Word: cravath
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Dates: during 1980-1989
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Texaco's DeCrane immediately called a press conference in White Plains to say that unless the company got new legal relief from having to post a $10 billion bond, it might be forced into bankruptcy proceedings. The company's legal team, led by David Boies of Manhattan-based Cravath, Swaine & Moore, obtained a temporary restraining order in Texas that barred Pennzoil from making any moves to seize Texaco's assets. Meanwhile, Kinnear called Pennzoil's Liedtke and asked for a face-to-face meeting in Houston. Liedtke agreed...
Implicit in Adler's offensive against Time, CBS and Cravath, Swaine and Moore--the giant New York City law firm which defended both media conglomerates--was a defense of the two generals, whom nobody particularly likes. CBS and Time merely confirmed many people's worst suspicions about Sharon and Westmoreland when reporting allegations of gross naughtiness on both their parts...
That's all not well and bad, and Adler gets no argument from anyone for criticizing Time's sloppiness and CBS's unethical journalistic practices. She is also on solid ground criticizing the overly agressive tactics of Cravath lawyers and the decision by both defendants to defend to the hilt stories they knew were far from unimpeachable...
...Media may well be unjustifiably arrogant and self-confident. But does Adler really want to make it easier for plaintiffs to win libel suits? Time and CBS can afford Cravath's impressive services. But what about the Podunk Daily Herald? In a "coda" to the book Adler does acknowledge that any changes in the libel laws, especially under the new Supreme Court, would likely be a change for the worse. What she doesn't mention is an interesting, and relevant, bit of her past...
...move jolted the legal profession, especially the expanding megafirms that compete with Cravath for a relatively stable pool of top graduates. In recent weeks a ripple effect has pushed up salaries at major firms across the country. All of this is good news for young associates, the entry-level lawyers who toil for five to nine years in the hope of joining the full partners, who split a firm's profits. But as the new lawyers are just now discovering, this silver lining comes with a cloud. At the big firms that pay those high salaries, associates commonly work...