Also index weightings, junk fees and emoji contracts.
Look over there!
Photographer: Nathan Laine/Bloomberg
Matt Levine
Disclosure! A long time ago I used to work as a very junior mergers-and-acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. The hours were way too long, but I remain fond of the firm and the people there. Meanwhile I have no real personal connection to Elon Musk except that (1) he keeps doing weird stuff financial stuff for me to write about, which I love and (2) he keeps doing it while I am on vacation, which I do not love. And so I went away on Friday and Musk did a thing. He sued Wachtell, which represented Twitter Inc. when Musk tried to get out of his deal to buy Twitter, claiming that Wachtell’s fee for that litigation — $90 million — was too big. I just want to be clear up front about my biases.
Wachtell is a fairly small law firm that makes a specialty of sell-side public-company M&A work. “among the most profitable firms in the US.” Those facts are related. Sell-side public-company M&A work is a pretty lucrative legal specialty.
