It was exactly a month ago that we first heard that Orrick was looking to join up with (read: bail out) Pillsbury. Today, the thrill is gone. Orrick and Pillsbury announced they were calling off the mega-merger saving us, our planned Very Special Episode of Legal Eagle Wedding Watch.
Would you rather be a great lawyer or be perceived as being a great lawyer?
For many people, I think the answer to that question varies over time: At age 30, you’d rather be a great lawyer. At age 60, you’d rather be perceived as being a great lawyer.
Because, over time, your reputation may come to track reality. If you’re perceived as great when you’re 30, but you’re actually no good, that truth may out over time. As you age, your reputation may catch up with you.
By the time you’re 60, your professional horizon will have shortened, and it’s less likely that the world will unearth your incompetence. If you’re perceived as being a great lawyer when you’re 60, you may well make it to retirement unscathed.
What of law firms? Would you rather that your firm be great or be perceived as being great?
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.
Merger season has arrived, yielding a fruitful harvest of potentially enormous mergers between Patton Boggs and Locke Lord and between Pillsbury and Orrick. Perhaps the most interesting aspect of these mergers is the potentially “super” practice groups these mergers will make.
Patton Boggs has recently undergone a period of mild strife, as we detailed several months ago. Though they lost a significant number of energy and environmental attorneys after the fallout of the Chevron litigation, this merger with Locke Lord could be effective not only as a stopgap, but could also vastly strengthen each firm’s energy department….
* Legal education needs to adapt to reflect the fact that 50 percent of law students don’t intend to use their law degrees to work in traditional legal fields. In other words, legal education needs to adapt to people too stupid to figure out the only jobs that require a law degree are those in traditional legal fields. [New York Law Journal]
* Harvard is hosting an event on the “business of college sports.” You can learn all about the business of college sports from this video right here. [Sports Agent Blog]
Potentially landscape-altering deals don’t come along every day, and a deal that would merge a 1,000-lawyer firm with a 700-lawyer firm would be exactly that. And it’s not just headcount — the marriage of these two firms would have placed the joint entity at No. 9 in revenue for 2012.
But just because two firms are talking merger doesn’t mean it’ll happen. We’ve been let down before.
Indeed, we’ve been let down by one of these firms before. Way back in February, we reported that Pillsbury Winthrop was talking with Fulbright & Jaworski about a merger. Nothing ever came of that, but members of the management at Pillsbury are still on the prowl for a big, strong firm to sweep them off their feet. It’s all very romantic.
And now they just might have found the partner they’ve been looking for….
The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)
Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)
* The Department of Justice won’t be harshing anyone’s mellow in Washington and Colorado just yet, because Eric Holder has more important things to do than to get involved in people’s pot. [CNN]
* The IRS will now treat all legal gay marriages the same as straight marriages for tax purposes, no matter where the couples live. That’s absolutely fabulous! [Federal Eye / Washington Post]
* Howrey going to deal with all of Allan Diamond’s unfinished business claims made as trustee on behalf of this failed firm? By claiming as a united front that “[c]lients are not property,” even if we secretly think they are. [Am Law Daily]
* In this wonderful post-Windsor world, the parents of a deceased Cozen O’Connor attorney are appealing a judge’s ruling as to the dispensation of their daughter’s death benefits to her wife. [Legal Intelligencer]
* Reduce, re-use, and recycle: environmentally friendly words used to reduce a Biglaw firm’s carbon footprint, not the number of its lawyers. Say hello to the Law Firm Sustainability Network. [Daily Report]
* Disability rights groups are coming forward to defend California’s LSAT anti-flagging law because the amount of extra testing time you receive should be between you and your doctor. [National Law Journal]
* If you thought Charleston School of Law was going to be sold to the InfiLaw System, then think again. The law school is up for grabs on Craigslist. Alas, the “[s]tudent body has been used.” [Red Alert Politics]
If you’re interested in purchasing Charleston School of Law, keep reading to see the ad (click to enlarge)…
Law firms adapt notoriously slowly to the advance of technology. Firm libraries remained years after Westlaw and Lexis usurped print. Fax machines continued to whir after the advent of the PDF. The pyramid scheme of career advancement rolls on.
So it’s refreshing when law firms take the bull by the horns and seize on new technology. A few Biglaw firms have created smartphone apps as a new avenue for putting their work product in front of clients.
* “Without the formation of character, the rest is futile.” An Article III judge’s take on the law school crisis. [Simple Justice]
* Because nobody likes sloppy seconds, the merger talks between Pillsbury Winthrop and Dickstein Shapiro are now off the table. [Thomson Reuters News & Insight]
* David Tresch, an ex-Biglaw CIO, was indicted last week on wire fraud charges. “Bitch better give me back my money,” said Mayer Brown. [ABA Journal]
* Does Jeffrey Toobin understand the Voting Rights Act? This law professor seems skeptical. [PrawfsBlog]
* Praise the Lord and pass the ammunition, because this Saturday is Gun Appreciation Day. Go celebrate your Second Amendment rights — but do it responsibly, please! [Volokh Conspiracy]
* Remember Ryan Chenevert, the young lawyer who took home the title of Cosmo’s Bachelor of the Year for 2012? Check out the very tongue-in-cheek interview this hottie did with 225 Magazine, after the jump….