Adventures in Shingle Hanging: Two Quinn Associates Go Their Own Way
You see partners spinning off from bigger firms to start their own shops all the time. We’ve covered some of these high-profile partners that are still taking the risk during the recession, like the Skadden partners who formed BuckleySandler, or the Boies, Schiller partners who formed Stone & Magnanini.
But starting your own firm isn’t the exclusive domain of partners. Associates start their own shops all the time, even in this market. Last week, we learned that two Quinn Emanuel associates were taking the plunge and forming their own firm, Colt Wallerstein LLP:
Colt Wallerstein is founded by Doug Colt and Tom Wallerstein, two former Quinn Emanuel attorneys. Claude Stern, the managing partner of Quinn’s Silicon Valley office, said of the pair: “For years, I have worked closely with both Doug and Tom. I have trusted them with my clients’ most sensitive information and they have excelled in managing complex, sophisticated, and difficult commercial litigation. Doug and Tom are terrific, client-focused lawyers with a keen sense of the practical.”
These two attorneys weren’t laid off from Quinn. They say they were on partnership track at a firm where profits per partner march ever upwards. So you have to ask, “Why the hell would you leave a stable, well-paying job in the middle of a recession? Do you also enjoy looking gift horses in the mouth?”
After the jump, Wallerstein answers some of our questions.
We asked Tom Wallerstein why he decided to leave the relative safety of Quinn Emanuel to start his own business during a recession. He said he viewed the recession as an opportunity:
We’re not blind to the recession, obviously. But the recession is actually an opportunity for us. As David mentioned in a recent talk I saw, the recession has forced clients to re-evaluate their relationships with outside counsel. Doug and I are responding to that trend for not only less expensive lawyers, but also more efficient, more responsive lawyers with more transparent budgets and billing practices. I guess you could say that we are not just starting our firm in spite of the recession; in some ways, we are starting it because of the recession and how, in our opinion, it has forever changed the legal market.Additionally, you could make the argument of “another year or two” forever. Both Doug and I have been practicing for nearly 10 years, and we’ve handled complex litigation from start to finish. We have the skills, the connections, and the hunger to make this happen. Eventually, we knew we had to jump off the cliff and just take the plunge. This current economy is primed for a firm like ours.
Colt Wallerstein plans to service the same clients the two associates worked for while they were at Quinn. But instead of the high-end litigation that Quinn is known for, the two want to focus on “midrange” litigation — matters where it would be too expensive for their clients to hire Quinn.
Apparently, Quinn is cool with this set up, and has been helpful to the two entrepreneurs:
The important point is that we are not competing with Quinn for any cases. The cases that we handle will often be too small for Quinn, and the $1 billion dollar cases that Quinn handles with a team of attorneys are not cases we would be asked to handle. …[Attorneys at Quinn Emanuel have been] very, very supportive. If I may be immodest, Doug and I were very well-regarded at Quinn. The partners showed their support of our venture, not only by referring clients to us, but also by introducing us to other potential referral sources, giving us tips, etc. And we shouldn’t overlook the moral support. A lot of partners have told us, “I sometimes wish I had done what you’re doing.” We were truly humbled by the level of support that we received, and we think that speaks very highly of the partners at Quinn who want to see us succeed, even if it’s not under their roof.
Still, in addition to the inherent risk of starting their own business, the two associates are surely leaving a lot of money on the table to try to start up on their own. Right?
[A]bout the money: We actually hope we will make more money on our own than we would at Quinn. At Quinn and other big firms, the associates are only taking home a small fraction of what they bill. On our own, our wage per billable hour has gone way up. Although that doesn’t consider the extensive non-billable work required to run your own firm, that is counterbalanced because our job satisfaction has shot through the roof.
“Job satisfaction” is not a phrase we’ve heard a lot about during this recession. Many people seem to be keeping their heads down, just trying to hang onto their jobs until the economy turns around. But there are opportunities out there for the willing. Well, at least for the risk-loving.
Earlier: Musical Chairs: Skadden Partners Jumping Ship
Boies Schiller Spins Off NJ Office: Say Hello To Stone & Magnanini
Quinn Is Rolling In It
(175) Comments
Comments
I thought Quinn Emanuel is who that Southwestern Law kid played on Sliders. This is getting out of hand. I have a simple suggestion: Create two ATL sites. One for the big boys and another - Junior ATL - for small firms in small cities. Hate to sound like a snob, but I don't come to this site for stories about some firm I've never heard of.
sounds pretty immodest to me
I'm bolting to Colt Wallerstein.
- Former Quinn Client
I guess Quinn fell.
I guess Quinn fell.
Oh.... and first. ESPECIALLY since #1 is such a tired old douche.
Interesting. It looks like failure to properly capitalize is a learned trait & a hard habit to break.
An impressive show of cojones.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Wow-I want to hire Wallerstein now!
I've been looking for some honest balls to wall type of guys.
Would anybody be interested in hiring Wallerstein? Perhaps somebody looking for some honest balls to wall type of guys?
HELLO!? My character's name was Quinn Mallory on Sliders. You sound like my wife. It's like she's never watched any of my DVDs. I had to quit Sliders to do Mission to Mars, though. Right choice!
best of luck to them both. is colt wallerstein hiring?
17, didn't they introduce a parallel earth version of your character named Quinn Emmanuel? Or Quinn Colin? Or something? Or was that the kromag?
are they hiring?
I'm glad to see that the online profiles of Messrs. Colt and WallersTTTein remove any doubt that they are partners in Colt / WallersTTTein.
Yes you can.
Oh no they didn't
Yes they did.
Does the Pope shit in the woods?
I'm glad to see that the online profiles of Messrs. ColTTT and WallersTTTein remove any doubt that they are partners in ColTTT / WallersTTTein.
Since these guys have been practicing for "nearly 10 years," you have to wonder whether they were going to make partner at Quinn, since QE claims to have a short partnership track:
[from QE's website]
Partnership Consideration
We don't really have a partnership "track" like other firms. We generally make people partners when they're ready. However, associates are generally considered for partner 5 1/2 to 6 1/2 years out of law school.
how about a delicious side poo poo platter of obamacare?
Wallerstein clerked that's why he's not a douches
all clerks don't douche
They still both thought they were going to make partner even after all this time at quinn, damn, biglaw is good at using and abusing their senior associates to the max...
Penn law is not Ttt
fellow upenn alum
Wonder of how many of these clients were Quinn's and how many were actually theirs.
http://www.coltwallerstein.com/clients.htm
You're prob thinking of Colin Mallory. It was my character's brother. And guess what: He was played by my REAL brother, Charlie! Score!
25
I worked with them both
they each worked there just 5 years-not 10
they have 10 years experience idiot
they were both up this year in November
both would have made partner
both extremely bright
sick of the grind
these lawyers came from a large law firm. Only a small fraction of all lawyers ever work in a large law firm, \
A much more common going-solo scenario is as follows: naive young goes to a third tier law school, goes deeply into debt, and cannot find a law job on graduation. Also cannot find a non-law job because employers wonder why any lawyer would want to work as a non-lawyer.
Finally, in order to remain solvent and avoid bankruptcy, said new lawyer goes solo with a virtual office. Within 1 year, he has committed malpractice many times, is sued by multiple clients, and disbarred for taking on work that he was not competent to take on.
He declares bankruptcy, but still owes over 100K in student loans. Shamed, he drinks a bunch of cheap vodka, eats a bunch of aspirin and falls asleep, never to awaken.
these lawyers came from a large law firm. Only a small fraction of all lawyers ever work in a large law firm, \
A much more common going-solo scenario is as follows: naive youngster goes to a third tier law school, goes deeply into debt, and cannot find a law job on graduation. Also cannot find a non-law job because employers wonder why any lawyer would want to work as a non-lawyer.
Finally, in order to remain solvent and avoid bankruptcy, said new lawyer goes solo with a virtual office. Within 1 year, he has committed malpractice many times, is sued by multiple clients, and disbarred for taking on work that he was not competent to take on.
He declares bankruptcy, but still owes over 100K in student loans. Shamed, he drinks a bunch of cheap vodka, eats a bunch of aspirin and falls asleep, never to awaken.
Silicon valley is the place to be
28, good point, this is no more than an extremely stealth layoff.
32 - wow, so a 6th assoc. lateral at Quinn starts over as what, a 1st year?
http://www.sec.gov/divisions/enforce/extra/coltcomp.htm
"Doug and I are responding to that trend for not only less expensive lawyers, but also more efficient, more responsive lawyers with more transparent budgets and billing practices."
colt / wallerstein to 35K !
A driven student and "straight arrow," Douglas Colt had a lot going for him, friends say.
The son of a restaurateur and a politician, he led a young Republican group as an undergraduate, excelled at the ultra- competitive Georgetown University law school and lined up a plum job with a California law firm, according to a half-dozen interviews Thursday.
But the 24-year-old Colorado Springs native also displayed a fascination with the stock market and the power of the Internet.
The Securities and Exchange Commission says Colt married those passions in an Internet stock-trading fraud that netted him and others - including his mother, Springs Councilwoman Joanne Colt - six- figure profits at the expense of duped investors.
"I'm extremely surprised," said Aaron Arzu, a friend and classmate of Colt at the 1,500-student Georgetown law school. "He's very forthright ... one of the straightest arrows I know."
Colt did not return messages seeking comment.
As a student at Cheyenne Mountain High School, Colt designed the school yearbook and was "a real whiz with computers," said Jerry Hurst, the yearbook adviser. "I found him to be very personable."
After graduating in 1993, Colt went to Washington University in St. Louis, where he was president of the College Republicans.
At Georgetown, Colt earned a reputation as being friendly and studious, said fellow third-year law student Ceci Brennan.
Arzu said many Georgetown law students are enthralled with Internet stock trading because many eventually represent big brokerage houses. Some students invest their scholarships and grants in the market, he said.
"The students are absolutely fascinated with the way the market works and everything that has word 'dot-com' attached to it," said Jeffrey Bauman, a Georgetown law professor who specializes in securities regulation.
Georgetown even offers a course on securities law and the Internet. Its instructor: the SEC's head of Internet enforcement.
In summer 1998, Colt made his first foray into the stock market, opening an account with Charles Schwab & Co. and trading mostly technology and penny stocks, the SEC said. His profit: $24.
Colt created his stock-tip Web site, Fast-Trades, in January 1999, the SEC said. His profit: $160,000.
A Georgetown spokeswoman said the school won't discipline Colt. However, the university noted he could face scrutiny from bar admissions committees, which consider character issues.
Like many third-year law students, Colt chose to study at another campus his last year. Friends say he chose Pepperdine University in Malibu, Calif.
'Minute trading'
The Securities and Exchange Commission filed a civil suit against Douglas Colt for allegedly manipulating stock prices over the Internet and quickly selling his shares when prices soared.
The SEC has investigated more than 100 Internet fraud cases in the past few years.
Many such cases stem from a phenomenon called "minute trading."
Woah, 38! ATL, you should do a follow-up and/or add to main post.
He can rep me anytime if he can keep $350K with the promise to not "violate securities laws in the future":
March 3, 2000
S.E.C. Reaches Settlement in Web-Based
`Pump and Dump' Case
By ALEX BERENSON
Douglas Colt was a second-year law student at Georgetown University
with a head for computers and a passion for politics when he hit upon a
foolproof way to make money from the Internet.
He set up a free Web site promising investors
hot tips on penny stocks. But, according to the
Securities and Exchange Commission, Mr. Colt
bought the stocks in advance of his tips and sold
them at a profit as soon as his followers bid up
the prices. The stocks then plunged back to
earth, causing losses for unwary investors in
what the S.E.C. called an updated version of
the classic market manipulation known as a
pump and dump.
The system netted Mr. Colt, his mother, and
three other Georgetown law students nearly
$350,000 in only a couple of months last year.
Nearly all the money went to Mr. Colt and his
mother, Joanne Colt, a councilwoman in
Colorado Springs.
Under an S.E.C. settlement announced
yesterday, none of the five participants have to
pay a fine.
Nor do they have to pay back their profits.
While not admitting or denying wrongdoing, they merely agreed not to
violate securities laws in the future, a sanction that some experts
characterized as a slap on the wrist.
41 - I don't know, Here's what happens to people that cross Doug:
http://www.casp.net/cases/Colt%20v.%20Freedom%20Communications.html
Wow, the scam made Time magazine
http://www.time.com/time/magazine/article/0,9171,40335,00.html
This is why I still read the comments.
38 and 42-44 for EIC of ATL.
Second 45.
Upenn takes white students from SF State? Pathetic!
41: Give me break, that case is 10 years old. Did you see how that case turned out? It settled without Colt paying a penny, and no admission of wrongdoing.
<<Not Colt.
This story reeks of bullshit. What's more likely is that these two were on the way out and asked the firm to help them put a positive spin on their departure. Everybody wins because QE doesn't have to be accused of stealth layoffs and they get to say they weren't fired.
Then, they followed up with some well-placed comments above. More are sure to follow below and it is likely that there will be a rebuttal to this comment by one or both of them when it is posted.
Spare us the bullshit on this site. Please!
48 - right, which is why he should really advertise this stuff..... - 42
49, you cannot possibly believe that biglaw cares enough to troll comments on ATL. The rest of your theory I can sort of buy.
Would Colt handle my asslobster abduction IIED case?
K
41-if you mean people who cross him crush him then you are correct.
Sorry, I meant 43.
-53
Damn. Robert Bowman failed the character & fitness and still has to pay his $350K back.
49: I think you’re on to something! The whole firm is obviously just a front that quinn set up so he wouldn’t have to announce layoffs. And the partner quotes on the website are just part of the coverup. Pretty sneaky!
55 = Robert Bowman.
RIP Patrick Swayze
Comment on ATL from 2 years ago:
"Posted by Nobody | Permalink
Tuesday, February 13, 2007 4:21 PM
When I was in law school, 3 of my classmates (Georgetown Law, class of 2000) got busted by the SEC for running an internet "pump and dump" scheme. As far as I know, they all graduated but none of them ever practiced law. (Not sure if any of them got past the character and fitness committee.)
Complaint against them is here:
http://www.sec.gov/divisions/enforce/extra/coltcomp.htm"
good for them
Yadda yadda
to the one guy who keeps posting this irrelevant shit
yes we all know your girlfriend chose Doug and not you
get over it
Rock on ATL
51 - You're right, biglaw doesn't care enough, but the principals of the new firm sure as shit do.
Seriously, how big of a deal is it for a few partners to say nice things and play along with the rouse. In the end, the firm looks good and the associates look like they were in the driver's seat.
Don't get me wrong, I would probably look for a way to turn my impending layoff into an opportunity as well, but for it to be paraded in front of a community of bullshit detectors as if this is the outcome everyone wanted is a bit much.
Good article re: Colt's background. Didn't realize Gibson Dunn refused him after the allegations.
http://www.johnreedstark.com/ClassMaterials/NewsArticles/PostColtPiece.htm
They probably got caught ass fucking some partner's wife during a swinger party. What other possible reason could there be for leaving a shitty law firm in order to pursue a dream.
First to say Patrick Swayze will make a great Ghost.
-I apologize in advance
RIP
The entire answer to why these two made their move is that they each have a pair of balls. Those are exactly the two things missing from at least 95% of those in biglaw, those who read this board, those who go to law school, and those who want to. Those are also exactly the two things missing from 100% of the gadflies who run this board.
Importantly, though, balls have to come after real talent and ability. Hopefully these two have them and they enjoy this practice as much as I do.
Best to them both.
i have no doubt these two are going to kick ass. I worked with Doug at Quinn and he's fucking brilliant on his feet. He's also the only associate I ever knew who would give lectures on how to take depositions.
67 = Doug.
The entire answer to why these two made their move is that they each have a pair of balls. Those are exactly the two things missing from at least 95% of those in biglaw, those who read this board, those who go to law school, and those who want to. Those are also exactly the two things missing from 100% of the gadflies who run this board.
Importantly, though, balls have to come after real talent and ability. Hopefully these two have them and they enjoy this practice as much as I do.
Best to them both.
He and his momma sued the local paper!!!! HAHAHA
68 = doug
70 - yup, that is pretty damn funny....with a non-suit to boot.
in honor of quinn, i have typed this entire comment with caps.
without caps. fail.
71
He makes $350K.
He settles with no admission of wrongdoing and keeps every penny.
All the SEC asks is that he “agree not to violate securities laws,” which you can’t do anyway. So he basically agrees to nothing.
Georgetown doesn’t discipline him.
He passes the moral character evaluation and he’s admitted with all of his classmates.
So while the guy’s still a law student, he beats the shit out of a federal agency, and now he’s had 10 more years to practice.
You’re hired!
OMG, RIP Patrick Swayze:
http://www.foxnews.com/story/0,2933,550186,00.html
very sorry to see him go! I'm a guy and I'll admit that I like Ghost.
How about you folks right something about all the firms that had associates actually start working today? The entire market hasn't collapsed, some firms are strong.
74 - Go patrick swayze yourself.
word up, 73
75 -- why don't you tell us which firms they are. I only know of one. Give us some good news, we could all use a little good news for a change.
QUINN REMAINS - helpful to associate who strike out on their own.
QUINN REMAINS - helpful to associates who strike out on their own.
You people are retarded with the stealth layoff business. As I read the comments, there is no valid deparure from a law firm that isn't a layoff, stealth or otherwise.
K&E openly fires 50 out of 1,500 attorneys (~3%) and you idiots call it a stealth layoff rather than normal forced attrition. Even in a down economy people can still be fired for sucking.
Two well regarded associates start their own firm, and you idiots think it is a highly elaborate stealth layoff. As if Quinn cares that much about appearances. Puh-lease. Get a grip people. Take off the tin foil hats. Believe it or not, even in a down economy people move on for various reasons.
Quinn had a bunch of first years start today and over the last couple of weeks.
I heard a rumor that Quinn is going to $175... can anyone confirm or deny?
Great job 40!
83: I heard a rumor that Quinn lets you bill pro bono hours for subtle (or not so subtle) trolling. Confirm or deny.
81, no one really thinks this is a stealth layoff or even a layoff for that matter. It's called being facetious and sarcastic dumbass. If you actually comment seriously on Abovethelaw or rely on the comments here you're absolutely pathetic. You cannot be that stupid.
-36
It takes a lot to do what these 2 did
get off ur lazy asses and do it yourself, instead of being a troll
...As a side note, these 2 were "well" regarded, as some of the best young trial lawyers in their office.
Unfortunately, the older partners are the *only* ones that get to try the cases.
These 2 were not laid off/stealth laid off/fired/let go.
They have stellar credentials, and represent many top tier clients.
Stop being such haters.
I've worked with Tom in the past, as opposing counsel, He is one of the only "tolerable" attorneys at Quinn,
He's smart, & can argue like a mo-fo.
"They probably got caught ass fucking some partner's wife during a swinger party. What other possible reason could there be for leaving a shitty law firm in order to pursue a dream."
I guess I didn't realize the nuances of how to properly behave when encountering a partner's spouse at a swinger party. Biglaw is sure an odd world.
I love how two guys five years out of law school think that biglaw prepared them to handle big cases. Good luck with that one, guys. Small law people who actually practiced law in those courts, not just motion practice and memo writing, will be ahead in many important ways.
-not a biglaw hater
Revenue at 400-lawyer Quinn Emanuel Urquardt Oliver & Hedges was $441.9 million in 2008, up 15 percent from 2007's $384.5 million.
No one is getting laying off at QE.
88 - true
49: Did you have to attend an institution of higher learning in order to learn how to become stupid or were you simply just born that way? I worked with both Tom and Doug and if any two associates were on track for partner, they were. Being assigned tedious work is no fun and a good portion of what they did was just that: tedious but necessary discovery. They will have tedious work again, but this time because they want to do it, not because some partner makes them do it. Tom and Doug know what they're doing by starting their own firm and if they fail (which is highly doubtful) there isn't a top-tier firm in the country that wouldn't hire them in an instant. You're entitled to your opinion, 49, but next time don't stray into the bizarre zone.
He makes $350K.
He settles with no admission of wrongdoing and keeps every penny.
All the SEC asks is that he “agree not to violate securities laws,” which you can’t do anyway. So he basically agrees to nothing.
Georgetown doesn’t discipline him.
He passes the moral character evaluation and he’s admitted with all of his classmates.
So while the guy’s still a law student, he beats the shit out of a federal agency, and now he’s had 10 more years to practice.
You’re hired!
John Quinn isn't _laying-off_ anyone.
Wait till PPP come out, you'll see, this firm stands tall.
These two boys took the 5 years they worked there and are going turn that into their own "gold"
what an idiot -- dude makes 350K in "two months" pumping and dumping stocks, is supposed "brilliant lawyer," but then decides to waste 5/10 (?) years working as a replaceable drone at quinn before actually trying to enjoy life -- if i caught a two-month 350K windfall through criminal theft with no punishment, you can be sure i'd end up with a better life than this fool
"Revenue at 400-lawyer Quinn Emanuel Urquardt Oliver & Hedges was $441.9 million in 2008, up 15 percent from 2007's $384.5 million.
No one is getting laying off at QE."
91 - you incorrectly assume that because the firm has the money, it has the heart to keep people on. QE has deferred associates without stipends, no-offered plenty of summers, and contrary to your assertion, laid off associates and staff. all of this has been covered on ATL. the firm has money because it doesn't care about its people.
I really hope these guys do well. Doug is one of the most gracious lawyers I've ever known. I know of at least 3 times where he would spend 15-20 hours training a first or second year on how to take depositions, spend 10 hours going to the first deposition and sit in, and then never bill for his time. He is one of the only associates i ever saw take his own time and help out the junior associates so that they could get that kind of experience at Quinn.
Money, get away.
Get a good job with good pay and youre okay.
Money, its a gas.
Grab that cash with both hands and make a stash.
New car, caviar, four star daydream,
Think Ill buy me a football team.
Money, its a crime.
Share it fairly but dont take a slice of my pie.
Money, so they say
Is the root of all evil today.
But if you ask for a raise its no surprise that theyre
Giving none away.
97
get off the pipe
it's impressive how two guys starting their own firm have the time to post ten comments a piece on ATL. godspeed, fellas.
Some people say lawyers are not good business people. But a law firm is a business. And some have made tons of money. Ask Bob Link!
Come on. This isn't some new law grad who can't find a job and has to hang out a shingle.
These guys have probably banked a substantial amount of money before going solo, thus:
1.they have the luxury of deciding which clients they take.;
2. They have no worries paying student loans (if they have any) or bills.
If it doesn't work out they will probably get pciked up by another large firm or a litigation boutique and make large salaries.
Good for them, I'm justing pointing out that these aren't the usual solo schlubs undercutting eachother to do a will for $75 or a simple divroce for $150.
layoffs http://abovethelaw.com/2009/03/nationwide_layoff_watch_quinn.php
deferral without stipends http://abovethelaw.com/2009/07/quinn_deferrs_half_of_the_inco.php
low offer rates in non-ny offices are discussed in the comments http://abovethelaw.com/2009/08/summer_offer_rate_open_thread_1.php?show=comments#comments
As #104 points out, and contrary to posters above praising them for their "cojones", they aren't really taking alot of risk.
104/106-
true, they're probably just using what they've been saving for their partnership buy-in for the past 3-4 years
pow! right in the kisser!
so I guess this is what firms refer to when talking about giving positive recommendations and aiding people after they're laid off?
Quinn fires these two and says they'll make glowing remarks to the media and give great referrals if they keep quiet about getting sacked. not bad.
106.107.108.109
The managing partner @ QE doesn't need to fart in their direction. His quote states it all, they weren't laid off, like you tools were - get over it.
109 - sorry you weren't given such kindness
107 - they had to be making 350k annually anyhow.
I worked with these guys and they were both really nice, a rarity. They also were about the only two senior guys in the office who didn't do patent litigation. I'm sure that explains why they left as much as anything.
Balls. Good luck to both of them, as a current cog in biglaw I hope to do the same - work hard, learn how to practice, sock away some $, and when the time is right, chase the dream (although mine doesn't involve private practice).
Personally, I think they are hot!
112 - it was a subtle dig at quinn's purported "7-year or as-soon-as-you're-ready" partnership track
-107
116
That was when they first started out, times be changing, partnership track is much longer than that now.
quinn's website says "We don't really have a partnership 'track' like other firms. We generally make people partners when they're ready. However, associates are generally considered for partner 5 1/2 to 6 1/2 years out of law school."
but the nalp form says "Attorneys may be eligible for partnership 7 years from graduation provided they have been with the firm for a minimum of 3 years."
It has to be scary - setting up shop out on your own
but we all know QE hires_iron-men_so this is not surprising.
I heard they both did the firm hike, carrying like 100lbs on their backs.
Tough-guys for sure
119- QE requires a 200 pound minimum pack for the hike. and that's for the women attorneys.
Are these guys gonna advertise at Burbank Airport?
hey were front page headlines on the recorder today
who are these guys?
Superman?
Batman and Robin?
How the h-to the -ell do they get front page?
I think this is the Recorder article but I cant read it without a subscription http://quest.law.com/Search/Search.do?Ntt=wallerstein&Nty=1&N=8348&Ntk=SI_All&cx=0&sortVar=1
These guys are a pair of tools. Any client who hires them is an idiot and deserves the representation that they get. Their big claim to fame (other than securities fraud) is that they give great lectures on taking depos. Good luck with that. Wow, not impressive.
I look forward to reading about these guys in the disbarred section of the California law magazine.
neither was going to make partner this year, although both were up--but NO ONE in that office (and maybe in the northern california offices altogether) would probably make it this year. for one, two associates just made partner from that office last year. secondly, QEs m.o. is to hire lateral partners who can bring in business and keep the ppp on the up and up. doug and tom were likely aware of this fact. also, given that the office is particularly top heavy, with several other senior associates who do patent work, unlike them, they probably knew it was worth the risk of leaving rather than staying a few more years to see if they could make partner. but either way, this doesn't detract from the fact that they left on good terms. the partners seem to be feeding them work, and why do that if they were the worst of the bunch who got laid off? i don't think those partners would want to send their clients to people they didn't completely believe in.
I'd like to pump and dump Colt.
-DOJ Secure
Hang on - -
Wallerstein attended Butler, was nominated "most promising" apparently in everything, but then didn't graduate? Received his BA 7 years later from SF State?
And Colt, whose case is still taught at GULC (and still embarasses GULC faculty and administration), is currently practicing? Wow. Does Martindale have a rating low enough for that peer review?
These clowns were clearly soft-peddled out the door at Quinn. Their press release is about as believable as Colt's stock tips.
Hang on - -
Wallerstein attended Butler, was nominated "most promising" apparently in everything, but then didn't graduate? Received his BA 7 years later from SF State?
And Colt, whose case is still taught at GULC (and still embarasses GULC faculty and administration), is currently practicing? Wow. Does Martindale have a rating low enough for that peer review?
These clowns were clearly soft-peddled out the door at Quinn. Their press release is about as believable as Colt's stock tips.
1) I don't know whether Colt & Wallerstein got laid off. I DO know that firm laid off most of its senior associates who didn't practice patent law this year. About 30 associates were laid off, a large amount for a firm the size of QE and with its profits.
2) QE announced in 2008 that it was changing its official policy from a 6 year partnership track to a 7 year one.
3)Colt & Wallerstein both lateralled in 2004. QE has a policy that you're up for partner after 3 years. They were up for partner last year and got passed over. Probably were getting passed over this year, too, and that's why they left.
4) the NoCal offices of QE are a HARD place to work. It's almost 100% patent work -- if you want to do anything else, you have to get it through LA or NY. There's a tiny group that does white collar, but it's pretty insular. And the partners, especially the jr partners, have very little practical experience overall and so insist on handling all motions and appearances, not to mention trials. Not a place for a senior associate to get experience.
I'm bitter, lonely, depressed and jealous. And I take penis-enlargement pills, to no avail. These guys are TTTools.
--124
I hear hanging shingles can be very painful. Can anyone confirm this?
They weren't laid off, they're both really solid guys, and the partners were sad to see them go. I've seen several partners go to bat for them to get them clients so far. Of course the odds of anyone making partner this year were low, but they're good people, and very smart, and supportive of the newbies in the office even when they were slammed with work. I appreciate that.
93 = Tom
It's sad to see all the laid off bums come on here crying and hoping to trash any firm or associate doing better than they are. One of two cases here. Either they weren't on their way out, and decided to make this move anyways. Result: they have cajones, and you do not. Or they were told they had to pack their stuff, and came up with a plan to actually save their legal career. Result: they have clients lined up and are billing (for themselves) while you are attempting to disparage them on ATL. Either way, all you laid off associates still suck. It's been 6 months, get off your asses and stop crying on ATL because you picked the wrong firm and couldn't hack it like the rest of your peers.
Agree with the balls comments. Why all the hate people? Also agree that this was a pretty remarkable outcome regarding the SEC. Enforcement actions are not instituted lightly.
Balls to the wall
to 128 - Just saw this link posted on the Butler Alumni website - congrats Tom
Yes Tom attended Butler, from what I
remember - on a debate scholarship.
We debated at Butler numerous times, and I clearly remember the day he left.
I think his father - suffered a heart attack and died - he promptly left school, and missed the tournament.
From what we heard, he stayed in SF to take care of his mother who had some illness too.
Best Wishes Tom
Why don't y'all try to even get an interview at QE.
Doubt it.
Bunch of 2l losers.
Not my fault you guys are f&*ked.
Hey - they might be hiring
BooYa!@
Weird. I used to do porn in the early '80s under the name Colt Wallerstein.
Do you laid off bums have the cojones to go out and buy my book? For the low introductory cost of $59.95 I'll tell you the secrets shared only with the bar association that already collects your dues, the public library, and every start up website trying to cash in on all the laid off lawyers with no career prospects.
Are you ready to stop whining about "The Economy" and "The 40,000 OTHER Lawyers Who Graduated This Year?" If so, your tuition at BootstrapsPCU will be discounted by $12 to the first 35 people who take advantage of our low introductory rate of $235 a year? (Isn't that a mere fraction of the cost of your Secured Transactions casebook?)
It's time to take responsibility for your choices and pay me to tell you what to do! Call now....
Colt is a crook, pure and simple. He defrauded innocent people. He never should have gotten a bar card.
You must know something the SEC doesn't, because they apparently dismissed the case with no fine, no admission, no nada. Once you graduate law school you will understand the difference between allegations and what is ultimately proven or settled.
To 137,
Touching. My belated condolances to Wallerstein. However, as we ARE in fat attorneys, let's acknowledge that your comment doesn't at all address the suspecion that these two were soft-peddled out the door. Still, the story is touching.
And to the rest (if you're actually not Colt and/or Wallerstein, which seems probable),
Give the reach-arounds of these two a little rest. Their bits have probably been worked dry by the droves of you constantly stroking them.
We get it, you all want to go hang your own shingles, and anyone who's otherwise successful within an existing organization is a [derrogatory word of your choising]. Profound. Really.
am i missing something? who cares why they left? sounds like they have quinn's support. i do wonder if they made up some of the blurbs on their website though. they seem over the top to me.
It's pretty common for groups of senior associates at large firms to break off and try to create a "baby" version of their previous firm.
Most just don't get profiled on ATL.
My favorite part of their website:
"We are debate champions, moot court champions and judicial law clerks"
Who cares? We all are debate champions, moot court champions, and former clerks. That's the language used by a baby lawyer who is still fresh out of college and naive to boot.
146
Idiot, at our firm, not colt wallerballs - clients pay _MORE_ for attorneys with those credentials.
i doubt you are even an attorney, because you could not be that Stupid, with a capital S
I heard Colt Wallerstein is conducting stealth layoffs. Can anyone confirm?
There is a lot of competition in the Bay Area for patent attorneys, especially amongst the bajillion medium to small sized technology companies out here. There is a great market for small Patent/IP firms in the Bay and these guys are taking what they think is the best opportunity to get their slice of it. Good for them.
137, I'm only guessing that you are indeed a "fat" attorney and I have more than a strong "suspecion" that you can't spell, but I know for sure that you're an !@#$hole.
Whoops, I meant 143.
<<150
Morgan Lewis- 18% offer rate in NY- NEVAR FORGET!
How does one even mistakenly misspell "never"? E is close, but not THAT close, to A on the keyboard.
I heard Colt Wallerstein had a 100% offer rate. Can anyone confirm?
144: People who worked at Quinn using "over the top" advertising techniques by making lofty statements on their website? How shocking.
Just waiting for the day they put up signs in the Burbank airport...
135 - the only thing remarkable about Colt's encounter with the SEC is that he managed to blow everything he made thru pumping and dumping on his attorneys. There was no disgorgement because there wasn't anything left to disgorge.
Other than that, Doug totally stuck it to those feds.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Guys from my high school used to start their own firm all the time. It was no big deal.
Does anyone know any guys from high school who used to start their own firm? Was it a big deal?
36/86 - you may have been bring facetious/sarcastic but there are plenty of idiots commenting on here after you
who are totally serious.
98-15 to 20 hours teaching how to take a deposition? Then sitting in on deposition? Is that in BigLaw time? For what a 3rd party fact witnesses, 'cause you know you don't get a retained expert dep at your first rodeo. Seriously pathetic.
How come there was no mention that Douglas Colt of Colt Wallerstein was involved in a pump and dump scheme while at Georgetown? The guy entered into an agreement with the SEC that enjoined him from further violations of 10b-5. Why would ATL give this jerk free advertising?