David Lat is the founder and managing editor of Above the Law. His writing has also appeared in the New York Times, the Wall Street Journal, the Washington Post, New York magazine, Washingtonian magazine, and the New York Observer. 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." His first book, Supreme Ambitions: A Novel, will be published in 2015. You can connect with David on Twitter and Facebook.
On Monday, we noted the surprising news of a young partner leaving Wachtell Lipton to start his own boutique firm. Given the rarity of partner departures from the super-lucrative Wachtell, my colleague Staci Zaretsky described the news as “basically like seeing a unicorn.”
Why did Jeremy Goldstein, a 40-year-old partner in the firm’s executive-compensation practice, leave WLRK? The American Lawyer piece about Goldstein’s move painted a happy picture of a lawyer striking out on his own to be more entrepreneurial and to run his own business.
But we wonder if there’s more to this story than meets the eye….
For almost a decade, the Forum on Law, Culture & Society has hosted fascinating conversations about legal issues with such luminaries as President Bill Clinton and Justice Sonia Sotomayor. I’ve had the pleasure of attending several Forum events over the years, such as a riveting panel discussion about the Casey Anthony case and screenings of legally themed movies at the Forum Film Festival.
For years, the Forum has made its home at Fordham Law School. But now the Forum is moving. Where is it going, and why?
Here at Above the Law, we love ourselves a good departure memo. If a great one makes its way into your inbox, please feel free to send our way.
People write departure memos so they can frame their farewells — explain why they’re leaving, provide their new contact information, and thank the people who need to be thanked. But what about if a partner — a managing partner, no less, and one involved in a summer associate scandal from a few years ago — just quits without explanation?
In that case, the remaining members of management write her departure memo for her. And oh what a departure memo….
What’s not to like about a summer associate program? Most law students are down with free lunches, fun events, interesting work, and fat paychecks.
Sure, there are exceptions — like the summer associate who quit via firm-wide email earlier this month, declaring that he’d “rather be farming.” But, for the most part, summer associate positions are coveted gigs — especially because they might lead to full-time employment after graduation.
We recently mentioned that entry-level Biglaw hiring is on the upswing. But that’s true as a general matter, not across the board.
Which firm is taking us back in time and canceling its summer associate program in two offices?
Hop in the DeLorean and travel back in time with us.
Some of our readers are old enough to remember the 1990s. It was, in my opinion, a glorious decade for popular music. (I have a collection of beloved cassette singles from that era.)
But we’re here to talk about the legal profession, not pop music. What were the nineties like for Biglaw?
Also glorious. There was a recession in the early 1990s, but for the most part, times were good. This was especially true near the tail end of the decade, when the booming dot-com economy filled the coffers of many large law firms (before the arrival of the early 2000s recession).
How much of that wealth trickled down to the associates? Let’s find out….
Staci here. Earlier this month, Vault released its closely watched rankings of the nation’s 100 most prestigious law firms. It was there that we learned Wachtell Lipton held onto its title as the most prestigious firm in America for the twelfth year in a row — but not by much. Cravath was very close to snatching the crown, and we’ll see how this grudge match pans out next year.
In the meantime, please don’t think that we’ve forgotten how much our loyal readers enjoy Biglaw rankings. Perhaps your firm isn’t the most prestigious, but that doesn’t mean it doesn’t have clout. Some law firms reign supreme when it comes to certain practice areas, and others are known to dominate entire regions of the country.
Which law firms are considered to be at the top of their game by practice area and region? Let’s find out!
We’re in the home stretch of October Term 2013 at the Supreme Court. After the final two opinions are handed down on Monday, the justices will scatter to the winds (and supplement their incomes with teaching, often in lovely European destinations).
During the month of July, the clerk classes will turn over. Each week, new clerks will arrive and outgoing clerks will depart — do pass go, do collect your $300,000. (Or more; we’re hearing rumors of possible upward movement this year; drop us a line if you have info to share.)
So now is a good time to look at the latest SCOTUS clerk hires. We have almost all the clerks for October Term 2014, plus a few new hires for October Term 2015….
The legal job market remains challenging, but there are some bright spots. As we reported on Friday, entry-level Biglaw hiring is up by almost 10 percent compared to last year.
Many law school students and graduates view working at a prestigious law firm as a cure-all. And it’s true that a starting salary of $160,000 is one of the best ways for law school grads to service six-figure debt loads.
But for some young lawyers, a Biglaw job is far from a panacea. The stress and long hours create new problems — problems that can be hard to solve while holding down a demanding law firm job.
Here is one associate’s very sad situation. What would you advise him or her to do?
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!