Archive for March 2009

This Week in Sponsored Content

By

Each week, Above the Law’s sponsors generate content for your edification and entertainment. You can find their posts in Sponsored Content, which runs along the right-hand side of the ATL main page.

Here are the latest offerings:

1. Ask the Experts: Straight Talk on Bankruptcy Hiring

How hard is it to break into bankruptcy? Lateral Link’s Justin Flowers offers some pointers.

2. A Job Opening!

Yes, there are jobs out there. Silver Golub & Teitell, a Connecticut litigation boutique, is looking for a junior associate. For more details, check out the job posting.

3. The Asia Chronicles: Partner Chances in Asia: You Got Any?

Robert Kinney, of Kinney Recruiting, discusses what it takes to make partner in Asia.

Thanks to our sponsors for their contributions and their support. To learn about advertising opportunities on ATL, click here.

Sign up for the Above the Law newsletter

Subscribe to our free daily email and get breaking news, commentary, and opinions on law firms, lawyers, law schools, lawsuits, judges, and more.

Biglaw Brawl: Cravath’s Chesler v. K&L’s Kalis

By

biglaw partner brawl cravath evan chesler k&l gates peter kalis.jpgIt’s not unusual for Biglaw partners to find themselves on opposite sides of the ring when they face off on behalf of clients in litigation. But Cravath, Swaine & Moore’s Evan Chesler and K&L Gates’s Peter Kalis are staring each other down for a different reason: their opinions on law firm billing structures. Not as sexy as fighting over Lady Justice, but we’ll take what we can get.

UK-based legal publication The Lawyer is hyping the fierce match between the two Biglaw heavyweights to promote an upcoming issue of the magazine that will explore “whether the current economic downturn represent[s] a paradigm shift for the world’s leading firms.”

In one corner, we have Cravath presiding partner Evan Chesler, an NYU Law grad (’75) and a “Leading Litigator” per the Lawdragon. In the other corner, we have K&L chairman Peter J. Kalis, a Yale Law grad (’78) who has also been recognized by the Lawdragon but is, more importantly, a member of the Elect (clerked for Justice Byron White).

See the fight unfurl, after the jump.

double red triangle arrows Continue reading “Biglaw Brawl: Cravath’s Chesler v. K&L’s Kalis”

Staff Layoff Watch: Jenner Block Has More Bad News For Chicago

By

Jenner Block logo.JPGIt’s been a rough week in Chicago. Sidley laid off 229 people, something is happening at Katten today, and we have received confirmation that Jenner & Block has had to lay off 34 staffers.

Above the Law obtained this official statement from Jenner’s managing partner, Susan Levy:

Given the efficiency and productivity gains from these various sources, Jenner & Block is eliminating 34 support staff positions in our Chicago and Washington, D.C. offices. No attorneys are affected by these changes. We are offering generous severance packages to the individuals affected as well as outplacement services.

That is not a huge number compared to what has been going around. But it’s still pretty tough to be replaced by productivity gains during these difficult economic times.

Good luck to those let go from Jenner today. Read the full statement after the jump.

double red triangle arrows Continue reading “Staff Layoff Watch: Jenner Block Has More Bad News For Chicago”

ATL March Madness for Law Firms, Round 1 (Part 2):
Which Biglaw Firm is Safest?

By

Above the law march madness.jpgWe started our ATL March Madness for Law Firms on Tuesday. Through this NCAA-style tournament, with brackets and seeding, we will crown Biglaw’s safest firm — the place where you’re least likely to get laid off. Yes, we know it’s irreverent; but we’re a legal tabloid. Irreverence is what we do.

We’ve taken the top 32 law firms from the Vault prestige rankings. Last year, we asked you to vote on the coolest law firm. You chose Latham. Yeah…

This year, we’re posing a more important question. We are asking you to vote to decide which of the firms is the safest. Where are you most likely to keep your job?

Here are the brackets:

2009 March Madness brackets above the law.jpg

Voting on the first eight match-ups started on Tuesday; now, we bring you the face-offs between the other 16 firms at the top of the Vault. Polls close on Sunday. You vote to determine who will go to the Sweet (Safe) Sixteen, after the jump.

double red triangle arrows Continue reading “ATL March Madness for Law Firms, Round 1 (Part 2):
Which Biglaw Firm is Safest?”

Mystery Meeting Set at Katten: 2:00 p.m. (CT) Today

By

Katten logo.JPGSomething is going down at Katten today. Multiple tipsters report that a firm wide meeting has been scheduled in each Katten office for 2:00 p.m. central time today. According to the email announcing the meeting, the purpose is:

[T]o discuss the Firm’s Plan for dealing with the continuing weak economy and how that plan relates to the associates.

The firm has not responded to our inquires about this meeting. But our sources report some obvious (and not so obvious) details. Katten has already been through one round of associate layoffs, and many people expect that the firm is initiating round two today.

We’ll tell you what we know after the jump.

double red triangle arrows Continue reading “Mystery Meeting Set at Katten: 2:00 p.m. (CT) Today”

Ask the Experts: Straight Talk on Bankruptcy Hiring (Part 2)

By

Ask the Experts.jpg[This article was prepared by Justin Flowers, a director in Lateral Link's New York office.]

Part Two

Last week, in the first part of this article, I addressed some of the basic issues surrounding the current legal hiring market for bankruptcy and restructuring/reorganization practices, including: 1) What sort of real opportunities are out there and where are they; 2) How much real practice-specific experience is necessary: and 3) What are the realistic chances for re-tooling from another practice area into such a practice? In this second installment, I am focusing on some further analysis and predictions for what the near future holds for the world of bankruptcy and how it might affect hiring this year, as well as ways to strengthen the case for successfully making the jump if you are not a mid level bankruptcy associate right at this moment.

When will bankruptcy work hit the point that being hired as a re-tool candidate becomes a possibility?

I get a lot of questions like this on firms’ current and future capacity–have things hit the point where busy bankruptcy practices are unable to service the workload and need to bring in re-tools? And if not, when will that happen? The answer is that we don’t know, and no one else does either. No one’s crystal ball is working very well these days. Jack Williams, resident scholar at the American Bankruptcy Institute, recently predicted that Chapter 11 filings will rise at least 40% in 2009 from their 2008 levels, which were already highly elevated in comparison to recent years, according to this article by Mark Douglas of Jones Day. If Mr. Williams’ prediction comes to fruition and the current trend continues or accelerates, it’s conceivable that there could be an eventual tipping point, but only if other practice areas have enough business to prevent further cross-staffing amongst groups. As I mentioned last week, this is the single biggest impediment right now for would be bankruptcy associates looking to lateral in from a corporate or litigation background.

***More after the jump.

double red triangle arrows Continue reading “Ask the Experts: Straight Talk on Bankruptcy Hiring (Part 2)”

Associates Scrambling For Public Interest Jobs

By

Will Work for Food 3 Above the Law blog.JPGOn Monday, we mentioned some of the difficulties deferred associates face when looking for the right public interest job. Today, AmLaw has an interesting piece on just how difficult it is for firms and law schools to find appropriate placements for 3Ls who will not be able to start with their firms in the fall:

Law firm are structuring their programs with differing requirements, covered costs, and degrees of involvement in the nonprofit job search. The deferrals themselves are required at some firms, including Morgan, Lewis & Bockius–the firm will bring its 2009 first years onboard in October, 2010. White & Case has announced delayed start dates into 2010 for 60 percent of its 2009 hires. Orrick, Herrington & Sutcliffe and Latham & Watkins have announced an optional fall 2010 start date.

One of the most interesting aspects to this story is that we are seeing that “Biglaw” is not a monolithic collection of law firms. Each firm is different in ways that go far beyond normal law student concerns like “prestige” and “firm culture.”

Health insurance costs are a big concern, as Delany points out. The matter isn’t so simple, given that deferred lawyers technically are not yet employees of the firm, so coverage cannot be extended to these individuals. (Sidley Austin, Skadden, Arps, Slate, Meagher & Flom, and Simpson Thacher & Bartlet have existing nonprofit and fellowship programs that cover health insurance or COBRA benefits payments for the lawyers in these programs–the firms recently have announced that they will open up these fellowships to incoming first-year associates).

After the jump, it’s time for law school career services to earn their paychecks.

double red triangle arrows Continue reading “Associates Scrambling For Public Interest Jobs”

The Deadliest Sin?

By

sweet hot justice logo.jpg[Ed. Note: The following piece was authored by "The Legal Tease" of Sweet Hot Justice fame. You can check out all of Legal Tease's other musings from Sweet Hot Justice here.]

A few things are bound to happen when you spend 76 straight hours closing a bond offering in a windowless office the size of a handicap toilet stall, eating nothing but stale candy corn from a nearby vending machine and fantasizing about unconsciousness. First, you make peace with the fact that showers are for people far luckier than you. Second, you start obsessively calculating what your hourly salary might be compared to, say, a teenage babysitter or a shoe-shine guy. Maybe you start to hallucinate a bit. Or wonder if it’s possible to slit your wrists with a stack of post-its. And then, finally, you catch sight of your pale, desperate reflection in the desktop monitor and you realize the pathetic, obvious, predictable truth: You’re wildly jealous of the people your firm recently laid off.

Don’t get me wrong, when it became obvious that my firm was conducting another round of layoffs, I wasn’t hoping to be axed. My day-to-day may indeed be a perverse merry-go-round of corporate inanity, bruising ego slams, romantic nonstarters, and bleak yearnings for my pre-BigLaw life, but when the time comes to end this cycle of misery, I want to do it on my own terms. Preferably with health insurance. So, when I found out that I wasn’t one of the Laid Off, I wasn’t disappointed–but I wasn’t exactly pleased, either. More than anything, I was just relieved that the waiting was over.

But now, in the aftermath of the layoffs, I can’t help but wonder if that relief was misplaced. If morale at my firm was low before the latest slaughter, the atmosphere now is pretty much unbearable. Within a matter of days, most of us went from billing a few hours a day, tops, to not being at the office for a few hours a day, tops. And yes, I get it, it’s BigLaw–it’s not supposed to be a day-spa experience, in any economy–but now, now, we’re supposed to be extra-super grateful for the sadistic pace. We’re supposed to bend over cheerily and smile while the firm’s powers-that-be alternately punish us, and then expect gratitude for, the very fact that we still have jobs. In the past few weeks, even the most docile partners I work with have had a taunting, lupine shine in their eyes every time they’ve doled out work on a Friday at 6 p.m., or announced an absurdly artificial deadline, or passed me in the hall at 5 p.m. as they were heading home and I was rounding midday. Just yesterday, one asked me if I was free to help on a new matter–and when I responded that 100% of my time was already committed, I could hear his smirk through the phone as he asked me to “define 100%.” (Note: you’re screwed no matter how you answer this one.) Now, regardless of how ridiculous, how unreasonable, how idiotic the demands of some prick partner may be, the subtext is the same: “Don’t like it? What are you gonna do–leave?”

More taunting, after the jump.

double red triangle arrows Continue reading “The Deadliest Sin?”

Morning Docket 3.19.2009

By

fortune cookie.jpg* Take a look at this legal analysis of the AIG bonus fiasco [The Hartford Courant]

* A new report from the Project for Attorney Retention (sounds like something we can all get behind) shows that it makes better business sense to have attorneys work reduced hours rather than laying them off. [The American Lawyer]

* More drama in the never-ending Minnesota Senate race: Al Franken says Norm Coleman should pay for the costs of the trial if he loses. [MSNBC]

* California’s 1996 ban of affirmative action in education, public hiring, or contracting is being closely considered by the courts. [National Law Journal]

* In spite of the recent blood bath at lawfirms–law school applications are still up. [The Wall Street Journal]

* China fell short of international anti-trust standards, rejecting Coca-Cola’s $2.4 billion bid for Huiguan Juice [Reuters]

* Enough Madoff already. Madoff’s accountant was charged with fraud and surrendered. [abcnews.com]

Non-Sequiturs: 03.18.09

By

Team AIG takes nut shot from Congress.JPG* Could the United States Congress just get over itself with this AIG “outrage?” Enough already. Look, I’m a Democrat. I’d slap a progressive tax on nuns if they’d let me (more pious and virtuous = more tax, if you’re playing along at home. Eye of a needle baby). But this breathless “they tuk urrr jaaabs!” crap over people getting compensation has got to stop. If we keep on AIG like this, soon redheaded step-children will think they are allowed to speak in public. [Dealbreaker]

* We need to come up with another phrase for “drink the Kool-Aid.” I used to think “It’s. People.” would work, but apparently not enough of the kids have seen that movie. Whatever we’re going to call it, don’t forget to do it, if you want to keep you job and actually add value. [What About Clients?]

* There were a lot of reactions to the Travis the Chimp story yesterday. One really good question emerges from all of the coverage. How is it possibly legal to have a freaking chimpanzee in Connecticut? I mean, I’ve speedily driven through been to Connecticut. That state is barely capable of providing a suitable home to humans. [Law and More]

* I’m pretty sure this ad is racist, I’m just not sure how. Oh well, it’s from Russia so it’s likely that some of the offensive racial stereotyping that I would normally be all over got lost in the translation. Good thing too. It’s too nice a day in NYC to feel oppressed. I’m just going to hop in this cab here and go to the .. hey, HEY, I’m not even heading to Harlem right now you freaking jerk! [Copyranter]

* Don’t forget to join our Above the Law bracket challenge on ESPN (Group name: Above the Law. Password: abovethelaw). It’s free, we have over 300 entries, and somebody will be getting some ATL attire (unless I trounce all of you, which is a distinct possibility). You’ll have to put in your bracket before the games start tomorrow. [Above the Law Tournament Group]

* I don’t know any named plaintiffs that act this way, but I sure have met some named partners who do. [Litination]

Are Top Loyola Law Students Getting Poor Services?

By

Loyola logo.JPGIs it right for a law school to discourage students from transferring? Is it right for a law school to deny services to students who are considering transferring? Because it looks like that is what happening at Loyola (L.A.) Law School right now.
Loyola has moved up its on-campus interview season; it now starts in late July. Unfortunately, that is too early for most students who are transferring to have received notice of whether or not their applications have been accepted. But now, at Loyola, students who have outstanding transfer applications are no longer allowed to participate in OCI. A tipster makes the situation clear:

Many schools have had similar policies for students who have accepted a position at another school, but Loyola’s policy is targeted at students simply applying for a transfer. This puts students in the very real position of applying, missing out on OCI, and then possibly not getting in at the higher ranked schools. Basically f*cking their chances at BigLaw.

Our tipster confronts the dean, after the jump.

double red triangle arrows Continue reading “Are Top Loyola Law Students Getting Poor Services?”

ATL March Madness for Law Firms, Round 1 (Part 1): Which Biglaw Firm is Safest?

By

Above the law march madness.jpg[Ed. note: To catch up on the latest round of the tournament, check out the March Madness 2009 category thread.]

The NCAA basketball tournament starts up this week. If your team is already out, or you’re only half-heartedly rooting for your team (Sigh. Go Duke.), we are offering you a different contest to take part in. And this is better than the NCAA tournament, because you’re not just a sixth man watching from the sidelines; you get to determine the course of the tournament through voting.

We’ve held March Madness NCAA-tournament style competitions before. UVA won the 2007 competition for coolest law school, and last year Latham eked out a victory over Cleary for coolest law firm.

Since Latham recently, um, cut a number of players from its team, we don’t think we can let it keep its crown, so we’re revisiting Biglaw firms with the 2009 ATL March Madness tournament. But rather than comparing “cool,” in a nod to the current climate, we are comparing “safe.” We bring you….

ATL MARCH MADNESS FOR LAW FIRMS!!!
WHICH FIRM IS THE SAFEST???

We’ve set up brackets based on Vault seeds. Thirty-two firms are entering the tournament. We invite you to vote on which firms are better at lay-ups than layoffs. At which firm are you least likely to lose your job?

After the jump, we give you the brackets, and the first eight match-ups. Look out for the next eight match-ups on Thursday. The polls close Sunday at midnight.

double red triangle arrows Continue reading “ATL March Madness for Law Firms, Round 1 (Part 1): Which Biglaw Firm is Safest?”