The U.S. Environmental Protection Agency has suspended BP PLC from future government contracts, citing its “lack of business integrity” as demonstrated by the Deepwater Horizon disaster. BP must provide “sufficient evidence to EPA demonstrating that it meets Federal business standards” before it can win future contracts.
Cravath, Swaine & Moore announced that it would boost associate bonuses by 33 percent this year. First-year associates at the New York-based firm will receive $10,000 each and seventh-year associates $50,000. A number of New York-based firms said they would follow suit.
Partners at Fraser Milner Casgrain, Salans and SNR Denton have approved a three-way merger that would create Dentons, a 2,500-lawyer global law firm boasting one of the world’s largest energy practices. SNR Denton chairman Joe Andrew told Legal Week the new firm would rank among the “most multi-cultural” in the world.
A state task force has recommended adding Pennsylvania attorneys to the list of professions mandated to report suspected child abuse — “but only to the extent that such communications are protected under the rules of professional conduct for attorneys.” The panel was created following the Jerry Sandusky and Archdiocese of Philadelphia priest sex-abuse scandals.
CHANGE AT SEC
Mary Schapiro, chairwoman of the U.S. Securities and Exchange Commission, announced plans to leave the agency on December 14. She piloted the SEC through the financial crisis and the Bernie Madoff prosecution, but drew criticism for not doing more to hold Wall Street responsible for the financial crisis.
LEGAL MARKETING PIONEER
Jay Jaffe, founder and chief executive officer of a public relations firm that pioneered law industry marketing, has died at 68. He founded Washington-based Jaffe Associates Inc. following the U.S. Supreme Court’s 1977 Bates v. State Bar of Arizona ruling, which allowed law firms to market their services.
DEWEY PROFFERS PLAN
Six months after seeking bankruptcy protection amid the largest law firm collapse in U.S. history, Dewey & LeBoeuf finalized a plan designed to repay creditors a portion of more than $600 million in debt while liquidating the remnants of what was until earlier this year a 1,300-lawyer enterprise. The plan must yet win approval from the court and the firm’s creditors.
Approximately 8,000 fewer first-year law students showed up nationwide this year compared with two years ago, when law school enrollment reached an all-time high, according to the American Bar Association. This year’s numbers represent a 15 percent decline since then and a 9 percent decline since last year.
New York Attorney General Eric Schneiderman sent letters asking at least 75 nonprofit groups to disclose their fund-raising and relief efforts for Hurricane Sandy victims. He plans to report the information online to improve transparency and donor confidence.