Sometimes lawyers at Cadwalader are the victims of theft. And sometimes they’re the ones doing the stealing.
Here’s the promised follow-up to yesterday’s post about Cadwalader’s successful raid on the energy law practice of McDermott Will & Emery. It’s big news in Biglaw. As of now, nine partners are moving — Paul Pantano, Karen Dewis, Greg Lawrence, Greg Mocek, Tony Mansfield, Ken Irvin, Rob Stephens, Daryl Rice and Doron Ezickson — but if they’re followed by associates, a few dozen lawyers could be involved.
In an email sent out on Wednesday by MWE leaders Jeff Stone and Peter Sacripanti, reprinted in full after the jump, McDermott tried to minimize the losses. Stone and Sacripanti pointed out that “[t]his group of partners focused mainly on one aspect of our overall energy practice, which was commodities and derivatives trading for financial clients,” and that “the departing partners’ total collections in 2010 amounted to about three percent of overall firm revenue.”
Still, three percent of total MWE revenue is nothing to scoff at. In 2009, McDermott had total revenue of $829 million, according to the American Lawyer. Assuming that 2010 revenue is similar (the Am Law numbers aren’t out yet), three percent amounts to $24.87 million. Dividing that out over nine partners yields revenue per partner of about $2.8 million — not a bad book of business.
Last month, when the world was bemoaning the Biglaw associate bonus market after Sullivan & Cromwell’s bonuses more or less fell in line with Cravath’s bonuses, I wrote as follows: “I’m keeping my eye out for Latham. It fits with their model. In bad times, suffering to all. In good times, models and bottles…. Latham survivors might get 2010 bonuses that trounce the former market leaders like Sullivan & Cromwell.”
Well, Latham & Watkins just announced its associate bonuses. Latham is a firm that gives out individualized bonuses, but the median payments by class year seem to be higher than the bonuses given out by Cravath, Sullivan & Cromwell, and the firms that followed them.
UPDATE: The preceding sentence was written before S&C’s springtime bonuses were announced.
Jed? Yes, Jed. Ms. Chua’s husband plays a large role in this story, even if he is made to sound like her hapless foil. He is presented as a handsome, charming and amazingly patient man, especially since his mother and wife had some similar traits. (His mother, according to the book, was once “aghast” at the cheeses Ms. Chua chose for a party and demanded better ones.)
Jed is the fixture without which Ms. Chua’s book would not be possible. And he is often wrong, wrong, wrong about child rearing, which means that the reader will think he is right.
Hopefully everybody had a chance to see “Fountain Lady” before YouTube removed the clip. It’s the kind of thing that made YouTube famous: a woman is texting and walking and she falls right into a fountain at a mall.
It’s funny. And the woman walks away soaked, but unharmed.
Normally, that would be the end of the story. But in a classic example of a person who doesn’t understand how “the internet” works, Fountain Lady Cathy Cruz Marrero has decided to exponentially extend her own embarrassment by hiring a lawyer. She wants to know who allowed her watery tumble to become public, and bring them to justice.
What happens now? Well, unless Cathy Cruz Marrero gets elected president or something, the clip showing her falling into a fountain will be the first thing people see when they Google her name for all time.
And even though YouTube has now removed the clip, I’m about to link to it via any number of mainstream media reports now showing the footage…
We’re only a few weeks into 2011. If your new year’s resolution is to dress better, there’s still time to act.
Valentine’s Day is also not far off. Make your dinner reservations now, if you haven’t done so already — and make sure you look good for your night out on the town. This year, wear something that she (or he) will want to take off.
Above the Law is here to help. We’ve arranged a special deal for ATL readers with Blank Label — an online tailor buzzed about in The New York Times, Forbes, and Time Out New York, among other outlets — that lets you design your own shirt.
That’s the fun part. You (or your secretary) can design your own shirt. So hop in, design and purchase. And then send ATL a picture of you in your custom designed attire, by email (subject line: “Shirt Design”). Love and accolades are sure to follow!
Under the offer, $50 gets you $100 towards a custom-designed men’s dress shirt. But the deal expires soon, so don’t delay. Click on the link below to access it — and take on the fun role of fashion designer. Happy shopping!
Every year, Fortune produces a list of the 100 Best Companies to Work For, and every year a handful of law firms make the list. And every year I wonder why some law firms made the list, while others did not, and whether Fortune actually has any idea about what they’re talking about.
We cover this list every year (click here for our posts in 2010, 2009, 2008, and 2007). Last year, six firms made the list. But this year only four law firms are among the top 100 companies.
Again, I can’t figure out what the two firms that dropped did wrong. But let’s congratulate the four firms that did stay on the list.
A new year, a new job. That seems to be the thinking of many within the legal profession, based on the proliferation of professional moves we have to report (and not just out of Howrey).
We’ll start with one move that’s aspirational rather than actual. Legal and political superstar Ted Cruz — the Morgan Lewispartner who heads the firm’s Supreme Court and appellate practice, and who was recently named one of the 25 greatest Texas lawyers of the past 25 years — will run for the U.S. Senate seat being vacated by the good senatrix Kay Bailey Hutchison (R-TX). Check out the announcement on his website, or read this BLT post.
Like many lawyers turned politicians, including our current president, the 40-year-old Cruz is a Harvard Law grad (and one of The Elect — Rehnquist / OT 1996). Graduates of HLS’s rival to the south, Yale Law School, tend to take more quirky paths.
That brings us to the second move of the day. YLS grad Yul Kwon — a former Second Circuit clerk and McKinsey consultant, the first Asian-American winner of Survivor, and one of People’s “sexiest men alive” (in 2006) — has left the Federal Communications Commission. Kwon served as deputy chief of the consumer and governmental affairs bureau at the Commission.
* Awesome diary of a rich wife trying to cut back on expenses. [Going Concern]
* Justice Elena Kagan — who currently lives in D.C., and apparently plans to stay there — was called for jury duty by the District. She wasn’t seated, since we don’t let supremely qualified people sit on juries. [ABC News]
* Bros at George Washington have been charged with being bros. Given what I think about bullying, you can imagine how little tolerance I have for anti-hazing laws. [Jezebel]
Ed. note: Gabe Acevedo will be covering LegalTech for Above the Law this year. If you are interested in communicating with someone from ATL about LegalTech coverage, please contact Gabe at firstname.lastname@example.org. Thanks.
It seems that judges are no longer afraid to unleash the power of the gavel when it comes to e-discovery violations.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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 seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.