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No. 1 Task for Shearman Leader: Keeping the Firm in the Top Tier
With its illustrious history and posh name, Shearman & Sterling strikes many as the epitome of the patrician, white-shoe New York law firm. But the past few years have seen the 1,013-lawyer firm's image tarnished by associate layoffs, partner departures and signs of internal dissent, all capped by a profitability gap between Shearman and its erstwhile peers. Now the firm may be enjoying a fresh start, due partly to firm leader Rohan Weerasinghe and a 22 percent jump in profits per partner.A failed CDO transaction led to a $745 million lawsuit by UBS against Highland Capital Management. On Thursday Highland succeeded in getting one indemnity claim thrown out on appeal, leaving two remaining counts.
Creditors counsel from Brown Rudnick were set for a hearing to challenge the Lyondell estate's $300 million settlement of the creditors' fraudulent conveyance case against the banks that financed the company's 2007 LBO. Instead, they can congratulate themselves for adding $150 million to the creditors' kitty.
Four of 15 Associates Dismissed by Lord Bissell's Atlanta Office
Chicago-based Lord, Bissell & Brook has asked four of its 15 Atlanta associates to leave the firm. All had nonpartnership arrangements that the firm says didn't work well.Trending Stories
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