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November 16, 2010 11:20 AM

Report: Boies Schiller Axes Three Associates

Posted by Brian Baxter

Boies, Schiller & Flexner has let go of three associates who worked on the firm's representation of British private equity firm Terra Firma in its unsuccessful civil suit against Citigroup, according to The New York Times's Dealbook.

Earlier this month Boies, who was recently profiled in Forbes, lost to Paul, Weiss, Rifkind, Wharton & Garrison's Theodore Wells, Jr., who was representing Citi in the case over Terra Firma's $6.3 billion acquisition of EMI Music Publishing in May 2007.

Now Dealbook's Peter Lattman reports that three associates who worked with Boies on the case, all of whom are women, have been terminated. Boies Schiller declined Lattman's request for comment.

"The firm does not comment or publicly discuss internal personnel matters," firm spokeswoman Dawn Schneider told Dealbook.

Dealbook reports that two of the associates worked out of Boies Schiller's old office in Short Hills, N.J., which was spun off in March 2009 into litigation shop Stone & Magnanini. The eight-lawyer firm wasn't able to hire every associate for its new operation, Dealbook reports, so the two Short Hills lawyers were transferred to the firm's New York office.

"When we spun off we couldn't take everybody," Stone & Magnanini name partner David Stone told Dealbook.

According to the latest Am Law 100 financial data, Boies Schiller saw gross revenues increase slightly to $296 million in 2009, while profits per partner dipped 6 percent to a still lofty $2.88 million. The 240-lawyer firm has been busy of late, representing Oracle in its war against SAP and getting involved in litigation against BP over the Deepwater Horizon oil spill.

"The firm is busy and the record shows that," Schneider told Dealbook. "We are making significant investments in hiring new associates."

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