Money

Fighting over the Lawyerly Lair.

Law firms are relatively secretive institutions. Since they’re not public companies — at least not here in the United States, in the year 2014 — they aren’t required to reveal that much about their internal workings. Here at Above the Law, we do what we can to shed light on how law firms work, but there’s only so much we can do.

Every now and then, public filings disclose information about law firm operations — including information about one of the most sensitive subjects, partner pay. Sometimes we learn about partner compensation when a partner files for bankruptcy. Sometimes we hear about it when a partner goes through an ugly divorce.

That’s once again the case today. A complicated divorce, complicated enough to spawn ancillary litigation in the form of contempt proceedings, sheds light on how one white-shoe law firm pays its partners….

double red triangle arrows Continue reading “A Messy Divorce Offers An Inside Look At Biglaw Partner Pay”

Ronan Farrow

A few days ago, lawyer turned television personality Ronan Farrow commented on Twitter, “All my business meetings are like ‘Blue is the Warmest Color’ and all my dates are like ‘Schindler’s List’, am I doing something wrong.” The tweet was widely retweeted and favorited by Farrow’s 250,000-plus followers (despite receiving criticism from some quarters).

It’s surprising that Farrow’s dating life isn’t going better. In addition to being extremely handsome, he’s a Rhodes Scholar and Yale Law School graduate with his own television show and celebrity parents (Mia Farrow and either Woody Allen or Frank Sinatra). What more could one ask for in a lover?

How about some solid real estate? Well, Ronan’s got that too — a New York apartment that he purchased for a seven-figure sum….

double red triangle arrows Continue reading “Lawyerly Lairs: Ronan Farrow’s $1.5 Million Bachelor Pad”

Occasionally, someone wants me to do legal work outside of my practice area. I tend to refer the potential client to an attorney who can handle it and ask for a referral fee when appropriate. But sometimes it makes sense to work the case myself with outside help — for example, if the work is for an existing client and he cannot afford the referring attorney’s fee. So as a gesture of appreciation to the client, you want to help him for a reduced fee. Or you want to get experience in the area of law that is involved.

And let’s be anonymously honest. Sometimes the case has potential for large attorney’s fees and you want a bigger cut than the firm’s standard referral percentage. It’s hard not to feel bitter when you get a paltry referral fee up front and later learn that the attorney who handled the matter got a half-million-dollar payout.

So today, I want to write about how I typically (but not always) decide whether to refer a case out completely, or co-counsel with someone else. I assume readers are familiar with and will follow the ABA Model Rules 7.2 and 1.5(e) and your state’s versions of these rules. My first priority is to refer a client to a competent attorney, even if it means a smaller referral fee or none at all. But when there are three or more equally competent and business-savvy attorneys competing for your referrals, the size and girth of the compensation package can be appealing…

double red triangle arrows Continue reading “Back In The Race: Teaming Up”

* Congrats are in order for David Barron. The Harvard Law professor was confirmed to the First Circuit in a close vote (53-45), despite his apparent allegiance to our new drone overlords. [WSJ Law Blog]

* Another one bites the dust: Weil’s London banking leader Stephen Lucas decamped for Kirkland & Ellis. The firm retorted by saying: “We have got 40 finance lawyers left.” Aww, yay for you. [The Lawyer]

* We already know that state prosecutors are very poorly paid, but let’s go one step further and see if women are paid less than men. Shockingly enough, women are getting the shaft in Texas. [Texas Tribune]

* Dean Jack Boger of UNC Law is stepping down, but he’s proud of keeping legal ed affordable. “[B]y relative standards, we’re still doing that,” he said. It’s ~$39K for out-of-state students. [Chapelboro.com]

* O.J. Simpson’s lawyers submitted a gigantic legal doc in an attempt to get him a new trial for his armed-robbery case. Court word limit: 14,000. Words in the Juice’s motion: 19,993. Rules: LOL. [NBC News]

En garde, esquires of the Biglaw realm!

* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]

* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]

* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]

* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]

* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]

* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]

Kevin Underhill, on his excellent blog Lowering the Bar, points out that Au Bon Pain is being sued for Two Undecillion dollars by a person who probably spends his time writing math equations on the windows of his apartment.

It’s a real number….

double red triangle arrows Continue reading “Lawsuit Seeks $2 Undecillion ​Dollars In Damages”

Oscar Pistorius

* Lawyers for Jones Day got a light spanking in court after sending out some of Detroit’s confidential negotiation documents to its creditors. Quick, blame the doc reviewers. Oh wait, you already did. Nice work. [WSJ Law Blog]

* Cynthia Brim, the judge declared “legally insane” who collected a $182K salary for months without working, was booted from the Illinois bench. She’s the first member of the state judiciary to be removed in a decade. [Chicago Tribune]

* Massachusetts is instituting a $30,000 pay hike for state judges which will prime the pump for pension bumps and retirements. For the love of God, think of the poor ADAs next time, Massholes. [Boston Globe]

* The power of diagramming compels you! If you’re studying for the LSAT, here are tricks you can use when trying to exorcise the demons from the logic games section. [Law Admissions Lowdown / U.S. News]

* Prosecutors want Oscar Pistorius to undergo a psychiatric evaluation in order to urge the court to consider an insanity defense, even though Bladerunner’s legal team doesn’t intend to mount one. [CNN]

Would you like fries with your entitlement?

Back in March, we brought you a story about a law student gunner who questioned his way out of a summer job with a law firm. It was awesome and awful, all at the same time.

Today, we’ve got yet another law student employment train wreck. When you’re searching for a summer job in this economy — or really, any job at all, even after graduation — you don’t have very much bargaining power as to your starting salary. Apparently some law students aren’t familiar with this fact.

Pay close attention, 1Ls, because this is a teachable moment. If you want to negotiate for a higher salary, please don’t tell a law firm managing partner that you consider his firm’s summer wages to be on par with those of a “McDonald’s hourly worker”…

double red triangle arrows Continue reading “Law Student Turns Down Summer Job With Salary Of ‘McDonald’s Hourly Worker’”

Times are still tough in the legal industry. The industry shed 1200 jobs last month and we hear about layoffs — mostly staff, but some attorneys too — on a weekly basis. On the flip side, Citi Private Bank tells us that Biglaw is growing again with improvements in both demand and billable rates.

Now comes news that some global firms are handing out salary increases and bonuses?

Maybe good times — or at least above-average times — are here again….

double red triangle arrows Continue reading “Could Raises At Global Law Firms Signal More Raises For All?”

Some people go to law school not in the hope of making buckets of cash, but to bring justice to their communities. With long hours and low pay, being a government attorney is a noble pursuit. The catch is that some of these poor souls didn’t know just how poor they’d actually be.

To that end, they certainly didn’t expect that they’d be paid a lower salary than the courthouse custodian, and they had no clue that they’d be members of the working poor.

Which state is allowing entry-level government attorneys to live in squalor?

double red triangle arrows Continue reading “In What State Do Courthouse Janitors Make More Money Than Prosecutors?”

Page 5 of 212123456789...212