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WHAT WE’RE WATCHING
ELITE - Paul Weiss had a very good decade. Meghan Tribe reports that profits per equity partner jumped to more than $5.02 million, capping 10 years of financial growth for the New York firm. The 10 percent increase means the firm will remain among the very highest-ranking firms by profits per equity partner for 2018, based on preliminary Am Law 100 reporting. In 2017 only Wachtell posted equity partner profits higher than $5 million.
NEXT UP - Harvard University has named a new general counsel. Kristen Rasmussen reports that Diane Lopez, a deputy who has been in-house at the school for about 25 years, will take over the job on June 1 from Robert Iuliano, who is leaving to become president of Gettysburg College. Prior to joining Harvard, Lopez, a Columbia Law School graduate, was a commercial litigator for eight years in the New York office of O’Melveny & Myers.
DOUBLE TROUBLE - Things could get complicated for Manhattan D.A. Cyrus Vance Jr. in his efforts to prosecute Trump ex-campaign chairman Paul Manafort Jr. on several charges, including mortgage fraud. Last week, Vance made clear he was going after Manafort within moments of the former Ukrainian lobbyist’s sentencing to a total of 7.5 years in federal prison stemming from two cases related to special counsel Robert Mueller’s Russia investigation. As Colby Hamilton reports, the complication with Vance’s indictment is New York’s restrictive double jeopardy law, and experts are divided on whether the DA will run afoul of it. Meanwhile, lawmakers in Albany are inching closer to updating the law, which would smooth the way for state prosecution.
BIG OVERSEAS? There’s been a lot of activity recently in the massive Asian market when it comes to Big Law. So just how big of a presence do U.S. and Europe-based global law firms have in Asia, compared with local rivals? Our latest data snapshot from data editor Ben Hancock and ALM Intelligence analyst Nicholas Bruch takes a look at that question — and what it means for firms’ bottom lines.
WHILE YOU WERE SLEEPING
MAGICAL - Latham & Watkins has once again struck at its Magic Circle rivals by hiring Linklaters insurance partner Victoria Sander, who is set to join its London office next month. Hannah Roberts reports that Sander is a Linklaters lifer, having joined the firm in 1995. Her move is the latest in a slew of Latham hires from Magic Circle firms, including lawyers from Clifford Chance, Allen & Overy and Freshfields.
WHAT YOU SAID
“There’s much more going on behind the scenes to keep the business running than I had realized as a younger associate.”
— LEI SHEN, PARTNER AT MAYER BROWN, ON WHAT SHE’S LEARNED ABOUT HER FIRM SINCE BECOMING PARTNER.
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