The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Simpson Thacher & Bartlett will bill the US Treasury $300,000 (£174,000) for its role on the government's $700bn (£405.5bn) financial markets bailout.
The fees, stipulated in the US Treasury Department's contract with the New York firm, equate to approximately $79 (£45.76) per hour in a deal expected to involve 3,760 hours of work over the next six months.
Earlier this month (13 October) The Lawyer reported on corporate partner Lee Meyerson leading a Simpson Thacher team advising the Treasury. This was the second credit crunch-related mandate for Meyerson, who advised longstanding client Washington Mutual on its acquisition by JPMorgan last month.
A source close to the deal said: "It's about public service more than making fees. It's a great opportunity to advise the government on something as significant as this and I think it's a great win for Simpson Thacher."
Joining Meyerson on the deal are partners David Eisenberg, William Dougherty, Sean Rodgers, Brian Steinhardt and Gary Rice.
The contract stipulates that partners will work a total of 564 hours, associates will work 1,692 hours, of counsel are contracted to do 376 hours and legal assistants will carry out a total of 1,128.
Six firms in total were invited to pitch for the Treasury mandate, with Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell and Wachtell Lipton Rosen & Katz all puttig their hats in the ring.