uninvited offers generally succeed. American hostile bids often languish under shareholder rights plans and seemingly endless litigation. It seems that Canadians are much more, well, friendly to hostile bidders. While M&A experts predict that the Canadian hostile trend will continue, it's possible that takeovers might not be so easy in the future.The lawyers arguing before the Supreme Court in Travelers Indemnity v. Bailey, which could have huge repercussions in the tort system, encountered a hot bench.
SEC Clarifies Exemptions to Short-Swing Profit Recovery
A Delaware federal court recently held that two amended SEC rules clarifying important exemptions to the short-swing profit recovery provisions of �16(b) of the Securities Exchange Act of 1934 are entitled to deference and should be applied retroactively. These clarifications and their subsequent application by a Delaware district court should come as welcome news to directors and officers of companies with a registered class of securities, says attorney Joseph M. McLaughlin.It's quite remarkable, really. A $300 billion market imploded, but plaintiffs firms can't figure out how to bring a viable suit. This time, a New York judge concluded their class action was a securities case in antitrust clothing.
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