Partners: Alright you associates, ready to get happy about bonuses?
Quinn Associate: I’d say we are.
Cravath Associate: Yeah, let’s sing it now!
Partners: Okay, Kirkland?
Kirkland Associate: Okay!
Partners: Okay, Cravath?
Cravath Associate: Okay!
Partners: Okay Quinn? … Quinn? … QUINN EMANUEL!!!
Quinn Associate: OKAY!!
Yes, the Chipmunk Christmas Song is the perfect holiday analogy for Biglaw bonus season this year. And not just because Biglaw associates do work that talking chipmunks could accomplish [zing]. I’m looking at associate reactions from all these firms, and it just seems like expectations are playing a much larger role than the actual dollar amounts.
And then you have Quinn associates, playing Alvin, the diva. Their bonuses came out just before Christmas, and they seem really angry about this situation. Even though most of them are making more than Cravath.
In a recent ranking of the world’s most valuable law firms, the litigation powerhouse of Quinn Emanuel topped the chart in “value per partner” (total firm value divided by number of equity partners). For QE, the “VPP” figure came out to a whopping $17.7 million.
So you can understand why masochistic talented lawyers pursue partnership at the famously hardworking firm with such fervor. Sure, occasionally you’ll hear about a partner walking away from the riches. But for many a young lawyer, making partner at Quinn Emanuel is a dream come true.
Over the weekend, QE announced ten new partners. Who made the cut?
Brian Tannebaum, my fellow small-firm columnist, recently described as silly the notion that “success in the law doesn’t come from good legal work.” I agree with Tannebaum that success requires far more than “being able to obtain a volume of calls from a fake presence, a creation of a ‘brand,’ and trying very, very hard to get our hand to the top of the baseball bat of the internet.” But I also think that success doesn’t come just from doing good legal work. In my experience, the most talented lawyers often are not the most successful, at least by traditional definitions. Nor are the most successful lawyers the best lawyers.
For Biglaw associates, success is usually defined as making partner. Anonymous Partner recently wrote that when you make partner in Biglaw, you “occupy a new professional status, and the nature of making partner is such that no matter how badly you screw up the rest of your life, you have accomplished something very rare. It is a life milestone, on par with getting married or winning the lottery in terms of its immediate alteration of your identity.”
And who makes partner in law firms? The best writers? The best oral advocates? The most thorough? The hardest working? The most efficient? Not necessarily any of the above.
Partnership decisions vary from firm to firm, and I am not so cynical to suggest that merit plays no role. Obviously, “merit” always plays a role. It’s just that what is meritorious is in the eye of the decision-maker, and that differs from what many associates might think is most important….
It was a big win for Apple, and it came surprisingly quickly. As Elie pointed out, it would take many smart people more than three days to even understand all the the terms within the 109 pages of jury instructions. Aside from the jury itself, it seemed no one was ready for the verdict. One attorney for Apple even showed up in a polo shirt.
Let’s have a post-mortem run through of the case (and a quick-and-dirty look at the massive attorneys’ fees incurred by both sides)….
As some of you may have noticed, I spent yesterday in the San Jose Federal Courthouse, watching (and furiously tweeting) the Apple v. Samsung trial. The trial is on recess today, and I’m back in my blogger cagebedroom office. I’ve got a rundown of all the excitement, awkwardness and humiliation that can only happen in a highly publicized celebrity murder, err, patent trial.
Click through to see what’s shaking as the trial progresses….
* With drinks flowing and asses shaking, Rick’s Cabaret can do no wrong — except when someone dies. The club’s drink-sales policy is currently the subject of a wrongful death lawsuit in Texas. [Houston Chronicle]
* Chris Danzig will be attending and live tweeting the Apple v. Samsung trial today. Follow him! [Twitter]
Last time we checked in at the Apple v. Samsung intellectual property trial, John Quinn was responding to heat from Judge Lucy Koh over allegations that he had authorized a press release with information that had been deemed inadmissible.
The case continued on Friday, and it has started back up again today as well. So, how did Judge Koh react to Quinn’s justification of his decision? And what dirt have the two tech giants continued slinging at each other? Well, let’s see….
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]
It almost feels like John Quinn is the one on trial, instead of Apple and Samsung.
* Last year, the TSA was supposed to hold public hearings about those naked body scanners everyone loves so much, but they still haven’t done it (surprise, surprise). Now the D.C. Circuit is starting to get angry. [Wired / Threat Level]
* Is there really life, hope, and maybe even an associate position beyond doc review work? This writer thinks so. [Greedy Associates]
* Remember the man convicted of murder who claimed that “celebrity angels and demons” told him to do it? His mistress and coworker of has now been arrested and charged as well. [AJC]
* This is a comic strip about a bear who also happens to be a lawyer. It is silly but also surprisingly clever, and funny jokes abound. [Bear Lawyer]
* Apple fired back at John Quinn regarding his declaration in the Apple / Samsung trial, and then the company filed “an emergency motion for sanctions” with Judge Lucy Koh. I think everyone in this case needs to take a timeout and cool their jets for a while. [Bloomberg]
* I mean, the trial is so hostile, the parties can’t even agree on the name of the case. [All Things D]
Man, I really wish I could sit in the gallery at the Apple v. Samsungtrial over the next few weeks. It’s a war zone down in San Jose. In court yesterday, Judge Lucy Koh became “livid” when she found out about a Samsung statement describing evidence that had been ruled inadmissible by the court. She demanded to know John Quinn’s involvement in the statement (Quinn Emanuel represents Samsung), and then she threatened to sanction him. Whoa.
Quinn was ordered to explain himself, and we’ve got the declaration he filed this morning. It’s a doozy, and predictably, the master litigator does not take kindly to, in his words, “media reports… falsely impugning me personally”…
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: