The average high temperature for Houston in July is a scorching 94 degrees. It’s one hot legal market.
Figuratively as well as literally. Back in April, for example, we talked about Kirkland & Ellis opening a Houston office — and prying away partners with $5 million pay packages. You don’t need to be a high-powered partner to get in on the fun; even junior to midlevel associates are getting offered signing bonuses when they lateral.
And this hot market is only getting hotter. Who’s the latest major law firm to land in Space City?
On Monday, we noted the surprising news of a young partner leaving Wachtell Lipton to start his own boutique firm. Given the rarity of partner departures from the super-lucrative Wachtell, my colleague Staci Zaretsky described the news as “basically like seeing a unicorn.”
Why did Jeremy Goldstein, a 40-year-old partner in the firm’s executive-compensation practice, leave WLRK? The American Lawyer piece about Goldstein’s move painted a happy picture of a lawyer striking out on his own to be more entrepreneurial and to run his own business.
But we wonder if there’s more to this story than meets the eye….
Here at Above the Law, we love ourselves a good departure memo. If a great one makes its way into your inbox, please feel free to send our way.
People write departure memos so they can frame their farewells — explain why they’re leaving, provide their new contact information, and thank the people who need to be thanked. But what about if a partner — a managing partner, no less, and one involved in a summer associate scandal from a few years ago — just quits without explanation?
In that case, the remaining members of management write her departure memo for her. And oh what a departure memo….
* “They aren’t required to hear it, but this is the major social issue of the day.” The Supreme Court will likely hear a gay marriage case soon, and it’ll obviously be a vehement 5-4 opinion. [NBC News]
* But is SCOTUS really so bitterly divided now? Here’s a fun fact: The justices agreed unanimously in 66 percent of this term’s cases, and the last time that happened was in 1940. [New York Times]
* A partner has left the luxuries of earning up to $4.8 million per year at Wachtell Lipton to start his own executive compensation boutique, which we understand is basically like seeing a unicorn. [Am Law Daily]
* The post-merger world at Squire Patton Boggs is similar to the pre-merger world in that partners are still being churned in and out of the firm every other day. Check out the latest ins and outs. [WSJ Law Blog]
* The Fourth of July is coming up, and you know you want to light up some fireworks. Sure, it’s illegal to sell them in your state, but here’s where you can travel to go to buy some to celebrate freedom. [Yahoo!]
Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. Kristina Marlow is a Director with Lateral Link’s D.C. office who brings almost 20 years of experience in the Washington legal market to her work with associate and partner candidates. Prior to joining Lateral Link, Kristina spent a decade at Gibson Dunn, first as a litigation associate and then as the D.C. office’s hiring manager. A Michigan native, Kristina earned her J.D., cum laude, from Georgetown University Law Center’s evening program and a B.A. in Journalism from Michigan State University, where she was named “Outstanding Senior.” She also worked as an appellate clerk, as an economic analyst for the federal government, and as a reporter for the Chicago Tribune.
The job seeker had done (almost) everything right: Graduated with honors from a top law school, clerked for an appellate court, practiced at an “A-List” firm, and then went to a government agency to top off his experience and make him partnership material. Imagine his shock when I advised him that landing a general litigation position in Biglaw now that he was 12 years out of law school would be tough without a book of business. After all, he had seen the “revolving door” in Washington; how could it be shut now, he wondered? I conceded that many attorneys in D.C. do move with ease between government and private practice, but that the ones he read about in the Washington Post were high-level officials who firms know will bring in business. “And I’m just a worker bee,” he acknowledged….
The Houston legal market is hot — and a lot of the heat is being generated by Kirkland & Ellis. As we reported last month, K&E recently launched a Houston office with talent poached from a rival.
Kirkland hired Andrew Calder away from Simpson Thacher, for a reported $5 million a year for the next three-plus years. We’ve heard that these figures are a bit high — that he’s hitting the $5 million mark in his first year, thanks to a signing bonus, but not guaranteed at that level for the subsequent years — but there’s no denying that he’s being paid very, very well.
And there’s no denying that K&E will pay what it takes to break into the Houston market. Who’s the latest up-and-coming young partner to get invited into the Kirkland club?
The courtroom battle between Alexandra Marchuk and the litigation boutique where she once worked, Faruqi & Faruqi, rages on. As longtime readers will recall, Marchuk alleges that F&F partner Juan Monteverde sexually harassed her, in severe fashion, and that the firm’s leaders ignored his alleged misdeeds.
But no matter who wins in court, it’s possible to argue that the firm is ending up the loser. It has endured extensive bad publicity, and some of the resulting instability has apparently led to lawyer departures.
Who are the latest attorneys to defect from Faruqi & Faruqi?
As the old saying goes, the best defense is a good offense. The exceedingly prestigious and profitable Kirkland & Ellis, which has seen some partner defections in the past few months, seems to be taking that lesson to heart.
Kirkland recently launched in the hot legal market of Houston — by poaching a promising young partner from a competitor. Which super-elite firm did K&E just raid for talent?
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 seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.