Debevoise & Plimpton

Debevoise Ditches Its Trusts and Estates Practice

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It looks like the trusts and estates department at Debevoise & Plimpton needs a last will and testament. As we mentioned in Morning Docket, the firm is pulling the lifeline on its T&E department.

The move surprised some, given the kind of place that Debevoise is. As Peter Lattman put it, “it seemed to run counter to Debevoise’s reputation for a strong partnership culture. At a time when many large law firms have discarded the traditional partnership model and embraced a more bottom-line approach, Debevoise has been seen as retaining an old-school ethos — a genteel law firm known for its camaraderie and decency.”

We have some additional information about the wind-down process. On the bright side, it’s being conducted in a genteel, decent, Debevoise sort of way….

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Morning Docket: 02.06.13

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* Oh my God, Debevoise & Plimpton is dropping its entire trusts and estates practice. Was the economy the cause? What about the eight soon-to-be-unemployed lawyers? And most importantly, what would Josh Lyman’s father think?! [DealBook / New York Times]

* Major props go out to everyone at O’Melveny & Myers for hitting an all-time high in terms of both profits per partner ($2.06 million) and revenues per lawyer ($1.1 million). Here’s hoping the bonus situation reflected those incredible numbers. [Am Law Daily]

* We probably should’ve known when Pepper Hamilton acquired the Freeh Group back in August that exciting things would happen. Say hello to Louis Freeh, the firm’s new chair. [Thomson Reuters News & Insight]

* Are we supposed to be surprised that the Millennials who are considering applying to law school are more self-confident than those who preceded them? They’re all special little snowflakes! [National Law Journal]

* If you’re taking the LSAT on Saturday, here are some tricks to keep yourself focused. But don’t worry, it’s only one of the most important tests you’ll ever take. [Law Admissions Lowdown / U.S. News & World Report]

* Sorry, George Zimmerman, but even though you’re poor, your trial isn’t going to be delayed. Perhaps Judge Nelson made this announcement to serve as a poetic birthday present for Trayvon Martin. [Orlando Sentinel]

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Obama Throws Down The Gauntlet With New Pick To Head The SEC

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It looks like a silly marginal tax increase on the personal incomes of the top 2 percent is the last thing the barons of Wall Street need to worry about. President Obama is sending a new sheriff into the regulatory fray.

Dealbook reports that Obama will nominate former U.S. Attorney Mary Jo White to head the Securities and Exchange Commission. Sending in White to the SEC is a little bit like calling the Wolf to drive home your blood-soaked vehicle. It’s a bold move for an agency that is often overwhelmed by the impressive lawyers marshaled on behalf of the financial industry in defense of their most complex transactions.

Unlike Elizabeth Warren (bless her heart), Mary Jo White is no academic, she’s a hard-nosed litigator. And she might be exactly what the SEC needs…

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Associate Bonus Watch: Cadwalader and Debevoise Match Cravath

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The dominoes continue to fall. This morning brings word of two additional firms matching the pleasant (but not spectacular) Cravath bonus scale. The firms in question: Cadwalader, Wickersham & Taft and Debevoise & Plimpton.

The bonus numbers aren’t a surprise, but we can make a few comments about the timing (of the announcements and of the payments), share some tipster reactions, and show you the memos.

Let’s take a look….

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Legal Fee Voyeurism: American Airlines’s Big-Time Bankruptcy Bills

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American Airlines: something bankrupt in the air.

Complaining about air travel has become a cliché — but it’s still fun. The other night, while flying out to San Francisco for an event I’m doing on Monday (to which you’re invited), I was delayed by two and a half hours — due to a plane turned “biohazard.”

My experience — with United Airlines, which I generally like — pales in comparison to what the novelist Gary Shteyngart experienced recently with American Airlines. He wrote about in a New York Times piece that’s horrifying and hilarious.

But some folks have much warmer feelings for AA — namely, the lawyers and law firms that are making millions from the American Airlines bankruptcy case. Let’s find out how much they are seeking in fees….

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Biglaw: It’s Not All About the Benjamins

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Maybe they’re on to something….

Here’s an interesting irony: some of the Biglaw firms that spend the least amount of time thinking about money are the ones that enjoy the most of it. A number of super-elite New York law firms have lockstep compensation systems, in which partners are paid purely based on seniority, and these firms are among the most profitable in the country. These firms focus on doing great work for their clients, not on divvying up the spoils from such work — and, in the end, there’s more than enough filthy lucre to keep everyone smelling like money.

On an individual level, some of the wealthiest lawyers in Biglaw — the ones who make partner, and remain partner, for years and years — don’t fixate much on money either. They focus instead on their work, which they seem to just love (often more than any hobbies, and sometimes more than their families). As for the money, well, it just comes — in copious quantities.

Let’s take a closer look at these phenomena….

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The Best Law Firms for Diversity (2013)

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Who wants to do some document review?

We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.

One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.

So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….

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Who are America’s Top 100 Entertainment ‘Power Lawyers’?

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A lot of legal work is decidedly uncool. Sadly, there’s just not much sexiness in talking about your latest corporate bankruptcy case or major document review project.

But there are exceptions. Case in point: entertainment lawyers. How sweet would it be to represent celebrities? (Except if you had to work for train wrecks veteran rock stars like Courtney Love).

So, that being said, let’s take a look at the Hollywood Reporter’s newly released Power Lawyers 2012 list, which rounds up the top 100 entertainment attorneys in America.

Maybe you know someone on the list?

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Quote of the Day: I Have 64 Couplets on the American Experience That I Think Might Be Appropriate

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If you want 'real,' then watch the Wire. If you want a television 'show,' watch this guy.

I plainly have a crush on lawyers, and because being one is hard, I decided to write about them instead.

– Aaron Sorkin, speaking to summer associates at Debevoise and Plimpton.

Sorkin has a long standing “crush” on Debevoise. On The West Wing, Josh Lyman’s father, Noah Lyman, was said to be a partner there, and Joe Quincy (played by Matthew Perry) was said to have an offer waiting for him at Debevoise. Sorkin is an old friend of Debevoise partner Steve Hertz.

(After the jump, we’ve got pictures of Sorkin sitting with the Debevoise summer associates.)

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Morning Docket: 07.05.12

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* Who needs a Declaration of Internet Freedom when the government supports protesting citizens who go buckwild in the streets? The European Union voted against ratification of the Anti-Counterfeiting Trade Agreement. [Associated Press]

* Kenneth Schneider, the former Debevoise & Plimpton associate serving a 15-year sentence for forcing a Russian teenager to be his sex slave, was suspended from practice pending further disciplinary proceedings. [New York Law Journal]

* Glenn Mulcaire, the investigator who intercepted voicemail messages on behalf of News of the World, lost a bid to remain silent about who commissioned his services. Rupert’s gonna be sooo pissed. [New York Times]

* Congratulations to the team from the University of Chicago Law School that won the United States Supreme Court Prediction Competition. They won $5K for betting on their Con Law nerd-dom. [SCOTUS Competition]

* Judge Kenneth Lester Jr. is expected to rule on George Zimmerman’s motion for bond today, and perhaps he won’t be so quick to forget that the defendant already lied to the court to get out of jail. [Orlando Sentinel]

* “You can’t just arbitrarily add anything you want to a sentence.” Well, it looks like you can, because in addition to jail time, a judge in South Carolina tacked on a Biblical book report to this woman’s sentence. [Daily Mail]

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