Debevoise & Plimpton

Economic Stimulus Money for… Wait for It… Debevoise and Paul Weiss?

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Recovery gov economic stimulus website.jpgA partner at a top New York law firm — we have more partner readers (and tipsters) than you might think — sent us an email with this subject line: “Stimulus Money for Law Firms?” The email directed us to two links on Recovery.gov, the disturbingly expensive website devoted to tracking where the federal economic stimulus money is going.
Almost $900,000 in stimulus money — i.e., your taxpayer dollars hard at work — is going to two top law firms: Debevoise & Plimpton and Paul Weiss. Debevoise is getting $432,680 and Paul Weiss is getting $462,528, both from the U.S. Department of Energy. Links are here and here.
Needless to say, this got us hugely excited. Have things gotten so bad that law firms — even firms as prestigious and profitable as Debevoise & Paul Weiss — need government funds?
Economists sometimes talk about the hypothetical stimulus of the government paying people to dig ditches and then refill them. Is the federal government now trying to jump start the legal economy, by paying law firms to draft merger agreements or summary judgment motions, then send them through the shredder? Has the phenomenon of fake work spread beyond the summer associate class, into the ranks of associates and partners, to be paid for by U.S. taxpayer dollars?
Not quite (although that would have been a juicier story). Find out the somewhat boring reality, after the jump.

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Legal Eagle Wedding Watch 5.31: Canon-Baller

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champagne glasses small.jpgWe were dying to write about this wedding announcement, featuring a slutty Strawberry Shortcake costume (WTF?) and a wacky/tacky proposal story. But alas, commenters would have crucified us for elevating comedic potential over excellence.
So behold, this week’s finalists. They include five Harvard degrees, five Yale degrees, and OMGOMGOMG the best Article III officiant ever. Enjoy.

1. Jessica Richman and Matthew Smith
2. Jessica Hertz and Christopher Angell
3. Ashley Lynn and Kenneth Leonczyk Jr.

The scoop on these legal-eagle weddings, after the jump.

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NALP’s Numbers on 2009 Summer Programs

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NALP logo.JPGYesterday, we mentioned a NALP “glitch” that allowed users to get a sneak peak at the organization’s 2009 statistics about law firms. The problem, whatever it was, was fixed soon after we alerted NALP to the problem. Here’s the quick statement we obtained from NALP:

Legal employers provide this data to NALP each winter. NALP is pleased to be able to publish this free online searchable database each spring once the data submissions are finalized.

Excellent. It’s a great resource.

As promised, today we take a look at some of the overall summer program numbers from the firms that are ranked 11 through 20, according to Vault (check out firms 1 – 10 here).

The moderately surprising fact is that this next batch of firms didn’t decrease their overall summer associate offers as much as the Vault top ten. Looking at the firm’s New York offices, there was a 14% decrease in offers to 2Ls, compared with a nearly 20% decrease in the V10.

But, one firm really does skew those numbers. More details after the jump.

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Nationwide Start Date Watch: Dewey Pushes Back to 2010, Debevoise Stages an Amazing Race

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Dewey LeBoeuf logo D&L DL Above the Law blog.jpgIncoming first years all over the country continue to find out that they won’t be able to start when they had hoped.

Dewey & LeBoeuf officially pushed back start dates for its new associates until January, 2010. The email went out last night:

After careful consideration, the firm’s Executive Committee has decided to delay the start of the first year associate class from fall 2009 to January 11, 2010. Our hope is that by postponing the start date for your class, workflows will have increased across our practices and we will be able to give you challenging assignments from day one.

Dewey emphasizes that just because you can’t start working at Dewey this fall, it doesn’t mean that you can’t start working as soon as you want:

For those of you who would like to start your career in the fall, you may wish to apply for a Community Service Fellowship. You recently received details on the firm’s fellowship program from [Redacted]. Those selected for a fellowship will be able to start with the firm, on secondment to a public service organization, as early as September 2009.

Above the Law has also received the details of the Dewey’s fellowship program. For those accepted into the program, the firm will pay up to $80,000 for associates to not work at Dewey for a whole year. But while the firm says that associates taking a fellowship are still “start[ing] with the firm,” it is not at all clear that associates will advance a class year upon completing the fellowship.

Those taking a fellowship will receive an extra $5,000 from Dewey to tide them over until January.

After the jump, take a look at what Debevoise is doing.

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Musical Chairs: Michael Mukasey to Debevoise

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Michael Mukasey small Chief Judge Michael B Mukasey SDNY Above the Law blog.jpgThe revolving door between government and private practice is in full swing. This morning brought the news that Judith Kaye, former chief judge of New York State, has joined Skadden Arps as counsel.

And this afternoon brings more news: Michael Mukasey, fresh off his stint as U.S. Attorney General, will be joining the partnership of Debevoise & Plimpton. Before his service as AG, Mukasey was a partner at Patterson Belknap (and was a Patterson associate before becoming a federal judge in the S.D.N.Y.).

Why didn’t Mukasey return to Patterson? Perhaps Debevoise offered more dough. Fueled by a series of large internal investigations, including the international Siemens matter, the firm has seen its partner profits skyrocket in recent years. In 2007, profits per partner at Debevoise hit $2.3 million.

Says a Debevoise tipster: “Now I get to find out if waterboarding is torture.”

Update (3:05 PM): The Debevoise press release is now available here.

Update (4 PM): Mukasey gave a short interview to the WSJ Law Blog, in which he explained his decision to join Debevoise: “It’s particularly strong in litigation and in conducting major corporate investigations and preparing reports to boards. Also, it has many former government lawyers, including Mary Jo [White].”

Update (5:30 PM): More praise from Mukasey for Debevoise, over at Am Law Daily.

Michael B. Mukasey to Join Debevoise & Plimpton (press release)

A Law Blog Q&A With Former Attorney General Michael Mukasey [WSJ Law Blog]

Chief Judge Judith S. Kaye Joins Skadden, Arps (press release)

Former NYS Chief Judge Judith Kaye Joins Skadden [Am Law Daily]

Debevoise’s Santa: Siemens? (Alas, the case is winding down.)

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On the Debevoise & Plimpton bonus post, one irate associate wrote:

Debevoise Plimpton LLP Above the Law blog.jpgDebevoise associates broke their backs this year on the Siemens case and covering for those who were on Siemens. Even though there was a slowdown in the 4th quarter, profits before then were “record-breaking” — i.e. MORE than the 25% boost Deb had last year. Last year PEP went from $1.81 million to a new high of $2.29 million. Partners are going to be bringing home this much or more this year. Understandably, next year’s bonus will decrease with the recession, but not sharing more equitably with associates now during the flush year when we flew around the globe at a moment’s notice, didn’t see our families for weeks, and worked all nighters in corners of the globe, is a huge slap in the face.

We wonder how this Debevoise drone felt after reading the long article on the Siemens bribery case published over the weekend in the New York Times (based on a joint report by ProPublica, the nonprofit investigative journalism organization; “Frontline,” the PBS program; and the NYT):

Officials in the United States began investigating the [Siemens] case shortly after the raids became public. Knowing that it faced steep fines unless it cooperated, Siemens hired an American law firm, Debevoise & Plimpton, to conduct an internal investigation and to work with federal investigators.

As German and American investigators worked together to develop leads, Debevoise and its partners dedicated more than 300 lawyers, forensic analysts and staff members to untangle thousands of payments across the globe, according to the court records. American investigators and the Debevoise lawyers conducted more than 1,700 interviews in 34 countries. They collected more than 100 million documents, creating special facilities in China and Germany to house records from that single investigation. Debevoise and an outside auditor racked up 1.5 million billable hours, according to court documents. Siemens has said that the internal inquiry and related restructurings have cost it more than $1 billion.

Readers, let’s treat this like a management consulting case study. How much will Debevoise’s profits per partner in 2008 be boosted by those 1.5 million billable hours and $1 billion in spending by Siemens? Your conjecture is welcome in the comments.

At Siemens, Bribery Was Just a Line Item [New York Times]

Associate Bonus Watch: Debevoise Announces Bonuses at 6:54 p.m. (Did they think nobody would notice?)

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law firm associate bonus watch 2008 biglaw bonuses.jpgDebevoise & Plimpton has been very busy and very profitable. They recently sent around a positive internal email about the firm’s business during the downturn. And we know that the Siemens case has treated them well.

But in 2008, public protestations of solid business mean nothing when it comes to associate compensation. Debevoise announced that they were paying half of what Skadden is offering:

2008: $17,500 (pro-rated)

2007: $17,500
2006: $20,000
2005: $22,500
2004: $25,000
2003: $27,500
2002: $30,000
2001 (and senior): $32,500

The numbers — while annoying — are not really that surprising. Schulte Roth, housed in the same building, earlier today announced the same scale (although subject to an hours requirement). Even our Debevoise sources anticipated that, with Siemens winding down, the firm would be more forward-looking with this round of bonuses.

What is surprising is the timing of this bonus announcement. The email went out from managing partner Rick Evans at 6:54 p.m. WTF (“Sacré bleu” in Debevoise-speak)? Was management hoping to dodge the news cycle with an after-hours announcement? Somebody should let them know that the internets are on 24/7.

Our hearts go out to the Debevoise associates that were still working when this announcement crashed into their inboxes. Professionalism is its own reward. All Skadden associates are getting this Christmas is twice the money.

Read the full memo after the jump.

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Holiday (Party) News

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[Ed Note: Our thoughts and prayers are with all those affected by the tragedies in Mumbai yesterday. The events are just another reason to be thankful for what you have this holiday season.]

Holiday turkey dog.JPGIf you’re working today — I’m so sorry. But ATL is with you, even though I’m still reeling from being RickRolled by Santa Claus and Macy’s.

If there are Half-Skadden or Skadden-Mart associates working hard over Thanksgiving weekend, I admire your professional commitment. For the rest of Biglaw associates spending Thanksgiving chained to a BlackBerry, I hope your work is rewarded.

But while we wait for additional firms to announce bonuses, we’ve gotten some additional information about another Biglaw “perk,” holiday parties.

We’ve covered firms like Orrick that are scaling back on holiday festivities, and firms like Kaye Scholer that are going full speed ahead. Are holiday parties an early indication of which firms will be in the spirit of giving come bonus time? We don’t have good information about the holiday plans at Cravath or STB.

But we do at Skadden. A Skadden tipster gleefully reports:

[W]e were just told that the annual Holiday Party is on December 11. Aren’t most firms canceling parties?

I can only imagine that the tipster sent us the email and then took a gold-plated bath.

Another holiday announcement, after the jump.

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Legal Eagle Wedding Watch 10.19-11.2: Twin Souls

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We’re back with our second installment of the Legal Eagle Wedding Watch in as many days. Enjoy, and have a happy, happy Friday.

Behold, the most outstanding legal lovebirds from the past three weeks:

champagne glasses small.jpg

1. Brenda Zelin and Kyle Williams

2. Alyssa Greenwald and Edward Wittenstein

3. Erik Hyman and Max Mutchnick

4. Jamie Bartholomew and Steven Aller

Evaluate the worthiness of these couples, after the jump.

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Debevoise & Plimpton: Doing Well in the Downturn

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Debevoise Plimpton LLP Above the Law blog.jpgRemember the Davis Polk “internal memo” from last week, touting the firm’s success at navigating the perilous waters of Wall Street? Other firms are following DPW’s lead, taking the opportunity to toot their own horns about how well they’re doing despite — or perhaps because of — the financial system meltdown.

From a firm-wide email that was sent around this morning at Debevoise & Plimpton, by corporate department chair Michael Blair:

[W]hile the turmoil in the marketplace has caused dislocation and real pain for many with whom we have worked over the years, it has also given rise to opportunities for us to provide advice and counsel to existing and new clients as they chart their way at this challenging juncture….

In addition to the work of the last two weeks, much of which is ongoing, we are seeing a surge in related work, involving M&A transactions that grow out of likely restructurings of these companies as well as Lehman-related bankruptcy work and financings and restructurings occasioned by the recent changes in the financial institutions landscape.

We have also been engaged in a wide range of litigation work relating to the credit crisis in the past year….

Moral of the story: 2Ls, Debevoise is the place to be. They’ll have more than enough work to keep you busy.

Read the full memo, after the jump.

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Fall Recruiting Open Thread: Vault 11-15 (2009)

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comparing.jpgIn honor of the new Vault rankings, we’re doing a series of open threads on the 100 most prominent law firms. We invite you to compare and contrast the firms in the comments. In the last open thread on Vault firms 6-10, there was an animated discussion about litigation at Cleary and which Kirkland office is best to work for.
Moving on down the Vault 100 list, here’s the next bunch up for discussion, with prestige scores in parentheses:

11. Covington & Burling LLP (7.428)
12. Debevoise & Plimpton LLP (7.417)
13. Paul, Weiss, Rifkind, Wharton & Garrison LLP (7.290)
14. Williams & Connolly LLP (7.238)
15. Sidley Austin LLP (7.201)

smarties.jpgThe oddest language in the “notable perks” in this bunch is at Williams & Connolly: “Fancy bunch of smarties.” Well-dressed intelligent lawyers, or a big basket of the tart candy?
Please discuss the work, perks, and lifestyle at these firms in the comments. More threads to come.
Earlier: Vault 100 Open Threads- 2009

Sports and the Law: Pistorius is Finally Free to Run

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Sports and the Law 3 Above the Law blog.jpgI previously wrote (here and here) about Oscar Pistorius, the Olympic hopeful who was ruled ineligible to compete in the Beijing Games by the International Association of Athletics Federations (“IAAF”) because he uses Cheetah Flex-Foot prosthetic legs. With help from Dewey & LeBoeuf (disclosure: my previous employer) as his pro bono counsel, Pistorius recently challenged the IAAF’s ruling in the Court of Arbitration for Sport.
On Friday, a three-person arbitration panel ruled in Pistorius’s favor, finding that Pistorius’s prosthetics do not provide him with “an overall net advantage” in violation of IAAF Rule 144.2(e). This opens the door for Pistorius to compete in South Africa’s Olympic trials using his prosthetics. The panel reserved the right to change its ruling if new scientific evidence emerges.
With this matter resolved for now, let’s take a look at the big winners and losers from the litigation:
Big Winners
Oscar Pistorius: Finally eligible for South Africa’s Olympic trials, the Blade Runner is a step closer to competing against the world’s finest. In addition, he is also a step closer to earning the kind of endorsement dollars that would make even Dan & Dave envious.
Ossur HF Company: The Iceland-headquartered supplier of the Cheetah Flex-Foot prosthetics is gaining all kinds of free publicity. Most of us have now heard of the Cheetah Flex-Foot. Can anybody name a competitor prosthetic? I didn’t think so.
Dewey & LeBoeuf: Forget the goodwill that comes with pro bono representation. By winning this case, Dewey & LeBoeuf has expanded its sports-law footprint across the Atlantic Ocean, as well as opened the door to secure new business in international sports arbitration.
Debevoise & Plimpton: Real kudos goes to the Court of Arbitration for Sport for their gutsy and articulate 18-page decision that does not pull its punches with the IAAF. David W. Rivkin, a partner in the New York and London offices of Debevoise & Plimpton, was one of the three named arbitrators in this dispute. His work could only look good for the firm.
Read the rest, after the jump.

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