While summer associates are present, certain subjects are off-limits. Don’t talk about that group of partners with a huge book of business that’s going to defect any day now. Don’t talk about that salacious lawsuit against the firm that’s still pending.
And don’t talk about layoffs — of staffers or lawyers or both. Reductions are such a buzzkill….
* A study finds that over 93 percent of attorneys, judges, and legal writing professors think the writing they’re reading is bad. One could argue this is evidence of a crisis in writing skills. Or one could argue that lawyers are a**holes who think every voice other than their own is wrong. It’s a 50/50 shot. [Associates Mind]
* If you ever wondered how many OSHA violations one could find with Jabba’s Palace, wonder no more. [Legal Geeks]
* Are you scared of Obamacare? Here’s a roundup of your official survival guides! [The New Republic]
* If you’re trying to enter the United States, border agents can seize your electronics and look at all your private files because you need to respect their authoritah! [Forbes]
* Joseph Kennedy Jr. died helping to invent drones. OMG, you guys! The drone war is the final stage of the Kennedy family’s long-term liberal plan for world domination. [io9]
The global law firm of Clifford Chance, a member of the Magic Circle, is one of the biggest names in Biglaw. It’s the world’s #5 law firm in terms of revenue and the #3 law firm in terms of headcount. In the American Lawyer’s inaugural set of rankings for the world’s most valuable law firms, Clifford Chance came in #6. Clifford Chance is so global that it makes the Atlantic Ocean look like a pond.
Here in the United States, Clifford Chance has offices in New York and Washington. What can associates in these offices expect in terms of their bonuses this year?
I told careful readers six months ago that I would soon be moving to London. I made the move on September 1, and here’s the local news:
Senior partners at major London law firms can’t afford to live!
Well, not quite: But senior partners at many major London law firms can’t afford to live in London itself.
I recently had lunch with — prepare yourself — a senior partner at a major London law firm. When I told him where I was now living, he said that it was nice that my commute would be so short:
“Twenty years ago, the senior partners at most big law firms lived in London. But today, unless you have inherited wealth or bought your home long ago, most senior partners at London firms can’t afford to live anywhere near the City. Partner pay just won’t cover the cost.”
As an expatriate American, this startled me: I’m confident there’s no American city where senior partners at major law firms can’t afford local real estate. But in London, this has the ring of truth to it. From an American’s perspective, everything in London is nauseatingly expensive (or “quite dear,” as the locals so quaintly put it). But the cost of housing goes far beyond “nauseatingly expensive”; it’s eye-poppingly, grab-your-chest-and-drop-to-the-ground, out of sight. It leaves partner pay in the dust. Here’s what I mean . . . .
The leading firms of the United Kingdom, the so-called Magic Circle firms, have made significant inroads into the U.S. legal market. Over the years, they’ve hired a number of high-profile lawyers away from domestic law firms. They might not have conquered New York to the same degree that they’ve dominated many other markets they’ve entered, but they’ve certainly built up significant outposts here in Gotham.
In today’s notable lateral news, though, we see partners disappearing from one Magic Circle firm and reappearing at… another Magic Circle firm. Who are the lawyers in question, and where are they going?
* Chief Justice John Roberts might “enjoy that he’s being criticized,” but that’s probably because he’ll get the chance to show his true conservative colors this fall when issues like affirmative action and same-sex marriage are before SCOTUS. [Reuters]
* Dewey know why this failed firm thinks a bankruptcy judge is going to allow it to hand out $700K in “morale” bonuses? You better believe that Judge Martin Glenn is going to tell D&L where it can (indicate). [Bankruptcy Beat / Wall Street Journal]
* It seems like attorneys at Freshfields may actually need to get some sleep, because it was the sole Magic Circle firm to report a decline in in revenue and profitability in its latest financial disclosure statements. [Financial Times (reg. req.)]
* Judge Kenneth Lester Jr. didn’t do George Zimmerman any favors when he set his bond at $1M. Watch how quickly the defense fund Zimmerman concealed from the court disappears as he struggles to post bail. [CNN]
* Whatever it takes (to count you as employed): 76% of law schools report that they’ve now changed their curriculum to include more practical skills courses in light of the dismal job market. [National Law Journal]
* Texas Christian University is expanding its graduate programs, but a law school isn’t necessarily in the works, because TCU is only interested in “programs that promote employability.” Well, sh*t, y’all. [TCU 360]
Over the weekend, we passed along some good news about Dewey & LeBoeuf. It appears that the firm has been given a new (even if temporary) lease on life by its lenders. Initial reports suggested that the firm was getting one week or maybe two in order to reach a new debt deal with its banks. It now appears, however, that the firm could be getting a more long-term extension, in the range of 90 to 120 days. The deal still needs to be finalized; keep your fingers crossed.
That’s the good news. Now, back to the bad news: more partner defections from Dewey….
As longtime readers will recall, Deidre Dare (real name: Deidre Clark) was a Columbia Law School graduate who worked in the Moscow office of Allen & Overy. Everything was going swimmingly, until Clark decided to write some erotic fiction on the side — erotic fiction that may have been based in part on Clark’s experiences working as an expat in Russia. One thing led to another, and Clark’s employment at A&O was terminated.
Clark sued the firm in London, alleging her firing was improper; that suit was dismissed on jurisdictional grounds. She then sued in New York, making claims for sexual harassment, sexual discrimination, wrongful termination, and retaliation, among other claims.
When we interviewed her last year, Clark (a member of the New York bar) sounded confident about her chances of success in the Big Apple: “I think NY will take jurisdiction. And thank God for that.”
So, was Clark correct? Will her suit be moving forward in New York?
Be careful what you write when you’re young and idealistic.
In 2003, David Wolfe, a lawyer who works alongside Cherie Blair at top London human rights shop Matrix Chambers, decided he was unhappy with the way the British legal hierarchy works. So he co-signed an open letter criticising the Queen’s Counsel (QC) system –- a process that sees a handful of barristers (British trial lawyers) promoted to the elite QC rank each year, enabling them to charge clients more money. “The QC system cannot be justified as being in the public interest or promoting competition,” the letter stated.
Nine years on, and last week Wolfe found himself made up to QC — an honour which, despite the name, involves no input from the Queen or her family members. He didn’t decline. Indeed, all QCs have to actively apply in order to gain the title. Unfortunately for Wolfe, someone mentioned his youthful letter to RollOnFriday, a widely read U.K. legal blog.
When contacted about the letter, Wolfe responded….
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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