Big Law Splinters Under a Trump Onslaught

No time of Kumbaya

President Trump has opened a new front in his attack on great law.

Tuesday, him signed an executive order who targeted Jenner & Block, an important company of white landscapes, days after issuing a Vast scope Memorandum Threatening to punish any law firm that he claims he unjustly challenged his administration.

One of the greatest questions was if Big Law would join together between Trump’s burst. So far the opposite has happened: company law firms are using Trump’s assault as a competitive opportunity, reports the Times.

Like Paul, Weiss had to deal with his executive order this month, rival companies He dived to try to catch customers and partners.

The company’s competitors moved quickly. Many of Paul’s best rivals, including Sullivan & Cromwell and Kirkland & Ellis, tried to capture Paul, Weiss Rainmakers a few days after Trump who issued an executive order that could seriously have his business s liming, according to Times. They adopted a soft approach with the leaders of the company, saying that they had sympathized with their situation, but that if they wanted to get out of the turmoil, they could have named their price.

Jon Ballis, the president of Kirkland & Ellis, said in a declaration at the time when his company has not tried to recruit Paul, Weiss Lawyers. In the same way, a spokesman for Sullivan & Cromwell denied having attempted to recruit the company’s lawyers.

Awareness has worsened a bad situation. Panic was already ruining through Paul, Weiss for the potentially catastrophic effect of the executive order.

The order prevented the company’s lawyers from facing the government, including entering federal buildings, and said companies that did business with Paul, Weiss could lose government contracts. Even if the company had successfully fought the order in court, it was feared that a Trump’s enemy would be labeled.

The threat of losing the best lawyers of the company has aggravated those concerns. Some partners were particularly worried that Scott Barshay, the head of the corporate practice, could leave and push others to follow him. (The best lawyers, including Barshay, assured Brad Karp, the president of the company and others who had no intention of leaving)

So things have become more embarrassing. When Karp went to the Oval Office to negotiate an agreement with Trump, he was surprised by a person that the president wanted to compose the meeting: Robert Giuffra, Coprestrine of Sullivan & Cromwell, one of the companies that had tried to court his lawyers.

Giuffra, who has known Trump for many years, has recently accepted manage the appeal Trump’s sentence on charges of having covered a coin agreement with the porn Stormy Daniels in a New York State Court.

Initially the conversation between the president and the two legal rivals focused on golf. So he turned to Trump’s concerns for Paolo, the long association of Weiss with democratic policy. In the end, the meeting led to an agreement.

So far, Paul, Weiss seems to have not lost partners or large customers.

Here’s what’s going on

President Trump launches support to his national security councilor as Signal’s chat tumult grows. Michael Waltz assumed responsibility For the violation of the safety in which the members of the Trump internal circle discussed details on the messaging platform of an attack on the Houthi militia in Yemen and inadvertently added a journalist to the group. Tuesday, during an audition of the Senate, the first two spy garments of the nation, both included in the chat, denied that the information was classified. Democrats has requested the resignation by Pete Hegseth, Defense Secretary and Waltz. Politician explains why the chat participants are probably Not in any serious legal hot water.

Russia and Ukraine agree to stop fighting in the Black Sea. This contributed to increasing the price of the shares of the European navigation companies on Wednesday and wheat prices are slightly loose, even if the agreement It is not very short of a complete break in combat and Moscow insists on multiple pre -contracts. A main request from the Kremlin: facilitating some penalties to Russian companies and reconnecting Russian financial companies to the Swift International Payments System, an agreement that will probably attract fire from the US allies in Europe.

According to reports, the White House is placing the rapid tracking of copper rates. Duties on the metal, which are used in pipes, electrical circuits and components, could be introduced in a few weeksBloomberg reports, adding to the protectionist barrage of President Trump on the main industrial materials. Look at the effect in global trade: copper prices on the exchange of New York raw materials in New York have increased since Trump came into office in January.

Crypto Rising

After Spend large campaigns To elect President Trump and other cryptographic politicians, the cryptocurrency industry was on a shot In Washington.

The managers were warmly welcomed to the White House; The regulators have Causes causes AND investigations in cryptocurrency companies of the era of the biden administration; And the century gave a boost to the memecoins last month when he said the highly volatile tokens they are not titlesAnd it is not necessary to be regulated as such.

Now the industry is observing the main legislative goals.

A Chamber Committee is expected to advance the long -awaited Stablecoin legislation, second Bloomberg. This happens when the banking sector and the same Trump family seem to take a larger participation in the market rapidly growing. Gamestop is setting on Wednesday after the meme, treasure, said it could use its corporate liquidity To buy Bitcoin and Stablecoins.

The invoice supported by the sector, which would regulate the Stablecoins anchored to the US dollar, already has he canceled the Senate Banking CommitteeAnd it is in consideration at home on April 2nd.

The supporters of the bill say that Stablecoin could feed faster and more transparent global transactions and support dollar demand. (Stablecoin suppliers like Tether are also big Buyers of the United States Treasury Notes and ties.) Trump He said last week that this legislation “would trigger an explosion of economic growth”.

The detractors are concerned about the fraud of Stablecoins and the risk for the financial system from A race on a stablecoin This could turn on a wider crisis. The sides do not fall neatly along the lines of the holidays: Five Democrats voted to advance the Senate bill.

Another bill that earns momentum aims to face “debanking”. Introduced by senator Tim Scott, republican of the South Carolina, will remove an esoteric tool that financial regulators use to evaluate whether the reputation of a bank can be damaged by taking a banking customer, which Cryptography companies say that it has allowed banks to discriminate.

Trump’s ties with the cryptocurrency industry continue to deepen. Tuesday, World Liberty Financial, the cryptocurrency company launched by Trump and its children, announced plans to sell a stablecoin called USD1. It is the fourth digital currency that Trump and his activities have marketed to the public this year:

• World Liberty Financial already offers a cryptocurrency;

• Trump and his wife Melania Trump, each has released memecoini just before his inauguration;

• Trump’s social media company, Trump Media & Technology GroupHe said that he would collaborate with Crypto.com, a cryptocurrency trading platform, to create and market new investment products.

Ethical experts warn that Trump, who promised to transform the United States into “Crypto Capital of the World”, has created an extraordinary problem of conflict of interest. While Congress deliberates the crypto-business legislation, it expects this control to grow on Trump and the sector.

Separately, bank garments see opportunities. Brian Moynihan, CEO of Bank of America, declared last month that if Stablecoin’s legislation were approved, Bank of America “enter that activity. “

The president was not shy in forcing company leaders to play according to his rules. What do I wait for that dynamic for those who accompany him as a direct business competitor?

“At the end of last year, the attitude was:” Full, this will be an exceptionally in favor of growth and will be performed clearly. ”

– And al-HussainyA global strategist of interest rates at Columbia Threadneedle Investments, on how corporate America has started acid on the Trump administration, since its moves of rates and clashes again with commercial partners such as Canada have aroused confusion and concern. The travel sector is also preparing A success on tourism.

Bonuses Available

The offers may not flow, but the Wall Street bonuses have returned to a new maximum.

The total bonus pool paid to those who work at the New York City titles companies have reached a record of $ 47.5 billion last year, according to an annual count compiled by the New York State Controller, Thomas Dinapoli.

A wave in the trading of Wall Street Turboding last year and artists of the caliber of Goldman Sachs and JpMorgan Chase saw their share prices hit a series of new tops.

Last year, the medium bonus of the banker was $ 244,700, compared to $ 186,100 of 2023, according to the calculation, which is based on the trends of the foundation of personal income taxes.

Dinapoli has applauded “very strong services in the financial sector in 2024”, but it observed that the economic policies of President Trump could damage this tendency to rise.

“The increase in uncertainty in the economy between significant federal political changes can dampen the perspectives for parts of the titles industry in 2025,” he said in a note.

The speed bed

Offers

• In Investor News Activist: Keith Meister, The CEO of Corvex Management, is intended to join the illumine Council; Motor capital He has increased his participation in Lyft as he is looking for a strategic review of the service in difficulty. (WSJ, Bloomberg)

• According to reports, AT & T is in the interviews Buy the Business of the Lumen consumer fibersEvaluating the unit to about $ 5.5 billion. (Bloomberg)

• The dollar has reached an agreement To sell the family dollar In Brigade Capital Management and Macellum Capital Management for about $ 1 billion. (Dollar)

Politics, politics and regulation

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