A group of Dallas lawyers from Munck Wilson Mandala made patent history Tuesday by securing a laser detection technology patent for Raytheon. It is the 10 millionth patent to be issued in the U.S. since George Washington issued the first in 1790 to Samuel Hopkins for potash, an ingredient used in fertilizer.
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Corporate Deal Tracker Weekly Roundup: 14 Firms, 80 Texas Lawyers, 13 Deals, $14.2B
(June 18) – Merger and acquisition, capital market and venture capital activity picked up this past week, reaching 13 transactions worth $14.2 billion versus eight deals valued at $6.3 billion the previous week. Fourteen law firms and 80 lawyers were involved in the deals, versus eight firms and 96 Texas lawyers the prior week. Claire Poole parses who did what in her weekly roundup in The Texas Lawbook.
T&K, AZA Latest TX Firms to Raise Associate Comp
(June 19) – Houston-based corporate law firm Vinson & Elkins announced late Monday afternoon that it has raised the amount it is paying its first-year associates to $195,000.
V&E, which is one of the largest and most profitable law firms in Texas, informed its associates it is matching the compensation increases that national law firms operating in Dallas and Houston implemented last week.
Legal industry analysts predict that other Texas law firms, including Houston-based Baker Botts, are likely to do the same later this week.
In a memo to its associates, which are younger lawyers yet to become partners, V&E Chairman Mark Kelly and Managing Partner Scott Wulfe said that the firm is increasing the base salary of its newbie lawyers from $180,000 to $190,000. In addition, the firm is providing first year associates $5,000 bonuses.
The memo, obtained by The Texas Lawbook, shows that paychecks for associates in their eighth year – the year before the lawyers are up for partnership – will jump to $340,000. Those associates also will receive incentive bonuses starting at $25,000.
The pressure on Texas law firms to boost compensation to younger lawyers intensified late last week when several national law firms with large presences in Dallas and Houston – Jones Day, Kirkland & Ellis, Sidley Austin, Simpson Thatcher, Winston & Strawn and Weil, Gotshal & Manges – announced that they were increasing the amount they paid associates.
The Texas Lawbook has complete details.
Capital Markets Pro Jumps to Baker Botts from Kirkland
Hoffman has already advised on bunches of transactions this year.
KRCL Adds Corporate Partner in Houston
Arthur Nathan was most recently at Jones Day, where he was of counsel.
Randy Johnston Helps ‘No Easy Day’ Navy SEAL Author Get His Day in Court
For the past four years, Dallas lawyer Randy Johnston has been quietly representing the author of No Easy Day, a controversial book by a former U.S. Navy SEAL about the raid that resulted in the death of Osama bin Laden. The book gained notoriety after it was published without Pentagon review, a circumstance Johnston says was the result of bad advice from an Indiana-based lawyer. The lawyer’s bad advice resulted in a pair of federal investigations, the loss of $6.6 million in royalties intended for charity and a load of vitriol from the press. Two weeks ago, a federal magistrate cleared the way for a trial in the case, and Johnston says he is determined to set the record straight. The Texas Lawbook brings the case up to date.
Updated: Pressure Increases on Texas Law Firms to Raise Pay for Associates
A handful of Texas-based corporate law firms are expected to decide this week whether they will increase compensation for first-year associates to $195,000 a year. The pressure to boost pay to younger lawyers intensified late last week when two national law firms with large presences in Texas – Kirkland & Ellis and Sidley Austin – announced raises. The Texas Lawbook has exclusive insider details.
Analysis: Behind the Scenes of the AT&T Legal Team that just Kicked DOJ’s Ass
The day Donald Trump was elected president, AT&T General Counsel David McAtee and his corporate legal department put together a legal team to defend the Dallas telecom giant’s proposed $85 billion acquisition of Time Warner – just in case. On Tuesday, they were really glad they did. The Texas Lawbook has the inside story on how their team of top-tier talent was assembled to throttle DOJ at every turn.
White & Case Lures Global Construction Transactions Partner to Houston Office
David Strickland was previously at King & Spalding.
Jackson Walker Partner Alfie Meyerson Elected to Holocaust Museum Houston Board
Meyerson is the immediate past chair of the host committee for the museum’s Guardian of the Human Spirit Award Luncheon.