As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
* If you’re looking for an easy résumé line, then consider joining the Supreme Court bar, an elite organization that doesn’t check to see if its members are still alive. All you need is three years of practice, two signatures, and $200. [Associated Press]
* Stanley Chesley, the master of disaster himself, was disbarred for his “shocking and reprehensible” conduct in a fen-phen case. His wife, U.S. District Court Judge Susan Dlott of the Southern District of Ohio, must be oh so pleased. [Courier-Journal]
* Howrey like dem apples now? Some of Howrey’s former partners, including ex-chairman Robert Ryuak, all lined up to make deals to delay lawsuits from the firm’s bankruptcy trustee, Allan Diamond. [WSJ Law Blog (sub. req.)]
* This Biglaw firm’s future was just a little bit dimmer in 2012, with a 4.9 percent dip in profits per equity partner. This is unexpected from Milbank, a number 3 seed in our March Madness competition. [Am Law Daily]
* The NRA’s New York affiliate filed suit challenging the state’s new gun laws, claiming that a ban on assault weapons violates the Second Amendment — because this is clearly what the founders intended. [Reuters]
* Raj Rajaratnam’s younger brother, Rengan Rajaratnam, was indicted yesterday in a federal insider-trading scheme tied to the Galleon case. You can’t fault the guy, he was just trying to keep it in the family. [Bloomberg]
* Sorry, Dean Boland, but you’re not going anywhere. A judge denied the attorney’s request to withdraw from Paul Ceglia’s Facebook case. He must be wishing there were a dislike button now. [Law 360 (sub. req.)]
Law school is a ‘debt wizard’ — it’ll make your money disappear like magic!
* In the nick of time, lawyers for the Obama administration filed a brief with the Supreme Court urging the justices to strike down California’s ban on gay marriage. Let’s hope their views have evolved. [BuzzFeed]
* As the lawyers and administrative staff who just got laid off at Patton Boggs can attest to, it sucks to be on the wrong side of “rightsizing.” We’ll have more on this developing story later today. [Reuters]
* Lanny Breuer is leaving the DOJ today, and he’s doing it with a bit of “swagger.” He’s shrugging off rumors that he’ll retreat to Covington, insisting he’ll interview at many firms. [DealBook / New York Times]
* It’s time for the changing of the guard over at Milbank Tweed. Mel Immergut, the longest serving chair of any Am Law 100 firm in New York, is passing the reins to Scott Edelman. [New York Law Journal]
* Michigan Law has a new “Debt Wizard” program that’s extremely useful in that it will allow you to see what you’re getting yourself into. Or, in my case, how poor I’ll be for the rest of my life. Yay! [National Law Journal]
* All he wanted to do was “make the world a better place,” but that didn’t work out so well. In a plea deal, Bradley Manning pleaded guilty to 10 of the charges against him in his WikiLeaks case. [Los Angeles Times]
* Of all of the words that are used to describe Cory Booker, one of them is now “matchmaker.” The Newark mayor assisted a young Seyfarth Shaw associate with his engagement proposal earlier this week. [TIME]
Last year, Milbank Tweed diverged from the Cravath bonus scale, but in a nice way. Milbank paid a pro-rated $7,500 to first-year associates who had been at the firm for just a few months (so-called “stub” first-years). Cravath didn’t pay any bonuses to stub first-year associates last year, so in a sense, Milbank “beat” the Cravath scale.
This year, though, Cravath adopted the Milbank maneuver. Cravath paid a pro-rated $10,000 to members of the class of 2012, making this part of the standard bonus scale.
So what did Milbank do this year to distinguish itself from Cravath in terms of bonuses?
Saying goodbye, why is it sad, makes us remember the good times we’ve had.
We love Biglaw departure memos. It’s so much fun to take a glimpse into the mind of somebody who is on their way out of the Biglaw racket.
Sure, we like the epic ones. And we even like the quirky ones that hint at a future full of adventures.
One thing we don’t see a lot of are the unabashedly positive ones. That makes some sense. If you loved your Biglaw job that much, you wouldn’t leave. But there are people who unabashedly enjoyed their time in the trenches of Biglaw.
Today we have a guy who laid down a glowing rhetorical flourish as he exited stage right….
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….
Ekaterina Rybolovleva: 'But daddy, I want an $88M apartment now!'
* No dowry, no problem: Dewey we have a suitor for this imploding Biglaw firm? Rumor has it that Greenberg Traurig was seen whispering sweet nothings into D&L’s ear about its possible interest. [Am Law Daily]
* BlackBerry maker Research In Motion has hired Milbank Tweed to work out a restructuring plan. Just think, maybe if your product didn’t suck so hard, you wouldn’t be in this position in the first place. [Reuters]
* Sex, money, and betrayal… it sounds like another failed TV series about lawyers on ABC, but in actuality, it’s just a preview of the John Edwards campaign finance trial set to begin this week. [Los Angeles Times]
* Technophobes beware, because this copyright battle over code is getting serious. Oracle v. Google turned into Larry v. Larry in court last week as the CEOs for both companies gave testimony. [Bits / New York Times]
* George Zimmerman thought he’d have to stay in jail longer because he was having trouble coming up with his bail money, but he was released in the dead of night. Bet he looked pretty suspicious. [CNN]
* “There are [fewer students] coming in and crying. I haven’t had a crier yet, which I have had in the past.” Given the legal hiring market, that’s a real accomplishment for a career services official. [Charlotte Observer]
* Who gives a sh*t? Not this Russian fertilizer tycoon. When you’re a billionaire, buying an $88M apartment for your kid is just a run-of-the-mill transaction. Come on, he’s not hiding his assets for his divorce. [Telegraph]
* Who will play starring roles in the Obamacare arguments before SCOTUS? A bunch of older white guys. Good thing this isn’t televised, because the ratings would probably suck. [Legal Times]
* The judiciary is on the cusp of a “financial crisis,” and some trials may be put on hold. That, or they’re just going to get rid of people. Which do you think it’ll be? [Thomson Reuters News & Insight]
* When rankings like these are available, who cares about U.S. News? Here’s a list of the law schools you should go to if you want to actually make bank as a lawyer. [Forbes]
* Covington & Burling is the latest Biglaw firm to sign up for an office in Seoul. Memo to partners: this is not the spring “bonus” your associates care about. [Capital Business Blog / Washington Post]
* The jury in the Dharun Ravi privacy trial is set to begin its deliberations this morning. Oh, to be a fly on the wall in that room — or, more on point, a webcam. [Statehouse Bureau]
* Thomas Puccio, a former Biglaw partner known for his notorious clientele, RIP. [New York Times]
This is not the case for Biglaw partnership (and hasn't been for quite some time).
As mentioned yesterday in Non-Sequiturs, the white-shoe law firm of Milbank Tweed, in a recent press release about its new partnership class, gave a special shout-out to Atara Miller. It identified Miller as “likely the only Orthodox Jewish woman partner at a major Wall Street firm” (emphasis in the original).
The release continued: “Milbank has four other Orthodox partners who cope with the same issues, but each of them has a wife to run the household and children, while Ms. Miller takes on those duties at home.”
A big shot in Biglaw, and a baleboste to boot — that’s nice, very nice. But is it accurate to assert that Miller is unique?
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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 firstname.lastname@example.org 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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