Latham & Watkins

Latham & Watkins: Two IP Partners Leave

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Latham Watkins LLP lw logo.jpgWe got a report last night that Latham & Watkins was losing two more IP partners to Quinn Emanuel. We’ve been able to confirm with sources at Quinn that the firm has in fact added Sean Pak and Dave Nelson. Both partners were patent litigators with Latham.

Our sources at Latham are worried that this is even more bad news for the firm:

This is on top of the NY IP partners all leaving last year. Expect several associates to follow. Right now LW has no IP practice in NY, and soon to have no substantial IP practice in Chicago. Rats leaving the sinking ship?

But is the Latham ship sinking? One tipster has no special information, but is worried nonetheless:

Rumors are flying within the firm that we’re going to announce layoffs soon…. I have no clue if the rumors are true but would love to hear everyone’s commentary.

After the jump, we get into some of the flying rumors.

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Stealth Layoffs Open Thread: Latham & Watkins

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Latham Watkins LLP lw logo.jpgReaders, commenters, and tipsters have all demanded that we run a post addressing the “stealth layoffs” that might be taking place at Latham & Watkins.

The firm has remained steadfast in its contention that no layoffs have happened at Latham & Watkins. They claim no dismissals for economic reasons, or anything out of the ordinary course of business. A firm spokesperson told ATL:

Consistent with our standard practice at the end of each year, we have completed our associate review process. We counsel our associates at the completion of our review process each year, and in those conferences discuss topics such as job performance, compensation and career tracks. Our decisions relating to associate departures were performance related and part of our usual year-end process, not part of an economic layoff.

But how many associate departures have there been? Based on information from our sources, the number of cuts is all over the map. ATL has received reports from tipsters in New York, Chicago, Silicon Valley, and L.A. that Latham has been conducting stealth layoffs. But because of the way they are being carried out, nobody knows just how many associates have been let go over the past few weeks.

Tipsters report that the process has every artifice of “performance review” cuts, but those same tipsters claim the cuts are economic based. Against the backdrop of the firm statement, after the jump we post some of the tipsters’ reports.

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Updated Salary Freeze Round-up: Even More Firms on Ice

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pay freeze salary freeze pay cut law firm.jpgAs we noted in yesterday’s Morning Docket, even the New York Times has taken note of the salary freeze trend at law firms. The Times reached out to Above The Law’s own David Lat for the story:

Although many associates are angry about the freezes, others are relieved, said David Lat, founding editor of AboveTheLaw.com, a blog about law firms and the profession.

“There is this sense that firms didn’t act prudently during the boom and now they are getting religion, and that it’s better late than never,” Mr. Lat said. “Many associates we have spoken to think the freeze probably saved jobs.”

At the beginning of the month, we did a round-up of firms that have frozen 2009 salary rates at 2008 levels. That list was 16 firms long. Since then, quite a few other firms have announced freezes. Due to frequent requests, we’re updating the round-up list since the number of firms with freezes (that we know of) has more than doubled, to 33 32. Check out the as-comprehensive-as-we-can-make-it list, after the jump.

Recently announced salary freezes include “solid ice freezes” at Blank Rome and Townsend and Townsend and Crew; and “Slurpee freezes” at Bingham McCutchen, Fish & Richardson, and Texan firm Andrews Kurth.

Memorandums, as well as a new list of all firms with “solid ice” and “Slurpee” freezes, after the jump.

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Associate Bonus Watch: Latham & Watkins

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law firm associate bonus watch 2008 biglaw bonuses.jpgLatham & Watkins might be leading the charge for salary freezes, but that’s not going to stop the firm from paying out associate bonuses. Right?

Latham is not a lockstep bonus firm. As a tipster explains it:

Our bonuses are not lock-step- so those people working their tails off usually do end up doing better than market … It’s usually those who are at the threshold (1900 hours) who do worse than market or get no bonus at all.

Well bonus information just went out and it looks like those hours thresholds have shifted. Latham goes through great (and ultimately futile) lengths to make sure that the firm’s bonus information doesn’t appear in the press. A tipster explains:

The way they announced them was via an email with a link in it that took you to a page that listed both your specific bonus, as well as an “un-cut-and-pasteable” bonus memo.

After the jump, we post the first screenshot of the Latham bonus structure.

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Musical Chairs: Kathy Ruemmler from Latham Back to DOJ

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Kathryn Ruemmler Kathryn H Ruemmler Kathy Ruemmler Latham Watkins.jpgSuperstar litigatrix Kathryn Ruemmler, a litigation partner at Latham & Watkins and an Enron prosecutor before that, has been picked to serve as Principal Associate Deputy Attorney General in the Obama Justice Department. That title is a mouthful, but lawyers inside the Beltway know it’s a Big Deal.

The revolving door between the DOJ and Latham swings again. Ruemmler has traded places with another fierce female litigator: Alice Fisher, who rejoined the firm after heading up the Criminal Division.

As for Ruemmler, the government’s gain is Latham’s loss. Says one LW tipster: “She’s a really good lawyer, and a genuinely nice person. We’re very sorry to lose her.”

Kathy Ruemmler isn’t just a genial genius; she’s stylish, too. From the WSJ Law Blog, reporting on a day of the Ken Lay trial:

Speaking of footwear, the boldest fashion statement of the day — possibly rivaling O’Melveny paralegal Bill Evans’s goth getup for the gutsiest sartorial move of the week — came from the government’s Ruemmler. The deputy director of the Enron Task Force, who won convictions against four Merrill Lynch bankers in the 2004 Nigerian Barge case, paired a conservative gray suit with stunning 4-inch bright pink stiletto spikes.

Litigatrix indeed. Just because you work for the DOJ doesn’t mean you have to shop at DSW.

There’s a lot of diversity in Obama’s Department picks so far. Eric Holder, nominated to serve as Attorney General, is African-Amercan. Elena Kagan and Dawn Johnsen, nominated to serve as, respectively, Solicitor General and head of the Office of Legal Counsel, are women.

The full memo about Ruemmler’s move, after the jump.

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ATL Salary Freeze Round-up: The Firms on Ice

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pay freeze salary freeze pay cut law firm.jpgThe new year is shaping up to be a cold one. As we noted in our 2008 Year in Review series, one of the biggest stories heading into 2009 has been that of the salary freeze. Rather than instituting lock-step raises for associates entering a new class year, a number of firms have informed associates that their salaries will remain at 2008 levels.

There have been two types of freezes: the “Solid Ice freeze”–with salaries frozen through all of 2009–and the “Slurpee freeze”–where firms are sticking with 2008 levels for now, but promise to revisit the decision later in the year.

Many an ATL reader has requested a round-up, and we aim to please. So find your pleasure, after the jump. Some of the firms have been reported on before, and some are new.

If you know of other frozen firms, send us an e-mail at tips@abovethelaw.com with the subject, “Salary Freeze: FIRM NAME.” Also, if your firm has raised salaries as expected, feel free to send us the news, with the subject “Salary Raise: FIRM NAME.” While freezes are news, raises as expected aren’t, so we will not be covering firm by firm, but we may do a round-up.

Find the list of the sixteen firms that have frozen, after the jump.

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Latham & Watkins Salary Shenanigans Follow-Up

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Latham Watkins LLP lw logo.jpgMaybe Latham & Watkins was never into this whole “____ to $160K” thing to begin with. When Latham finally raised salaries across the board back in May 2007, we reported:

Well, it appears that Latham has been shamed into giving into the “hysteria” surrounding associate comp.

As we’ve discussed, Latham’s associate salary freeze essentially cancels out the pay raise from 2007. Whether you call it a salary freeze or a pay cut, Latham chairman Robert Dell is calling it sound business. The Blog of the Legal Times reported this quote from the chairman earlier today:

We are modifying associate compensation as part of a prudent business strategy in the face of challenging economic times. All associates moving to the next class year on January 1, 2009 will continue to receive the same base compensation as they received in 2008. We are confident that our business strategy, our diverse practices and our strong global platform will serve our clients and our firm well as we all face the challenges of a difficult business environment in 2009.

More discussion, including a salary chart that Lat prepared to show just how bad L&W associates must be feeling today, after the jump.

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Nationwide Pay Raise Freeze Watch: Latham & Watkins

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economy freezes over.JPGIf you liked your 2008 salary, you’re going to love your 2009 salary. Latham & Watkins just sent around this email about 2009 associate compensation:

The world economy is experiencing unforeseen and unprecedented dislocations. Our clients are feeling those impacts and the legal community is not immune. The Executive Committee has spent the last few weeks discussing these critical issues in the context of planning for 2009. While we anticipate that the diversity of our practices and global reach will serve us well in the year to come, it seems clear that the global economy will continue to be challenged at least through 2009. As a result, we are modifying associate compensation as part of a prudent business strategy.

Latham Watkins LLP lw logo.jpgEffective January 1, 2009, associates moving to the next class year will continue to receive the same base compensation as they received in 2008. Please do not hesitate to contact your local Associates Committee members if you have any questions about the resulting salary scales.

We expect as a general matter to continue to reward outstanding performances through our merit-based bonus pool. As in previous years, we will announce bonuses in late January.

We are confident that by continuing to work together we will be well positioned to succeed in the face of the economic challenges that lie ahead. We thank each of you for your many contributions to the firm.

Freezing salaries is now part of the “market.” The latest associate pay raise is effectively being undone.

After the jump, what was that about bonuses?

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Morning Docket 12.05.08

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little orange juice.jpg

* Bad news for the big three: the New York Times says Congress “is suffering from acute bailout fatigue.” [NYT]

* There were 13 law firm mergers in the third quarter this year (not unusual). The largest number of combinations (5) were in the southeast. [The Birmingham News]

* O.J. Simpson is finally going to jail. He will be sentenced today in Nevada. This time, he stole back sports memorabilia from two people. Can you think of a more inelegant end to the Simpson saga? [The Associated Press]

* If you break the law in New York, at least you get free day care. Thanks to Judge Judith S. Kaye (New York State’s cheif judge), there are 34 children’s centers across the state in family, criminal, and civil courts. They provide a safe and happy place for children whose parents are involved in legal battles. [NYT]

* The shareholder lawsuit against the merger of Bear Stearns and JPMorgan Chase was dismissed Thursday in the New York State Supreme Court. [Reuters]

* Singapore awarded Clifford Chance, White & Case, and Latham & Watkins licenses to practice law, as part of an attempt to compete with Hong Kong and other cities in China and the Middle East that have benefitted from having international law practices. [Bloomberg]

* Discover is mad at Morgan Stanley for secretly hanging-out with Visa and Mastercard behind Discover’s back. Sounds a lot like middle school, only in the real world, you can sue. [Bloomberg]

Musical Chairs: Last Call To Cash In Before The Election

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alice fisher alice s fisher.jpgThe problem with being a government lawyer is that you don’t have a lot of control over which “government” you are working for. Even if you have a non-partisan, non-patronage position, anytime a new administration takes power there is the possibility of turmoil.
Like the swallows of Capistrano, now is the season we expect public sector birds to leave their mission and return to their Biglaw vacation grounds.
Yesterday Assistant Attorney General Alice Fisher announced that she would be rejoining Latham & Watkins. You might remember Ms. Fisher from our former editor’s open crush on the “brassy, blonde, tough-talking Fisher.” I’m staring right now at the 3 golden locks of Fisher’s hair ATL has “acquired” under questionable circumstances.
Fisher’s new position at Latham will be “global co-chair of the white-collar and government investigations practice group.” It’s good work if you can get it.
More new hires after the jump.

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Fall Recruiting Open Thread: Vault 6-10 (2009)

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comparing.jpgWe’re back with the next installment of open threads on the Vault 100 law firms.
A particularly insightful comment from the last post on the top five firms:

[Davis Polk & Wardwell] and [Sullivan & Cromwell] do very similar work. DPW has a stronger underwriters’ practice, Sullivan is marginally better on the issuer side. DPW is much stronger than anyone at converts. Sullivan does more edgy contested M&A while DPW excels at deals with cutting edge securities components.

Sullivan is a slightly better place to work than its reputation. DPW generally lives up to its strong rep as a good place to work.

Now on to the next five from Vault, with their prestige scores in parentheses:

6. Simpson Thacher & Bartlett LLP (7.985)
7. Latham & Watkins LLP (7.784)
8. Cleary, Gottlieb, Steen & Hamilton LLP (7.754)
9. Weil, Gotshal & Manges LLP (7.623)
10. Kirkland & Ellis LLP (7.473)

The most notable of “notable perks” in this batch is at Kirkland, where NYC associates get a “$350 office art budget” (previously reported here). Can associates use the money to commission work from their toddlers?
Please compare and contrast the firms in the comments. We’ll continue to work our way down the Vault list in future threads.
The Top 100 Most Prestigious Law Firms [Vault]
Earlier: Fall Recruiting Open Thread: Vault 1-5 (2009)

Legal Eagle Wedding Watch 7.13 and 7.20: Columbian Dictatorship

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LEWW champagne2.jpgWe interrupt the spirited smackdown of ATL Idol to bring you a couple of LEWW-related announcements. First, as expected, Team Ho-Glover scored a decisive win in June’s Couple of the Month voting. LEWW salutes this glorious SCOTUS – WGWAG – Friend-of-Lat juggernaut!
In other news, two notable grooms didn’t make our list of finalists this week. The first is Lee Bollinger, son of current Columbia University president (and former University of Michigan president) Lee Bollinger. And the second is Paul Lieberstein, who looks a lot like that guy who plays Toby in The Office. Because he is that guy.
On to this week’s contestants:

1. Sue-Yun Ahn and Charles Kitcher
2. Jennifer Hare and Jaron Shipp
3. Gena Hatcher and David Lenzi
4. Athena Theodoro and Daniel Adamson

Click on the link below to read more about these impressive legal matches.

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