Sometimes, the internet seems to exist largely in order to rate things. User-generated and unverified reviews of everything from movies to cars abound. The thing with this proliferation of ratings, be they on Yelp, or Amazon, or whatever, is that we usually don’t have any idea whether or not the reviewer has any basis for his rating. (In fact, the spoof product review has become its own literary micro-genre.)
Spurious or baseless ratings are not a problem when it comes to ATL’s Insider Survey (17,300 responses and counting — thanks everyone!), in which practicing attorneys and current students evaluate their own schools or employers. Among other things, our survey asks attorneys to nominate firms with over- and underrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
Which firms do those in-the-know consider to be better (or weaker) than their reputations?
A time-sensitive matter comes in. An experienced hand is needed to help. Where to look for that help? In Biglaw, the answer is usually an easy one: call up Partner No. 37 in distinguished branch office No. 6, and keep the billable hours rolling — with a happy nod towards a successful “cross-sell,” and instant validation of the underlying “size is good” concept behind so many of today’s firms. But is Partner No. 37 really the best lawyer to help out? Hard to believe that the answer is “yes” more often than not. Because Biglaw firms are constructed the way they are, however, there is a premium on making sure that existing firm resources are utilized as much as possible.
At the same time, we know the legal industry is struggling to cope with demand fluctuations, or all too often a lack of demand for expensive legal services. In the current environment, it is not a surprise to see Biglaw firms contorting themselves to reach optimal size, whether through mergers, layoffs, or lateral growth. Despite their efforts, there are very few firms that are optimally size-calibrated in relation to the demand for their services. For those firms fortunate enough to experience the occasional demand spike, retaining the ability to be nimble on staffing can mean the difference between a satisfied client or one who looks elsewhere “next time there is a big need.” Firms want repeat business, and being able to incorporate experienced additional lawyers — within the budget for a particular matter — onto the legal team can make a real difference in whether or not that repeat business happens.
But where else can firms (of all sizes) go for experienced help on short notice?
* “[T]he ‘superstar’ model of Supreme Court advocacy marketing is prevailing”: recent Supreme Court litigation has been dominated by Biglaw and boutiques, and five of them handled about half of last term’s cases. [WSJ Law Blog]
* It’s not a “done deal” yet, but Albany Law School is in serious talks with the University at Albany to form an affiliation by the end of the year. There’s been no word on whether Albany Law would remain a stand-alone school under the yet-to-be inked arrangement. [Albany Business Review]
* The dismissal of lawsuits concerning allegedly deceptive employment statistics at several Chicago-area law schools was affirmed by an Illinois appeals court. ::insert sad trombone here:: [National Law Journal]
Hallelujah and rejoice, for there are new Biglaw rankings upon us. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. As we learned from the 2014 Am Law 100, the super-rich among the world’s Biglaw firms are only getting richer, and the latest rankings serve only as confirmation of this fact.
Last year, there were some surprising moves among the top 10 global firms, with DLA Piper swooping in to steal Baker & McKenzie’s thunder as the top-grossing firm in the world. Did the global mega-firm manage to reclaim its glory in the Global 100?
How do you think we pick lawyers to defend us in litigation?
Judging from some of the emails I get, this is the picture in your mind’s eye:
“Hey, boss, we just got sued in New York. We’ll have to defend ourselves.”
“Shoot! New York City! Do they have any lawyers there?”
“Damned if I know. Lemme grab the New York City phone directory and take a look.”
An hour later:
“Good news, boss. There’re a whole gaggle of lawyers in New York. I think we should hire Bigg & Mediocre.”
“They have an 800 number, so we’ll save some money. And they have a whole bunch of lawyers; one of ‘em probably knows what this ‘RICO’ thing stands for. And their website is really fancy; you wouldn’t believe it.”
“Great! Call that 800 number and ask them to connect you to a litigator.”
If that’s what corporations are doing, then at least you know how to develop business . . . .
Earlier this month, we reported on Bingham McCutchen and Morgan Lewis & Bockius’s agreement to merge. The 750-lawyer Bingham firm has been going through a rough patch lately, so news of the deal with 1,200-lawyer Morgan Lewis sounded like a rescue to some observers.
But rescues come with terms and conditions. What are the ones at issue here? There’s good news for some Bingham partners, and bad news for others….
She’s not a porn star, she’s a law student. We could see where you might be confused by that one.
* Now that we know Eric Holder is resigning, there’s been speculation as to where he’ll go next. The obvious choice is a return to Covington & Burling, but he could still surprise everyone. [National Law Journal]
* “Judicial campaign cash is burning a hole in the Constitution.” State court judges are pumping money into their election campaigns, and some have been left to wonder about its true price. [New York Times]
* Details have emerged as to conditions that must be met for Bingham McCutchen’s proposed merger with Morgan Lewis: partner promises, de-equitizations, and forgivable loans, oh my! [Reuters (sub. req.)]
* A former law student who was falsely identified as a porn star on the radio had her day in court and pulled out a win. Here’s the money shot: she’s walking away with $1 million in damages. [Kansas City Star]
Ed. note: Stat of the Week is a new feature that pulls data points from ATL Research as well as noteworthy sources across the web.
Rumors of a Bingham McCutchen/Morgan Lewis merger were confirmed this week when news broke that the two firms had reached an agreement to combine. The firms have a lot in common in terms of financial metrics: for 2013, Bingham came in at $1.48 million for profits per partner and $960,000 for revenue per lawyer, while Morgan Lewis posted similar numbers, $1.57 million and $945,000, in those categories (according to Am Law).
Something the two firms don’t have in common? The direction they’ve been heading in….
Kamala D. Harris is ‘by far, the best looking attorney general.’
* Solicitor General Don Verrilli may be a frontrunner to replace Eric Holder as attorney general, but the competition seems to be stiff. Kamala Harris, anyone? [USA Today]
* FBI Director James Comey is annoyed by Apple and Google marketing their encryption prowess for privacy’s sake — it’ll “allow people to place themselves beyond the law.” [WSJ Law Blog]
* White & Case just hopped aboard the onshore outsourcing train with its announcement that it would open a services center in Tampa, Florida. The move will create about 100 jobs, but we’d love to know how many it’s negating. [Tampa Bay Times]
* Slater & Gordon, the world’s first publicly traded law firm, has been on an “acquisition spree” in England. Earlier this month, it picked up a patent practice, and now it’s in talks with a litigation shop. [Am Law Daily]
* “Law school is a major gamble,” and people are more informed, but that somehow isn’t stopping people from applying. This is a great article to read if you’re still considering going all in. [New York Observer]
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: