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31Jan/070

BRANSON TO LAUNCH STEM-CELL BANK

Sir Richard Branson plans to start a company which will let families store stem cells from their child's umbilical cord.
31Jan/070

N.Y. ATTORNEY VOWS TO FIGHT ‘NUNCHAKU INTOLERANCE’

A New York attorney has vowed to appeal a federal judge's denial of his challenge to his arrest for possession in his home of two "chuka sticks," or "nunchaku." James M. Maloney called the statute that prohibits possession of the weapon "nothing less than draconian." But U.S. District Judge Arthur Spatt made short work of the claim that New York's Penal Law violated Maloney's First Amendment right of free speech, his Second Amendment right to keep and bear arms and his Ninth Amendment right to privacy.
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31Jan/070

FLA. BAR INVESTIGATES LAWYERS IN HAMILTON BANK CASE

The Florida Bar confirmed Tuesday that it will open ethics investigations against Hunton & Williams partner Carlos Loumiet and Greenberg Traurig shareholder Robert L. Grossman in connection with their work for Greenberg on behalf of now-defunct Hamilton Bank. Greenberg, while admitting no wrongdoing on its part or on Grossman's part, paid out more than $8.5 million in settlements to two federal agencies in connection with the Hamilton matter.
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31Jan/070

SONSINI ADVISED ON APPLE OPTIONS

When Apple tried to hammer out a new compensation agreement for iconic CEO Steve Jobs in 2001 -- an agreement now being probed by federal prosecutors -- the company called on Larry Sonsini, the lead partner at Wilson, Sonsini, Goodrich & Rosati. People with knowledge of the federal probe say the Silicon Valley powerhouse was consulted on a 7.5 million-share grant to Steve Jobs that led to faked minutes of phantom meetings and an earnings restatement. Still unclear: What exactly did Sonsini know and advise?
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31Jan/070

PAY RAISE FOR N.Y. JUDGES GETS BOOST IN SPITZER’S FIRST BUDGET

New York Gov. Eliot L. Spitzer on Wednesday included over $111 million in his executive budget to provide all of New York judges with a pay raises retroactive to April 1, 2005. The bold and apparently unprecedented initiative of including a judicial pay raise in an executive budget would result in an average pay hike of about 25 percent for judges who have not had so much as a cost-of-living increase in eight years.
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31Jan/070

FORMER LEAD PLAINTIFF’S GUILTY PLEA MAY SPELL TROUBLE FOR LAWYER LERACH

Plaintiffs lawyer William Lerach has stayed outside the reach of investigators eyeing a kickback scheme at his old firm, Milberg Weiss, but a guilty plea in the case Wednesday might change that. Steven Cooperman, a former ophthalmologist convicted of insurance fraud, admitted to taking payments for being lead plaintiff in class actions filed by Milberg Weiss over 12 years. The charging documents don't identify Lerach by name, but a source said, "... there's an awful lot of facts in there about Bill Lerach."
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31Jan/070

LEGALTECH NEW YORK 2007 WRAPS UP

As expected, given the recent adoption of the amendments to the Federal Rules of Civil Procedure, e-discovery was the dominant topic at Legal Tech New York 2007. With the last of the educational sessions ended and the booths on the show floor being packed up, David Snow, editor of Law.com Legal Technology, wraps up coverage for this year's event with a few parting thoughts.
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31Jan/070

WILMERHALE, STEPTOE & JOHNSON THE NEXT TO RAISE FIRST-YEAR PAY IN D.C.

WilmerHale and Steptoe & Johnson both raised pay for first-year associates in their D.C. offices to $145,000 Wednesday, joining the competition and establishing a new benchmark in the Washington market. WilmerHale also announced it would match the market price of $160,000 for its New York office. Steptoe raised salaries in its New York office to $145,000.
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31Jan/070

IP’S BRAVE NEW WORLD

Over 2.5 million people have visited the online virtual world, Second Life. Instead of showy graphics and rapid-fire gameplay, Second Life offers its players something unique: intellectual property rights over their own creations within the world. But how are IP rights enforced in a virtual world? Real-life (and virtual) attorney Philip Cooper and others are now working to formalize online arbitration as a required first step in Second Life disputes, without resorting to real courts and their costs.
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31Jan/070

SONNENSCHEIN’S GROWTH PLAN: CHERRY-PICKING LATERALS

Sonnenschein Nath & Rosenthal is banking on the aggressive pursuit of laterals as the surest route to prosperity. Last year the firm took on 17 lateral partners, including a Phoenix-based rainmaker, proving a commitment to out-of-the-way offices to accommodate partners with big-money practices -- and firm leaders expect to announce at least three major acquisitions this quarter, including two in cities where Sonnenschein does not yet have offices. The formula's not foolproof. Will it work for Sonnenschein?
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