Lateral Moves

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Scott Hodes is a Principal in Lateral Link’s South Eastern office. He utilizes his experience as a former partner to help partners and associates make lateral leaps in the Florida and Atlanta markets.

With the new year upon us, we look back at an exciting 2013 as we have witnessed a resurgence in the legal industry after enduring a rocky time during the recent recession. As economic and labor market conditions improve, many firms are seeing sustained signs of growth, especially in the South Florida market.

As evidence of this growth trend, one need not look any further than Miami-based Akerman Senterfitt, now known as Akerman LLP. With more than 550 lawyers and government affairs professionals, Akerman recently became the largest law firm in South Florida based on number of attorneys, eclipsing Greenberg Traurig. Akerman reported its third consecutive year of growth, with record gross revenues of $297.5 million and net income of $109.3 million for the 2013 fiscal year. From January 1, 2013, to date, 65 attorneys, including 19 partners, have lateraled in to the firm. During that same time period, only seven attorneys departed the firm.

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This is my first column of 2014, so I’m due to join the ranks of those who make predictions for the coming year.

But my predictions will be slightly different from others, because mine will be based on fact.

In the last months of 2013, I heard that two different law firms had reduced partners’ draws to offset the firms’ poor financial performance. At least one of the firms reduced draws retroactively — announcing near the end of the year that partners’ salaries would be reduced as of January 1, 2013 (which slices partners’ incomes dramatically in the last few months of the year). Both firms shared the pain among all partners — folks suffered in the equity and non-equity ranks alike. (This is a particularly nasty trick to play on income partners: “Here’s your partnership deal: If the firm does better than expected, you’re a mere income partner; of course you will not share the wealth. On the other hand, if the firm performs worse than expected, we’ll permit you to share the pain, and we’ll cut your pay. Here’s the partnership agreement! Sign right here on the dotted line!”)

I’ve now been in-house for four years, and my ear has lifted pretty far from the law-firm ground: If I heard about two law firms suffering from such terribly bad years that they were forced to reduce their budgets as year-end approached, then I’m guessing that many more than two firms suffered this fate. This means that, for many firms, 2013 was not a good year, which leads me to my predictions for 2014 . . . .

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The guy in today’s story didn’t dress up like Gumby, but it’s still an amazingly stupid disguise.

* Man tried to rob a convenience store so he could go back to prison. And he almost screwed that up… [KMOV]

* The CIA’s former lawyer explains how torture came to be a go-to national policy. According to John Rizzo, author of the forthcoming Company Man (affiliate link), George W. Bush basically had no conception of what was going on, which makes a lot of sense anyway. [The New Yorker]

* Brooklyn Law’s Dean Nick Allard makes predictions for law schools in 2014. “[P]eople will look back at 2014 and say it marked the start of the new world of law: a renaissance where the respect and reputation of lawyers and law schools began to rise by measurable benchmarks.” Go ahead and laugh, I’ll wait. [TaxProf Blog]

* Paul, Weiss picks up tax partner Scott Sontag from Weil Gotshal. (Congrats to both firms, by the way, on tying for the #9 spot in our list of top-ranked law firms for 2013.) [Paul, Weiss]

* Nooooooooooooo! Judge Richard Kopf is ending his blog. [Hercules and the Umpire]

* And the hits keep on coming. Professor Kyle Graham is also leaving the blogosphere. [Non Curat Lex]

* The Ninth Circuit will start streaming all of its oral arguments next week. If you want to help them out, tune in. No promises that the panel will excoriate any prosecutors this time. [Ninth Circuit]

As we’ve chronicled in these pages, the powerhouse firm of Weil Gotshal has been experiencing some upheaval. The big summer layoffs have been followed by a steady stream of partner departures, mainly from offices outside the power center of New York.

Many of the defections have taken place in Texas, but Weil’s Washington outpost has also been hard hit. Last month, that office lost three IP litigators to Greenberg Traurig. Said one of our sources, “IP was one of Weil D.C.’s most profitable practice groups. Expect downsizing or partner acquisition from another firm to compensate for loss.” And that wasn’t all. Earlier this month, BuckleySandler snagged Walter Zalenski, a prominent player in financial services regulatory law, from Weil.

Today brings news of another departure from Weil in Washington. Who is leaving now, and where is he going?

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Ed. note: This post is written by Clint Russell at Prestige Legal Search. Check out their Prestige Rewards Program here, or email him here.

Bonuses are in. ‘Tis the season to lateral. Here’s what you need to know to make a move. Warning: some points are fairly obvious, many are overlooked, but all are important.

1. Start the process now.

Making a lateral move takes time. Unless the planets magically align for you, you’re likely looking at a couple-month process, start to finish. While that’s certainly not a bad thing (you should be exhaustive when making a career change), it does mean that you should start the process now if you’re planning on exploring your options after you collect your bonus in the upcoming weeks/months.

This is not to say that you should send your résumé to every recruiter that includes you in an e-mail blast in January. However, now is a good time to start taking all the necessary steps that come before sending out résumés and interviewing. These steps will help ensure that your lateral move will be as painless as possible.

The more organized you approach your search, the easier it will be for a good recruiter to get you what you want. This is typically a slow time of year for both work and lateral opportunities, so it’s a good time to get all your ducks in a row and be ready to take advantage of all the opportunities that interest you in 2014…

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The past few months have been good ones for Morrison & Foerster. The firm, which secured an impressive victory for longtime client Apple in the smartphone wars, could end up getting part of its $60 million in fees paid by the losing party, Samsung. MoFo has also been adding new talent at a good clip, including D.C. securities partners Martin Dunn and Scott Lesmes (formerly of O’Melveny & Myers), London restructuring partner Howard Morris (formerly of SNR Denton), and a slew of partners (formerly of Hogan Lovells) who opened MoFo’s new Berlin office.

So the news about lateral partners at Morrison & Foerster is exciting. Can the same be said about associate bonuses in the New York office, the first MoFo outpost to announce?

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Megyn Kelly of Fox News

* “Those of us from the Midwest think it’s actually easier to hide a child in New York.” Many of the current Supreme Court justices are from New York. How does it affect their jurisprudence? [Washington Post]

* The percentage of women associates in law firms may be down nationally, but in California, the demographic is on the rise — except in Silicon Valley, which is really hardly surprising. [The Recorder]

* Megyn Kelly, who’s been compared to a “brilliant supermodel,” is now considered the brightest star on Fox News, with more than 2.5 million viewers. Albany Law School must be so proud. [Washington Post]

* Class action powerhouse Cohen Milstein Sellers & Toll hired Matthew S. Axelrod of DOJ fame (most recently as Associate Deputy Attorney General) to join the firm as a partner. Congrats! [Law360 (sub. req.)]

* “The fact that rape insurance is even being discussed by this body is repulsive.” Yep. Rape insurance. Apparently that’s a thing in Michigan now, which is pretty unbelievable. The more you know. [MSNBC]

* Here’s a helpful hint for our readers: when you’re trying to get released on bail prior to your jewel heist trial, you probably shouldn’t list your occupation on a court form as “jewelry thief.” [Los Angeles Times]

Ed. note: This is the latest installment in a 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.

What can we expect for the first quarter of 2014 in terms of the lateral partner market? As I have detailed before, the market is generally volatile and the rate of change of each month and quarter from year to year is difficult to predict. In our calculations, the number of lateral movements in December accounts for less than 20% of the variation in lateral movements in January. However, on average there are 2.4 times as many moves in January as there are in the previous December (but this ratio is subject to much volatility).

Let’s look at some data:

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Another day, another round of Biglaw bonuses. Today is Hump Day, so why not pair our bonus news with some exciting lateral partner moves?

Earlier this week, Ropes & Gray announced its 2013 year-end bonus scale. It’s no Boies Schiller $300K bonus, that’s for sure, but it’s a tad more interesting than your run-of-the-mill Cravath match.

Keep reading for all of the details on the Ropes & Gray bonus, news on the firm’s latest partner class, and the announcement of a very recent lateral pick-up from a firm that’s bleeding partners….

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When we sit down at Thanksgiving this year, we’ll give thanks for Weil Gotshal. Over the past few months, the highly prestigious and profitable firm has generated a cornucopia of tasty news to cover.

And the drama isn’t over yet. Instead, the soap opera continues.

Soap operas feature ups as well as downs; they’re not all bad news (because that would be boring). Births and marriages balance out deaths and divorces.

So for today’s Weil Gotshal update, we’ll start with the happy stuff — new partners! — before moving on to the gloomier news….

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