Dewey & LeBoeuf

Morning Docket: 02.03.12

By Staci Zaretsky

Touchdown Biglaw!

* New York is considering allowing nonlawyer ownership of equity in law firms. If that somehow means we’ll see less Jacoby & Meyers commercials on television, then I’m definitely all for it. [Thomson Reuters News & Insight]

* Football’s labor lockout legal fees: which Biglaw firms scored huge touchdowns thanks to their collective bargaining work? The three top billers included Latham, Dewey & LeBoeuf, and Patton Boggs. [Am Law Daily]

* The sanctions for filing a 9/11 conspiracy claim cost $15K, but forever being remembered as the lawyers who got benchslapped for drafting “a product of cynical delusion and fantasy” is priceless. [Reuters]

* Jared Loughner is still incompetent to stand trial, and he’ll remain in the loony bin for another four months. You know what that means? Time to make this kid swallow some more pills. [Arizona Republic]

* A panel of law professors over at Harvard thinks that while law schools have problems, but they’re certainly not in crisis mode yet. Not yet? You hear that Team Strauss/Anziska? Needs moar lawsuits! [Harvard Crimson]

* Well, that was a short-lived victory. Heather Peters, the former lawyer who beat Honda in small claims court, is preparing to do battle with the car company in Superior Court. [Los Angeles Times]

Morning Docket: 01.11.12

By Staci Zaretsky

* “It seems no one can use dirty words, except Steven Spielberg.” Well, sh*t, I’ll be damned. Is Elena Kagan going to be the voice of reason in the Supreme Court’s FCC profanity case? [Los Angeles Times]

* Ken Cuccinelli filed an emergency motion to get Virginia’s primary ballots printed. You can’t wait three days for Perry’s hearing? It’s on Friday the 13th. You know how that’s going to go. [Bloomberg]

* The Tenth Circuit upheld a ruling to block an Oklahoma law barring the consideration of Sharia law in court decisions. If this pisses you off, go and watch Homeland. You’ll feel better. [MSNBC]

* Dewey want to join the Magic Circle? Bloody hell, of course! Clifford Chance has snagged two mergers and acquisitions partners from Dewey & LeBoeuf. [DealBook / New York Times]

* What will an LL.M. get you in today’s job market? Not a whole lot. And if you’re counting that extra year of loan debt as something of value, then you’re just a masochist. [National Law Journal]

* Heather Peters, the former lawyer suing Honda in small claims court, may be SOL because of a SOL issue. Stay tuned for the results at her second hearing later this month. [Huffington Post]

Associate Bonus Watch: Dewey Get Bonuses? Why Yes, You Do!

By David Lat

This actually happened last Wednesday — but, due to the less-than-exciting nature of the news, we doubt anyone has been prejudiced by our delay in reporting it. The law firm of Dewey & LeBoeuf announced associate and counsel bonuses, on the Sullivan & Cromwell scale (i.e., the Cravath scale, but topping out at $42,500 instead of $37,500).

Even if not surprising, it is nice that Dewey is matching market. As you may recall, Dewey made our list of the top ten most generous law firms — i.e., ten firms that generally match Cravath-level bonuses, despite having significantly lower profits per partner than Cravath. Partners at these firms take a financial hit to keep their associates happy.

Just like last year, there are a few footnotes to the Dewey bonus news that merit comment. And there’s some positive news for top performers, too….

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Keeping Up With the Cravathians: The Ten Most Generous (or Foolish?) Law Firms

By Brian Dalton

This morning’s news that Boies Schiller is making a mockery of the Cravath bonus scale simply reinforces the prevailing view (pace David Lat) around here that the 2011 Cravath bonus scale is fundamentally unfair.

Agreeing on this point is former Kirkland & Ellis partner Steven Harper (whose apparent pro-associate stance may make him a sort of Biglaw apostate). As Harper points out, “equity partner profit trees have resumed their growth to the sky. As the economy struggled, Cravath’s average partner profits increased to $2.7 million in 2009 and to $3.17 million in 2010 … That’s not ‘treading water.’ It’s returning to 2007 profit levels — the height of ‘amazing’ boom years that most observers had declared gone forever. Watch for 2011 profits to be even higher.”

And yet associate bonuses remain stagnant at 2009 levels. Furthermore, as ATL commenter “The Cravath Cut” is so fond of noting, when viewed as a percentage of profits, bonuses appear especially measly, at least from the associate p.o.v. (The current $7,500 market rate for first-years is just 0.23% of Cravath’s profits per partner. Back in 2007, first-year bonuses equalled 1.36%.) Despite these numbers, if history has taught us anything, it is that you can kill anyone Biglaw’s rank and file will follow Cravath’s lead.

Cravath is among the most profitable firms in the world. We thought it would be interesting to see what the implications of matching Cravath are for those firms with much lower profit margins. Which firms’ partners willingly take the biggest hit by keeping up? Are these firms arguably more “generous”? After the jump, check out those firms that pay the largest percentage of PPP in bonuses.

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Morning Docket: 11.09.11

By Staci Zaretsky

* Yet another appeals court has has ruled that Obamacare is constitutional. Aww, can’t we wait for the other side to catch up a little before it goes to the Supreme Court? [Wall Street Journal]

* How did it go for this controversial ballot initiative? As it turns out, the personhood amendment was so stupid that it couldn’t even pass in Mississippi. Color me surprised. [New York Times]

* Raj Rajaratnam has to pay $92.8M in penalties in his SEC case, but come on, he’s a billionaire. Much like the honey badger, Raj don’t care, and he certainly don’t give a sh*t. [Bloomberg]

* We thought this might be a swing and a miss, but the Dodgers won approval to pay Dewey & LeBoeuf and Young Conaway after hitting the Trustee’s curveball out of the park. [Businessweek]

* Best use of footnotes ever? Pitbull’s lawyers are trying to get LiLo’s case against him removed to federal court, and gossip rags are cited in the footnotes more than law. [Hollywood Reporter]

Career Center Survey Results: Top Partners to Work For – Washington, D.C. (Part 2)

By Above the Law

Today we take one last look at some of the finest Washington, D.C. partners to work for (if you missed Part 1, click here).

Not only are these six partners great at what they do, but perhaps more importantly, they are great people as well. And they work at some of the top law firms in the nation: Dewey & LeBoeuf, Cooley, Kirkland & Ellis, Latham & Watkins, Crowell & Moring, and Bingham McCutchen.

Kudos to these partners for making Biglaw a little less brutal….

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Morning Docket: 09.16.11

By Staci Zaretsky

Andrew Shirvell: Photoshopportunity?

* SCOTUS halted Duane Buck’s execution in Texas last night. How did it take 16 years for this to happen? Slow and steady doesn’t win the race on death row. [CBS News]

* Casey Anthony owes the state of Florida a pretty penny. At this rate, she may as well go to law school, because she’s already $97,626.98 in the hole. [CNN]

* New lawyers in Florida must take civility pledges. If they’re treating each other with such incivility, why haven’t we seen any benchslaps from that state lately? [ABA Journal]

* The U.S. Trustee has thrown a curveball at two Biglaw firms in the Dodgers bankruptcy case. Will Dewey & LeBoeuf and Young Conaway ever get paid? [Bloomberg]

* You’re so vain, you probably think this movie’s about you. Sorry guys, you may be a few good men, but to be Tom Cruise, you have to be good-looking and have a passion for Xenu. [New York Times]

* Andrew Shirvell has to spill the beans on whether Ave Maria had to warn the state bar about his conduct. Apparently the man’s got great gaydar. Wonder why… [Detroit Free Press]

Morning Docket: 09.05.11

By David Lat

Judge Peggy Ableman

Ed. note: Due to the Labor Day holiday, we’ll be on a reduced publication schedule today. We’ll be back to normal tomorrow. A restful and happy Labor Day to all!

* More about the Delaware benchslap that we covered last week (including the news that Judge Peggy Ableman’s pajama party did not go forward as proposed). [Delaware News-Journal]

* The federal government is suing 17 banks for almost $200 billion, blaming the banks for mortgage-backed securities that went bad. [Bloomberg]

* An interesting dissection of the legal fees that Dewey & LeBoeuf is running up as counsel on the Los Angeles Dodgers bankruptcy. [New York Times]

Roger Clemens

* Roger Clemens will face a second trial next year. Lester Munson, the esteemed legal analyst, explains why. [ESPN]

* “From One Bankrupt Firm to Another: Brobeck Asks Heller For $471,000.” [Am Law Daily]

* AT&T faces a tricky balancing act in dealing with the Justice Department’s challenge of the T-Mobile deal. [New York Times]

* If you’re confused about the current role of lawyer-turned-entrepreneur Michael Arrington over at AOL, in the wake of AOL’s acquiring his TechCrunch site, you’re not alone. [Digits / Wall Street Journal]

Non-Sequiturs: 07.19.11

By Elie Mystal

* Urging people to kill the president is protected speech, according to the Ninth Circuit. So if you are playing along at home, judges think that talking about killing judges is wrong, but they don’t care if you threaten the executive branch. [Wired]

* Did anyone start Dewey & LeBoeuf in their Dodger lawyers fantasy lineup? [Am Law Daily]

* I thought the Roger Clemens mistrial was due to government incompetence, but this guy thinks it’s due to government arrogance. [The Legal Blitz]

* Yes, I know Ben Wallace is thinking of going to law school. I wrote about it when I heard about it last fall. Sadly, I have no additional thoughts on the matter since my prior post. [ABA Journal]

* The U.S. Government has decided to stop pursuing Randy Quaid. When reached for comment, Russell Casse said: “They’ve got bigger fish to fry now, believe you me.” [Gawker]

* Delaware should make it more efficient for law firms to tax public mergers. If you don’t like it, you’re feel to come up with some other way for your firm to generate half a million in undeserved fees. [Dealbreaker]

* Cocaine’s a hell of a drug. [New York Times]

* Which is why some might try to pay an Ivy League tuition by selling it. [Village Voice]

The Best Law Firms To Work For

By David Lat

The world of large law firms isn’t all about prestige and pay. Although the Vault 100 prestige rankings and the Am Law 100 profit-per-partner rankings are closely watched, there are other ranking schemes out there — and some of these frameworks adopt a kinder, gentler outlook on Biglaw.

For example, take the American Lawyer’s A-List. Although the A-List rankings take law firm financial performance into account, they also factor in diversity, pro bono work, and associate satisfaction.

Associate satisfaction: that’s the driving force behind another important set of rankings, Vault’s just-released “Best Law Firms to Work For” list. The notion of “quality of life” at a law firm might seem laughable to some — but let’s face it, some firms are generally better workplaces than others. (Of course, your mileage may vary: some lawyers have great experiences at firms known for being awful, and some lawyers have awful experiences at firms known for being great.)

Let’s check out the Vault top ten, shall we?

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More O’Melveny Partner Departures
Dewey get more talent? Yes.

By David Lat

We recently reported that at least 22 partners have left O’Melveny & Myers in 2011 thus far. That number continues to grow.

Earlier this week, two more partners announced their imminent departures from OMM: Ilan Nissan, former firmwide co-chair of the firm’s M&A and private equity practice, and Christian Nugent, also an M&A partner. Like several of the other O’Melveny defectors, Nissan and Nugent arrived at OMM’s New York office via O’Sullivan Graev & Karabell, the highly regarded corporate boutique that O’Melveny absorbed in 2002, in an effort to build its NYC transactional practice.

Nissan and Nugent will be joining the New York office of Dewey & LeBoeuf. A spokesperson for Dewey confirmed the news to ATL. (A spokesperson for O’Melveny declined to comment.)

In addition, readers brought to our attention two O’Melveny partner departures from this year that didn’t appear in our earlier list. Let’s take a look….

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Dewey get more talent? Yes.“

Associate Bonus Watch: Good News from Dewey & LeBoeuf

By Elie Mystal

Bonus news is starting to look like something we’ll be having all year long. Today, Dewey & LeBoeuf announced via teleconference that the firm will be paying out “spring bonuses,” along the top-of-the-line Cravath scale. These are on top of the regular Dewey bonuses that are being paid on April 1st.

Most of the other firms that are paying spring bonuses are making the payment on April 29th. But since Dewey is joining the fun a little bit late, it won’t be paying out the extra bonuses until July or August. Does that make them summer bonuses?

(And in case Dewey associates are wondering, no, nobody has invited me out to the Hamptons for Labor Day weekend this year.)

Tipsters who were on the bonus call report even more good news about bonuses at Dewey….

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Biglaw Firms Poised To Help Japanese Relief Efforts

By Elie Mystal

After the Haitian earthquake last year, we saw law firms step up in a big way to support relief efforts down there. Hopefully we will see the same reaction to the ever-increasing tragedy unfolding in Japan. Given an 8.9 a 9.0-magnitude earthquake, a massive tsunami, and a nuclear disaster that is already the second-worst nuclear accident in history, you hope that Japan will get all the help that the world can provide.

If anything, the nuclear meltdown angle is obscuring the humanitarian crisis currently happening in Japan. We know that Americans can’t focus on something unless there is some tangential relationship to something bad that could happen here, but you’d think that the possibility of 10,000 deaths would be enough to trigger our humanitarian concern without obsessing about apocalyptic scenarios.

Thankfully, a couple of law firms aren’t waiting for Japan to start glowing before making efforts to help…

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Non-Sequiturs: 03.08.11

By David Lat

Raj Rajaratnam

* The epic insider trading trial of Raj Rajaratnam got underway today. Bess Levin, of our sister site Dealbreaker, comes up with a (rather hilarious and bizarre) list of possible character witnesses for Raj. [Dealbreaker]

* Speaking of the Rajaratnam trial, who were those mystery men observing the proceedings in the courtroom? [Clusterstock]

* In other insider-trading news, a former Dewey & LeBoeuf associate, Todd Leslie Treadway, has been hit with civil insider-trading charges by the SEC. [National Law Journal via WSJ Law Blog]

* Talk about a benchslap: “Mr. Redlich continues to display an apparent disregard for the time and resources that this court must expend in interpreting his poorly-drafted pleadings and analyzing his sloppily-constructed and thinly-researched memoranda.” [Albany Times-Union]

* Four important lessons, for lawyers and technologists, that can be drawn from Michelangelo’s sculpting of The David. [Ben Kerschberg / Forbes]

* Musical chairs: Sean Patrick Maloney — former aide to Governor Paterson, Governor Spitzer, and President Clinton, and a former candidate for New York Attorney General — joins Orrick from Kirkland. [Orrick (press release)]

* Did you know that March is Women’s History Month? [In Custodia Legis]

* On a more festive note, Happy Mardi Gras! [Twitpic]

* Congratulations to Omar Ha-Redeye of Law Is Cool, winner of the 2010 Blawg Review of the Year. [Blawg Review]

Dewey Have Enough Partners to Mess Up the Winston / Howrey Deal?

By David Lat

As we mentioned in our last story on the embattled Howrey law firm, the remaining partners will vote this week on whether to wind down the 55-year-old shop. According to Am Law Daily, that vote is set to take place on Wednesday.

For the past few weeks, Winston & Strawn has been waiting in the wings, hoping to help itself to Howrey’s healthiest parts. But as we’ve chronicled in these pages, many of the strongest partners and practice groups have already defected to other firms.

Let’s discuss the latest developments — and also learn the fate of current 3Ls holding offers from Howrey….

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Howrey Kemosabe: Rivals Claim More Scalps, As Dissolution Vote Looms (Plus the Howrey haiku contest winners.)

By David Lat

Partners at the differently abled challenged Howrey law firm continue to leave the reservation in droves. Last night, Am Law Daily reported on the departure of antitrust litigatrix Roxann Henry. She’s joining Dewey & LeBoeuf, which has picked up a number of Howrey refugees (including Henry Bunsow, former vice-chairman of the firm).

What’s next for Howrey? According to Legal Week, the remaining partners plan to vote next week on whether to wind down the firm. (For a discussion of possible Howrey endgames, see Am Law Daily, which interviewed partnership law expert Robert Hillman, a professor at UC Davis.)

After the dissolution vote, Howrey can focus on talking to Winston & Strawn about which associates and staff Winston might want (as well as other assets, like the Howrey name). As previously discussed, a few weeks ago Winston made offers to about 75 percent of Howrey’s partners. It looks like about 35 percent of Howrey’s remaining partners have agreed to join Winston, and Legal Week reports that confirmation letters went out to them last weekend.

In our last post, we opened up a Howrey haiku contest. Let’s look at the winners….

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Musical Chairs: Dewey Deepens Its Bankruptcy Bench

By David Lat

The economy seems to be on the mend. Corporate profits are strong, and the Dow is north of 12,000. In the legal world, layoffs are down, bonuses are up, and hiring is way up.

But governments — federal, state, and local — are staggering under mountains of debt. State and local governments have borrowed $2.4 trillion as of mid-2010, and they’ve promised another $3 trillion in retirement benefits.

There is tons of talk out there about a possible wave of municipal bankruptcies. And even if the talk might be overblown, the possibility of default by multiple local governments or even state governments — which might someday get the ability to declare bankruptcy — can’t be ruled out.

If municipal bankruptcies start popping up all over the place, Dewey & LeBoeuf will be ready. The firm just picked up a leading expert in the area….

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Howrey Going To Fix This? (Partner Defections, Office Closings — Not Good.)

By David Lat

When asked for some 2011 predictions by the folks over at Hellerman Baretz, I had this to say (among other commentary): “Although business is generally picking up, some firms still haven’t managed to shake off the effects of the recession — and they are now seeing significant defections, as their partners leave for firms that have weathered the storm better. So, in the next year, look for at least one large — i.e., Am Law 200 — law firm to either dissolve or be swallowed up by another firm as an alternative to dissolution.”

One firm that has been experiencing some major partner departures and general upheaval is Howrey. This post is the first of what we expect to be a series of stories about the firm. If you have information about Howrey that you can share, please email us or text us.

It’s getting hard to keep track of all the partner defections at Howrey. But let’s give it a shot, as well as talk about various Howrey offices that might not be long for this world….

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Congrats to Brandy Kuentzel, Laid-Off Kirkland Lawyer Turned Apprentice Winner

By David Lat

Brandy Kuentzel, laid-off K&E lawyer turned reality TV star.

Apologies for this very belated coverage of the season finale of The Apprentice, which aired last week. Alas, no member of Team ATL — not even Marin, our resident reality TV addict — actually watched the show. The final episode was a bit like the proverbial tree falling in the forest without anyone around to hear it.

But it seems numerous ATL readers tuned in, even though ratings for the show are down 75 percent since the premiere season. So here’s a post, triggered by your many email pleas for coverage.

We extend warm congratulations to Brandy Kuentzel, the Chicago Law alumna and laid-off Kirkland & Ellis associate who emerged victorious in the reality TV competition. In the finale, Kuentzel defeated a fellow lawyer, Clint — a 40-year-old SMU Law grad described in his NBC bio as “living off of credit” — for the opportunity to work for Donald Trump.

One Brandy fan gave us some background on her: “She went to University of Chicago, started at Kirkland SF as transactional associate. After she got laid off, she started a mobile truck cupcake business.” (Digression: Why is driving a cupcake truck such a popular fallback option for lawyers? See also Kate Carrara, of Philadelphia, and Lev Ekster, of New York.)

Continued our tipster: “Brandy has an insane background story. She’s from Alaska, and moved out at an early age to self-finance her education, after graduating as valedictorian of her high school. Oh, and she is insanely hot. Google her.”

As you can see from her photo, Brandy is most definitely a hottie. But, interestingly enough, Brandy Kuentzel wasn’t quite as smoking hot back in her law firm days….

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Associate Bonus Watch: Dewey & LeBoeuf Matches
(With footnotes, one good.)

By David Lat

This shouldn’t come as any great surprise, but Dewey & LeBoeuf has announced bonuses for its U.S. counsel and associates. And — shocker — they are following the 2010 Cravath bonus scale.

For the most part; there are some caveats and prerequisites. And there’s also some extra upside, for selected top performers.

You know you’re getting deeper into bonus season when the announcements start getting complicated. The early memos — generally straight Cravath matches, with very few qualifiers — are simple and straightforward.

So let’s look at the Dewey & LeBoeuf memo, shall we?

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(With footnotes, one good.)”