We hope you’ve enjoyed following the Career Center’s Top Partners series through which we’ve recognized Biglaw partners from around the country who exemplify what it means to be an exceptional partner who associates are actually happy to work for. Thanks to all the readers who took the time to submit such glowing nominations and give some well-deserved recognition to the 60 partners highlighted in this series.
We’ve previously discussed the trend of partners leaving Biglaw to launch their own firms. We’ve seen a lot of this action in New York and D.C., home to such well-regarded boutiques as MoloLamken, started by former Shearman & Sterling and Baker Botts partners, and BuckleySandler, started by former Skadden partners.
It’s happening out on the West Coast, too. In the fair city of Seattle — one of my favorite places in the entire United States, especially when it’s not raining — about half a dozen partners are leaving K&L Gates to start their own shop. One Queen Emerald City tipster described this news as “the most exciting thing that has happened here since Kurt Cobain died.”
UPDATE (4/5/11): The official press release about the new firm, Pacifica Law Group, appears after the jump.
Who are the lawyers that are leaving, and why? Let’s find out….
From “concept searching” to “cloud computing,” every year there are new buzz words and catch phrases that enter into the lexicon of legal technology. Of course, when you are dealing with technology of any sort, you should expect to update jargon regularly (such as from 3G to 4G to 5G, whatever that means).
2011 is shaping up to be no different. This year’s “it” phrase is already emerging in the industry. It evolved from the buzz words of yesteryear, and if this new phraseology is worth its salt, these new advances could drastically change how law is practiced for years to come.
Whether or not you think that the LSAT should be important, we all know that it is important. Scoring well on the LSAT is absolutely crucial to getting into a good law school.
But usually the power of the LSAT fades after you matriculate to a law school. Usually people who are concerned about your LSAT score are the people who consider their own LSAT score their greatest achievement in life. Pathetic, I know, but I’ve met these people in real life. They really think that scoring well on a standardized test means something more than being able to score well on a standardized test.
We accept that law schools need to be focused on the LSAT — they need some way to compare people from different schools and programs. But should employers still care about your LSAT score? Should legal employers really be concerned about a test that you took years ago, before you had any legal training?
The end of the year was a pretty interesting time for partners at K&L Gates. Our sources report that right before the close of the year, the partners received a blistering message from Peter Kalis, the managing partner of the firm. Just 24 hours later, K&L Gates partners received an email from Kalis that was full of appreciation for the firm’s great 2010.
The two emails aren’t exactly contradictory in substance. But when it comes to tone, let’s just remember that partners have bosses too…
There’s an excellent story written by Amanda Becker in the Washington Post today which looks at the law firms who were serious about making campaign contributions this electoral season. Regardless of whether the Republicans take control of the House or the Democrats hang onto the Senate, a few law firms will be well protected either way.
The Post reports that the PACS linked to the ten most generous law firms contributed $5.5 million in political donations during this election cycle. That’s small potatoes compared to the $29 million generated by professional organizations, but it’ll buy a foot in the door.
Apparently, the money was split pretty evenly between Democratic and Republican candidates. So there’s no need for us to snipe at each other along partisan lines. The story is all about the money, and the law firms willing to pay to have their “voices” heard tomorrow…
Outsourcing; you might have heard of it. It’s the trend whereby law firms send high man hours/low brain effort work overseas to workers who can complete the tasks at a fraction of the cost. Clients love it, consultants are pushing it, and law firms are struggling to add this new efficiency opportunity into their overall business model.
Well, not all law firms. Peter Kalis, managing partner of K&L Gates, gave a quote to the Legal Intelligencer where he called outsourcing “a gnat in an elephant’s ear.” Evidently, K&L Gates is the elephant, LPO’s are the gnats, and I’m not sure who the clients are supposed to be. Perhaps Peter “Aesop” Kalis can let us know in a future fable.
It’s not that Kalis has his head in the sand when it comes to cost savings that can be generated by moving work out of places like New York and Washington. It’s just that in his world he doesn’t view Mumbai as all that different from Pittsburgh.
Now this is a list that matters. Corporate Counsel (an American Lawyer publication) has complied its annual list of the firms that Fortune 100 companies use as outside counsel. This is a list of which firms are getting work from clients with deep pockets. If you care at all about the business end of the law, then you care about this list.
And while the firms that are tapped for this kind of work won’t surprise anybody, it’s always good to take a look at who clients want to be with.
For general corporate law, these are the firms that were mentioned most by clients reporting to the magazine:
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: email@example.com.
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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