Law firms have been in a “slow growth” phase ever since the nation began its recovery from the Great Recession. As we mentioned when we discussed the 2013 Am Law 100, “success now comes in the form of single-digit returns with regard to key financial metrics,” with Biglaw gains described as “modest” and “spotty” across the board.
Big-name lateral hires can sometimes bring in enough positive publicity and fanfare to make even the sickest of firms seem like the very picture of health and vitality. According to the latest American Lawyer Lateral Report, those lateral moves can be likened to a peacock’s tail: they offer “no advantage” for a firm’s ultimate survival, and may hinder the firm in the future. It happened at Dewey, and it can happen at other firms if they’re not careful. If only partners’ attentions weren’t so easily grabbed by the promise of higher profits.
So if this growing reliance on lateral hiring is truly capable of destabilizing law firms, wouldn’t you like to know which firms did the most lateral hiring over the past year? We’ve got the details for you….
* After three years on top, Baker & McKenzie has lost its place as the top grossing firm in the Global 100. But which firm dethroned the once king? None other than… [Am Law Daily]
* Today we celebrate the 50th anniversary of Martin Luther King Jr.’s March on Washington, and yet some of the things he sought to change still remain the same in 2013. [Washington Post]
* The house always wins: Navin Kumar Aggarwal, the ex-K&L Gates partner who stole client funds to pay gambling debts, was jailed after receiving a 12-year sentence. [Am Law Daily]
* “This is like a triple-overtime win.” Merrill Lynch is making a huge $160 million payout in a racial bias case that’s been stuck in the courts for nearly a decade. Congrats, plaintiffs! [DealBook / New York Times]
* As eager young law students return to school, maybe it’s time for you to consider brushing up on the basics. Now is an excellent time to take care of those pesky CLE requirements. [Corporate Counsel]
* Career alternatives for attorneys: judicial drug mule. Following an investigation by the DEA, a former Utah judge pleaded guilty to the possession of enough Oxycodone to kill a small horse. [Salt Lake Tribune]
* Don’t even think about texting anyone, ever again, in the state of New Jersey, especially if they might be driving, because the appeals court says you could be held liable for negligence. [WSJ Law Blog (sub. req.)]
* I’ll get into this more tomorrow (unless Fisher drops), but Washington & Lee’s third year “experiential learning” program has met with underwhelming results in terms of job placement. Theories abound as to why, but this is basically why I say (a) the third year is useless, and (b) stop telling me what your law professors can do, and start telling me what your career services officers are doing. [Law School Cafe via Tax Prof Blog]
* A nice review for Marcia Coyle’s new book, The Roberts Court (affiliate link). It’ll be fun to see how the Court looks at this moment in time, before what will surely be viewed as legacy-defining decisions on race and gay rights coming any minute now. [Seattle Times]
* Justice Ginsburg is optimistic about the future of women on the court. She’s also optimistic about the future of skeletons on the court, and she’s super-excited about the possibility of downloading her brain into a robotic body so that she can keep her job forever. [Blog of the Legal Times]
* The National Labor Relations Board, now with fewer recess appointments! Partners from Arent Fox and Morgan Lewis were nominated to fill seats necessary for the board’s quorum. [National Law Journal]
* Shearman & Sterling seems to be bucking the Biglaw system. The firm is cutting pay for high earners and increasing it for lower-ranking attorneys. We’ll probably have more on this later today. [Reuters]
* Dentons (formerly known as SNR Denton) recently poached a six-partner team led by Stephen Hill from Husch Blackwell to bolster its white collar practice. Welkom too teh furm, guise! [Am Law Daily]
* “It is technically more legal to screw a walrus than to get gay married.” You know you live in a very sad place when not only do article headlines like this exist, but they’re also CORRECT. [Death and Taxes]
* An American Eagle pilot is facing attempted drunk flying charges. Yes, that’s a thing, but come on now, anyone who’s seen the movie Flight knows you can fly a plane while you’re wasted. [Bloomberg]
* Lindsay Lohan blew off a deposition in Los Angeles yesterday. Cut the girl some slack; she had to appear on the Late Show with David Letterman, which was way more important. [Contra Costa Times]
* The early numbers for the Am Law 100 are in, and it looks like Husch Blackwell’s gross revenue grew by six percent in 2012 after a two-year decline. Hmm… perhaps the firm is saving money by cutting back on its rejection letter proofreaders. [Am Law Daily]
* “If I can’t settle with any of those parties, I will sue them.” Howrey’s trustee, Allan Diamond, plans to sue former partners of the failed firm with a vengeance — and quite “quickly” — if they refuse to cooperate with him. [WSJ Law Blog (sub. req.)]
* Anyone remember Amy McTeer, the attorney who doubled as an apparent model for “faces of meth”? She resigned from the bar after allegedly helping her boyfriend escape from jail. Classy! [National Law Journal]
* Carmen Ortiz, the U.S. Attorney whose name was dragged through the mud after Aaron Swartz’s suicide, claims she intended to recommend only a six-month sentence for the deceased internet hero. [Bloomberg]
In this day and age, the rejection letter is few and far between. Most law school graduates who are desperately searching for employment have only their empty inboxes to serve as their cold, harsh dose of reality. Truth be told, some even long to receive those uncommon rejection letters, if only in recognition of their continued existence on this planet as a human being with a piece of paper that’s worth six figures and then some.
But if you were to receive one of those magical, mystical rejection letters, wouldn’t it make you feel better if that letter were so riddled with typos that it would be hard to believe that it had been sent to you by a Biglaw firm?
It’s hard out here for an attorney, when you’re tryin’ to get money for the loans…
Especially when your legal work forces you to make enemies with an angry ex-husband who might try to, say, blow up your car. Or when you do contract work in a city nuisance department and wind up targeted by hit men for your work on the case against a local strip club.
No, this isn’t the trailer for Taken 2, it’s just two recent cases out of Texas and St. Louis.
Luckily, no one was killed in the car bomb attack or a strip club owner’s plan to kill the Fort-Worth Mayor and a mild-mannered contract attorney, but there’s plenty of stranger-than-fiction details to these cases….
What Husch Blackwell first-years look like right now.
* The Apple Samsung carnival returns to court today. I can’t wait to see what happens. We will probably have more on this later. [Bloomberg Businessweek]
* After being found guilty of judicial misconduct for misappropriating public funds, Michigan state Judge Sylvia James will be removed from the bench for the remainder of her term. [Detroit Free Press]
* London-based Herbert Smith poached six partners from Chadbourne, including the head of the firm’s litigation group, Thomas Riley, and Gregory Loss, who helmed the products liability group. [Thomson Reuters News & Insight]
* San Bernardino is the newest California city to declare bankruptcy. The city apparently has over $1 billion in debt. I wonder if they had to cut their prosecutors’ salaries also. [Wall Street Journal]
* President Obama nominated prosecutor Pamela Chen to be a new judge for the Federal District Court in New York. If confirmed, she would become the second female Chinese-American federal judge in U.S. history, and also would be one of the first openly lesbian federal judges. [Metro Weekly]
* Republicans filibustered the Obama administration’s high-priority cybersecurity bill. [New York Times]
UPDATE (1/10/2013): Please note the update at the end of this post concerning the dismissal of the charge in this case.
This is going to go down as one of those “partners behaving badly” stories, but I don’t think it should. Underage drinking is a problem because kids don’t know how to handle alcohol and they drink too much and die. Or they drink too much and then do something stupid and die. Dead teenagers are not a good thing.
Many people think the solution is to somehow “ban” teenage drinking. Note that currently people under 21 aren’t allowed to buy alcohol. Note also that teens almost always still find a way to drink.
Instead of only focusing on ways to prevent teens from drinking, can’t we also at least think about ways to allow teens to drink in a safe environment? I think every high school should have at least one “cool” parent. One parent whose house you can go over to and have a couple of beers without everybody freaking out. Then, if you get too drunk or stupid or whatever, the “cool” parent can drive you home, or keep an eye on you, or tell the attending physician exactly how much you had to drink before you lapsed into a pansy-boy “alcohol poisoning” coma.
So yeah, to the rest of society, this Biglaw partner has been accused of something really bad. To me, he’s just been accused of providing a vital public service….
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.