Letter from Manhattan – The $6.4m question

Letter from Manhattan – The $6.4m question

‘Not everybody gets corrupted. You have to have a little faith in people.’ The parting shot from Woody Allen’s iconic 1979 film Manhattan resonates among the Wall Street elite lamenting the increasing lure of megabucks within even the most clubby of partnerships. In a legal community renowned for its glacial pace of change, New York …

US worst hit as Cadwalader becomes latest firm to respond to Covid-19 with pay cuts

US worst hit as Cadwalader becomes latest firm to respond to Covid-19 with pay cuts

Cadwalader, Wickersham & Taft has become the latest firm to take drastic financial measures as the Covid-19 pandemic reaches new heights – suspending partner pay and cutting salaries elsewhere.  The move comes as the number of confirmed cases of the virus in the US soared to nearly 200,000 today (1 April) and the number of …

A&O takes coronavirus threat to task with raft of belt-tightening measures

A&O takes coronavirus threat to task with raft of belt-tightening measures

 Allen & Overy has pre-empted a likely financial hit from the coronavirus crisis with a host of measures, including altering profit distribution to partners, increasing partner capital levels and freezing some investments and recruitment.  The firm confirmed today (31 March) what it described as ‘prudent management measures’ as part of its ‘ongoing scenario planning’ as the …

Ashurst launches consulting arm to handle Covid-19 demand with Deloitte partner hire

Ashurst launches consulting arm to handle Covid-19 demand with Deloitte partner hire

Ashurst has launched a consulting business with the hire of a senior Deloitte partner in Australia to deal with growing client demand amid the coronavirus pandemic. The firm said today (31 March) it had hired Philip Hardy, a partner at the Big Four consultancy since 2008 and head of its Australian governance, regulation and conduct …

A&O defies coronavirus turbulence to lure back New York litigation partner

A&O defies coronavirus turbulence to lure back New York litigation partner

 Allen & Overy has not let market turmoil wrought by the Covid-19 pandemic get in the way of its US recruitment ambitions, having re-hired IP litigation partner Paul Keller from Norton Rose Fulbright in New York.  The move, announced today (30 March), comes as part of its strategy to accelerate investment into its US business …

The domino effect – restructuring counsel brace for deluge as Covid-19 means no more business as usual

The domino effect – restructuring counsel brace for deluge as Covid-19 means no more business as usual

‘Even two weeks ago no-one predicted such a catastrophic impact from the coronavirus. Things have turned very quickly.’ This City restructuring partner’s words carry some irony, given that the restructuring and insolvency community has for years waited in vain for a sequel to the global financial crisis of 2008/09. However, the trigger event in this …

A&O bullish on US investment drive with hire of federal enforcement firepower in DC

A&O bullish on US investment drive with hire of federal enforcement firepower in DC

Allen & Overy  has again thrown itself behind its strategy to accelerate investment in its US business after fruitless merger talks with O’Melveny & Myers, having hired a pair of federal enforcement partners from Orrick Herrington & Sutcliffe in Washington DC.  The addition of Billy Jacobson and Jonathan Lopez, both veterans of the fraud section …