Experts Say Dreier's Arrest Signals End of Solo Partner Model
If the idea of a ''solo equity partnership'' seems strange, that's because it is, according to various legal experts. Marc Dreier, the recently dethroned partner and founder of Dreier LLP, has long been touting his firm model where only person has equity stake and would control its expenses. Partners would earn base salaries and bonuses linked to how much business they brought in during the year. The main problem, experts say, is that when the main partner goes down, the entire firm goes down and leaves the other partners vulnerable to lawsuits.
Clifford Chance , Weil Act in AIG Private Sale
Clifford Chance and Weil Gotshal & Manges have obtained lead roles in advising on the sale of AIG Private Bank to Aabar Investments PSJC, and Abu Dhabi investment group. The deal will ensure that AIG becomes an independent financial institution headquartered in Switzerland. AIG Private Bank represents wealthy individuals in Asia, Eurpope, and the Middle East. When AIG collapsed earlier this year, the US government initially gave them a bailout of $20b. The insurance behemoth then received an additional $37b in October.
Skadden Loses Only Sao Paulo Partner
Just five months after Skadden Arps Slate Meagher & Flom opened an office in Sao Paulo, Brazil, the only partner has defected to Brazilian investment firm Banking and Trading Group (BTG). Jonathan Misgaier will join BTG at the end of the year. His move comes after many US firms have launched Sao Paulo offices.