Cravath, Swaine & Moore

A trio of US law firms have won roles on Xerox’s $6.4bn (4bn) purchase of business process outsourcing company Affiliated Computer Services (ACS). The deal, announced today (28 September), will see the US photocopier giant purchase ACS, handing roles to Cravath Swaine & Moore, Simpson Thacher & Bartlett and Ropes & Gray.

Seven elite US law firms have come together to lobby the Securities and Exchange Commission (SEC) on how the agency should implement a proposal to allow shareholders to nominate company directors. Lawyers involved in drafting the letter acknowledge it was rare for one letter to come from all the firms, which included Cravath Swaine & Moore, Sullivan & Cromwell and Wachtell Lipton Rosen & Katz. At least four of the firms also sent separate letters addressing concerns with the policy direction the SEC is taking.

Cravath Swaine & Moore and Skadden Arps Slate Meagher & Flom have kicked off the New York bonus round with Cravath confirming that its bonuses are set to halve this year. Both firms have also scrapped the special ‘one-off’ bonus brought in during last year’s boom. The decision means associates at Cravath will receive a bonus of between $17,500 (11,700) and $30,000 (20,000) depending on their year of graduation, compared with a range of between $35,000 (23,400) and $60,000 (40,100) last year. On top of this, the firm last year paid out a special bonus of between $10,000 and $50,000 (6,700 and 33,500).

Simpson Thacher & Bartlett has announced that it is to halve its year-end associate bonuses, following similar moves by other elite US law firms. The bonuses, which range from a pro-rated $17,500 (11,600) for first-year associates to $32,500 (21,500) for eighth and ninth-years, broadly match the reduced rates announced on Thursday (20 November) by Cravath Swaine & Moore.”The numbers are essentially half of last year’s,” says Simpson Thacher chairman Philip Ruegger. The staff memo, sent out on Monday (24 November) cited “the current challenging business environment” as the reason for the cuts.

Morgan Stanley and News Corporation have both confirmed the appointment of new top in-house lawyers. At Morgan Stanley, Eric Grossman is being promoted to succeed Francis Barron as the company’s next chief legal officer. Barron, whose retirement was announced earlier this week, joined the financial services giant in July 2010 after 32 years at Cravath Swaine & Moore…

Hewlett Packard (HP) has put together a new global legal panel, with US law firms featuring heavily among those selected to advise the company over the next three years. Baker & McKenzie, Gibson Dunn & Crutcher, Cleary Gottlieb Steen & Hamilton and Cravath Swaine & Moore are among the firms to have been appointed to the roster alongside magic circle representative Freshfields Bruckhaus Deringer. The firms will provide international advice to the technology giant, which has operations in 
170 jurisdictions.

Cravath Swaine & Moore and Sidley Austin have taken the lead corporate roles on a multibillion dollar US acquisition by consumer products group Unilever. The acquisition sees Unilever acquire hair care rival Alberto Culver – owner of brands such as V05, St. Ives and TRESemme – in a $3.7bn (2.3bn) deal, adding to the Anglo-Dutch group’s portfolio of hair care brands such as Dove and Sunsilk.

Hewlett Packard (HP) has put together a new global legal panel, with US law firms featuring heavily among those selected to advise the company over the next three years. Baker & McKenzie, Gibson Dunn & Crutcher, Cleary Gottlieb Steen & Hamilton and Cravath Swaine & Moore are among the firms to have been appointed to the roster alongside magic circle representative Freshfields Bruckhaus Deringer. The firms will provide international advice to the technology giant, which has operations in 
170 jurisdictions.

Davis Polk & Wardwell has become the latest firm to announce US associate bonuses, with the firm opting to match rates first set by Wall Street rival Cravath Swaine & Moore last month, writes The Am Law Daily. Like Cravath, Davis Polk’s bonus scale starts at $7,500 (4,800) for those in the class of 2010 and increases incrementally to $37,500 (24,200) for the class of 2004, according to an announcement sent out to the firm’s associates on Monday (12 December).

Hewlett Packard (HP) has put together a new global legal panel, with US law firms featuring heavily among those selected to advise the company over the next three years. Baker & McKenzie, Gibson Dunn & Crutcher, Cleary Gottlieb Steen & Hamilton and Cravath Swaine & Moore are among the firms to have been appointed to the roster alongside magic circle representative Freshfields Bruckhaus Deringer. The firms will provide international advice to the technology giant, which has operations in 
170 jurisdictions.

Linklaters and Latham & Watkins have taken lead roles on department store group House of Fraser’s 250m bond issue. The issuance, part of an effort by the company to refinance debt taken on when it was taken private in 2006, saw Linklaters take the lead role for House of Fraser. The magic circle firm’s team was led by high yield partner Mark Hageman, who joined last year from US firm Cravath Swaine & Moore.

Seven elite US law firms have come together to lobby the Securities and Exchange Commission (SEC) on how the agency should implement a proposal to allow shareholders to nominate company directors. Lawyers involved in drafting the letter acknowledge it was rare for one letter to come from all the firms, which included Cravath Swaine & Moore, Sullivan & Cromwell and Wachtell Lipton Rosen & Katz. At least four of the firms also sent separate letters addressing concerns with the policy direction the SEC is taking.

Skadden Arps Slate Meagher & Flom has matched the associate bonus rates announced this week by Cravath Swaine & Moore, reports The Am Law Daily. The US firm will this year hand out bonuses ranging from $7,500 (4,800) for first-year associates to $35,000 (22,000) for more senior associates. News of the discretionary bonuses was revealed by Skadden executive partner Eric Friedman in an email to his fellow partners.

Hewlett Packard (HP) has put together a new global legal panel, with US law firms featuring heavily among those selected to advise the company over the next three years. Baker & McKenzie, Gibson Dunn & Crutcher, Cleary Gottlieb Steen & Hamilton and Cravath Swaine & Moore are among the firms to have been appointed to the roster alongside magic circle representative Freshfields Bruckhaus Deringer. The firms will provide international advice to the technology giant, which has operations in 
170 jurisdictions.