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Barnes made partner at Reed Smith in Pittsburgh

James Barnes joined Reed Smith, LLP, as managing partner of the Pittsburgh office. Barnes makes history both internally and externally as the first American-African to climb to the rank of managing partner within the city’s Top 10 law firms in size, as well as to head a Reed Smith office for the first time. Barnes, who partners the firm’s corporate and securities group, had earlier served Buchanan Ingersoll & Rooney PC before joining the present firm in 2002.

Commenting on the changing scenario within the Pittsburgh legal community, Kenneth Gormley, Duquesne University’s School of Law’s professor and president-elect of the Allegheny County Bar Association, stated that the move augurs well for the altered attitude towards minority attorneys in Pittsburgh. Still others like Ken Horoho, president of the Pennsylvania Bar Association and a partner of Downtown-based Goldberg Gruener Gentile Horoho & Avalli PC, stated that the appointment “sends a message to firms across the commonwealth”. Reed Smith is Pittsburgh’s second-largest law firm amassing more than $563 million in revenue, has 223, out of the total 1300 lawyers, serving clients in Pittsburgh.

A skilled lawyer in strategic planning and management, Barnes commands vast experience in corporate and securities law matters including securities law, tax, and accounting considerations involved in analyzing such arrangements. He has helped numerous companies raise capital in public and private offerings of debt and equity securities, apart from M&A, joint ventures, and other complex corporate transactions. He concentrates his practice on structuring equity-based compensation arrangements, incentive compensation plans, and executive employment agreements. Barnes represented public companies like iGate Corporation, Equitable Resources, Inc., and others in various transactions, including the public offering of shares, etc.

Barnes, jubilant at the new but daunting task of partnering the firm, hopes it will thrive off their expanded expertise after its merger with London-based Richards Butler, which has benefited the firm’s corporate practice.

01-18-2007

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Survey reveals law firms lack progression plans

An independent survey conducted among 1,000 largest U.S. law firms and corporations revealed that most law firms in the U.S. do not bother to create a second line of defense once the vanguards vacate key positions. The heir apparent or successor to the key post is noticeably missing in these law firms.

Three hundred attorneys (53%) with a minimum three years of experience in the legal field revealed that law firms or legal departments are unaware as whom to appoint as successor once a veteran partner or a senior attorney departs or retires.

Creating a line-up of prospective suitable leaders for key positions usually takes time and may even require years to pinpoint and groom the right candidate for the coveted position. Most often owing to other pressing matters, law firms tend to procrastinate on the issue to the extent that the hunt begins only at the eleventh hour. They sit on the inevitable till the seat lays vacant and then plunge headlong into identifying a suitable candidate for the advanced leadership role.

The survey draws the conclusion that mentoring of high-potential employees early on by including them in policy-making and other strategy discussions will deliver the firm an advantageous edge for its future designs.

01-18-2007

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Akin Gump to market expertise in Dubai

International law firm Akin Gump Strauss Hauer & Feld, LLP, received a license to open office in the Dubai International Financial Centre (DIFC). This will grant the firm operational access to a wide platform of emerging markets spread across three continents: Africa, the Middle East, and South Asia. Established in 2004 and with more than U.S. $1 trillion in infrastructure projects already underway or planned, the DIFC is designed to serve the region as an onshore hub for global finance, bridging the time gap between the financial centers of Hong Kong and London. It has assumed the role of a key operational center for firms seeking to provide specialized financial and legal services to the Middle East and beyond. Akin Gump and DIFC will work in tandem to raise awareness levels about the potential of the DIFC to U.S. corporations and other investment institutions.

Akin Gump’s attorneys operate from 15 offices worldwide. The newly acquired Dubai Financial Services Authority’s stamp of approval to lend legal expertise to financial institutions operating in the DIFC, has further fortified the firm’s well-established Middle East presence.

Akin Gump’s Dubai office opened in 2005 and is headed by energy and projects partner Gavin Watson. They offer clients services in a wide area of practices, including alternative investment products, corporate/commercial activities, private equity transactions, and energy project development and finance. With its expertise in private equity and investment funds, and a strong reputation in energy project development and finance, the firm’s association with the Arabian land spans several decades. The firm has been present in the Middle East financial market for more than seven years and gaining operational rights in the dynamic market is a spectacular achievement for the U.S. firm.

01-17-2007

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Gibbons shortens moniker

What’s in a name? Ask Gibbons Del Deo Dolan Griffinger & Vecchione’s Managing Partner Patrick C. Dunican Jr., who will say ‘everything!’ The firm intends to shorten its moniker to Gibbons for convenience. The change is slated to take effect next month and will also include a new logo.

The move was spurred by an analysis done among clients, peers, alumni, and lawyers by the firm, which revealed that everybody did not progress with the firm’s name beyond the first name, Gibbons. The firm has decided to adopt the shortened name for all its internal and external communications to create a niche for itself as well as to increase the firm’s brand awareness. The new moniker has been adopted after John J. Gibbons, who returned to the firm in 1990 after serving as chief judge of the 3rd U.S. Circuit Court of Appeals.

Newark-based Gibbons, with 210 lawyers, entered the Philadelphia market in May 2005 with the induction of David Marston, former U.S. Attorney as a partner and acquiring of Hecker Brown Sherry & Johnson a litigation boutique in Philadelphia after seven months.

01-17-2007

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Fox Rothschild LLP continues unabated growth

Continuing a pattern of unprecedented growth in its 100th year, Fox Rothschild, LLP, has announced its merger with New York law firm Young, Moriwaki & Greenfader (YMG).

The 400-lawer firm’s successful alliance with YMG means the firm has now added 90 lawyers since August 2005 — a 30 percent growth in the number of attorneys. The merger will also allow Fox Rothschild which already has 14 locations including one also in New York to expand its presence in Manhattan besides bolstering its international business capabilities.

The six-attorney law firm Young, Moriwaki & Greenfader, has offices in New York City and in Tarrytown. The strategic locations make YMG’s attorneys convenient to access and continuously involved in delivering proactive legal advice. The firm specializes in estate planning and administration, corporate, and nonprofit work. The firm has a strong commitment to its diverse mix of clients, including individuals, entrepreneurs, public, and small- and mid-sized companies. Many of the firm’s high-net-worth individual clients are from the world of arts and entertainment. The other fact worth noting is YMG’s work with Pacific Rim companies and its broad base of Japanese and Japanese American clients.

The alliance is believed to be in the interest of both the firms. Fox Rothschild is hopeful that the alliance will help improve its depth of expertise in its practice area besides opening several business development opportunities. On the other hand, Fox Rothschild’s comprehensive legal expertise will enable YMG to offer full-service support to its clients.

01-16-2007

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Reed Smith achieves 14% rise in turnover

Even before the merger of one of the world’s 15 largest law firms with London-based Richard Butler starts yielding any returns, in its last set of financial figures Reed Smith has achieved double-digit growth, in both revenue and profits per equity partner (PEP).

The impressive financial data reads like this: 14% rise in turnover during 2006 to gross $644m, PEP $941,000 - 17% rise from $800,000 last year.

The firm is quite upbeat about its performance and is determined to increase revenue by 40% in the coming year - taking into account merger with Richards Butler and Chicago firm Sachnoff & Weaver, which will increase the firm’s revenues to $900m.

There were no surprises in Reed Smith's seamless union with the legacy City firm culminated on January 1. The firm has also agreed in principle to merge with the Chicago-based Sachnoff & Weaver. It is scheduled to go into effect on March 1^st.

The firm is targeting growth in Asia in the year ahead and hopes that Richards Butler’s highly-rated Hong Kong office - which has not confirmed its participation in the merger yet - would also become a partner in the alliance.

Reed Smith's own UK operations saw revenue climb 10% to reach $45m. In fact, in the past five years the Reed Smith has increased turnover by 289% and profit per equity partner by 139%.

01-16-2007

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Howrey begins ’07 with a catch of six laterals

Howrey, LLP, which was recently in news for opening offices in New York and Munich, has given a boost to its U.S. and European operations by adding six lateral partners. With this, the firm now has in its fold nearly 620 lawyers operating from 16 worldwide offices.

The firm began the year by fortifying its four offices in New York, London, San Francisco, and Munich. The three lawyers joining the firm’s New York office are Michael F. Armstrong, William O. Purcell, and Paul K. Rooney. Jeremy Brown is joining the firm’s London office. Leigh A. Kirmssé is joining the firm’s San Francisco office, while Marc F-X Groebl is joining its Munich office.

Welcoming the new lawyers, Howrey Chairman and CEO Robert F. Ruyak said that he hoped that the lateral expansion move would help the firm become the first choice for clients in practice areas of intellectual property, antitrust, and global litigation.

The excitement in the firm’s rank and file emanates from the fact that the laterals are certain to add a repertoire of experience and expertise. Armstrong has been a counsel to several high profile clients. He has also held several governmental investigation posts. Purcell is a veteran of 25 years in civil and criminal litigation as well as internal and external investigations. Rooney, during his practice of 35 years, has represented corporations and individuals in almost 90 trials in the federal and New York State courts. All three, being recognized in the New York legal community, along with the firm’s present formidable team are likely to create the hub of Howrey’s New York practice.

Elated with the new development, Ruyak hopes that the firm in its second innings of next fifty years is poised to be a world leader in antitrust, global litigation, and intellectual property.

01-15-2007

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