A Legal Tabloid - News, Insights, and Colorful Commentary on Law Firms and the Legal Profession
Managing Editor: David Lat
Editor: Elie Mystal
Assistant Editor: Staci Zaretsky
Contributors: Kashmir Hill, Marin, Mark Herrmann, Jay Shepherd
David Lat is the founder and managing editor of Above the Law. His writing has also appeared in the New York Times, the Washington Post, the Wall Street Journal, the New York Observer, Washingtonian magazine, and New York magazine. Prior to ATL, he launched Underneath Their Robes, a blog about federal judges. Before entering the journalism world, he worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz, in New York; and a law clerk to Judge Diarmuid F. O'Scannlain, of the U.S. Court of Appeals for the Ninth Circuit. David graduated from Harvard College and Yale Law School, where he served as an editor of the Yale Law Journal. He has received several awards for his work on ATL, including recognition as one of the American Lawyer’s Top 50 Big Law Innovators of the Last 50 Years; one of the ABA Journal’s Legal Rebels, a group of pioneers within the legal profession; and one of the Fastcase 50, "the fifty most interesting, provocative, and courageous leaders in the world of law, scholarship, and legal technology." You can connect with him on Facebook or Twitter.
Over the past year or so, we’ve heard a steady trickle of negative news out of Dickstein Shapiro. The trickle has turned into a stream, so it’s now time to share what we’ve learned.
Let’s start with the numbers — grim numbers. Yesterday the Legal Times reported on what it described as Dickstein’s “worst year in more than a decade.” Revenue fell by 20 percent in 2013, and net income dropped even more sharply, by 35 percent. According to the Legal Times, the firm’s 2013 net income of $36 million is the lowest the firm has seen since before 1998, its first year on the Am Law 200.
Chairman James Kelly tried to spin this performance as “restructuring” and “investment,” as the firm focuses on its core practice areas. According to Kelly, “We made a strategic commitment to be a market-leading specialty firm. We decided we’re not going to be everything to everyone.”
“Everything” would appear to include “employer.” Let’s hear about the firm’s headcount cuts — affecting partners, associates, and staff — and check out the severance agreement that one source leaked to us….
Back in February, we covered a lawsuit filed by Mayer Brown that some critics called “disgusting” and “despicable.” The case challenges the placement of a memorial for World War II “comfort women” in a public park in Glendale, California — partly on administrative procedure grounds, and partly because the memorial allegedly “presents an unfairly one-sided portrayal of the historical and political debate surrounding comfort women.”
Filing a lawsuit that effectively seeks to deny the historical phenomenon of the comfort women — women who were forced into sexual slavery by the Japanese military during World War II — didn’t go over too well in many quarters. And now the case is back in the news, surely to Mayer Brown’s chagrin….
Raise your hand if you’re tired of the debate over the value of a legal education. Yeah, me too.
Well, sorry to disappoint you, but the debate rolls on. A prominent law school dean and one of his colleagues took to the pages of the New York Times to once again defend the law school ivory tower from its critics.
Who are we talking about, and what are their arguments?
I had the pleasure of spending much of last week in Seattle, for the 2014 Annual Education Conference of the Association for Legal Career Professionals (aka NALP). On Thursday afternoon, my colleague Brian Dalton and I, along with Guy Alvarez of Good2bSocial, gave a well-attended presentation on new media strategies that work.
I unfortunately had to leave the conference early to speak at another symposium (the Marquette Law conference on law clerks). But while at NALP, I did attend a number of informative panels, centered around two topics: (1) lateral hiring at law firms and (2) federal judicial clerkships.
Here are some themes that emerged from the three lateral hiring panels I attended:
(If you’d like to check out Arguendo, a SCOTUS-themed show that’s now playing in D.C., there’s a discount code for ATL readers: WMATL, good for 15% off on Friday nights, Saturday matinees, and Sunday evenings. Visit the Woolly Mammoth website to order tickets. Enjoy!)
Lat here. Tomorrow is a big day. First, April 15 is Tax Day; we hope that you’ve filed your return — and that you haven’t been taken advantage of. Second, it’s the deposit deadline at various law schools. We hope that you’ve made up your mind — and that you haven’t been taken advantage of.
Helping people make informed decisions is the goal of our popular column called The Decision. We field queries from prospective law students choosing between different schools, offer them advice, and ask ATL readers to weigh in as well.
Now, on to today’s scenarios. We’ve titled them “Jersey Boys” and “The Book of Mormon,” for reasons that will soon become apparent….
As we noted earlier today, the legal sector has added 2,300 jobs since the start of 2014. For an industry that currently employs more than 1.1 million people, 2,300 new jobs doesn’t sound like a lot — but hey, it’s better than shedding jobs.
Note that we’re talking about net job growth. Some legal employers are hiring, while others are firing.
Which major law firm just laid off a total of 52 lawyers and staffers last week?
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.
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:
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.