* Billable hours in Biglaw are down 1.5 percent, and 15 percent of U.S. firms are planning to reduce their partnership ranks in early 2013. Thanks to Wells Fargo for bringing us the news of all this holiday cheer! [Thomson Reuters News & Insight]
* Hostess may be winding down its business and liquidating its assets, but Biglaw will always be there to clean up the crumbs. Jones Day, Venable, and Stinson Morrison Hecker obviously think money tastes better than Twinkies. [Am Law Daily]
* How’s that “don’t be evil” thing working out for you? Google’s $22.5M proposed privacy settlement with the FTC over tracking cookies planted on Safari browsers was accepted by a federal judge. [Bloomberg]
* Perhaps the third time will be the charm: ex-Mayer Brown partner Joseph Collins was convicted, again, for helping Refco steal more than $2B from investors by concealing the company’s fraud. [New York Law Journal]
* H. Warren Knight, founder of alternative dispute resolution company JAMS, RIP. [National Law Journal]
Last week, we discussed the effort by Dewey & LeBoeuf to hold on to departing partners by enforcing its 60-day notice requirement. Partners that leave without complying with the requirement can miss out on profit distributions.
Alas, the response of many partners seems to be, “So what?” Yesterday brought word of about eight partners leaving Dewey. And since our story this morning about Dewey’s tax-time troubles, even more defections have been announced.
So who are the latest lawyers to leave, and where are they going?
Today, as you probably know, is the deadline for filing your taxes. As was the case last year, the combination of April 15 falling on a weekend and the little-known holiday of Emancipation Day pushed the filing deadline back a bit.
Did you appreciate the extra time to fill out your tax return? Partners at Dewey & LeBoeuf probably did, due to some problems with their K-1 forms.
And speaking of partners at Dewey, their numbers continue to decline. Let’s look at the latest defections, as well as the tax issue.
UPDATE (10:30 AM): The game of musical chairs continues. Six more Dewey departures, which we learned about shortly after publishing this post, after the jump.
Our hazing shenanigans are cheeky and fun! Your shenanigans are cruel and tragic.
* There is a woman on my block who walks her inconceivably yappy dogs every damn day at 4:45 PM. Do I routinely go outside and yell at her to shut her dogs up? Yes. Do I pepper spray her pitiful excuses for K-9 companions, like this Hunton & Williams partner allegedly did? No. At least not yet… [Gossip Extra]
* As a Dartmouth undergrad, this current UVA Law student oversaw fraternity initiation rituals, which allegedly involved “chugging ass beers, eating vomelettes, and consuming pure vinegar.” Jesus. That might even be worse than the elephant walk. [Ivy Gate]
* The gospel of Elie Mystal is officially snowballing. Next, I think he needs about a dozen disciples, some flowy robes, and a good set of sandals. [Gawker]
* As a lifelong baseball fan, I’m honestly kind of glad that American football is now on the national hotseat. Yeah, steroids are bad, mmkay. But at least Bruce Bochy doesn’t reward his players for putting the visiting team in the hospital. [ESPN]
* Ponzi schemer extraordinaire Allen Stanford bravely faces the music. [Dealbreaker]
* Who said it’s tough to get a lawyer job these days? Clearly, all you need is a father in the state Senate willing to trade political favors for your employment opportunities. [Press Connects]
* Hopefully the Skadden clerk responsible for botching work for Las Vegas mogul Steve Wynn doesn’t end up up like Joe Pesci at the end of Casino. [Am Law Daily]
* All you lonely Manhattan Biglaw attorneys will now have to find somewhere else to find buy your “Dream Girl” or “Ultimate Elite Model.” [Dealbreaker]
Which former Cabinet member sold the house with the blue door?
Are we too New York-centric in Lawyerly Lairs, our inside look at the homes (and occasionally offices) of lawyers and law students? Perhaps. It makes sense that we focus on Gotham, since Above the Law is headquartered here. But we realize that other cities and states boast great real estate too (and not just the 3500-square-foot houses enjoyed by the average associate at a Texas law firm).
Today let’s take a trip down to the nation’s capital. We’ll check out a few Lawyerly Lairs down in Washington, D.C. — including the $2 million Georgetown home shown above, recently sold by a former Cabinet member turned law firm partner….
This year, seven law firms made Crain’s list, and as we told you back in January, only four made Fortune’s. Three firms are new to Crain’s list, while the other four moved up or down in the rankings. Just two of those firms overlap between Crain’s and Fortune’s lists.
It appears that congratulations and condolences are both in order. So, which law firms are considered the cream of the crop in New York City?
The cutting-edge information and security practice of Hunton & Williams is getting the firm lots of media attention these days — but not of the positive variety. The firm’s lawyers are getting coverage due to their information becoming insecure after a hacktivist group leaked emails they exchanged with security firm HBGary.
Last night, the firm’s logo was flashed several times on the Colbert Report, as Stephen Colbert named the firm as the link between the DOJ, HBGary, and Bank of America, in coming up with questionable tactics for undermining liberal activists. (See our prior post, Hunton & Williams Gets WikiLeaked.)
What is most significant here is that you have these plans that are clearly crossing a legal line, with very serious players involved. Law firms like Hunton & Williams are the most powerful in D.C. And no one at any point said, “Maybe this goes a little too far, maybe we shouldn’t be doing this.” So willing to cavalierly to put a plan like this that clearly proposes illegal steps down on paper. It clearly shows that this sort of stuff in this world of corporate and government consortium of power is pretty normal, is par for the course.
Moral of the show: BigLaw + BigGov = Evil. Check out Colbert’s telling of the “techno thriller” tale (after the jump). Think Star Wars, with Bank of America as Darth Vader, HBGary and Hunton & Williams as commanders of the Imperial Forces, WikiLeaks as Princess Leia, and Anonymous as Han Solo….
Hunton & Williams is having an uncomfortable week, and will get its very own page in the WikiLeaks saga. Thanks to a feud between hacktivist group Anonymous and a security firm, emails that Hunton lawyers exchanged with that security firm were leaked in a major document dump last week.
Journalist (and lawyer) Glenn Greenwald of Salon is now calling the firm’s lawyers the “central cogs” in a devious plot to take down WikiLeaks and its supporters (he’s especially miffed as he was named in a secret PowerPoint as one of those supporters). The New York Times named Hunton as the intermediary between security firms offering up unseemly sabotage tactics and clients like Bank of America and the U.S. Chamber of Commerce.
So how unseemly were these alleged tactics, and which Hunton partners are getting blasted by the press?
Snoopy works from home instead of going to the MetLife Building.
This morning we reported on bedbugs at Winston & Strawn’s New York office. Alas, the problem might be much larger than we initially anticipated.
That’s because Winston & Strawn is located in the iconic MetLife building, at 200 Park Avenue in Manhattan. After this morning’s post went up, a spokesperson from Winston told us that all inquires about the bed bugs were being referred to the building’s landlord, real estate giant Tishman Speyer.
Are bedbugs crawling around the whole MetLife building? We don’t know yet; Tishman Speyer hasn’t returned our phone calls.
But if bed bugs are a threat to all the tenants of the MetLife building, there are three other law firms that could be getting very itchy…
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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