This is as close to titillating as I’ll ever get in one of these columns: When a senior lawyer (or executive) leaves a company in December, what does that mean?
Basically, Ecclesiastes is all about changing jobs: ”To every thing there is a season.”
When a partner at a law firm moves laterally in January, that’s like leaves changing in autumn. The partner waited to receive his (or her) year-end bonus from firm A and, having pocketed the bonus, then moved on to firm B. That makes the lateral acquisition cheaper for the new firm.
The in-house world is a step slower: When an in-house lawyer (or executive) moves to a new company in March or April, that’s like snow falling in winter. The in-house person waited to receive his (or her) annual bonus in March (more or less) and, having pocketed the bonus, then moved on. That reduces the hiring cost for the new company.
But when an in-house lawyer (or executive) leaves a company in December, that’s a blizzard in May! The game is afoot! (Blogging is so good for me. I just learned that Shakespeare said that first, although I was thinking of Sherlock Holmes (who said it later) when I typed the phrase.) Quickly, Mr. Watson! What can we deduce from an out-of-season executive departure?
Today’s notable move involves Andy DeVooght, coming out of the U.S. Attorney’s in Chicago. DeVooght has an enviable résumé. Before joining the U.S. Attorney’s Office, he worked as a partner at Winston & Strawn and clerked on the U.S. Supreme Court, for the late Chief Justice Rehnquist.
Instead of returning to Biglaw, a common path for someone in DeVooght’s shoes, he’s joining a buzz-generating boutique. Which one?
That’s the latest news from the Weil Weil West — Glenn West, that is, the managing partner of the firm’s Dallas office and a member of the WGM management committee. West just issued a public statement reaffirming the firm’s commitment to the Lone Star State, despite the departures of dozens of lawyers from Weil’s Dallas and Houston offices in recent weeks.
So what does this statement say, and how did it come about?
Things have quieted down a bit on the Weil Gotshal front. About a week has passed since our last report on Biglaw’s biggest source of drama.
Today we have some news to share about WGM — information gleaned from partner departure memos out of Dallas, the site of the biggest defections, and a real estate report from New York, the King’s Landing of Weil Gotshal….
Last month we wrote about a Biglaw firm that’s in big trouble. The firm in question: Dow Lohnes, a former Am Law 200 firm that has been hemorrhaging lawyers and clients (and lost two more partners last week, to Venable). In our story about Dow Lohnes, we noted that “[i]t seems possible that the firm could merge out of existence — if it’s lucky enough to find a partner.”
Fortunately for the remaining lawyers and staff at Dow Lohnes, the sinking ship has located some lifeboats. A larger and stronger firm, a member of the Am Law 50 and Vault 100, will be picking up many (but not all) of Dow Lohnes’s lawyers.
Who’s the white knight riding to the rescue of Dow Lohnes?
* Musical chairs (White House hottie edition): Michael Gottlieb, former associate counsel to President Barack Obama, is joining the Washington, D.C. office of Boies Schiller & Flexner. [The BLT: The Blog of Legal Times]
* The search is on for jurors to serve in the criminal trial for Bernie Madoff’s former employees, but in a case of guilt by association, it’s proving to be a difficult exercise. [WSJ Law Blog (sub. req.)]
* “Democracy is not on autopilot,” said Justice Kennedy at Penn Law. Just because we have a Constitution doesn’t mean it will prevail — which is being evidenced by our government now. [Philadelphia Inquirer]
* Because no one could be more “non-essential” than a law student during this mess, the government shutdown is taking a toll on their externship placements throughout the district. [National Law Journal]
* The Princeton Review’s annual law school rankings are out, and boy, have things changed — including the schools with the best career prospects. We’ll have more on this news later today. [Chicago Tribune]
* Cooley Law is teaming up with Eastern Michigan University to offer joint degrees. But we thought Cooley was teaming up with Western Michigan University. Is Cooley infiltrating all Michigan schools? [MLive.com]
Welcome to today’s episode of everyone’s favorite Biglaw drama, As The Weil Turns. Today brings word of another Weil coming off the wagon — specifically, another partner defection.
And no, it’s not in Texas, where Weil Gotshal’s offices — which have lost about 15 partners in the past few weeks — are starting to feel as besieged as the Alamo. It’s up here in the northeast, closer to WGM’s headquarters in New York.
Who is leaving which Weil office?
(Please note the UPDATES added below regarding where this partner is going.)
If the Houston office of Weil Gotshal & Manges ends up shutting down in the wake of the recent partnerdefections, management in New York might not shed a tear. In fact, it might have been part of their master plan.
As one Weil source told us, the Houston litigation defections were “not a surprise,” since the June layoffs “took away all but one assistant and all of the associates. The associates that were allowed to stay were switched to contract positions and have since left. Basically, it was an elimination by New York of the Houston group from the bottom up.”
Dallas, however, is a different story. It’s more of a standalone office, with a more diversified mix of practices, and it makes a bigger contribution to the firm’s bottom line.
But the latest partner departures do raise serious questions about its future. Which Dallas partners just left, and where are they going?
As in-house columnist Mark Herrmann put it, “Dewey know who’s next?” No, we don’t. But we certainly have some guesses about major law firms that are existentially challenged.
Here at Above the Law, we do maintain a shortlist of Biglaw firms that could go under. But, truth be told, the list is not that exciting. With a handful of exceptions, the firms that populate it are big regional firms, not national or international behemoths, and they cluster toward the lower echelons of the Am Law 200 or NLJ 350. Put another way, no firm on our list boasts the size and stature of Dewey & LeBoeuf. (If you know of a firm that should be placed on our list, please email us, subject line “Biglaw Death Watch,” or text us, at 646-820-8477.)
But even if a firm isn’t a household name, lawyers and staffers will suffer when it goes under. Let’s hear about the latest large law firm that appears to be on the ropes….
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, 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.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…