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recession california associate pay raises.jpgA few days ago, we asked whether going in-house was still a viable option for Biglaw associates. Today we look at whether those who leave can ever come back.

The National Law Journal did a follow-up piece on Bear Stearns attorneys who weren’t able to move over to JP Morgan after the merger. They report (subscription):

Many refugees from Bear Stearns have landed at law firms, including Bingham McCutchen; Venable; Weil, Gotshal & Manges; K&L Gates; and Katten Muchin Rosenman.

“It’s like a port in the storm right now,” said one former Bear Stearns attorney who has landed at a law firm and asked not to be identified.

But as one commenter points out, moving back into Biglaw isn’t easy:

To get back in to BigLaw from most in-house positions is extremely difficult. If you work in a niche, like government contracts or FDA, it improves your chances significantly. However, if you are just a general corporate attorney at a company and are looking to get back in a firm, there’s little shot.

Going back to the firm will likely get even more difficult as additional attorneys from Lehman and Merrill Lynch flood the midlevel market. But we can expect that displaced in-house counsel will try to get back into Biglaw, because in this market, “job security” is the Holy Grail.

Do law firms actually provide a “safer” alternative? After the jump.

double red triangle arrows Continue reading “In-House Counsel: The Prodigal Son Or The Red-Headed Step-Child?”

Eliot Spitzer Governor Eliot Spitzer prostitute prostitution Above the Law blog.jpgThere is so much blame to go around over the AIG debacle that even “Governor John” Eliot Spitzer is getting knocked around.

Remember Attorney General Spitzer orchestrated AIG founder Maurice “Hank” Greenberg’s resignation, back in 2005. But since then some of the charges against Greenberg have been dropped, while Greenberg continues to fight other allegations.

Greenberg was but one of many “triumphs” Spitzer notched on his bedpost as Attorney General. His zealous prosecution of wall street corruption catapulted him to fame, higher office, and (we now know) abject hypocrisy.

But as the AP points out, it may be a little too easy –and partisan– to blame Spitzer for AIG’s collapse:

“I think the AIG problems were probably even bigger than Hank Greenberg and Eliot Spitzer,” said Professor James D. Cox of the School of Law at Duke University. “I would hope that something of this scale _ which is mammoth, both the bailout and the problems that led up to it _ are bigger than just politics.”

Columbia Law Professor John Coffee blames AIG’s troubles on AIG owns practices: “Ratings agencies don’t downgrade anyone because Eliot Spitzer doesn’t like them.”

Spitzer didn’t break Wall Street, but his particular path to power should be a warning to future attorneys general. Sticking up for the little guy is all well and good. But you shouldn’t use the office to get nice copy for future campaign ads.

Are you listening Andrew Cuomo? Prosecutors are supposed to tackle “corruption” because it is their job, not because it’s a resume builder for higher office. It’s a rule we think both parties should be able to follow.

Analysis: Some see Spitzer role in AIG’s crisis [Associated Press]

Heller Ehrman LLP Above the Law blog.JPGYou’ve got to, get yourself together

You’ve got stuck in a moment,

And now you can’t get out of it

Don’t say that later will be better,

now you’re stuck in a moment

And you can’t get out of it

— U2

Heller Ehrman is in trouble. They’ve been spurned again and again by merger partners, entire practice groups have defected, and now more rumors are flying fast and furious. Today’s Recorder reports:

In office meetings on Wednesday, partners were told that dissolution is one of several options facing the 119-year-old firm, a Heller partner said. As a result, management said it was understood that partners would begin talking to other firms, and several individuals and groups have already begun talks, sources said.

Despite these talks, Heller continues to show a brave face to the public. In response to reports we had heard declaring that Heller’s D.C. office would be closing, a firm spokesperson said simply:

[T]here are no plans to close the D.C. office.

But the firm’s 2009 summer program seems to be up in the air. The Heller people we talked with had no direct knowledge of what was happening with the summer program, but one tipster sent us an ominous warning:

I am a 2L at Georgetown. I had a screening interview with Heller Ehrman almost a month ago and heard back earlier this week, within hours after the news about the failed merger. I warily accepted a callback with them. Just got a voicemail from their recruiting coordinator saying that they had to cancel the callback and that she didn’t have any more information about it. My theory is that they’re canceling the summer program

Ours too. But Heller’s associate recruitment department could not be reached for comment.

Employees still at Heller weigh in after the jump.

double red triangle arrows Continue reading “Heller Is Stuck In A Moment”

Davis Polk Wardwell DPW Above the Law blog.jpgWe’ve been providing extensive coverage of the unfolding financial crisis (as have our colleagues at our sister site, Dealbreaker). In several recent posts — see, e.g., here and here — we’ve discussed the Biglaw winners and losers with respect to the Wall Street meltdown.

One evident winner: Davis Polk & Wardwell. Several DPW sources forwarded us an email that was circulated yesterday, trumpeting how busy the firm is these days and how many engagements it has landed arising out of what the memo calls “recent financial markets matters” (aka “the late unpleasantness”).

One Davis tipster writes:

[This email] went out to all lawyers. I suppose it’s their way of saying things are pretty great at the firm. Let’s hope bonus season will confirm this view!

The supposedly internal memo reads a bit like a press release. It was sent out not by a partner but by Kevin Cavanaugh, the firm’s director of business development.

We suspect that the memo is a bit of “blog bait” from Davis Polk. Naturally, we’re happy to take it.

Check out the full memo, after the jump.

double red triangle arrows Continue reading “Davis Polk: Making Bank”

the innocent man.jpg* The fiscal crisis continues to escalate. The Fed and Treasury Department are making historic, rapid-fire decisions every hour. But in Congress, lawmakers are just sitting around, twiddling their thumbs. [Washington Post]

* John Grisham is deemed “the innocent man.” Judge dismisses libel suit against him. [Associated Press]

* It’s not just Biglaw sharing office space. Federal judges may have to start shacking up too. [Legal Times]

* In another sign of America’s waning global influence, the world’s courts are losing respect for SCOTUS. At least the world still loves Hollywood movies. [New York Times]

* In “a shocking invasion of the Governor’s privacy and a violation of law,” hackers raid Sarah Palin’s Yahoo e-mail account. Men everywhere despair at the lack of bikini photos. [Slate]

* The Congressional investigation of Judge Thomas Porteous (E.D. La.) is on. Will he become the first impeached federal judge in almost 20 years? Stay tuned. [Associated Press]

Rebecca cohn loss.jpgRebecca Cohn was a California assemblywoman representing Buena Vista, Burbank, Cambrian Park, Campbell, Fruitdale, and parts of San Jose and Santa Clara. After losing to Jim Beall, she decided to matriculate at UC Davis School of Law (King Hall).

Cohn said that her lifelong dream was to attend law school. But she apparently couldn’t shake the political monkey: she decided to run for 1L representative. Our friends at The Shark pick up the story from there:

No doubt recognizing the tough road ahead of her, Cohn ran her 1L Representative campaign with some enthusiasm that stunned some students. Her ascension to high profile student caused a commotion on campus that involved: a war over her Wikipedia entry, the re-use of signs from her assembly campaign, and several salacious rumors that are too inflammatory and unverified to repeat.

If we receive any “salacious” rumors, we will happily repeat them.

The Shark at least hinted at the tenor of the rumors swirling around Cohn:

Most of these rumors seem to stem from the report that her San Jose magazine cover … prompted two assembly aides to sue her for creating a sexually charged workplace. Cohn, who is single, seems to be avoiding this situation at King Hall: the San Jose Mercury News reported that she has not been asked out on a date by a single King Hall student.

More on Cohn’s campaign craziness, after the jump.

double red triangle arrows Continue reading “Former Assemblywoman Loses Bid for Barbiedom”

Antonin Scalia headshot Justice Antonin Scalia Above the Law blog.JPG* Yeah. Justices are “impartial” all the time. You’ll never ever see a respected SCOTUS Justice openly campaigning against a particular political candidate. [WSJ Law Blog]

* Projected 2009 tax brackets are out. Plan your charitable giving accordingly. [TaxProf Blog]

* Female paralegals don’t get paid as much as male paralegals. There is not even an acceptable bad “reason” for this. [The Common Scold via Legal Blog Watch]

* Fellow legal blogger Lavi Soloway, who covered L’Affaire Charney so thoroughly, gets a shout-out in an article about gay dads. [Time Out New York]

* Merger abortions would never happen if law firms had family values. [Wired GC]

aig.jpgAnother day, another market massacre. Right now the SEC is meeting about “improper short selling” of Morgan Stanley and Goldman Sachs stock. The Dow is down nearly 450 points.

We have definitely entered the “dogs and cats, living together, mass hysteria” phase of this meltdown.

But while everybody is running around trying to CYA, the government is giving away the store. Professor Bainbridge has nine excellent questions about the AIG bailout; questions that the government lawyers seem to be willfully ignoring. Here are some crucial ones, maybe we can help Bainbridge (and our country) out of this mess:

* On what basis does the Fed have authority to use the discount window to bail out an insurance company?

* Who would have standing to challenge the Fed action, if anyone?

* Why was AIG to big too fail but Lehman wasn’t? Was AIG’s role in the credit default swap market really that important?

* Has the federal government ever taken an equity stake–let alone a controlling stake–as part of a bailout before? Was there any equity stake in Chrysler?

See the rest of Bainbridge’s probing questions here.

There are a lot of smart men and women here. Does anybody have any idea how the federal government just shoved AIG down our collective throats?

Things I don’t Understand About the AIG Bailout [Stephen Bainbridge]

Charles Whitebread.jpgWe’d like to take a moment and acknowledge the great life and career of Professor Charles H. Whitebread. Professor Whitebread passed away Tuesday, in Santa Monica, California.

Professor Whitebread was a legend at the USC Gould School of Law, but most attorneys will remember him for his BAR/BRI Criminal Law lectures. We fondly remember the bow-tied professor for adding a bit of levity at a time when we were stressed beyond belief.

He is survived by his life partner, John Golden, and his devoted friend Michael Kelly.

The USC Gould School of Law will hold a memorial for Professor Whitebread at a date still to be determined. Donations to the Charles H. Whitebread Memorial Scholarship may be sent to the law school.

law clerk judicial clerkship Abovethelaw Above the Law blog.jpgSome of you might remember that there is a presidential election going on. Turnout is expected to be high and many voters will be participating for the first time.

However, if you are a federal clerk you had better keep your political opinions to yourself. Free speech does not exist for you. One of our readers pointed out:

I just accepted a position as a federal law clerk for the 2009-10 term. I also have an Obama sticker on my bumper and an Obama sign in my yard. According to Ethics for Federal Judicial Law Clerks (p.20), I would be violating Canon 5 of the Code of Conduct for Judicial Employees if I were currently clerking.

Pretty much. The scope of political activity is curtailed not just by the canons of judicial ethics, but also by the Hatch Act. As a clerk, you are discouraged from giving money, attending events, you’re not even allowed to wear a campaign button to work.

We’re all for judicial impartiality, but making clerks say “I don’t know nothin about birthin’ no babies” seems a bit undemocratic (small “d”) to us. Federal clerks participate in some of the most important decisions about how we live, and we expect them to be able to weigh both sides without passion or prejudice. But a bumper sticker removes the veil of ignorance and reduces clerks to partisan hacks? A legal fiction is one thing, this is a legal farce.

Luckily for new clerks like our reader, this is not a problem for 2009-2010 clerks. They can go nuts until they are “official” federal employees. But current clerks can attest to the exact moment where free speech falls to the illusion of impartiality.

Update: If you’re interested in learning more about clerkships, and if you’ll be in Washington on Saturday, October, 4, this free event may be of interest to you.

Earlier: Prior ATL coverage of clerkships

shared office space copy.jpgWe’ve noticed a conversation in the ATL community page about Biglaw associates who have been forced to shack up in shared office space. According to the community post:

Dewey & LeBoeuf [FN1] has informed us that first, second and third year associates will be sharing 12X12 offices. In a meeting we were basically told ‘like it or leave it’ but were shortly there after reminded of the slumping economy’s effect on top tier law firm associates job market. Is any other top tier firm pulling this crap or it is just these soul sucking greedy slobs here?”

Shared office space is certainly not the ideal. It’s distracting to hear the type, type, typing of your office mate’s computer and to listen in on their calls. And you can’t really let it all hang out when the door is closed (or get up to the mischief detailed in this Skadden urban legend).
Firms usually cite space reasons as the culprit behind pairing associates up. Some have also claimed that a senior office mate can be an asset, one who provides guidance and can answer small questions that come up. Perhaps they also like the monitoring aspect: associates may be less likely to spend an hour on the phone talking about the weekend’s events if they’ve got a colleague within earshot.
At least it means that your firm is doing well, and buzzing along at full employment, as there aren’t empty offices to go around. Dewey’s not the only one. See another on-topic e-mail after the jump.
What’s the trend at your firm? Is office sharing common, and if so, for how long? And you know, of course, that we treasure on-the-job vignettes, so if you have any amusing or horrible office-sharing moments to spill, please do.
[FN1] The firm’s name was disclosed in the comments on the post. We reached out to them for comment, but are still waiting to hear back.

double red triangle arrows Continue reading “Open Thread: I Vant to be Alone
(Or, Unwanted Officemates)”

recession california associate pay raises.jpgMore law firms are benefiting — at least in the short term — from Wall Street jumping the shark.

The WSJ Law Blog has a roundup of the newest firms to come away with a piece of the bankrupt pie. Cleary Gottlieb Steen & Hamilton advised Barclays on their scavenging Lehman’s North American business, while Davis Polk & Wardwell helped your nominally “free-market” government bail out AIG.

But the financial crisis is far from over. Which firms are still left to benefit as the financial sector careens down the off ramp of success? We know Simpson Thacher has done a lot of work with Washington Mutual, and we know WaMu is about as stable as Courtney Love after a Seattle rainstorm. Will Simpson be able to cash in on a WaMu sale, or will Weil just add another bloodied notch to their belt?

Anybody else with their hand out? After the jump.

double red triangle arrows Continue reading “Open Thread: Will Your Firm Get Some Scraps?”

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