Law Firm News

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Law Firm News

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Cleary, Gottlieb, Steen & Hamilton, L.L.P.

Janus in $750 Million Debt Offering
Cleary Gottlieb advised the underwriters, led by joint bookrunners Citi and Merrill Lynch & Co., in a $750 million public debt offering by Janus Capital Group which closed on June 14. Janus issued the notes off of a new automatic shelf registration statement in two tranches of $300 million 6.250% notes due 2012 and $450 million 6.700% notes due 2017.

In response to investor demand, Janus agreed to include an interest rate adjustment mechanism in the terms of the notes so that the interest rate payable on the notes will be subject to adjustments from time to time if either Moody's or S&P downgrades (or subsequently upgrades) the debt rating assigned to the notes. Janus also added a similar provision to its outstanding notes in order to treat the holders of those notes equally.

06-14-2007

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Morrison & Foerster, LLP

Morgan Lewis Launches New 2007 Hedge Fund Deskbook
Morgan Lewis is pleased to announce the launch of the new edition of the 2007 Hedge Fund Deskbook. This edition is designed as a convenient reference both for hedge fund managers in the process of organizing new funds and for those who have occasional questions arising from the operation of their existing funds. The articles cover a broad range of topics that highlight our experience, including formation, litigation and enforcement defense, regulation, marketing, compliance, and other issues of interest to the hedge fund industry. Since hedge funds and hedge fund managers are anything but uniform in structure and strategy, we offer this Deskbook for general reference.

06-14-2007

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Gide, Loyrette & Nouel, PC

Gide Loyrette Nouel Shanghai advised the Italo-German KME Group S.p.A., one of the largest manufacturers of copper and copper alloy products, on three simultaneous acquisitions in China:
The transaction involved the acquisition by KME of 40% of the equity interest held by its Chinese partner in two equity joint ventures, as well as the acquisition of 70% of the equity interest in a local company to be transformed into a new joint venture. The Firm assisted KME on all aspects of the transaction including structuring options, legal due diligence and drafting of project documents.

This transaction was completed in accordance with a previous agreement entered into between the parties two years ago. Gide Loyrette Nouel had already advised KME in connection with this initial transaction.

The Gide Loyrette Nouel Shanghai legal team representing KME included David Boitout, partner, and Bruno Grangier, senior associate.

06-14-2007

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Irell & Manella LLP

Morgan Chu Receives UCLA Medal
The Chancellor of UCLA bestowed UCLA's highest honor, the UCLA Medal, on our friend and colleague Morgan Chu. Mr. Chu's UCLA Medal is engraved with the Chancellor's words:

"You are a champion of fair enterprise, and one of the most innovative litigators of our time. With a ground breaking approach to intellectual property litigation and information technology law, you have consistently prevailed in the courtroom while remaining a paragon of ethical standards and a model of collegiality. As a mentor, you have generously inspired those who would follow your path; as a founder of the Asian American Studies Center, you gave life to an institution that is vital to the UCLA experience. For your unfailing integrity, your extraordinary record of legal practice and your stalwart support of UCLA, we proudly bestow upon you the UCLA Medal."

06-14-2007

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Patton Boggs LLP

THE VAULT RANKS PATTON BOGGS TOP QUALITY OF LIFE – PRO BONO FIRM FOR SECOND CONSECUTIVE YEAR
Patton Boggs LLP is pleased to announce that the firm has again been honored as the number one Quality of Life - Pro Bono firm in the United States by the prestigious employment information web site, The Vault. Patton Boggs has now received the top ranking for two consecutive years. The Vault listing is based on associate surveys ranking quality of life in numerous categories. The Vault cited Patton Boggs’ pro bono committee and 100-hour requirement for both partners and associates as being key factors in the firm’s rise to the top.

The firm’s Pro Bono Committee is co-chaired by Washington, D.C. partner Denise Vanison and Dallas partner Michael Forshey.

“Once again Denise Vanison and Mike Forshey have done a tremendous job leading our firm’s efforts. Their tireless devotion and enthusiasm have further spurred our firm’s commitment to continue offering worthwhile legal services to those in need. They, along with all of our attorneys and staff who have dedicated their time and efforts to the representation of our pro bono clients, truly deserve this recognition,” said Stuart Pape, Managing Partner.

The firm continues to focus its pro bono efforts on a wide range of needs, including efforts to support children and youth advocacy and education, offering health and financial services to people in the developing world, moving toward fostering peace in the Middle East by supporting non-profit groups, assisting battered women shelters, and collecting clothing, food, and toys during the holiday season.

06-14-2007

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Levenfeld Pearlstein, LLC

Levenfeld Pearlstein’s Real Estate Practice Named Number One in Midwest by Midwest Real Estate News
The law firm of Levenfeld Pearlstein LLC is pleased to announce that its Real Estate & Finance Practice Group has been named as “the number one real estate practice in the Midwest” for 2007 by Midwest Real Estate News magazine. The ranking was announced in the publication’s May “Best of the Best” issue. Midwest Real Estate News is the region’s premier commercial real estate magazine, distributed to more than 18,000 commercial real estate professionals across the Midwest each month.

Levenfeld Pearlstein’s Real Estate & Finance Practice Group ranked first in the survey, which polled more than 300 firms on the number of real estate transactions each firm had completed in the last year, as well as their related dollar values. Levenfeld Pearlstein completed 1,077 transactions in 2006, with 176 of those deals valued at more than $15 million each.

“We are honored to be ranked as the Midwest’s number one ranked real estate practice,” said Brian Kozminski, head of Levenfeld Pearlstein’s Real Estate & Finance Practice Group. “Our partners are dedicated to providing the highest levels of client service on every transaction, and to be recognized in this manner is very gratifying.”

Levenfeld Pearlstein’s Real Estate & Finance Practice Group provides clients with a broad range of legal proficiency, experience and practical knowledge in all facets of commercial real estate transactions. It represents a wide range of clients throughout the United States who are involved in development, construction, investment, debt and equity financing, leasing and specialized tax and ownership structuring of industrial facilities, hotels, golf courses, manufactured housing communities, retail shopping centers, complex condominium projects, and multifamily housing (rental and for-sale).

Earlier this year, Levenfeld Pearlstein served as legal counsel to Waterton Associates LLC, a Chicago-based real estate investment and advisory firm, and its affiliates, on their acquisition of Presidential Towers. The acquisition is believed to be one of the largest single-property real estate transactions in Chicago history.

06-14-2007

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Hagens, Berman, Sobol & Shapiro, L.L.P.

Superb Attorney Leads Charge Against Lawyer-Rating Web site Avvo.com
An attorney rated by lawyer-rating Web site Avvo.com as one of the best in the profession today filed a proposed nationwide class-action lawsuit on behalf of other attorneys claiming that the site is unfair and highly deceptive.

Steve W. Berman, the managing partner of Hagens Berman Sobol Shapiro, filed the suit in U.S. District Court in Seattle, alleging that the site launched by the creator of the successful travel Web site Expedia (NASDAQ:EXPE) violates unfair methods of competition and deceptive acts in the conduct of commerce as stated in the Washington Consumer Protection Act.

"When the site launched, they had a very slick media campaign that led consumers to believe the site would give them accurate and insightful information about attorneys," Berman said. "In reality, we believe the site's rating methodology is prone to error and wide open to manipulation."

Avvo, which launched on June 5, 2007, touts itself as a resource for consumers looking to hire an attorney by grading attorneys from one to 10 using a mathematical model based on multiple - but undisclosed -- sources of information. A low score indicates that an attorney should be approached with "extreme caution" while higher ratings denote "good" to "superb" performance.

According to Berman, the site's rating methodology is flawed, citing examples ranging from profound to comical.

According to the complaint, Bellevue attorney Enrico Salvatore Leo listed an award he earned in 2006 for his athletic prowess in playing recreational softball. His score immediately jumped despite the fact that the achievement had nothing to do with his practice. Before removing the listing, he added a second softball award which caused his score to again increase.

"The bottom line is the Avvo rating isn't a true representation of one's ability to practice law and deliver positive results to their client - it dupes consumers into thinking the site is an accurate reflection of an attorney's ability," said Berman.

The complaint also cites rating trends involving Avvo insiders. While the site claims to be an unbiased system Deborah Rhodes, an Avvo board member and Stanford ethics professor scored a perfect 10, while the dean of the Stanford law school scored significantly lower, the suit states.

I think it is highly dangerous to have a consumer making important choices based on a jack-legged system that puts as much emphasis on a softball award or the attorney's relationship with Avvo's CEO as it does legal prowess," Berman added. "Consumers deserve more than to be manipulated and misguided by a site claiming to be working in their interests."

In perhaps the most stunning contrast, the complaint notes that U.S. Supreme Court Justice Ruth Bader Ginsburg and Samuel Alito each received three out of five stars for trustworthiness when the site launched, awarding them a 6.5 or "Good" rating, while giving Lynne Stewart the exact same rating. Stewart is currently serving a prison term for conspiracy to defraud the government, the suit contends.

"This sort of casual rating system might work for finding a restaurant or tire store, but when a person needs to find an attorney to handle a life-defining crisis, we think this system is wholly inadequate," Berman noted.

Berman received a 9.2 rating, characterized as "superb" on the site's rating system, one of the highest ratings for his practice area of securities fraud, class action and anti-trust law.

"We are all interested to see if my rating 9.2 will drop once they are served with this lawsuit," Berman noted.

Currently the Avvo site rates attorneys in Washington, California, New York, Illinois, Georgia, Pennsylvania, Ohio, Arizona, Texas and the District of Columbia.

"We have heard from attorneys across the country also concerned that consumers are being misled," Berman said.

The suit claims that Avvo violates Washington's Consumer Protection Act, stating the site is deceptive in its ratings and that it provides consumers with biased, subjective and unreliable information.

06-14-2007

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