Aside from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand. After all, a brand is something that will keep clients coming back, and usher in new and exciting business opportunities.
But with so many firms to choose from, it’s hard to pinpoint exactly which one is on top when it comes to being the most well-known of the bunch, regardless of what their Am Law or Vault 100 ranks might tell you. What matters most is obviously what the clients think.
Of course, there’s now a ranking to determine which firm has the strongest brand in the business….
* Our own Elie Mystal isn’t the only one who’s capable of fanning the flames of race baiting — it seems that Supreme Court justices can do it, too! We’ll probably have more on Justice Sonia Sotomayor’s benchslap later today. [The Two-Way / NPR]
* Patience is obviously one of this judge’s virtues, because this took a looooong time. After waiting more than a year for people to put their petty political pandering aside, the Senate confirmed Robert Bacharach to the Tenth Circuit. [Blog of Legal Times]
* Mary Jo White, the nominee to lead the SEC, will probably face her confirmation hearing in March. Her legal wranglings at Debevoise may be of interest to some, but really, who cares? She’s so cute and tiny! [Reuters]
* Mayer Brown and the terrible, horrible, no good, very bad year: gross revenue is up overall at most Biglaw firms, but not this one. In 2012, Mayer Brown’s revenue dipped 3.7 percent for a six-year low. [Am Law Daily]
* Kirkland & Ellis, now the fifth-largest Biglaw firm in the nation, is leading the market in terms of top dollar merger-and-acquisition deals. Now, if only the firm could get some bananas. [Crain's Chicago Business]
* Orderly liquidation authority may be a legitimate exercise of power under the Bankruptcy Clause, but as far as these states are concerned, it’s just another reason to hate the Dodd-Frank Act. [DealBook / New York Times]
* An “astronomically stupid” legal loophole? Unpossible! Gun trusts are seeing the limelight because Chris Dorner claims he used one to purchase his paraphernalia without a background check. [New York Times]
* “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….
Lawyers are obsessed with rankings and prestige, especially those that have to do with emerging markets in the eastern hemisphere. It’s a new year, so the folks at Asian Lawyer decided to start it off with a new rankings system for Biglaw firms, both American-based and those indigenous to the Asia-Pacific region.
Although Asian Lawyer evaluated firms using several different metrics (total attorney headcount of firms based in the Asia-Pacific region, biggest American firms with lawyers in the region, biggest European firms with lawyers in the region, and most attorneys by headcount of any firm in the region), we only really care about two of them.
The most some Americans know about the region is that they’re fans of the delectable cuisine, but can U.S. law firms hang with the Asiatic big boys? No matter how many firms tell you it’s the motion of the ocean that counts, size does matter for the purposes of these rankings….
Back when I was at the law firm, billing more hours than I knew were in a week, there were people who thought I was “gunning” for partnership. I billed a ton of hours, had basic social skills and a good mentor, and hey, I’d look pretty good in any “diversity” partner puff piece. Just add ten years of sustaining a maniacal pace, learning how to generate rain in a shrinking market, and navigating the political minefield of kissing the right people’s asses, and maybe I could have had a shot.
Suuuure I would have. Making partner at the Biglaw firm that you started with is functionally impossible. It happens so infrequently that setting it as a goal is about as realistic as children saying they want to walk on the Moon when they grow up. The odds were long before the economic crisis that caused partnerships to close their ranks and protect their profits like dragons hoarding treasure.
It’s not going to happen, but trying to get there ruins a lot of people. They can be having perfectly fine, perfectly serviceable Biglaw careers, but then somebody starts dangling the possibility of “partnership” in front of them, and suddenly they are trying to schmooze late into the night and kick their billable hours up into the 3,000-a-year range. And maybe if they’re lucky they’ll be able to get into a less prestigious firm, slog another couple of backbreaking years as “counsel,” and then get equity at some other shop.
Am Law Daily has the story of a man who finally got his shot at the brass ring, was fired over his alcoholism, and died a short while later. It’s a sad and extreme story, but many people fall in all sorts of ways on the path to partnership….
* Billable hours in Biglaw are down 1.5 percent, and 15 percent of U.S. firms are planning to reduce their partnership ranks in early 2013. Thanks to Wells Fargo for bringing us the news of all this holiday cheer! [Thomson Reuters News & Insight]
* Hostess may be winding down its business and liquidating its assets, but Biglaw will always be there to clean up the crumbs. Jones Day, Venable, and Stinson Morrison Hecker obviously think money tastes better than Twinkies. [Am Law Daily]
* How’s that “don’t be evil” thing working out for you? Google’s $22.5M proposed privacy settlement with the FTC over tracking cookies planted on Safari browsers was accepted by a federal judge. [Bloomberg]
* Perhaps the third time will be the charm: ex-Mayer Brown partner Joseph Collins was convicted, again, for helping Refco steal more than $2B from investors by concealing the company’s fraud. [New York Law Journal]
* H. Warren Knight, founder of alternative dispute resolution company JAMS, RIP. [National Law Journal]
In a time when many law firms are relatively less stable than their employees would like, it’s definitely not good to hear about a Biglaw executive allegedly defrauding his firm out of hundreds of thousands of dollars.
But such is the world we live in. So let’s get to it: which former executive at Chicago-based Mayer Brown is facing pretty egregious fraud charges?
Truth be told, I’m not a fan of law firms giving offers to 100 percent of their summer associates. Whatever happened to selectivity? Given how perfunctory the hiring process is, there has to be at least one mistake in any summer class of decent size, right?
A commenter on our last post about offer rates put it well: “[A] 100% offer rate is not always a good thing. If we don’t want to work with the little weirdo who managed to slip through by pretending he was normal in 20-minute increments in callbacks, there’s a good chance the other SAs don’t either. Firms shouldn’t be so captured by the desire to have 100% offer rates that they give offers to people with serious social issues or work product problems, particularly in small offices where their general offensiveness will really have an opportunity to shine.”
Another reason I don’t like 100 percent offer rates is that I enjoy hearing funny stories of summer associate misbehavior, which often culminate in a no offer or a cold offer. You can share such stories with us by email or by text message (646-820-8477; texts only, not a voice line).
Alas, Biglaw firms are not obliging me. Let’s find out which firms are indiscriminately doling out offers to their summers….
Which former White House official lives in this charming abode?
As we move deeper into election season, more of the nation’s attention is turning to Washington. So it seems only fitting for Lawyerly Lairs, our peek into the homes and offices of top legal talent, to follow suit.
In our last visit to D.C., we looked at residences worth around $500,000, a perfectly respectable sum. But today, to enhance the voyeuristic thrill, we’re upping the price point. We’re limiting ourselves to seven-figure residences.
Let’s have a look at some million-dollar homes in the Washington metropolitan area, shall we?
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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