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Recession's Not Over for China's Law Firms
Firms are taking a cautious approach despite signs of recovery.$2.66 Billion Deal Creates Largest Private Chip Company
In-house lawyers at Agilent Technologies Inc. have been busy assisting in a major restructuring of the company. So, naturally they called on outside help to shepherd a sale that is expected to create the largest privately held computer-chip company in the world. Simpson Thacher & Bartlett was brought on to assist Agilent in selling its semiconductor products group for $2.66 billion to private equity firms Kohlberg, Kravis, Roberts & Co. and Silver Lake Partners.Big Firms Growing -- by a Thin 1.5 Percent
The nation's 250 largest law firms continued to grow last year, but just barely. The attorney head count inched up by 1.5 percent, compared with last year's 1.6 percent -- the lowest since 1994. Even more revealing, the number of associates dipped by 3.5 percent. It was only the third time in 27 years that associate staffing dropped in consecutive years.The defendants claimed that Chinese law compelled them to form a cartel to sell vitamin C, and the Chinese government even hired Sidley Austin to support that argument. But the companies still can't escape class action litigation over the alleged price-fixing, a Brooklyn federal judge ruled Tuesday.
Ditch the Tie, Don the Dockers
The seven-day casual trend has migrated beyond the Silicon Valley law firms, which originated it. Many New York firms are finding that dispensing with suits at least some of the time does not mean dispensing with professionalism.Midsize Firm Steefel Regroups as Partners Depart
Steefel, Levitt & Weiss, a midsize San Francisco-based firm known for its real estate practice, has lost 11 partners since January 2005, including two who announced this week they're leaving for Reed Smith. But the 65-lawyer firm is working on building itself back up. "The size that I think Steefel can do a good job at is a firm of 110 to 125 lawyers," says Chairman Barry Lee. Observers say midsize regional firms like Steefel can prosper indefinitely, as long as they can retain or replace big-book partners.Trending Stories
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