Musical Chairs: Shearman & Sterling and Baker Botts Partners Start New Firm
Yesterday the news broke that Steven Molo, of Shearman & Sterling, and Jeffrey Lamken, of Baker Botts, were leaving their respective firms to start a new litigation boutique. It will be called MoloLamken and start out with offices in New York and D.C. Am Law Daily reports that the firm represents the new recession model for business generation:
If there is a firm model built for the dawning post-recession era, it’s probably a litigation boutique with low overhead and a flexible billing structure….The firm will start with four partners and two associates, and will work on both plaintiffs and defense cases. Within five years, Molo says he hopes to have around 50 lawyers. “Over time, clients have become far more sophisticated in hiring firms,” he said. “They understand how a firm like this can be small but every bit as efficient or even more so than a larger firm.”
But are they hiring? Details after the jump.
Given the weakness in the legal job market, any new firm headed by big name partners is likely to draw a lot of attention. MoloLamken is looking to hire people, but law students should save themselves the trouble. A spokesperson for MoloLamken told Above the Law about its hiring needs:
[T]he firm will hire only associates with at least two years’ of experience, preferably more, with an emphasis on those who served as judicial clerks. In addition, the firm will do no law school recruiting and have no summer associate program, thus allowing it to avoid overhead that is non-essential to its model.
Sorry law students, but you guys kind of do look like unnecessary overhead for a flexible start-up.
But this could be a great opportunity for laid-off Biglaw types who had their career stunted by economic layoffs. It’s time to get off the couch, put down the bottle, and dust off that old recommendation you have from the judge you clerked for.
The larger question is whether more partners are thinking of making a move just like Steve Molo and Jeff Lamken. Clients want pricing flexibility. If large firms are slow to respond, there could be a real market for new boutiques. Equity partners who haven’t lost their entrepreneurial spirit should take note.
MoloLamken [official website]
Stars from Shearman & Sterling and Baker Botts Defect to Start Litigation Boutique [Am Law Daily]
(33) Comments
Comments
Dead last.
Molo Lamken's client base is not small. It is merely more selective.
Romo Lampkin's getting his own firm? Awesome.
You can already tell that trial/general Lit is gonna be second class to appellate law at this firm, and that Lamken is calling the shots. The HR lady says that they're gonna "emphasize judicial clerks," yet one of the freakin name partners (Molo) apparently has never clerked himself! Which suggests that they will primarily be hiring for appellate.
http://74.125.93.132/search?q=cache:hT1mBOrywJwJ:www.shearman.com/smolo/+Steven+Molo&cd=1&hl=en&ct=clnk&gl=us
This is great news for all those with deferred or rescinded biglaw offers!
I mean...wait, it isn't...
fiveth weasel
I working at a comparably sized selective litigation boutique, I've got to say, it's much better than big law. I get paid "market rates" for my year and a comparably bonus. Not having the bother of summer associates was a real treat this past summer.
Hiring . . . ANY hiring . . . is a good thing. If this new firm hires 10 associates, that's 10 fewer people looking for jobs. That's 10 possible openings at other biglaw firms around the country. That's 10 fewer people that need to be laid off.
Also, hiring 10 second year or higher associates means that there are up to 10 openings for first year associates to fill. This means that there are up to 10 openings for new law students.
Granted, there is a lot of qualification in my statement with "up to" and "possibly," but the point is still valid. New firms promote hiring. Hiring at any level is good for everyone.
Their hiring policy makes them no different than most other small firms doing litigation/appellate work. They will hire experienced associates with stellar credentials. Really? This is news?
Given the current labor market, you can get an experienced associate with stellar credentials into a far lesser role, let alone what these two are setting out to do.
I realize that fear is this website's current product, but isn't this story just a little too obvious to post? I might have an economics degree in addition to my law degree, but I didn't think anything beyond common sense and an editor were necessary to strike everything beyond the first block quote.
welcome to the FUTURE
Hi, I'm number 9, not only do I complain about the unnecessary post, I write three paragraphs that completely make me look like a dipshit.
I may be wrong, but I was under the impression that plenty of boutiques had minimal to no law student hiring.
11: Dipshit? Fair. I haven't had my coffee yet. Leads me to my next question. Is sports journalism really journalism at all, or is the media just goading T.O.?
- 9
8 is entirely on point. We need more, many more, lawyers to strike out on their own like this so that biglaw can get back to hiring. The recent graduates with deferred or rescinded offers can then start their illustrious careers reviewing documents or performing due diligence.
8 is right. This is going to create a bunch of new jobs. Once potential clients see that there is new firm, they will decide to create new legal work for it.
Thanks,
A Unicorn
To quote Ray Charles in the Diet Pepsi ad: "YOU GOT THE RIGHT ONE BABY!"
"Equity partners who haven’t lost their entrepreneurial spirit should take note."
Elie, I can't believe you are attempting to give EPs advice.
Mystal, you racist Walrus, suck my ass.
Trug Palin
The REAL question is: Where do I send my resume?
RoloBlumpkin is a peer firm.
To "A Unicorn," I agree with you. Is it to early to shout "NY to 190!" again?
21,
Not yet. But, it might be TOO early to shout that.
3 you beat me to it
Houston to 180!
Suck it North East.
Welcome to YESTERDAY'S law.com story.
Sounds like they are copying the lit. boutique Yetter, Warden & Coleman in Houston. The founding partners left BB to start this firm. In a firm of 28 attys, they have 2 SCOTUS clerks, 6 COA clerks, and the rest clerked for federal judges.
Never heard of either attorney. Can't wait to see what kind of crazy, intuitive, flexible pricing models they come up with - maybe something sexy like, say, contingent fees? Low overhead = no free coffee. Genius!
3 - Frak yeah!
Damn - 3 and 28 beat me to it. It would be great to be his client. Hello? Yes. This is Romo Lampkin of MoloLamken. Do you have a moment to talk with me about the distribution agreement?
http en . battlestarwiki . org / wiki / Romo_Lampkin
3 = total winner. --Elie
Much as I hate to use a cat metaphor, I think those guys will land on their feet.
Small is better. My ad firm, Sterling & Cooper, is small, and we are very competitive for it.
Not "it's hiring needs" -- "its hiring needs."