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Merger on cards for international law firm Chadbourne & Parke
International law firm Chadbourne & Parke is considering a merger with London-based law firm Watson, Farley & Williams. The talks about the merger are in the primary stage, informed Chadbourne's managing partner Charlie O'Neill.
The new development is in keeping with the Managing Partner O'Neill's acknowledgment last year of the possible gains that Chadbourne could make from the merger. Chadbourne had not one but numerous suitors before it finally settled for a dialogue with this London-based firm.
The union of both the firms would actually turn out to be good news, as they jointly stand to gain revenues worth $350 million. Moreover, the firms could enjoy the benefits of a collective attorney strength which in all likelihood would be 600 in number. Chadbourne faced tough times in 2005 when its profit plummeted by 4.7%, while the profit per partner dipped below $1 million mark. However, soon the firm overcame losses and made profits.
Gray Haile and Day Pitney forge an alliance
Two boutique firms Gray Haile, LLP, and Day Pitney, LLP, have entered a mutually gainful relationship, whereby both the firms could considerably leverage from each other's expertise. In addition, both the firms would jointly pitch for new business breakthroughs.
Gray Haile is headquartered in Washington, DC, since 2006. Its expertise lies in mergers, acquisitions, divestitures, leveraged buyouts, joint ventures, corporate financing transactions, private security placements, and venture capital. The firm has many seasoned attorneys on its board. On the other hand, minority-run Day Pitney-formed after the merger of Day, Berry & Howard and Pitney Hardin-is one of the 150 largest firms in the U.S. with about 400 lawyers spread in it nine offices.
The well-calculated alliance is designed in an apparent bid to motivate law firms to back minorities in their retention and promotional processes, stated Metrocorpcounsel.com. Despite the alliance, both the firms would work on independent basis. They would assist each other when required with Gray Haile enjoying all the rights of Day Pitney's resources at its Washington, DC, office.
Man makes $9 million selling lunar property
Dennis Hope says that he owns the moon, or at least parts of it. The man has made a cool $9 million since 1980 selling acres of lunar property. According to the United Nations Outer Space Treaty, no nation can own a property on the moon. Hope exploits the loophole saying that it does not prohibit individuals from the Act. Till yet, 4.25 million people have bought pieces of the earth's natural satellite. Owning some acres on the moon are celebrities like Barbara Walters, Ronald Reagan, George Lucas, and also the first President Bush. Ram Jakhu, a law professor at the Institute of Air and Space Law at McGill University, Toronto, contends that there is no loophole, and people like Hope have misread the treaty. Hope's hope doesn't budge. He claims that he owns $100 trillion worth of the heavenly bodies, measuring 7 trillion acres.