General Counsel

Ed. note: This is the final column by Anonymous Partner based on his interview of a more-senior partner, “Old School Partner” (“OSP”). You can read the first column here and the second column here.

We had been talking for a while, when the conversation turned to Old School Partner’s experiences as a general counsel. He pulled no punches. “I was a very sophisticated consumer of legal services,” Old School Partner told me. In short, Old School Partner, when he turned to outside counsel, had high standards.

Having already decided to leave the security of a leadership position at a Biglaw firm for in-house life, Old School Partner demanded the same attention to detail and professionalism from his chosen outside counsel as he displayed when doing work for his former clients. As an example, he shared how he went about choosing litigation counsel.

“I was looking for counselors,” he told me, and that meant no fluffy credentials without real experience backing them up. “I wanted trial lawyers with real trial experience, who could have the confidence to forego a deposition that was not going to be of any value at trial.” Unlike many clients today, Old School Partner was willing to pay top dollar for real guidance, and did not default to assigning his cases to the lowest bidder or a firm that had a “preferred relationship” with his company. I got the sense that he viewed each case his company was engaged in as a business problem that needed solving, and was willing to pay handsomely for a solution — because he realized that throwing money at a litigation “team” was ultimately less effective and more costly than buying top-drawer help….

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Amy Schulman, general counsel of Pfizer

When it comes to the representation of women in the top positions in the legal profession, the news seems somewhat mixed. Things could be better in Biglaw. According to a recent survey, women constitute just 15 percent of equity partners — a number that has stayed roughly the same for the past 20 years.

On the in-house side of the divide, though, the news is better. Women lawyers are ascending to the post of general counsel in record numbers.

Let’s check out the latest findings, courtesy of the Minority Corporate Counsel Association (MCCA)….

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Ed. note: This is the latest column by our newest writer, Anonymous Partner. In case you missed his prior posts, they are collected here.

I did not know what to expect. Almost a month had passed since my initial invitation for a senior Biglaw personality to contact me, and someone had. After a bit of back-and-forth regarding confidentiality and logistics, we had arranged to meet. Even though I had intended to script out questions, my natural inclination to wing it took over. I had done some research on my subject (web bio, history of his firm, etc.), but was otherwise unsure of how things were going to go. My subject is not actively practicing anymore (and I would love to hear from an high-level “Insider” currently working in-house or in Biglaw), but he was able to give me both historical perspective and sagacious insight into how Biglaw has become what it is, and what it can do to meet the challenges ahead.

The setting of our meeting turned out to be very apropos of the glimpse into Biglaw history that I was going to receive. The wood paneling, uniformed attendants, and heavy furniture all but sang “elite,” and reflected the long traditions of the institution whose name was on the door. Considering I was meeting with a former leading partner at a white-shoe firm, it seemed an appropriate location. His suggestion, not mine of course. I had been there before, for a firm event back when I was an associate, but the mood this time was different, because the assumption underlying this meeting was that I, as a current Biglaw partner, belonged in some measure to this world. Debatable, but I definitely felt more comfortable than on my previous visit as a guest. I was aware throughout that we were literally sitting in the shadows of many Biglaw offices, and at the same time, that we were mere blocks from the place where my late grandfather (who came to America as a refugee) had made his living.

How did our meeting go?

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Last year, all things considered, wasn’t a bad year for Biglaw. The law firms of the Am Law 100, for example, experienced decent growth. In 2011, for the Am Law 100 as a whole, gross revenue grew by 5.3 percent, revenue per lawyer grew by 1.9 percent, and profits per partner grew by 3 percent. It was a perfectly fine year for partners.

How did their counterparts on the corporate side fare? Alas, not as well, according to Corporate Counsel’s latest compensation survey of the nation’s general counsel. Base pay for GCs in the survey declined by 1.8 percent, to an average of $611,411. Bonuses and nonequity incentive pay slid by an even larger number, 7.7 percent, to an average of $1,125,458. Meanwhile, in terms of non-cash compensation, the average stock award fell by 10.8 percent, to $1,426,325, and the average stock option award dropped by a whopping 18.7 percent, to $732,453.

These are just the top-line figures — which, of course, conceal a lot of individual variability. Let’s take a look at some specific names and numbers, as well as the top ten highest-paid general counsel….

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* I’m not sure why Romney won’t just say that he lied to the SEC about when he left Bain. Lying to the SEC is just good business. Lying to the American people is something that politicians are only supposed to do for sex. [Wonkblog / Washington Post]

* Character and fitness can be a surprisingly tough hurdle, so I’ve been told. [The Toronto Star]

* Here are the top law faculties by scholarship. I’d bet this list and the list for top law faculties by salary are pretty similar. [Brian Leiter's Law School Reports]

* One of our favorite lawyers, renowned litigator Ed Hayes, gets another profile — a dandy profile this time. [The Dandy Portraits]

* This is a highlight reel of terrible lawyer ads. [Strategist via Findlaw]

* Man with the largest penis gets frisked by TSA. When asked to comment, Sam said, “This is how we keep motherf***in snakes off the motherf***in planes.” [Hufffington Post]

* Congratulations to Michael Fricklas, the general counsel of Viacom, on receiving this year’s Raising the Bar Award from the Hollywood Reporter. [Hollywood Reporter]

A not-so-little house on the prairie. It looks like a Wright, right?

Are you having a difficult time finding a position in the depressed legal job market? Maybe you need to think about relocating. Have you considered moving to Iowa? As noted by Vivia Chen over at The Careerist, the “Life Changing” state is experiencing a lawyer shortage.

Lawyer jobs and husks of corn aren’t all that Iowa has to offer. The state also has a reasonable cost of living, including some very well-priced real estate.

Take the Iowa home of a former partner Biglaw partner and former general counsel to a major media company. This lovely residence is currently on the market for a surprisingly modest sum….

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I worked for twenty years at the darkest of the black-box compensation law firms: No one knew what anyone else was being paid, and the firm forbade talking about compensation. Here’s the curious part: We obeyed.

I saw the raised eyebrows of partners considering moving laterally to my firm: “Right — no one talks about compensation. You guys must talk about it all the time, just like we do at my firm. It can’t be a secret.”

Wrong. We really, honest-to-God did not talk about compensation. The subject just didn’t come up.

I’ve heard second-hand that this is true for other black-box firms, too. The managing partner of a different large, black-box comp firm recently told one of my colleagues: “Once you take compensation out of the limelight and forbid people from talking about it, then people stop talking about it. The subject drops off the table.”

That sets the stage: At firms where lawyers are permitted to talk about each other’s compensation, they do. And at firms where lawyers are prohibited from talking about compensation, they don’t.

Riddle me this: In corporate law departments, we are not prohibited from discussing each other’s compensation, but we don’t do it anyway. Why is that?

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I recently got a lift to the airport from a lawyer at a mid-sized firm who I’d met only earlier in the day. “It must be a pleasure to work for you,” he said.

On the one hand, that seemed strange, since I work so hard to establish a public persona that I’m a pain in the neck. (Frankly, that’s not much of a charade.) On the other hand, this seemed not at all strange, since I’ve now grown accustomed to lawyers at firms sucking up to me.

But I figured I’d play along: “Why would it be a pleasure to work for me?” I asked, innocently. “I’m pretty tough on our outside counsel.”

“Because you can tell good from bad. You worked in private practice for 25 years, and you’ve labored in my field. I suspect that, back when you were playing the game, you could write a pretty good brief. When an outside lawyer sends a bad brief to you, you may criticize it, but at least when a lawyer sends a good brief to you, you’ll recognize that it’s good. I work with an awful lot of clients who can’t distinguish good work from bad.”

Ha! Here’s an issue that I’d noticed when I was in private practice, but never really thought about. And it’s an issue that arises frequently in-house, because an in-house lawyer’s clients typically are not lawyers. My chauffeur may have thought that he was currying my favor by flattering me, but in fact he was doing something much, much better — he’d given me fodder for a blog post.

What should lawyers do when their clients can’t tell good legal work from bad?

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If you’ve ever wandered over to Backpage.com and spent a few minutes reviewing the classified ads there, you probably realized that you had just discovered the seedy underbelly of the internet. Rife with ads for adult services — which is arguably just an elegant way of saying prostitution — the website, owned by Village Voice Media, has come under fire for its association with human trafficking.

Leave it to the company’s general counsel, Elizabeth McDougall, to take a stand for these scandalous online ads. After all, it’s great business! Backpage reportedly has a 70% market share for prostitution ads in the United States, generating millions in revenue.

This week, McDougall is taking additional heat from state attorneys general for her statements in an off-color op-ed column published in the Seattle Times. What could she have said that was so controversial?

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* Rob me once, shame on you; rob me twice, shame on me? Supreme Court Justice Stephen Breyer was robbed for a second time, but this time as the victim of a burglary on May 4. [Thomson Reuters News & Insight]

* Dewey know when this ship is finally going to capsize (so we can stop making these puns)? Two of D&L’s Hong Kong partners have decided to defect to DLA Piper, and more may be joining them soon. [Asian Lawyer]

* He might’ve been a “bad husband,” but that doesn’t mean he’s guilty. The jury in John Edwards’s campaign finance trial will begin deliberating today. Let’s see if they convict him of being more than an adulterer. [CNN]

* After his citizenship stunt, Eduardo Saverin can look forward to being defriended by the United States — not like that’s a bad thing, because to be honest, the movie version of him is much cuter. [New York Daily News]

* And this is why lawyers shouldn’t try to be funny. Safeway’s General Counsel, Robert Gordon, is being branded a sexist for telling a recycled joke about pigs and D.C.’s most powerful women. [Corporate Counsel]

* A three month suspension has been recommended for a former Treasury Department attorney who attempted to steal ties from Nordstrom. What, he couldn’t spring for a Neiman’s run? [National Law Journal]

* If you bought those stupid ass Skechers Shape-Up shoes in the hope that your booty would look like Kim Kardashian’s, you can get a piece of the $40M settlement. Not bitter, not at all. [Los Angeles Times]

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