As some of you have noticed, we tend not to remark negatively on the innate physical attributes of our Legal Eagle contestants. There are several reasons for our reticence, but the most basic one is simply this: LEWW believes that prestige is beautiful. LEWW believes that every bride can look gorgeous on her special day if she has the right law degree. LEWW believes that a JD from HLS is like a great bra; it looks flimsy and has a jaw-dropping price tag, but it will support you and make you look better than you deserve.
Having made much of our reluctance to comment disparagingly about our subjects’ appearance, we’ll promptly depart from our own custom and announce that this is Hotness Disparity Week on LEWW. All of our grooms are decent-looking but undeniably average Joes, and we submit to you that all of them have married up.
See if you agree with us. Here are the couples:
Earlier today, the American Lawyer published a report detailing declining profit margins in the legal industry.
It is nice to see that somebody commissioned an entire report to figure out obvious facts like “the first half of 2008 looks very different from the previous six years” and “[t]he slowdown is hitting the most profitable firms the hardest.” In other breaking news, Britney Spears’s career has hit a bump in the road.
Instead of a simple doom-and-gloom economic report, Am Law columnist (and Biglaw banker) Dan DiPietro offers this proposed solution to all the law firm ills: fire the associates!
“There is a silver lining. A bad year (and the numbers suggest 2008 will be even more trying than 2001, when partner profits were down slightly) will enable firms to take steps that partners would resist in a good year — winnowing out unproductive lawyers and applying greater discipline to expense control.”
Partners, pundits, and others who like to play McKinsey & Co. on the weekends always suggest this form of fat cutting in tough economic times. But it is a disingenuous solution.
Read why, after the jump.
This advertisement, from tiny divorce and bankruptcy firm Davis and Millard, appeared in an Atlanta magazine in June:
We get confusing messages. With the curly font and all the pink, it seems like it should be an ad for lip gloss for teens. But the menacing way the woman grips that rolling pin puts fear in our hearts. The color motif and menace bear a striking similarity to this Serial Mom movie poster.
The text at the top of the ad — “Moving on means never having to talk to your mother-in-law again” — reminds us a bit of this earlier advertisement: “Life’s short. Get a divorce.”
Late last night, a tipster told us of “a big round of administrative staff cuts” at Duane Morris. They were centered on the Philadelphia mothership, but also included other offices. As for the extent of the layoffs, “no good sense of how many, but big enough that the local managing partner fired off an email encouraging folks to come by his office and ask questions.”
This morning brings confirmation of the cuts, from the National Law Journal:
Duane Morris, an international law firm with Philadelphia roots, has cut about 18% of its marketing and business development staff, making staff reductions that echo moves at other firms in recent months.
The firm, which has about 650 attorneys, now has a marketing and business development team of 30 to 35 people, after eliminating seven managers and staff and hiring three more senior executives in the past few months, said Ed Schechter, the firm’s chief marketing officer.
Most of the eliminated jobs were in Philadelphia, where the bulk of the department’s staff is based, but some were in other offices, including Chicago.
True to form, they’re chalking it up to enhancing efficiency, rather than the tanking economy:
At Duane Morris, cost-cutting was a “secondary” consideration, with the firm primarily interested in building up a more experienced and leaner team, Schechter said in an interview.
In connection with on-campus interviewing season, we’re giving you a chance to assess the firms that made this year’s Vault 100 list of most prestigious law firms. The previous open threads listed firms in groups of five, but to up the pace, we’ll list them by ten from here on out. Here’s the next group, with prestige scores in parentheses:
We note Magic Circle firm Linklaters making a big leap from the high 30s in the 2008 list to #26 this year — perhaps because its “notable perks” include group retreats to Europe, a drinks trolley, and an on-site doctor and dentist.
Compare. Contrast. Discuss. Thanks. Earlier:Vault 100 Open Threads – 2009
* It looks like 2008 will be the worst year for law firms since 2001. The American Lawyer says the “silver lining” is that firms can “winnow out unproductive lawyers and apply greater discipline to expense control.” In other words: more layoffs, fewer perks. [American Lawyer]
* Law firms aren’t the only ones suffering. Florida courts will cut 250 positions by October 1. [Daily Business Review]
* Senator Ted Stevens fails to get his corruption trial relocated from Washington, D.C. to Alaska. His need to be in his home state to campaign for reelection did not convince the judge. [Washington Post]
* “Metrolink killer” — who left his gas-doused SUV on the California rails, causing a train crash that killed 11 people — has been sentenced to 11 consecutive life sentences. [Los Angeles Times]
* University of Iowa professor Arthur Miller, accused of trading grades for gropes, has gone missing. [Iowa City Press-Citizen via TaxProf Blog]
* “Dancing baby” lawsuit can go forward. [Associated Press]
“Lolita, light of my life, fire of my law firm. My sin, my soul, my summer intern. Lo-lee-ta: the tip of the tongue taking a trip of three steps down the palate to tap, at three, on the teeth. Lo. Lee. Ta.”
Now that summer associate programs are over, and most summers have offers safely in hand, it’s a good (read: safe) time to dish about SA scandals. If you have a story to share that we haven’t previously covered, please email us.
Here’s one story that is making the rounds. We’ve omitted the firm name because the summer class was not very large. Per our usual rules, please don’t name the summer associate (or the college student) in the comments.
After a firm-sponsored event, a college student interning at the firm went out for drinks with several summer and full-time associates. She was not old enough to be drinking.
The college intern, in a state of inebriation, left the bar hanging all over one of the summer associates (hereinafter “The Cradle Robber”). Later that evening, the Cradle Robber wrote an email to several associates, claiming that “the deal was sealed” with the college intern.
An associate forwarded the email to the hiring partner. The Cradle Robber did not receive an offer.
Read our take on this series of events, after the jump.
Reasons for reading ATL vary from person to person. But we have been told by some people that one of the greatest benefits of following the site is gaining familiarity with law firms and the differences between them.
In that vein, we shall continue on with our series of open threads on the Vault 100. (Sorry, haters! Though we are taking under advisement the idea that we list them in groups of ten from this point forward.)
Here are the next five, with prestige scores in parentheses:
16. Gibson, Dunn & Crutcher LLP (7.056)
17. Wilmer Cutler Pickering Hale and Dorr LLP (7.055)
18. White & Case LLP (7.054)
19. Shearman & Sterling LLP (7.043)
20. Arnold & Porter LLP (6.905)
Of the five, White & Case has the most bizarre list of notable perks: “Gender- and reason-neutral flexible work arrangement program” (what does that mean?), “Cold, anonymous” (yippee?), and “Dinosaur” (the ferocious or the fossilized kind?).
Time to compare and contrast. We invite you to have at it. Earlier:Vault 100 Open Threads- 2009
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.