Jenkens Scoop

Told by one in the know that J&G let a large group of support staff go this week, one report puts it in the 20+ range of poor support staffers. Rubber meeting the road time?

Bonuses at Jenkens & Gilchrist of Dallas are based on an associate's on-the-job performance from July 1 through June 30 and are paid in October, says Thomas Cantrill, the firm's chairman.

The bonuses paid in October 2005 ranged up to $25,000 for junior associates and up to $35,000 for senior associates, Cantrill says.


From

http://www.law.com/jsp/tx/PubArticle...=1137146706662

from Texas lawyer

And this is when they are paying supposedly 25K bonus to freshmen lawyers? And freezing departing lawyers capital contributions?

Any bets on the firms survival? That thump, thump you hear is Jenkens throwing the tax people under the bus, the other sound is the tax people trying to throw each other under the bus or to throw Jenkens under the bus.--

"Lawyers for the three Jenkens & Gilchrist lawyers are expected to argue that the amount of money that Mr. Daugerdas was earning for himself and the firm through his tax shelter work was well known to the firm's top leadership."


From the NY Times-picked up by several papers


Criminal indictments to come?

People inside have been told to expect more press about the situation. There are several inside who have expressed real fear that indictments will not be limited to three in Chicago office, but that others will get the call that they fear. There is also a very real concern that old J&G will get the Arthur Anderson treatment on this matter. The comment from one person inside was "that they didn't go after KPMG because they didn't want it to be a big three doing accounting, but to them what is another law firm more or less, especially one that is going down anyway."


http://www.nytimes.com/2006/02/04/bu...04shelter.html


I do love this quote from the NY times article though:

"David M. Laney, who was chairman and chief executive of Jenkens & Gilchrist when Mr. Daugerdas was hired, told Texas Lawyer magazine that year that the tax group "ran away from me."

"You had a board that became so enamored and devoured by revenue targets that it eroded a law firm culture," he was quoted as saying."

[billdustbin]

We walked away with the money, stuck the insurance company and had no real liability ourselfs. Ain't the law grand?