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 email@example.com. Thanks.
It seems that judges are no longer afraid to unleash the power of the gavel when it comes to e-discovery violations.
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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