Lateral Moves

Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.

Gladys Knight had the Pips, Han Solo had Chewbacca, and Walter White had Jessie Pinkman. To be successful, you need the right support — and that lesson is as true in legal practice as it is on the Millennium Falcon

Lateral candidates, however, often travel to their new firms alone. How can they tell, ahead of time, whether this new firm will give them the support they need for their practice to flourish? What questions can they ask to discover what their new support system will look like? The first step in getting answers is to define what the oft-used term “support” really means…

double red triangle arrows Continue reading “The Aspiring Lateral: Support Systems”

Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

An intriguing demographic dilemma is approaching a powerhouse law firm, Jones Day, as several senior partners and chairs are straddling the mandatory retirement age. The firm currently has over eight partners — including numerous practice leaders and partners in charge — above their proclaimed mandatory retirement age, and over ten partners nearing the cutoff, which probably signals that Jones Day gives some partners a pass when it comes to retirement. For example, Mark Sisitsky, Hugh R. Whiting, and Bob Mittelstaedt, just to name a few, are all very respectable partners who are refining with vintage.

Jones Day generally restocks from within by promoting partners in the first quarter each year. In 2013, the firm internally promoted 29 partners in the first quarter, each with an average of 12.5 years of experience. Although Jones Day is five months away from the next round of promotions, Lateral Link has identified around fifty associates who are in the running for a partner promotion (although only a handful will ultimately get the nod). We have an idea who fits in both categories and have been fairly accurate in our projections from the past….

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Davis Polk: no more Mr. Nice Guy.

Some things haven’t changed at Davis Polk. The genteel, uber-WASPy firm is still a student favorite during on-campus interview season. Perhaps this is because it still puts on a great summer associate program.

At more senior levels, however, Davis Polk is evolving. Under managing partner Tom Reid, the firm is increasingly focused on the bottom line. It’s adding lateral partner talent, which it historically hasn’t done very often, and it’s asking more from its existing partners in terms of business development (and subjecting some less productive partners to, shall we say, heightened scrutiny). It’s offering buyouts — rather generous ones, it should be noted — to reduce the ranks of support staff (and the associated expenses).

The old Davis Polk, prioritizing prettiness and peacefulness over profits, might have quickly and quietly settled a lawsuit with a recruiter, without regard to the legal merits, just to avoid the ugliness. The new Davis Polk, in contrast, won’t go down without a fight….

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On the “Our Professionals” section of its website, Finnegan Henderson boasts that it has “375 lawyers focused on IP.” It may be time to revise that downward: “371 lawyers focused on IP.”

Last night, the high-powered, intellectual-property-focused firm announced four notable partner departures. The Finnegan partners in question practice in the generally hot area of IP litigation (although we’ve heard anecdotal reports of cooling, including stealth layoffs of IP litigators — see here and here).

Who are the departing Finnegan partners, and where are they going?

double red triangle arrows Continue reading “Four Prominent Patent Litigators Leave Finnegan Henderson”

Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

Patton Boggs, the preeminent Washington-based lobbying law firm, is reeling from a slew of recent events, hinging upon their multi-million dollar litigation with Chevron. In 2010, the firm released a memo entitled “Invictus,” proudly proclaiming their new endeavor: the representation of Ecuador in a long-contested battle over Texaco’s culpability in creating nearly one thousand pits of oil in the jungles of Ecuador — a liability Chevron inherited when it purchased Texaco in 2000 for $36 billion.

But Patton Boggs’s plan to quickly enforce a settlement soon became more challenging than anticipated. Playing hardball, Chevron has continuously called Patton Boggs’s bluffs…

double red triangle arrows Continue reading “Litigation Problems at Patton Boggs Lead To Lateral Leakage”

Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Rob Romanoff, the Managing Partner of Levenfeld Pearlstein.

When it comes to the ultimate departure, you can’t take it with you. When it comes to professional departures, however, it’s a different matter entirely. Whether or not you can take it with you — that is, whether your clients will follow you to a new firm — is a very open question indeed, and a critical one in any lateral candidate’s recruitment.

But how much portable business is enough to catch the eye of suitor firms? How can lateral candidates even determine the amount of their portable business? And how do they actually go about moving it? Let’s consider these questions in turn…

double red triangle arrows Continue reading “The Aspiring Lateral: Can You Take It With You?”

This is the moment we’ve been waiting for ever since Robert Khuzami left his gig as the Director of the SEC’s Division of Enforcement earlier this year. Now a Biglaw firm has signed him for big bucks (reportedly “more than $5 million a year”).

It’s like NFL Free Agency with less Deer Antler Spray and more lamentations over the revolving door between the government and the private sector…

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“Hot enough for you?”

“Boy, sure is hot!”

And on and on.

I have a desire to fulfill a Bryan Cranston-like dark fantasy when people say those phrases. Yes, it is hot enough for me, thank you, and I am now waiting with chewed fingernails to see if our benefit concert for tomorrow afternoon will be rained out due to the oncoming cold front. I also received some good news/bad news on a pro bono case I am working, and my wife is starting to get a bit touchy about my lack of focus on all things domestic. It has been one of those weeks, when all should be celebratory and positive, but the muck keeps dragging me down. But as is my practice, I keep plugging along. Just keep swimming…

double red triangle arrows Continue reading “When the Heat Becomes Unbearable, Make Lemonade”

Ed. note: This is the first installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

BuckleySandler LLP landed a big fish in Los Angeles. With the firm’s recent hiring of Richard Gottlieb, a well-known class action defense litigator, and Fredrick Levin, a class action and securities litigator, the partners confirm that BuckleySandler’s Los Angeles office (and soon-to-be-opened Chicago office) are serious contenders in the quest for lateral partners. Gottlieb is a heavy hitter in the consumer finance and mortgage class action space, and he developed a very significant book of business with a national client base.

The deal is unique on several levels…

double red triangle arrows Continue reading “Biglaw Firm Reels In Even Bigger Fish”

Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Peter Donati, the chair of Levenfeld Pearlstein’s Labor & Employment Group and the head of its Compensation Committee.

We’ve been conditioned to believe that lateral moves are all about money. Popular thinking — which may not be far from the truth — holds that law firms, held in collective thrall by the American Lawyer’s profit-per-partner numbers, focus on lateral hiring as the first step in a virtuous cycle that will increase their PPP metric, in turn attract more profitable laterals, and so on and so on. Laterals themselves, meanwhile, are viewed as economic actors lured away from their firms primarily through the prospect of increased, or guaranteed, compensation.

(Given the prominent role that guaranteed compensation is said to have played in the downfall of Dewey, and the pains Weil Gotshal took to point out its relative lack of compensation guarantees when announcing its recent layoffs, this particular carrot may be falling out of fashion. Even Weil conceded, however, that it has compensation guarantees in place for first-year laterals.)

In light of the focus on dollars in connection with lateral moves, it may surprise the reader to hear the head of a compensation committee say that in many cases, lateral candidates do not talk enough about money. To be more specific, lateral candidates often don’t scratch beneath surface questioning about their prospective new firm’s compensation system. If they did, their answers would inform them more deeply not only about their future paychecks, but the character of the firm they are considering….

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