* A behind the scenes look at the love story of “sex blogger” Jessica Cutler and Milbank associate Charles Rubio. The story claims she “went from slut to housewife in eight months.” The line on number of jokes from Rubio’s male friends directed at Mr. Rubio has just been taken off the board in Vegas. [Daily Beast]
* This won’t come as a galloping shock to any contract attorneys, but being a contract attorney blows. [Legal Blog Watch]
* What is a “Dreier?” How many packs of cigarettes is it worth on the inside? [Ideoblog]
* Republican SCOTUS hopefuls are very sad. In other news, Democratic SCOTUS hopefuls are battling for control of the conch. [Washingtonian]
* Remember attrition? Your firm does. They want it back. [Adam Smith Esq.]
When you have a chance to hire a high profile U.S. attorney from the Southern District, it’s a move you almost have to make. Kirkland & Ellis snapped up U.S. attorney Michael Garcia, who is best known for his role in hounding “Client #9″ out of town.
Garcia could make between $3 million and $4 million at Kirkland (sure, it’s the associates who are “greedy”), but it appears that not all of the partners were aware that there would be a new guy feeding at the trough. The Daily Beast reports:
Garcia’s sudden move to Kirkland & Ellis was engineered by executive committee member Jay Lefkowitz–a high-powered neoconservative who authored President Bush’s stem cell research policy and was once considered to serve as White House chief of staff. It caught many senior partners there by surprise. “Normally it would certainly be a plum to pick up a U.S. attorney, but frankly it’s disappointing when you first hear about it reading the morning New York Times,” one senior partner in the New York office told me.
On the one hand new partner hiring is not like elementary school. Not everybody gets to play. However, if hiring Garcia had been talked about more widely at Kirkland, perhaps more of his critics would have tried to stop it.
And Garcia does have a lot of critics. More after the jump.
The ATL inbox has been buzzing with layoff news about Howrey. Could it be that another firm that recently picked up a bunch of partners from a dissolved firm could be laying people off? Would former-Thelen chief Stephen O’Neal’s new firm cut associates so soon after his arrival?
Today, a firm spokesperson told us:
As we have stated on several occasions, unlike many firms, Howrey is not laying off lawyers or staff.
As in every year, there is an outplacement of some associates based on performance issues. This year, as in previous years, this involves approximately ten associates and occurs only after an exhaustive evaluation process and review. The information that you received is incorrect and has mischaracterized this as layoffs.
Howrey is enjoying a strong year. You should also note that unlike many other firms, we are not rescinding or delaying offers to first years. Our Associate Development program remains robust and on track.
Apologies, readers. Although we broke the story of high-profile lawyer Marc Dreier’s arrest in Canada, we’ve fallen behind in covering the latest developments in the Dreier saga (of which there have been many). Fortunately, our friends over at Am Law Daily and the WSJ Law Blog have been following the story quite closely.
We’ve collected some links at the end of this post. The highlights:
A summary of recent developments, from the WSJ Law Blog: “Dreier appeared to get hit from all sides: a criminal charge in New York stemming from an alleged $100 million fraud against various hedge funds; an SEC suit alleging Dreier had been marketing and selling fake promissory notes to investors; and a suit by Wachovia Bank against Dreier, Dreier LLP (and a handful of others), alleging that a credit revolver and term loan extended to the firm are in default, as of November 1, upon which the bank is owed some $12.7 million.”
The latest news, from Am Law Daily: “[I]t appears very likely that client funds are indeed missing, according to a sworn statement (PDF) that Dreier partner Joel Chernov gave the SEC…. In the statement, Chernov said Dreier spoke to him and fellow Dreier partner Steven Gursky from a Toronto jail after his arrest there for impersonating a lawyer in an attempt to scam an investment group into wiring him more than $30 million. In those conversations, Chernov told the SEC, Dreier admitted improperly using client funds. Dreier also said that he could have refilled the escrow accounts if only he could return to New York. How? Apparently by selling part of an art collection valued at between $30 and $40 million, according to a separate statement (PDF) from John Provenzano, the firm’s Controller.”
“In his statement, Provenzano claimed Dreier called him twice from the Toronto jail asking him in separate requests to wire $8 million and $10 million from the firm’s escrow accounts into Dreier’s personal accounts. Provenzano (wisely) refused. He also told Dreier the firm owed clients $38 million in connection with its representation of 360Networks. That’s when Dreier mentioned the money he could make selling his art.”
Fine art — no surprises there. As noted, Marc Dreier has a taste for the finer things in life (like luxury real estate).
And that’s not all. A source tells us that Dreier is something of a playboy, with a pattern and practice of dating Maxim models (yes, plural). And “not ‘Maxim-quality’ models,” emphasized our source, “but actual Maxim models.”
If Marc Dreier ends up in prison, at least he’ll have nice memories to keep him warm at night.
On Friday we reported that Epstein Becker & Green might have set the bonus market for regional firms to zero. While associates at firms outside the AmLaw 100 have every reason to worry about receiving any bonus at all, it’s worth remembering that the terrible economic conditions are still causing layoffs.
We received word that 8 associates were let go from Pircher, Nichols & Meeks. The firm confirmed the move today:
The Firm laid off a total of 8 of its 75 attorneys, seven in Los Angeles and one in Chicago. One of those laid off was a first year. Four staff members were also laid off. The Firm’s practice is concentrated in commercial real estate. Work in this area has declined in the last 6 months and our clients have told us that it is not likely to pick up substantially in 2009. We therefore reluctantly decided that we must reduce the number of our people to match the amount of business we see going forward. We do not anticipate further layoffs. The persons laid off are all fine and competent people and we intend to help them find new positions.
Letting go of 8 people in a firm of 75 is a deep cut. But there certainly isn’t enough commercial real estate work to go around.
It was nice for Mr. Pircher to say that his former employees were fine people, and I’m sure that those former associates will appreciate any help the firm can offer.
The options for lawyers at mid-sized firms keep getting worse. Behind Door #1: $0 Bonus. Behind Door #2: Layoffs. Behind Door #3: Falling on your knees and praying that you didn’t inadvertently choose Door #1 or Door #2.
Kirkland & Ellis sent out one over-the-top holiday party reminder, yesterday. They made the planned festivities sound so great that I briefly missed the feeling bourgeois accomplishment that comes from working in Biglaw in Manhattan. Take a look at some of the highlights:
The Holiday Party is this Thursday, and we are expecting about 530 people to attend!
For the first time the party will be held at The Plaza, on the corner of Fifth Avenue and Central Park South. The Plaza has just gone through an historic restoration and the event spaces are more beautiful than ever. Our party occupies three of the most famous
rooms: The Palm Court, The Terrace Room, and the Terrace Room Foyer.
Unlike previous years, the entire party space will be open from start to finish. Drinks and passed hors d’oeuvres will be served at 6:00 p.m., the buffets will open at 7:00 p.m., with the skit, raffle and Employee Recognition Award being presented around 7:30 p.m.
Even a law student knows that a lawyer’s life is not glamorous. But occasionally, when you get your ticket punched by Biglaw, you get to act like you’re respected and important. Every now and again the yuppie dream becomes a physical reality.
More party details and a reality check after the jump.
My firm has a women’s committee that organizes programs like lunches, networking events, and most recently mentoring “lunch bunches.” To my knowledge, the men in our firm are not invited to participate in these events. I don’t particularly care to commiserate with other women simply because we are the same gender. Other than one awkward lunch that I was cornered into, I have managed to avoid the all-female programs by virtue of a busy schedule. Unfortunately, I have received an inquiry from one of the “lunch bunch” organizers, specifically asking me if I will participate in the monthly lunch program. I really don’t want to participate, but I am concerned that snubbing her invitation will be offensive. How should I respond?
Hate the Game
Dear Hate the Game,
When friends have asked me to join their knitting groups, book clubs or women’s circles: my answers range anywhere from “absolutely not” to “hell no.” Why would I want to waste my time reading The Lovely Bones or cobbling together a scarf like some Colonial Williamsburg reenactor? I wouldn’t. So I empathize with your lunch bunch plight. Why anybody would want to discuss “How to Strike a Work-Life Balance” once a month, every month, is beyond me. I’m also not sure why women at the firm need a meeting, but the men do not.
Normally, you couldn’t pay me to attend a women’s lunch bunch, but these are not normal times. If one of the organizers specifically asked you to attend AND that person is senior to you, suck it up and go.* As torturous as hearing about the New Mothers Room may be, you don’t want there to be any ill will toward you in this era of layoffs. Don’t give them a reason to can you. Just show up. Bring a picture of the hunk you’re totally crushing on and a Judy Blume book to power you through.
*Editor’s note: if the lunch bunch organizer is junior to you, disregard above advice.
* Online anonymity is at stake in a case in Maryland. A Dunkin’ Donuts shop owner is pursuing a defamation case after getting slammed by anonymous commenters on a newspaper forum. The Maryland Court of Appeals is now deciding whether the newspaper company has to hand over the identities of RockyRacoonMD and others. [Washington Post]
* U.S. Attorney Patrick Fitzgerald gets points for soundbytes. The Plamegate prosecutor says indicted Illinois Gov. Rod Blagojevich’s “public corruption crime spree” would “make Lincoln roll over in his grave.” [Washington Post]
The numbers — while annoying — are not really that surprising. Schulte Roth, housed in the same building, earlier today announced the same scale (although subject to an hours requirement). Even our Debevoise sources anticipated that, with Siemens winding down, the firm would be more forward-looking with this round of bonuses.
What is surprising is the timing of this bonus announcement. The email went out from managing partner Rick Evans at 6:54 p.m. WTF (“Sacré bleu” in Debevoise-speak)? Was management hoping to dodge the news cycle with an after-hours announcement? Somebody should let them know that the internets are on 24/7.
Our hearts go out to the Debevoise associates that were still working when this announcement crashed into their inboxes. Professionalism is its own reward. All Skadden associates are getting this Christmas is twice the money.
* Tomorrow is scheduled to be a “Day Without A Gay.” In solidarity, tomorrow I will refuse to be spirited, happy, or carefree in any way. [Day Without A Gay]
* “Prawfsfest 4 is being hosted at the University of Miami from December 8th – December 10th. Law professors in Miami? Break out the Bengay and I think we’ll have a real party on our hands! [PrawfsBlawg]
* The New York Law Journal’s Top 100 report that we mentioned today also contained some interesting charts about the New York’s law schools. It’ll be fun to read how NYU students still claim superiority over Columbia students. But the real question is whether or not Touro can be stopped. [TaxProf Blog]
* Larry Craig lost his appeal. The lesson from Mr. Craig: Don’t plead guilty unless you mean to plead guilty … and something about proper toilet etiquette that I can’t quite remember. [Wonkette]
* The 3L market is dead. Some people see this as an opportunity. I see this as a reason to start ridiculing the class of ’12 before they even start. [Law and More]
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The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.