Lawyers

  • News

    This Is Why You Pay Your Lawyers And Don’t Ask Questions (JP Morgan Edition)

    Ed. note: This is a weekly column by Elie Mystal, Managing Editor of Above the Law Redline, wrapping up the week that was in law and finance. Elie is not a practicing attorney, and anything he says that you listen to can and will be used against you. So we’re all having fun today with […]

    / Jan 23, 2015 at 4:46 PM
  • News

    Hedge Fund Lawyers Make Bank

    Total cash compensation for general counsels at most hedge fund managers tends to range between $500,000 and $2 million. The average total cash package for a general counsel is close to $1.1 million. There are outliers at the top end of the range, however, and I know of several GC’s earning well north of $3 […]

    / Jan 16, 2015 at 5:00 PM
  • "You know what would be a great idea?"

    News

    Quaint Little Bike Trip Setting For Birth Of Cross-Border Tax Scheme

    When you think tax inversions, think charming bed and breakfasts, vineyard picnics, freshly churned butter, photo ops in front of sheep pastures, and exchanges of e-mail addresses and promises to stay in touch among fast friends.

    / Aug 5, 2014 at 12:36 PM
  • News

    Lawyer Watch ’14: Citi, Steve Cohen

    It’s never good when you have to call the high-powered, high-hourly-rate attorneys in. And things are not good for Mike Corbat and Steve Cohen.

    / Jun 6, 2014 at 1:15 PM
  • Hedge Funds

    Local Man Doesn’t Think All Activist Investors Are Pure Evil

    Martin Lipton isn’t exactly inviting Nelson Peltz and Barry Rosenstein to dinner. But he’ll take them over Carl Icahn, Dan Loeb or Bill Ackman, opponents of clients who he dislikes as much as the former two do the latter, and vice versa.

    / Mar 31, 2014 at 4:17 PM
  • I like to think they were doing flights

    News

    Sometimes Drunk People Actually Know What They’re Talking About: Insider Trading Edition

    Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the […]

    / Feb 20, 2014 at 2:18 PM
  • jamiecasino

    News

    An Important Message You May Have Missed If You Weren’t In Savannah, GA During The Super Bowl

    Have you been indicted for insider trading? Forced to work your protected weekend? Been fired for being too good looking? Don’t waste your time with some fancy white shoe law firm representation. Instead, do yourself a favor and give this guy a call.

    / Feb 3, 2014 at 4:19 PM
  • seinfeldtheboyfriend

    News

    SAC Capital Lawyer Martin Klotz Is Earning His Keep Like Nobody’s Business

    A tendency in financial journalism, and journalism in general, really, is to write about the big names. The Lloyd Blankfeins. The Ben Bernankes. The Dick Fulds. The Steve Cohens. For readers, that means never learning about the true heroes. The men and women toiling behind the scenes. The ones doing the real and, quite often, […]

    / Jul 23, 2013 at 6:16 PM
  • deutsche-bank

    News

    Introducing His Kid To His Stripper Girlfriend(s) In Violation Of Court Order Just One Of Series Of Mistakes Deutsche Bank Adviser Made En Route To Prison

    He actually made seven of them, to be exact, and while we can’t say for sure he regrets them all (some evidence suggests he might be the type of person who’d say dating a couple strippers simultaneously was “worth it”), it’s possible he regrets *some* and certainly regrets their cumulative impact. They include: Getting involved […]

    / Jun 4, 2013 at 1:35 PM
  • stevecohen

    News

    Patricia Cohen Has New Representation

    Following yesterday’s resignation of PC’s most recent lawyer, Howard Foster, in her case against Steve Cohen, who she claims hid millions from her during their divorce 20+ years ago, the ex-wife that could has hired herself a third attorney.

    / May 14, 2013 at 6:02 PM
  • News

    Convicted Insider Trader Matthew Kluger “Shocked” To Find Out He Couldn’t Trust The Guys With Whom He Was Committing Federal Crimes

    Remember Matthew Kluger? To recap, he’s the mergers and acquisitions lawyer who spent two decades feeding inside information to convicted insider trader Garrett Bauer, that he picked up from partners at the six different law firms he worked at over the years. The operation, which included Kenneth Robinson, an old friend of Kluger who acted as the tips mule between MK and GB, went very smoothly for a very long time (17 years), and would have continued going smoothly had Robinson stuck with the plan instead of deciding to start making the same trades as Bauer, raising suspicion with SEC, which was watching the men and used “relationship analysis” to determine they were “part of the same trading scheme and had a common source: Kluger.” In March 2011, federal agents showed up to Robinson’s house and after thinking it over for a couple days, he decided to cooperate by giving prosecutors a step-by-step guide to how the scam operated, telling them Kluger’s name, and recording conversations with Kluger and Bauer in which the two said things like “I went right up to my apartment and I broke the phone in half and went to McDonald’s and put it in two different garbage cans” and “I can’t sleep. I can’t sleep. I’m waiting for the FBI to ride into my apartment” and “We have to get all the fingerprints off that money. Like you wearing gloves or something and wiping every bill down or something” and “There is no way [these cell phone conversations] could ever be recorded.”

    Robinson was ultimately sentenced to 27 months in prison, Bauer got nine years (despite his 147 speeches about how insider trading is a bad idea on the college lecture), and Kluger was handed 12 years, beating Raj Rajaratnam for “the longest insider trading U.S. history.”

    Recently, Kluger sat down with Bloomberg to offer a few more specifics re: how the scheme went down (“Sometimes it was a deal I was working on, sometimes it was a deal I heard being discussed in the office”; “I would call Ken and say ‘X/Y/Z company is considering a takeover of Q company”) but what he really wants to talk about? What was the biggest surprise and hardest punch to the gut in all of this? Is what it was like finding out that his buddies were stiffing him on cuts of their ill-gotten gains.

    “On the day I was arrested, when they showed me the criminal complaint against me, finally that day, I saw the amounts that had been traded and I was absolutely shocked. Our agreement from the beginning was always that that profits were being shared equally three ways. I felt very used and manipulated, that he was basically pumping me for information, that he was then lying to me about how he was using and then allowing his obviously better friend to make millions and millions of dollars while telling me that that was not happening.

    “Maybe you want to laugh and say of course there’s no honor among thieves,” Kluger added. “But even when you’re doing something you’re not supposed to do, I trusted that they were honoring the commitments that they had made.”

    You can imagine Kluge’s utter dismay to find out that such was not the case. It’s one thing to get nailed for insider trading, it’s another to find out you could’ve been making 10 times the profits while doing so.

    / Jul 31, 2012 at 1:11 PM
  • News

    Convicted Ponzi Guru Scott Rothstein Wasn’t Worried About Whores, Hotboxing Derailing His Scam

    Not sure how many people here know this, but there’s an old saying that when one is running on Ponzi scheme, one needs total focus. It’s a lot of work defrauding investors and while some activities by your staff are tolerable (smoking weed in every corner of the office, as well as the parking garage […]

    / Jan 3, 2012 at 7:26 PM
  • News

    Find Yourself On The Wrong Side Of The SEC? We Suggest You Dial This Guy

    As some of you may recall, back in June we informally crowned Raj Rajaratnam’s attorney John Dowd lawyer of the year. Dowd responded to what he deemed an unfair article in the Wall Street Journal by telling the reporter “This is the worst piece of whoring journalism I have read in a long time,” asking […]

    / Dec 13, 2011 at 1:38 PM
  • News

    Market Apparently Shocked To Find Out Goldman Sachs CEO Takes Investigations Seriously, Hires Best Lawyers Money Can Buy

    Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter…The move to retain Weingarten comes as investigations of Goldman and its role in the 2007-2009 financial crisis continue. The Securities and Exchange […]

    / Aug 22, 2011 at 3:51 PM
  • News

    Which One Of You Is Gonna Pass A Stone During The December CFA And Still Finish The Exam?

    In a few short weeks, many financial services employees will begin the soul-crushing, life-sucking process of studying for Level I CFA exam given in December. So you that you don’t look back and realize you wasted 4+ months of your time on earth, most of you are probably hoping to pass. And sure, that’s a […]

    / Jul 29, 2011 at 1:44 PM
  • News

    Plaintiffs’ Lawyer Tax on M&A Is Now Progressive

    Everyone knows that a public company merger is a feeding frenzy for service providers. When you’re writing a multi-billion dollar check for a transformative acquisition, you’re not so worried about a million in fees here and there. So bankers make a lot, lawyers make a bit less, and printers and accountants and proxy solicitors and […]

    / Jul 19, 2011 at 4:28 PM
  • News

    What Do Wall Street And The Connecticut Man Who Had His Way With A Horse Have In Common?

    First off, you remember the Connecticut man who fisted a horse, yes? For those who fail to recall, last fall, Shelton resident Marian Wegiel was accused of forcing himself on a horse, having been found with “much of his arm inside the animal’s vagina.”

    / Feb 17, 2011 at 3:06 PM
  • News

    JPMorgan Hires Lawyer To Co-Head M&A

    James Woolery, a partner at Cravath, has been named co-head of North American mergers and acquisitions, alongside Chris Ventresca. [Bloomberg]

    / Jan 20, 2011 at 4:30 PM
  • News

    Goldman Sachs Less Than Enthused By Stephen Colbert’s Threat On Partner

    On Monday night, Stephen Colbert announced that after one of his writer’s had found a lost credit card belonging to Goldman Sachs partner Buckley T. Ratchford, he would be giving out one number per show each day that BTR failed to appear on the Colbert Report to talk Wall Street bonuses. Though Buck presumably had […]

    / Dec 15, 2010 at 12:44 PM
  • News

    Layoffs Watch ’10-’11: Capitalize On The Millions Of People Who’ve Always Wanted To See A Wall Streeter Scrub A Toilet

    Earlier this week, Meredith Whitney forecast that Wall Street firms will cut 80,000 jobs in the next 18 months. Naturally we hope the Dollar Dominatrix is off in her prognostication but in the event she’s seeing the ball on this one, it’s important to think about what you might do in the event you are […]

    / Sep 9, 2010 at 5:15 PM
  • News

    Patricia Cohen Suffers Setback In Quest To Take Over SAC Capital

    A few months back Patricia Cohen, ex-wife of Steve, dropped the lawyer who initially helped her file a suit against the SAC founder, claiming he hid marital assets, had engaged in insider trading, and yada yada yada. Then in April, she filed a newer, even bolder suit. Previously, Patricia had requested around $300 million from […]

    / Jun 7, 2010 at 12:01 PM
  • News

    Paul Batista Claims Patricia Cohen Left In The Middle Of The Night And Didn’t Even Have The Bedside Manner To Say Good-Bye

    On Monday it was announced that Steve Cohen’s ex-wife, Patricia Cohen, had switched attorneys, from Paul Batista, a prominent RICO specialist, to Gaytri Kachroo, who is not a litigator. Supposedly the ex-Mrs. SAC did so because she felt her case “wasn’t getting the attention it deserved.” Apparently this came as a surprise to Batista, who, […]

    / Jan 6, 2010 at 8:10 AM
  • News

    Ex-Mrs. SAC Fires Attorney, Hires Unqualified New One

    I’m totally kidding? Just busting your hump? Who am I to know? But getting serious for two, Patricia Cohen has indeed fired her lawyer, Paul Batista, a prominent RICO attorney, and hired Gaytri Kachroo, who is not a litigator. Apparently Pat didn’t think her case was getting “the attention it required,” presumably as it related […]

    / Jan 4, 2010 at 11:35 AM
  • News

    Reconsider That Law Degree

    Not everyone is feeling the pain. Consider the folks who now bill out at GBP 1,000 per hour, for instance: U.K. regulatory lawyers advising clients on the financial crisis and scandals like those involving Bernard Madoff bill as much as 1,000 pounds ($1,440) an hour — 50 percent more than mergers-and-acquisition lawyers did during a […]

    / Mar 23, 2009 at 12:23 PM
  • News

    People Moves: Anyone Need A Lawyer?

    Supposedly, the lawyer who “mistakenly” included the clause about JPMorgan being responsible for Bear’s losses regardless of whether or not the deal goes through is “no longer with the firm,” as of this morning. For the life of me, I can’t imagine why. Personally, we feel he injected a much needed dose of comic relief […]

    / May 14, 2008 at 1:56 PM
  • News

    “But You’re Not On The List”

    Chairman Clifford T. Phillips III: Ok I’d like to call this hearing to order. The witnesses have been sworn and I’d like to get started right away since we have limited time. Our pension system in this state is in crisis. As members of this committee may know we have made great strides in providing […]

    / Apr 17, 2008 at 3:50 PM
  • News

    And Please, Be Specific

    Over at our sibling site Above the Law, editor David Lat wonders, “Is the difference between a banker and a lawyer access to orifices?” based on the assertion by dominatrix Mistress Victoria X that “finance guys usually want things in their asses,” whereas lawyers do not. This got me wondering:

    / Mar 27, 2008 at 4:01 PM
  • Carl Icahn

    Carl Icahn: Failed Blogger?

    Finally, someone has gotten to the bottom of the most pressing question of our age: why isn’t Carl Icahn blogging? Last month he announced that he was starting a blog at The Icahn Report. But so far it’s been a disapointment. There are no posts and repeated trips to the blog reveal just a dour […]

    / Mar 6, 2008 at 11:12 AM

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