Skadden Arps Opens Shanghai Office
Skadden, Arps, Slate, Meagher & Flom, LLP, has opened an office in Shanghai, China, signaling the firm's further expansion into the Asia-Pacific region. This new outlet brings the total number of offices in the area to six and enables the firm to further cater to clients in the world's fastest-growing economy. The firm initially ventured into China in 1991 when it was one of the first foreign firms granted a license to operate in the country. The new Shanghai office will be headed up by partners Gregory G.H. Miao and Ed G. Sheremeta and focus on mergers and acquisitions, corporate finance, and real estate matters.
Former Vinson & Elkins Partner Joins Latham
Rindala Beydoun has left Vinson & Elkins to join Latham & Watkins's forthcoming Dubai office. Beydoun's practice focuses extensively on energy and project matters. There has been talk that the U.S.-based firm was hoping to open a Dubai outlet in the coming months, which was also discussed at the firm's November partnership conference. This move follows that of many top firms hoping to capitalize on the emerging Middle East market, where several are targeting sovereign wealth fund clients.
In 2007 Baker Botts's Profits Increased by 19%
Houston-based Baker Botts has reported that firm profits increased from $1.09 million per equity partner in 2006 to $1.3 million per equity partner in 2007, representing a 19% jump. In addition to the profit-per-equity-partner increase, the firm also reported revenue increases that can be tied to cases such as the $53 million oil merger between Transocean and Global Santa Fe, which the firm oversaw on behalf of Transocean. Underscoring this financial growth, the firm also expanded in 2007, hiring additional attorneys for its Moscow and Dubai offices.