Musical Chairs: Wachtell Lipton Snags a Paul Weiss Partner
Here’s some news about an unusual move at our former employer, Wachtell Lipton Rosen & Katz (at right: founding partner Marty Lipton).
From the American Lawyer (via the WSJ Law Blog):
After losing two partners in recent months, Wachtell Lipton has quietly hired Michael Segal, the former cohead of executive compensation and benefits at Paul, Weiss, Rifkind, Wharton & Garrison, who will start on Monday.The move is an unusual one for Wachtell, which has rarely sought out lateral partners. In the firm’s 42-year history, just two other partners have lateraled into the firm. In 1997 antitrust partner Ilene Knable Gotts joined from Foley & Lardner. And in 1977, tax specialist Peter Canellos (now of counsel) joined as a partner from Cravath, Swaine & Moore.
Some random observations:
1. After the recent losses of executive comp partners Adam Chinn (to an investment banking boutique) and Michael Katzke (to a career in social work — good for him), the firm had to make a high-profile hire in this niche. It’s a specialized area that is critical to WLRK’s flagship M&A practice.2. For many years, Wachtell’s general policy against lateral hiring extended to associates as well. But they’ve been taking on lateral associates with increasing frequency in recent years. So if you’re working at another firm, but like the idea of a 100 percent bonus, send in your résumé.
3. Antitrust queen Ilene Knable Gotts, one of the two lateral partners mentioned above, is a diva with a capital “D.” And she works insane hours, even by Wachtell standards (as do her associates).
In addition, here’s an interesting profile of WLRK founder Marty Lipton, from our friends on the other side of the pond. Good stuff.
In a Rare Move, Wachtell Brings on a Lateral [American Lawyer]
US Top 50/New York: What Marty Says [Legal Week]
Wachtell Lipton Hires a Lateral! [WSJ Law Blog]
(22) Comments
Comments
Lat, next time you're inclined to lift an entire blog entry from the WSJ blog, please don't. Just link to it.
The story was first broken by the American Lawyer. The WSJ blog just lifted it from them.
When did Wachtell start (1) hiring from UCLA and (2) actually holding a reception for law students on their campus?
That just mystifies me.
10:33: Lat added observations based on his experience working there. Perfectly appropriate.
10:55: I was surprised by that, too. Wachtell doesn't interview at Fordham, which is in NYC. Why would they interview at UCLA?
Agree w/11:07. And agree w/Lat: Gotts is insane. Knew someone who worked for her who practically had a breakdown. Gotts is rumored to bill 3500+ hours a year.
I don't know if this means anything, but I'm an associate at a top 20 firm, and I had a call from a recruiter this week who claimed to be hiring for a Wachtell lateral position.
11:07: Because Forham is lame.
Peter Lattman is hot. Way hotter than Lat.
I know a 3L from Fordham who had over a 4.0 after 1L and sent his resume and transcript to Wachtell and didn't even get an interview.
Lattman's legal resume - Fordham Law, Kramer Levin - isn't as high-powered as Lat's - Yale Law, 9th Cir., Wachtell. But Lattman worked at Goldman Sachs for a while, which makes up for any difference.
And having met both in the flesh: Lattman is hotter than Lat. Lat is cute, but Lattman is downright hot.
I concur with 11:25. Lat isn't unattractive. He's cute in a little Asian gay kind of way. But Lattman is a total hottie.
Shirtless photo of Lat:
http://www.abovethelaw.com/2006/09/nonsequiturs_092806.php
Where can I find a shirtless photo of Lattman?
And what about pictures of Ann Althouse in a swimsuit?
How did Lattman get a gig at Goldman, Sachs with Fordham Law/Kramer Levin? I assume some pre-law school analyst work? I would do anything to go to Goldman (or another bulge bracket bank) after a couple of years at a firm.
I hate to burst your bubble, but Goldman is not the nirvana it's cracked up to be. Most attorneys work insane hours, and yes, they are well-compensated, but only if they are affiliated with a group/department that has done well that year, AND the head of the group likes them. So, you may be a little (or even a lot) ahead of Biglaw in compensation, but the really interesting thing that happens is that even people who are very well-compensated by in-house standards are miserable when they realize how poorly they are compensated compared with their colleagues on the business side. There is a high level of anger, regret, disappointment and existential angst among the peons there.
based on info i have latt did not work as a lawyer at goldman.
we need to confirm this info.
Who said Lattman worked as a lawyer at Goldman? I'm pretty sure he was there on the business side. Asset management or real estate or something like that.
Bottom line is Lattman is way hotter than Lat.
I assumed that Lattman was on the business side. What I want to know is how he got on the business side.
WLRK interviews at Fordham, they just don't offer many (or any) callbacks and haven't given an offer to anyone at Fordham in a long time.
I go to Fordham and WLRK did not interview there last year (not sure about this year). I have also heard stories that even Fordham students on law review and with insane GPA's don't get interviews there.
WRLK only hires from Harvard, Yale, NYU, Columbia, and Penn.
Not sure where you get your info because I know for a fact they give offers to those from other schools.
It makes perfects sense as a lawyer without a true business acumen is only worth so much (thus the gross disparity on pay levels bw those on legal/advisory side and the business side). How many lawyers know how to value companies, build a DCF model, or even understand such rudimentary concepts as NPV and IRR which are integral to the business process.