Former Cravath Associate Pleads Guilty to Sex Crimes

LAW
• James Colliton, the former Cravath associate embroiled in a sex-crimes suit, got a lighter sentence after he admitted to paying a mother for sex with her two teenage girls. [Law Blog/WSJ]
• Debevoise and Plimpton's marquee new hire, the former attorney general of the U.K., has a few scuffs on his highly polished shoes: He carried on an affair while in office with a leading woman barrister. [Above the Law]
• When $1,000 an hour isn't enough, premium billing — a kind of law-firm tip for a job well done — is the best way to really start raking in the profits. [DealBook/NYT]

FINANCE
• Credit Suisse plans to cut another 170 jobs, mostly in New York, while Morgan Stanley will cut 600 throughout its mortgage operations. [AP via CNN/Money, Bloomberg]
• The credit crisis hasn't kept top bankers from hitting the links: Stan O'Neal, James Cayne, and Henry Kravis all gained almost a stroke on their handicaps. [DealBook/NYT]
• Bloomberg says don't worry about economic threat from London. Cheerio! [City Room/NYT]

MEDIA
• Howard K. Stern filed a $60 million lawsuit against Rita Cosby over her Anna Nicole book, Blonde Ambition, where she claims Stern had a sexual encounter with Larry Birkhead. [USAT]
• White House press secretary Dan Perino attacks Sy Hersh and The New Yorker yet refuses to answer questions on their accusations about Iran. [WP, Portfolio/Mixed Media/Portfolio]
• John F. Burns is trading an armored car for a bicycle as he takes up his new post in London after five years serving with the Times in Iraq. But the longtime foreign correspondent will probably end up back in harm's way — his wife is still manager of the Times' Baghdad bureau. [NYO]

FASHION
• The twisted love triangle never ends. Irina Lazareanu is reportedly engaged to Pete Doherty. How does he do it? [WWD]
• Miuccia Prada will be honored at L.A.'s Hammer Museum Gala for her contributions to art. [British Vogue]
• Karl Lagerfeld doesn't want Valentino to retire because he fears he'll get bored living the chill life. Aww, he's worried! [AP]