Julian Assange looks way too much like Julian Sands.
* A Spanish woman has claimed ownership of the sun. Similarly, my father would womanize, he would drink. He would make outrageous claims like he invented the question mark. [Daily Mail]
* Yesterday, Eric Holder said that the Justice Department was conducting a “very serious” investigation into insider trading on Wall Street. Rachael Ray’s going down. [Bloomberg]
* The Justice Department is also investigating whether WikiLeaks founder Julian Assange violated the Espionage Act. The Espionage Act is, of course, a euphemism for “two Swedish ladies.” [Washington Post]
* Critics say the arrest of Mohamed Osman Mohamud was the result of entrapment. The government, however, says Mohamud was given several opportunities to scrap his War on Christmas Trees. [New York Times]
* Greenpeace has accused two chemical companies of corporate espionage. Make up your own joke. I don’t care about the environment. [WSJ Law Blog]
* A mortgage-fraud trial will be in recess next week so that a lawyer can attend his grandson’s bris. Hey circumcision warriors…you mad? [New York Post]
Martin Luther dropped out of law school -- and so can you.
Lat and I have already had a spirited debate about whether or not a 2L should drop out of law school. Predictably, Lat argued that the 2L should stick with it, while I extolled the virtues of running away and quitting. And the readers weighed in too: 66% of you said that the 2L should hang in there and finish law school.
Well, what if the student is a 1L? What if the student is just in his first semester of 1L year and can get out before incurring even another semester’s worth of debt? Does that change your opinion?
As I said earlier this month, I’m done worrying about the soon-to-be-failed careers of many prospective law students. If you won’t research basic employment information before you commit three years and $100K, nobody can help you.
But I guess I still have a soft spot for people who have to physically see law school for themselves before they realize the gravity of their choices. It’s taken this 1L less than four months to realize that law school / the legal profession presents a challenging value proposition.
Now that he has this information, albeit late, what should he do?
* Lest you think xenophobia was a purely American invention, Switzerland moves to automatically banish foreigners who commit crimes. [Legal Blog Watch]
* Do you want to be a judge? Are you sure? It’s one of ten high-paying jobs that doesn’t have a future. [Money Watch via ABA Journal]
* Michael Vick’s second chance seems to be going quite well. Put me down as a “no” vote on the “should dog killers be allowed to re-enter polite society” referendum. Of course, reasonable people will disagree with my marginally hypocritical overreaction. [Simple Justice]
* In a matter of time, the legal battle about whether two men can marry will be concluded, and three men whom you’ve never met will try to offer you an explanation as to the constitutional validity of gay marriage. For my part, I’ve done as much as I can do to bring the truth to light. And the truth is this: gay marriage is only an open question because good people haven’t been strong enough to stand up for equal rights. Always, Lieutenant Colonel Matthew Andrew Mystal. [WSJ Law Blog]
Which lawyers are important at large law firms? Let’s set aside for a moment the guy who controls the tickets to the loge at the Lakers’ games, and think more generally. Who matters at law firms?
First, partners with big clients. Those folks have power. They influence decisions within the firm, have the capacity to push new people into the partnership, and have work to share with others, which keeps the others busy.
Partners with clients count. Who else counts?
Great lawyers. Sometimes, you just need a really smart person to help you solve a problem for a client. Good lawyers are generally adept at identifying great lawyers. If you’re a great lawyer, your colleagues at a big firm will come to you for advice.
(Sometimes, the lawyers with big clients are also great lawyers; sometimes, not. That should be self-evident. It is, in any event, grist for some other mill.)
A small law-firm bonus, or a small-law-firm bonus?
While Biglaw types may or may not have had something to be thankful for over the holiday weekend, many small firm lawyers were feeling the Thanksgiving love via the SoloSez list serve.
There were numerous magnanimous emails coming through about what small firm lawyers are thankful for. I found myself wondering whether these warm-and-fuzzy feelings resulted from pure happiness — or whether they might reflect cold hard cash, in the form of small-firm bonuses.
So let’s gather some data about bonuses at small law firms….
There was a time in this country where the holiday season was a time to be rewarded for a good year of work. People received bonuses. People received pay raises, so their salaries could keep pace with their growing experience and maturity (or at least keep up with inflation).
The America where that kind of stuff happened now only exists in memory. In post-recession (or mid-double-dip-recession) America, the holidays are a time when the people at the top jealously guard their wealth, while everybody else tries to figure out how to make “sacrifices” for the greater good.
Usually, this type of thing can be seen most clearly in the private sector (click here for Above the Law’s coverage of bonus season). But today the Obama administration is getting into the holiday spirit by freezing salaries on federal employees for two years.
So, if you’re a J.D. holder who joined the Department of Justice or another federal agency to escape the Biglaw recession, the pay cut you thought you were signing up for just got bigger.
And it probably also means that a few federal attorneys will be trying to get back into the private sector — which will be great, because it’s not like the market for attorneys is oversaturated or anything….
The latest firm to announce that it’s matching the market — which, at the current time, is embodied in the Cravath bonus scale — is Weil Gotshal. According to the memo, from executive partner Barry Wolf, Weil associates “will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms.”
We assume this is Weil-speak for Cravath bonuses — or higher, if another “peer firm” decides to best Cravath. The Weil bonuses will be paid on December 23.
The full memo — available after the jump, along with reactions from Weil sources — contains good news, and bad news….
It’s time for a brief postscript on one of this month’s juicier (and well-trafficked) stories: the dismissal of three women associates from litigation powerhouse Boies Schiller. We have a few additional tidbits that we can share with you.
But this is probably the last story we’ll be doing on this drama, since we don’t expect anything else to emerge. One piece of information we’ve received is that the associates were offered severance pay — “very generous” severance, in the words of one source — but had to release any claims against the firm in exchange. All three took the deal, including the expectant mother. So don’t expect any “Aaron Charney for pregnant women”-type lawsuits.
What other details can we reveal about the situation?
Welcome back from your long weekend. I trust everybody is ready to put in a lot of hard work through the holiday season in order to finish the year off strong.
Ah, what’s the point? Based on the early bonus news, it seems that Biglaw managers are going to go with stingy bonus payments for the second year in a row. And while we’ve reported that hours appear to be up this year over last year, hours aren’t back to 2007 levels.
If firms are going to keep bonuses at 2009 levels until their profits get back to 2007 levels, well, then maybe it’s time to kick back and do some shopping on Cyber Monday…
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:
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.
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.