Over the weekend, we passed along some good news about Dewey & LeBoeuf. It appears that the firm has been given a new (even if temporary) lease on life by its lenders. Initial reports suggested that the firm was getting one week or maybe two in order to reach a new debt deal with its banks. It now appears, however, that the firm could be getting a more long-term extension, in the range of 90 to 120 days. The deal still needs to be finalized; keep your fingers crossed.
That’s the good news. Now, back to the bad news: more partner defections from Dewey….
As you may recall, Morgan Lewis pays individualized bonuses, so there’s no tidy table as there is for lockstep firms. Feel free to use this post as an open thread for MLB bonuses — you can compare amounts anonymously, in the comments.
How are Morgan Lewis associates feeling about their bonuses? We’ll get the ball rolling with some tips that we’ve received….
Lately the Seventh Circuit has been laying down its pimp hand. Last Friday, for example, Chief Judge Frank Easterbrook declared one Bridget Boyle-Saxton, who allegedly blew deadlines and ignored multiple orders to show cause, “unfit to practice law in this court.” Ouch.
Now, snobs might think, “Sure, Boyle-Saxton might be a well-known Milwaukee lawyer — but she works at a small law firm, apparently with two relatives of hers. What can you expect from such an outfit? This is why people hire the large white-shoe law firms. You pay through the nose, but you expect (and receive) perfection.”
If that’s your attitude, think again. Biglaw just got a big benchslap — from none other than Chief Judge Easterbrook.
Which firm incurred His Honor’s wrath, and for what alleged infraction?
Whenever a person passes away while they are literally at their desk, we feel compelled to mention it. When these kinds of things happen, it affects a much wider circle of people than the family and friends of the deceased. It’s almost impossible not to think of your own mortality — and what you are doing with the limited time you have — when confronted with a person who passed away while diligently working and serving his clients.
For many people, working in Biglaw until the day they die would sound like a nightmare. The nature of the profession is that the high salaries and high status attract a number of people to the field who have no desire to actually practice law or service clients over the long term. There are so many people in Biglaw who are there to make enough money so they can do other things with their life. There are so many who are trying to get out before they end up there forever.
But there are others who are in Biglaw because they like it. There are those who honestly love the work, people who get so much intellectual and even emotional satisfaction from the work that their salary and status are non-concerns.
From all indications, Mark P. Edwards, a partner at Morgan Lewis & Bockius who died at his desk on Friday, was one of those people. His friends and family will mourn that his life was too short, but hopefully they will feel that he died doing what he wanted to do….
Morgan Lewis & Bockius associates: your long nightmare might be at an end. All the way back in July of 2009, MLB became one of the first firms to announce its intention to do away with lockstep compensation. Back then, the firm was still in the teeth of the recession, it had canceled its 2010 summer program, and at MLB (and firms around the country) killing lockstep and moving towards a low base-salary, high merit-based bonus structure for associates seemed like an appealing way to reduce employee costs.
But months and months passed without MLB actually implementing anything. We kept hearing vague “details” about the new merit-based system, but nothing actually became formalized, even as other firms went full steam ahead into the merit-based unknown.
Well, the uncertainty is over. At a video-conference yesterday, Morgan Lewis chairman Francis M. Milone announced that the firm is mothballing plans to move towards a fully merit-based system for associate compensation and development. At least not in the three-tier, random factors for advancement, format that some firms rushed to implement in 2009.
Oh, and bonuses are supposed to “substantially larger” than last year for MLB associates…
Greetings, loved ones. Hello there, California girls (and boys). We hope that you’re doing well. Gay marriage might be on hold for now, but there are other unions to celebrate on the West Coast.
Like unions between law firms and job-seeking law students. As we’ve discussed in these pages before, on-campus interviewing at law schools seems to be on the upswing.
And it’s not just in New York, where schools like Columbia and NYU report increased interviewing activity. It’s happening in California too, as reported by Sara Randazzo and Kari Hamanaka of the Daily Journal:
Career counselors around the state are reporting that the number of employers signing on to the recruiting process this year is either steady or up slightly. The mood, however, is still tempered by the reality that the recruiting climate is nowhere near the fever pitch preceding the downturn when there were barely enough top law students to go around for associate-hungry firms.
“When I talk to lawyers in the field, it seems things are busier, but given all the excess in the hiring pipelines they are still very conservative,” said Terrence Galligan, assistant dean of career development at UC Berkeley School of Law.
Well, conservative can be good (and not just politically). The conservative hiring of summer associates for 2010, for example, seems to have resulted in very high offerrates.
For 2011, some firms that stayed on the sidelines in 2010 are back in the game….
We’re doing our annual march through the Vault prestige rankings, to give ATL readers the opportunity to have their say about perks and pitfalls at these firms. If your firm actually let you swap your Blackberry for your iPhone, brag here. Or if your firm has such a strong stench that it makes you nauseous, vent here.
We’ve been doing open threads in batches of ten, but now we’re going to pick up the pace. Here are the Vault #41 – 60. This is when the prestige list gets a little more geographically diverse, with firms based in Houston, Atlanta, Philadelphia, Palo Alto and even Pittsburgh:
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.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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