And congrats to Latham lawyers on their 2013 bonuses. The bonuses were announced last Friday and will be paid this Friday.
(Yes, law firm season rolls on, even though it’s past its peak. We’re working on a few bonus stories but need additional data points on some firms — e.g., WilmerHale. If you can help us out, please email us or text us: 646-820-8477.)
If you want to see a bunch of Latham lawyers sporting facial here, click here. If you want information about Latham bonuses, including but not limited to the firm’s bonus memo, keep reading….
I’ve just celebrated my fourth anniversary working in-house, and I’m now officially out of touch with law firm life.
I thought I knew all the law-firm-partnership tricks. For example, when law students ask at interviews what percentage of firm partners hold equity status, some firms answer: “At this firm, all partners are partners.” That’s true, of course, but tautological; it says nothing about the equity and non-equity ranks.
On the other hand, this non-responsive answer serves a useful purpose. It may help to convince law students (or lateral associates) that they have a real chance at making partner at the firm, even though the equity partnership ranks are tiny and getting thinner every day.
But I recently learned about a new game that law firms play. This one is aimed not at deceiving law students or lateral associates, but rather the granddaddy of law firm rankings: The American Lawyer’s profits per partner calculation.
I thought I knew all the ways law firms could try to mislead The American Lawyer. There’s the possibility of outright lying, of course, and then there’s using funky methodologies that inflate profits per partner from $1 million to $1.8 million for the year 2011. But there’s a new game in town. It may well be widespread, but I heard about it only recently….
* Who doesn’t love fee voyeurism? It pays to be a winner in an antitrust case. How many millions did Robins Kaplan just rake in? Just part of the largest attorney fee award ever handed out in a private antitrust case, no biggie. [Am Law Daily]
* In this glass half-full world, about half of state Attorneys General are in favor of gay marriage — but some of them would go ahead and defend their state’s laws anyway. Boo. [WSJ Law Blog]
* It might be “pretty basic,” but Chris Christie received a document subpoena over the Bridgegate scandal. Not for nothing, but we hear that the governor was in the middle of bringing about world peace when he got the news. [Bloomberg]
* Hofstra Law is the latest school to launch its own “law school law firm” in an effort find jobs for its graduates close the justice gap. Welcome aboard the bandwagon, enjoy your stay! [Hofstra Law News]
* Hunter Moore, the king of online revenge porn, was indicted on 15 federal charges by a grand jury. “We’re superpleased that the FBI have brought this to fruition,” says a victim’s mother. So is everyone else. [TIME]
* “I have this much respect for the American judicial system.” George Zimmerman has a new painting for sale, and this time he’s ripping the Special Prosecutor who charged him with second-degree murder. [CNN]
Law schools believe that if you start making people give to your program early, you increase the chances of turning them into lifelong alumni donors. That’s why schools try to start their alumni giving campaigns while students are still on campus. It’s not that your law school thinks they’ll make a lot of money off of graduating 3Ls. But they believe that a $20 pledge while students are on campus is the gateway drug to a $200,000 donation in twenty years.
It all makes a lot of sense for the law school, but what do the graduating students get out of it? A lot of students will be paying off their law school tuition for decades, and many will have to start making those repayments before they get a good legal job. Law schools spend money on a slick alumni giving team, with the law school dean serving in the role of “fundraiser-in-chief.” But 3Ls need their schools to focus on “job-raising” instead of fundraising.
To the extent that 3L giving is a reflection of the services rendered by the law school over three years of expensive education, you’d expect a lot of law schools to get squat out of their 3L giving campaigns. That is exactly what one law student is suggesting to his fellow classmates.
The fun thing is that this 3L is on the committee for 3L fundraising…
(Fun fact: one of the members of Martoma’s trial team, Roberto Braceras, is the son-in-law of Judge José A. Cabranes. So if the Martoma case ever winds up before the Second Circuit, Judge Cabranes may have to recuse.)
Martoma earned millions while at SAC Capital, and some of that money will be making its way into the coffers of Goodwin Procter. And some of that money will then get paid out as associate bonuses, which the firm recently announced….
The court will not countenance the gross overreaching evidenced under the facts and circumstances of this case in which the client is not even being billed for legal services. To move any court to put its imprimatur of approval on such practices is simply intolerable.
– Judge Frank Nervo, denying a Biglaw firm’s request for more than $126,000 in attorneys’ fees in a lawsuit over a $6,400 security deposit. Judge Nervo added that the firm spent “a grossly unnecessary amount of time” on simple tasks, including “research on the most basic and banal legal principles.”
(Which firm was on the receiving end of this benchslap? Find out after the jump, where we’ve posted the full opinion.)
Let’s be honest: despite being the Biglaw version of the Titanic, the collapse of Dewey & LeBoeuf could have been worse. Even though the Dewey dissolution constituted the largest law firm collapse in history, many D&L lawyers and staff were able to find new employment. Even Steve Davis, the disgraced ex-chairman of Dewey, landed a new gig.
But not everyone emerged unscathed. Some attorneys and staffers never got back on their feet professionally. Many Dewey partners scored new positions, but not all of them took all of their people with them to their new firms.
And even some partners are still suffering. In fact, one former Dewey partner, now a partner at another major law firm, recently filed for personal bankruptcy….
* The D.C. Circuit just spanked the FCC and its net neutrality rules for the second time in a row, but at least the court was polite enough to give the agency a reach-around by saying that it had authority to govern broadband providers. [National Law Journal]
* Current and former judges of the Foreign Intelligence Surveillance Court wrote a strongly worded letter in opposition to Obama’s proposed surveillance reforms. Apparently they don’t want their secret workload to increase. [Washington Post]
* Oooooooklahoma, where gay marriage comes sweepin’ down the plain! A federal judge ruled that the Sooner state’s ban on same-sex marriage is unconstitutional, issuing a stay pending the obvious appeal to come. [BuzzFeed]
* California can prevent LSAC from notifying law schools when prospective law students were given extra time on the LSAT. LSAC values its ability to discriminate, so expect an appeal. [San Francisco Chronicle]
* Yo, Kanye West, I’m really happy for you, I’ma let you finish… I’m sorry, but Coinye had one of the best bitcoins of all time. ONE OF THE BEST BITCOINS OF ALL TIME. [MoneyBeat / Wall Street Journal]
When you read about a multibillion-dollar, highly contested corporate takeover, there’s a decent chance that Wachtell Lipton is involved. The firm, which routinely tops the American Lawyer’s profits per partner rankings and Vault’s prestige rankings, is known for its expertise in mergers and acquisitions.
Charter Communications’ unsolicited $61 billion bid for Time Warner Cable? Yup, Wachtell is on the scene, representing Charter (with help from Kirkland & Ellis). If a deal goes through, count on an eight-figure fee for Wachtell.
And some of that lucre will trickle down to associates. Wachtell Lipton is known for gigantic bonuses, which can match (or even occasionally exceed) an associate’s base salary. And it pays out bonuses in lockstep fashion, without regard to hours (unlike, say, Boies Schiller, another firm famous for its generous bonuses).
How were Wachtell bonuses in 2013? Inquiring minds want to know. Alas, we don’t have the 2013 info (yet) — but here’s what we’ve heard about 2011 and 2012….
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.