The New York State Bar Association told firms they would need to restructure and cut costs if they want to be successful as the legal industry works to come out of the recession. It suggested firms charge according to services rendered rather than billable hours.
One of the people working to turn the nation's economy around will be Timothy Massad, a former partner at Cravath, Swaine & Moore. President Barack Obama tapped Massad to head the government's Troubled Asset Relief Program, a position he has held on an acting basis since September.
Creditors in the Northern District of California filed a Chapter 7 petition against what remains of Howrey to attempt to officially force the company into bankruptcy. If successful, the suit will require Howrey to liquidate.
Paul, Weiss, Rifkind, Wharton & Garrison is opening a Toronto office after hiring Christopher Cummings and Adam Givertz from Shearman & Sterling. Shearman & Sterling also lost Ward McKimm, one of its higher-grossing partners, to Kirkland & Ellis.
Hinshaw & Culbertson hired eight lawyers from Yoss, which recently announced it was disbanding. The group includes Neil Rollnick, former head of Yoss' real estate practice, and Charles Tatelbaum, former head of the firm's bankruptcy and creditors' rights department.
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