Ed. note: Law Shucks focuses on life in, and after, Biglaw, including by tracking layoffs, bonuses, and laterals. Above the Law is pleased to bring you this weekly column, which analyzes news at the world’s top law firms.
Despite this being the busy season for the hiring and (in the few firms that cling to the traditional calendar) onboarding processes, things have been relatively quiet lately. Actually, we almost forgot about deferred associates – some of the members of the "lost" Class of 2009 are finally starting to trickle back to BigLaw.
Well, that was fast. Last week we learned of preliminary merger discussions taking place between Akin Gump and Orrick. But this morning, spokespersons for each firm released the following joint statement (which differed only in which firm’s name came first):
[The firms] have mutually agreed to conclude preliminary discussions regarding the possibility of a merger. The firms appreciated the opportunity to have the discussions, which confirmed their mutual respect for one another. However, the firms have determined not to proceed.
For an assessment of the pros and cons of an Akin / Orrick union, see here.
* Why your job is making you depressed. Maybe because it sucks? [CNN]
* Women of Biglaw: think you have it bad? Your sisters on Wall Street may be even worse off. [The Careerist]
* Speaking of women in the legal profession, nominations are now being accepted for InsideCounsel’s Transformative Leadership Awards, which “honor women general counsel and law firm partners who have demonstrated a commitment to advancing the empowerment of women in corporate law.” [SuperConference]
Yesterday we discussed the merger talks that are currently taking place between Akin Gump and Orrick. We solicited your views on a possible combination, and we received some interesting feedback (in the comments and by other means).
Let’s start with the happy stuff. Here are some positive takes on an Orrick / Akin merger, from the comments (yes, positivity in the comments — it happens):
“I have been at both firms and I believe it would be a good fit both geographically and practice-wise. Orrick is almost all about finance, and finance is one key area that Akin lacks real depth.” [FN1]
“#1 Vacuum company in America + #1 brand of cocktail shrimp = unstoppable legal force.”
But it’s not all vacuums and cocktail shrimp, sunshine and puppies. Insiders with knowledge of both firms also identified downsides to a possible Orrick / Akin merger….
Last week we started to hear rumors of a possible merger between Akin Gump and Orrick. One tipster offered this unenthusiastic take: “Suddenly, the firm that is known for professionalism and California-style collegiality courts the firm whose softball team is named ‘The Cheatahs?’”
Meow! Well, it appears that the rumors are true. Spokespersons for each firm just confirmed to Am Law Daily and the WSJ Law Blog that Orrick and Akin are in “preliminary,” “exploratory” discussions about a merger.
Since we last checked in on him on Twitter, John Quinn — founding partner of litigation powerhouse Quinn Emanuel, and one of the nation’s ‘s top business litigators — has gained about 200 followers. And if he keeps tweeting in such insightful, funny, and brutally candid fashion, his following — right now he’s at 665 followers — will only grow.
As the two firms told the Daily Journal, the talks were called off because of a familiar reason: potential client conflicts. According to a statement issued by Kilpatrick’s co-managing partner, William Dorris, “We explored merger discussions with our friends at Townsend, but clients always come first. When client-related conflicts could not be resolved, we could not proceed further.”
Simmons & Simmons and Mayer Brown have called off merger talks, the two firms have confirmed in a joint press statement sent today (29 June). The statement confirmed that the two firms have held preliminary talks about a potential merger but have jointly decided not to go through with a combination.
So what are the reasons behind termination of the talks?
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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