Astonishing news, this. Bloomberg announced yesterday that five partners (partners!) from Willkie Farr & Gallagher will become part of the existing Bloomberg legal team, effective January 1, 2012. One of them, Dick DeScherer, will become Chief Legal Officer.
I can’t fathom the economics and logic of this massive move. Here is the bland statement in the release. “As a growing company operating in almost 200 locations around the world, we are finding unprecedented opportunities for growth in our customer base, our product offerings and our local partners. Bloomberg will benefit greatly from a ramp-up of both the number and range of expertise of in-house legal staff to ensure we are much more efficient and nimble as we seek to take advantage of these global opportunities” said Bloomberg CEO Daniel L. Doctoroff.
The release adds that “Willkie Farr & Gallagher has been Bloomberg’s primary outside legal counsel since 1987 and DeScherer has worked with the company during the same time period, serving on the Bloomberg Board of Directors for more than 25 years — a role he will continue.”