We’re rolling through the Vault 2011 list of the “prestigiest” firms in the land, so that you can comment on what it’s like to actually live, work, and breathe those firms (when you’re not choking on all the prestige in the air).
We’ve covered #1-10 and #11-20. Here’s the next round-up. Now it’s time for the London-based Magic Circle firms to join in the elite fun:
Last month, associate bonuses were announced at the super-elite firm of Munger, Tolles & Olson — aka the West Coast home of The Elect, with about two dozen former SCOTUS clerks lying around. The firm is well-known for its exceedingly high hiring standards and intellectual (if somewhat nerdy) atmosphere.
One would expect a firm as picky as Munger to reward its recruits handsomely. But word on the street is that some MTO associates, unlike their counterparts at Irell & Manella, are not pleased with their 2009 bonuses.
Munger didn’t have lockstep in the past, but this year they decided to have it for first-year associates (from the class of 2008). Those associates received $5,000, below the market rate of $7,500. Second-year associates, i.e., class of 2007 graduates, received bonuses between $7,500 and $10,000, at or below market. (But note that Munger makes 3% contributions to some associates’ 401K plans, which most firms do not these days.)
The firm memo provides official ranges for bonuses. One tipster claims the ranges are somewhat misleading because most people received bonuses on the low end and very few receive bonuses on the high end, but we have not verified this.
The complete MTO memo, plus added explanation for associate discontent, after the jump.
Getting sued for malpractice, even if the claims lack merit, is never fun. Earlier this week, we wrote about Seyfarth Shaw, which is being sued by Tae Bo star Billy Blanks for malpractice (and being sued by a current partner for breach of fiduciary duty, among other claims).
Let’s declare this week “West Coast Malpractice Week” here at Above the Law. Yesterday a California appellate court reinstated a malpractice lawsuit against the super-prestigious firm of Simpson Thacher & Bartlett and two of its partners, George Newcombe and Alexis Coll-Very, based in STB’s Palo Alto office.
The underlying lawsuit is somewhat complex; here’s the gist of it. Simpson Thacher represented PrediWave Corporation, a (now-bankrupt) California technology company, and its former CEO and president, Jianping “Tony” Qu. Prediwave alleges that Tony Qu was essentially looting the company, siphoning away its assets, and that Simpson Thacher — which represented both the company and Qu, a claimed conflict of interest — didn’t adequately protect the company’s interests against Qu (and even made it more difficult for the company to investigate Qu and his alleged self-dealing).
In the trial court, Simpson Thacher — represented by another powerhouse firm, Munger, Tolles & Olson (aka West Coast magnet for SCOTUS clerks) — won dismissal of the lawsuit, pursuant to California’s “anti-SLAPP” statute. If you’re not familiar with anti-SLAPP statutes, one of a blogger’s best friends (along with Section 230), here’s a brief description:
SLAPPs are Strategic Lawsuits Against Public Participation. SLAPPs are lawsuits filed against people or organizations because they have exercised their right to petition the government or speak out on public issues. SLAPPs frequently contain claims for libel, slander, defamation, malicious prosecution, and/or abuse of process.
Can an anti-SLAPP law be used to secure swift dismissal of a malpractice action brought by a client against its former counsel? PrediWave, represented by Squire Sanders and California appellate boutique Horvitz & Levy (previously discussed here), argued that this is not a proper application of the statute. In its opinion (PDF), the California Court of Appeal (Sixth Appellate District) agreed, reinstating the suit against Simpson. (The court did not address the underlying merits of the case, leaving those to the trial court on remand.)
More discussion — including a statement from Simpson Thacher, which calls Prediwave’s claims “baseless” and declares that STB will “defend this claim vigorously” — after the jump.
Check out the big move by Munger. It’s up 11 spots on this year’s list. And let’s not forget about the firm’s #1 A-List ranking by Am Law earlier this year. Munger’s managed to do all of this without laying off a massive number of associates. Hopefully other Biglaw firms (and current 2Ls) will take note.
We know people have strong opinions about some of the firms on this list. Let’s get into them after the jump.
This list, which we launched in 2003, aims to measure and quantify the qualities that define an elite law firm, making an effort to look beyond profits. We examine four factors: revenue per lawyer, commitment to pro bono, diversity among lawyers, and associate training and satisfaction. Our formula gives more weight to the first two factors; we double a firm’s scores for revenue per lawyer and pro bono, and then add scores for diversity and associate satisfaction.
This year’s A-List? The elite of the elite? The top three firms are:
1. Munger, Tolles & Olson 2. Hughes Hubbard & Reed 3. Latham & Watkins
I’ll pause to give laid off Latham associates an opportunity to finish screaming. Please return after the jump.
We’re entering the second half of the Vault 100. This is part of a series of open threads to discuss the firms considered to be the profession’s most prestigious. Because we know you love prestige. And the opportunity for “TTT” accusations. [FN1]
Here’s the next bunch of firms, with prestige scores in parentheses:
Vault notes that attorneys at Pillsbury are treated to “freshly baked cookies.” But they also have to put up with being referred to as “Pillsburians” by Vault.
Compare, contrast, discuss… and if you’re at Pillsbury, have a chocolate chip cookie for us. Earlier:Vault 100 Open Threads – 2009
[FN1] We periodically get e-mails asking for the definition of “TTT,” which appears so often in comment threads. As the uninitiated have surely gathered, it’s a derogatory term. Likely originating on AutoAdmit, it stands for “third tier toilet.” For more, see Urban Dictionary.
* NFL Union president prepared for strike. [ESPN]
* Microsoft offers to acquire Yahoo for $44.6 billion to compete with Google. [MSNBC]
* Times reporter subpoenaed over “State of War” source. [New York Times]
* French President and supermodel girlfriend sue over pictures. [Washington Post via WSJ Law Blog]
* HLS grad Obama and YLS grad Clinton make nice, sort of, during debate. [MSNBC]
* SCOTUS stays Alabama execution, maintaining de facto moratorium on death penalty. [CNN]
* Roy Tolles and Arthur Kramer, of Munger Tolles and Kramer Levin, respectively, RIP. [WSJ Law Blog]
Warmest congratulations to our friends Junko Ozao and Jason Choy, whose lovely wedding was written up in this week’s Vows column. Jason is an associate at Kirkland & Ellis, but Junko is a normal person, and that shortcoming cost them a spot in this week’s Legal Eagle Wedding Watch. The news will likely ruin their three-week honeymoon, but such are the ruthless decisions our readers expect LEWW to make.
Here are the six finalists (all lawyers):
We’re surprised that the firms in this latest group of Vault 100 law firms aren’t ranked more highly. Some of them are quite profitable (Dechert),* prestigious (Munger), or high-profile (Boies Schiller, home of legendary litigator David Boies).
But who are we to argue? For communal discussion, here is this morning’s batch of Biglaws:
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.