* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]
* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]
* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]
* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]
* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]
* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]
On Monday, we heard rumors of momentous events at Patton Boggs, the troubled law and lobbying firm. One of the rumors was that the partnership was holding a meeting to vote on something major — although what exactly was not revealed.
We reached out to Patton Boggs, which shot down the rumors of a meeting, so we ended up not doing a story. But there may have been some truth to reports of exciting goings-on at the firm — developments that could help the firm in its struggle for survival.
The firm just removed the albatross of litigation with oil giant Chevron from around its neck. As you may recall, Chevron sued Patton Boggs for PB’s representation of plaintiffs in an Ecuadorian environmental case that Chevron alleged was nothing more than a shakedown — a view that Judge Lewis Kaplan (S.D.N.Y.) vindicated in March.
But escaping from the Chevron quagmire did not come cheap for Patton Boggs. How much did the firm have to cough up to make this case go away?
As The Economist concisely explains, a verein is “a Swiss partnership that lets [law firms] maintain separate national or regional profit pools under a single brand.” For purposes of preparing its influential Am Law 100 rankings, the American Lawyer treats a verein as a single firm — a decision that some at non-verein firms object to.
Let’s hear some of the complaints — and then, interestingly enough, a defense of the vereins’ financial performance in 2013, which might have been better than Am Law suggested….
* “[T]he one thing Windsor does not do is clearly establish a nationalized definition of marriage.” No one will be surprised when the same-sex marriage cases wind up before the Supreme Court. [National Law Journal]
* Law firm mergers continue to hum along at a record pace, but whether they’ll actually work out is another question entirely. Only time will tell if we’ll see another “spectacular flameout.” [Wall Street Journal (sub. req.)]
* “The billable hour’s day has passed.” Eighty percent of law firm leaders believe hourly billing may soon be going the way of the dodo in favor of alternative billing arrangements. [Capital Business / Washington Post]
* Despite its anti-gay policies, Trinity Western University Law has been granted approval from the Law Society of British Columbia to open its doors. And here we thought Canadians were supposed to be polite. [GlobalPost]
* If you want to take an “Law and _____” class, sign up for Law and Traumatic Brain Injuries at GW Law. Having a TBI yourself seems like a requirement for enrollment, but shockingly, it’s not. [New York Times]
* Times are so rough that God can’t even get a credit card. Instead of casting plagues upon the earth, he’s suing Equifax — though we’re sure he wouldn’t mind if the credit agency reps caught lice. [New York Post]
* The Eighth Circuit axed a $900K jury award after a lawyer recounted her tale of sexual harassment by a law professor at Drake University Law during closing arguments. Well, that sucks, but we’d really love to know which professor this was. [ABA Journal]
* If flat is the new up, then mergers must be the new growth. The new year is upon us, and law firms are on track to either meet or break the merger record set in 2013. Thus far, 22 firms have announced mergers or acquisitions in 2014. [Washington Post]
* A lawyer in Minnesota who’s been in trouble with the bar quite a few times was recently charged with setting his girlfriend on fire. Yikes, someone’s way too excited about the Fargo mini-series. [Star-Tribune]
* Oscar Pistorius took the stand in his murder trial yesterday, revealing that when he killed his girlfriend Reeva Steenkamp, he was really trying to protect her. This case gives us the sads. [New York Times]
* Sorry we’re not sorry about the toupee: Paramount wants this Wolf of Wall Street suit dismissed since it’s undeniable the plaintiff was part of “bizarre travesty that was Stratton Oakmont.” [Hollywood Reporter]
* Despite all the outrage over Albany Law’s faculty buyouts, some have already accepted the package offered. Looks like anything’s possible for the right price. [Albany Business Review]
* Guess which law school is cutting tuition by a whole lot? Some hints: it’s in New York and it’s been selling off real estate. We’ll have more on this later. [Wall Street Journal (sub. req.)]
* Perhaps this could be considered a gift of provisional accreditation: Alberto Gonzales, U.S. Attorney General in President George W. Bush’s administration, is now dean at Belmont Law. [The Tennessean]
* Take a look at this new paper by Professors Amy Chua and Jed Rubenfeld on race and culture in law school admissions. Actually, it’s fake, but it’s sad that it could, in theory, be very real. [Washington Post]
* Zac Efron is going to star as a Yale Law grad forced by criminals to work in the world’s largest Biglaw firm in a film adaptation of John Grisham’s book, The Associate. OMG, he’s so cute. [Hollywood Reporter]
* Our thoughts go out to the families of those wounded and killed during the Fort Hood shooting. [AP]
Some former partners of the dearly departed Dewey & LeBoeuf claim that the firm could have survived if not so many partners had defected in the final months. The wishful thinking theory of these Dewey defenders is that if the firm could have held on to more of its top rainmakers, the plan of paying everyone back (slowly) and waiting for work to pick up might have succeeded.
Perhaps learning from Dewey, the leaders of embattled Patton Boggs have been trying to get partners to commit to staying as the firm restructures. Not long ago, managing partner Edward Newberry declared that about 90 percent of the firm’s partners agreed to stick around.
But 90 percent is not 100 percent. Today brings word of more Patton partners headed for the exits. How many? Who are they? And where are they going?
When we last checked in with the beleaguered law firm of Patton Boggs, things were looking… dicey. The firm was losing more partners — some due to layoffs, some due to defections — and firm leaders were suspending their partnership draws (and asking their fellow partners to do the same; yikes).
But today we actually have some positive news to share about Patton Boggs. Here comes the cavalry!
Which major law firm just signed a letter of intent with Patton Boggs regarding a possible merger?
* Valerie Ford Jacob, leader of Fried Frank since 2003, is stepping down from her post prior to her official 2015 departure date. At least she’s leaving on a high note, with the firm’s highest profits per partner ever. Yay. [WSJ Law Blog (sub. req.)]
* Ralph Lerner, the ex-Sidley Austin partner who billed extra car charges to his clients, claims he went into work on weekends to do work for free to make up for it. Aww, how nice of him. [Am Law Daily]
* Many New York law schools moved in the recent U.S. News rankings, but not necessarily in the right direction. Four out of 15 schools moved up; the rest stayed the same or slipped. [New York Law Journal]
* Would you like damages with that? McDonald’s corporate and its franchisees are facing lawsuits filed by employees over their allegedly “stolen wages.” Class actions have been filed in three states. [Bloomberg]
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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