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.
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….
Last week, we wrote about reductions to the ranks of lawyers and staff at WilmerHale. We noted that the cuts, made in connection with twice-annual performance reviews, seemed to focus on IP litigation and on the Boston and Palo Alto offices.
Today we bring you additional information about the reductions, which look a lot like stealth layoffs. They seem to be more widespread, in terms of offices and practice areas, than previously reported.
And they might be due to some earlier overhiring, reflected in an interesting email we received….
Last September, we wrote about the mysterious departure of Lee Smolen from Sidley Austin. Smolen, former head of Sidley’s real estate practice in Chicago and a member of the firm’s executive committee, departed without comment or a known destination. When that happens, something interesting is usually afoot.
Earlier this month, the other white shoe dropped. A lawyer ethics commission in Illinois leveled charges against Smolen arising out of his time at Sidley.
What has he been accused of? And what does his new law firm have to say about it?
But this has started to change over the past few years, as managing partner Thomas Reid discussed in an August 2011 interview with Am Law Daily. In the August 2010 to August 2011 period, DPW hired a half-dozen prominent lateral partners.
And the lateral hiring spree continues (although not without the occasionalsnag). Let’s hear about Davis Polk’s latest high-profile hire, a new lateral partner at Paul Hastings, and an addition to the leadership of Orrick….
* Just like he said in 2008, President Barack Obama says that he’s going to close Guantanamo Bay, and this time, he means it. No, really, he appointed a Skadden partner to handle it, so we know he means business now. [Blog of Legal Times]
* The Supreme Court just invalidated Arizona’s proof-of-citizenship voter registration law, so of course Ted Cruz wants to add an amendment to the Senate immigration reform bill to require citizenship to vote because, well… duh. [Politico]
* According to a Pew Research survey, a majority of Americans think Edward Snowden should be prosecuted for his NSA leaks. It’s also likely that same majority don’t even know what Edward Snowden leaked. [USA Today]
* It looks like Jon Leibowitz, the FTC’s ex-chairman, got some great birthday presents this week. Davis Polk partnership and a SCOTUS victory aren’t too shabby. [DealBook / New York Times]
* They don’t give a damn ’bout their bad reputation: malpractice claims filed against attorneys and firms were up in 2012, and some say mergers and laterals are to blame. [WSJ Law Blog (sub. req.)]
* ¡Ay dios mío! The Hispanic National Bar Association is hoping that a week spent in law school will inspire minority high school students to become lawyers in the distant future. [National Law Journal]
Elite law firms and the Mafia would appear to be worlds apart. Biglaw firms represent all sorts of unsavory characters, but these clients tend to steal using computers rather than cudgels. When you wear white shoes, you don’t want to get them splattered with blood.
But there are commonalities. Both Biglaw and Big Crime are large and lucrative enterprises. They’re intensely hierarchical and often ruthless.
There are cultural similarities as well. As noted in these pages by lawyer turned therapist Will Meyerhofer, “Some big law firms are like the mob. They do ugly things, but prefer to avoid ‘ugliness.’” Instead, there’s a lot of indirection and passive-aggressiveness.
So perhaps it shouldn’t be surprising to learn that a leading defense lawyer to Mob figures has joined “the family” — the Biglaw family, that is….
Biglaw partners may not be having coke-fueled orgies on piles of cash any more, but partners are still doing well compared to mere mortals.
In fact, the biggest rainmakers are doing really really well compared to many of their colleagues. According to Steven Harper, the Northwestern professor and author of The Lawyer Bubble: A Profession in Crisis (affiliate link), the highest-paid Biglaw partners used to make three times more than their run-of-the-mill colleagues. Today, rainmakers can pull down ten times more.
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!