Associates’ pay cuts leave them with six-figure salaries

After much muck-raking, US law blog AboveTheLaw confirms law firm Greenberg Traurig plans to cut the salaries of its summer and first year associates by 10 per cent. The cuts, which will apply to all offices, still leave associates with a six figure base salary. In one of a sprawling list of comments that come with the blog, it is noted: “About time. Paying $160K to ignorant kids out of law school is insanity.”

Skadden on $4.7 billion Pharma deal

Skadden is representing one of the largest pharmacy benefits management companies in North America in its $4.675 billion acquisition of WellPoint’s NextRx subsidiaries. The two companies have announced they have reached an agreement on the transactions. 

Madoff’s brother told to return vintage Aston Martin

Peter Madoff, brother of New York conman Bernard Madoff, is being sued by the British liquidators of Madoff’s London operations for the return of a rare Aston Martin. The liquidators claim Madoff Securities International wire-transferred £135,000 to buy the second Madoff brother a car, The Times reports. The car was bought by “improper and unauthorized diversion of funds from MSI’s accounts” Florida bankruptcy court papers claim.