The field of contenders for our third annual law firm holiday card contest was more impressive than ever. We received numerous nominations, and we thank everyone who participated. It took many hours to review the plethora of submissions.
We could complain about how some of you failed to follow contest rule #3, limiting the contest to “cards that are unusually clever, funny, or cool…. cards with some attitude, with that extra je ne sais quoi.” But we won’t; the holiday spirit has us in a good mood. You are all wonderful!
But some of you are more wonderful than others. Let’s look at this year’s finalists….
* Above the Law — of animal cruelty? Steven Seagal, Sheriff Joe Arpaio, a dead dog, and a rooster massacre. [TPM Muckraker]
* After a judge shot down the effort by NBA star Gilbert Arenas to stop “Basketball Wives: Los Angeles” from airing, Arenas’s ex-fiancee, Laura Govan, was allowed to strut her stuff on television — and it wasn’t pretty. [Sister2Sister]
* Congratulations to super-mensch Stanley Levy, senior counsel at Manatt, on winning Am Law’s Lifetime Achievement Award for 2011. [American Lawyer]
Above the Law’s second annual holiday card contest was a great success. Thanks to everyone who responded to our call for nominations, thanks to the finalists who created such great holiday cards, and thanks to all the voters.
The campaigning was vigorous. And the final winner actually wasn’t one of the two firms that was leading early in the voting. There was an eleventh-hour surge over the weekend from one of the contenders.
(The clever 2010 holiday card of Manatt, Phelps & Phillips — which the WSJ Law Blog just named as its favorite card for this year — has a punchline that’s reminiscent of last year’s Akin Gump card. But the Manatt card opens with a funny fictionalized firm meeting to discuss the holiday card, which the Akin card did not have.)
We recently received lovely holiday e-cards from two well-regarded firms: Gordon & Rees, a California-based Am Law 200 and NLJ 250 firm, and Much Shelist, a Chicago-based business law firm. You can check out their cards — they both contain music, so you might want to turn your computer’s sound off or use headphones if you’re not alone — by clicking on the images (above right, for Gordon & Rees, and after the jump, for Much Shelist).
These cards reminded us: ’tis the season — for a holiday card contest!
If you’re interested in submitting a law firm holiday card for consideration, please read on for the submission guidelines….
The performance of litigation as a Biglaw business line during the Great Recession has been widely viewed as disappointing. But at least one type of litigation seems to be picking up. From the New York Times:
A diamond is forever? Prove it.
Companies that were once content to fight in grocery-store aisles and on television commercials are now choosing a different route — filing lawsuits and other formal grievances challenging their competitors’ claims…. The goal is usually not money but market share. Companies file complaints to get competitors’ ads withdrawn or amended.
The cases themselves might seem a little absurd — an argument over hyped-up advertising copy that not many consumers even take at face value. Pantene has attacked Dove’s claim that its conditioner “repairs” hair better, and Iams has been challenged on one of its lines, “No other dog food stacks up like Iams.”
Dueling over dog food quality? Desperate times call for desperate measures.
Here we are. The end of the Vault 100.
To be on the Vault 100 is to be a well-known firm. Sure, maybe not well-known to law students or junior associates who can’t see past the mountain of doc review boxes in their windowless conference rooms. But known to partners … and clients. Look down your nose at these firms if you wish, but remember the old African proverb: “The smallest elephant can still crush your Lexus.”
Here is the final batch of top law firms for discussion:
As we follow the sun through its appointed circuit, we’ve learned that additional layoffs have occurred today out west. Manatt, Phelps has laid off 25 people today: 17 lawyers and 8 staff.
Here’s the statement the firm provided to Above the Law:
The broad economic slowdown continues to present challenges to businesses in every industry. The quality and breadth our national practice, as well as initiatives to improve resource utilization and reduce expenses, have positioned us to meet these challenges. Responsible stewardship, however, requires ongoing evaluation and appropriate alignment of staffing levels with client needs.
With this in mind, we have made the extremely difficult decision to reduce our lawyer ranks by 17 and our staff ranks by 8. Due to the nature and timing of these actions, we have provided those affected with financial and other assistance to help with their transitions.
We understand that the layoffs took place in the finance, tax, and advertising practice groups.
This is the second round of cuts for Manatt. We reported earlier that Manatt has already laid off 47 people since October, 2008.
A tipster also informs us that Manatt first years will be taking a pay cut:
Bill Quicksilver announced … that first year salaries would be reduced to $145K starting April 1. And no on campus recruiting.
Is this the new trend, lay people off while cutting salaries? It certainly appears that firms are trying to finish off this round of cuts before Passover and Easter.
Update (4:48): Additional details about severance after the jump.
We hope you enjoyed the Labor Day holiday and long weekend. Alas, now it’s back to work — for you and for us.
We’re still digging ourselves out from an email avalanche, as well as trying to figure out what’s going in the world (and what we should write about today). This may take us a little while, so please be patient.
In the meantime, let’s conclude our series of open threads on Vault 100 law firms. Here are the firms to talk about today:
It’s the Friday before a major holiday — and firms are scrambling to get their pay raise announcements out the door. It’s a nice way to send your bedraggled and overworked hardworking associates into a three-day weekend (assuming they don’t need to come in on Monday).
We’re about to sign off for the weekend, and we won’t be back until Wednesday. (Billy Merck, who has filled our shoes in the past, will be your guest editor on Tuesday.)
Before we go, here are the latest salary announcements that we’ve confirmed:
But the Manatt “raise” has a catch. Its effective date? January 1, 2008.
HA. That’s kind of funny, in a sick sort of way — provided you’re not at Manatt.
Memos appear after the jump. And we’re out the door. Have a great holiday weekend! Update (2:50 PM): We’ve verified the Pillsbury Winthrop raise news. Memo below. Update (3:25 PM): Jeez, you’re going to make us miss our flight to Las Vegas. Memo from the D.C. office of Winston & Strawn, added after the jump.
The interesting comment thread to our recent post about the Seyfarth Shaw memo — aka “We’re on the List of Shame, and We’re Telling You We’re Not Going” — reminded us of something we meant to link to earlier.
It’s an article, from this month’s ABA Journal, reporting the results of a survey of young lawyers. The survey focused on the trade-off between compensation and billable hours — in other words, money versus lifestyle. Here’s a summary of the results:
[I]f associates were given an opportunity to work—and earn—a little bit less, would they?
Yes, say an overwhelming number of young lawyers who participated in an unscientific online survey conducted by the ABA Journal in November. Respondents identified themselves as associates.
Of the 2,377 respondents who answered all or part of the survey, 84.2 percent indicated they would be willing to earn less money in exchange for lower billable-hour requirements.
A sizable minority of associates are looking for a big workload cut—31.9 percent of respondents favored a 20 percent reduction in billable hours. That was followed by a 10 percent cut in hours (chosen by 27.8 percent of respondents), a 15 percent cut (14.3 percent), a 25 percent reduction (13.5 percent) and a 5 percent cut (4.3 percent).
Heck, who wouldn’t want to work less? But the survey respondents were willing to put their money where their mouths are:
A majority of respondents—no matter how much less they wanted to work—were willing to accept a pay cut equal to the percentage reduction in their workload. (Though 15.1 percent of those looking for a 20 percent cut in billable hours would be willing to sacrifice 25 percent or 30 percent of their pay for less time at work.)
Could we see a significant rise in either true lifestyle firms, or lifestyle tracks at Biglaw firms — where associates work (and earn) less than the average Biglaw lawyer? It’s doubtful:
[P]artners and consultants say no to the idea, for the most part.
“I don’t think this would work if you want to have a very successful firm,” says Carl A. Leonard, former chairman of Morrison & Foerster. “The world has always been competitive, and it just gets more so.”
These sentiments are echoed by Paul Irving, chairman of Manatt Phelps & Phillips:
[L]owering billable-hour requirements for all his associates, [Irving] says, would not work. The firm has a starting annual salary of $145,000 and a billable-hours requirement of 2,000 hours a year.
“Our experience is that, for the most part, the people we recruit are looking for top compensation and a highly engaging work experience.”
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: