Size matters, and to be successful today you really have to be in that Am Law 50.
– Alan Levin, managing partner of Edwards Wildman, commenting on the importance of being viewed as a “tier 1″ law firm in the overall Biglaw hierarchy. Levin identified possible merger partners by commissioning a study to separate firms into “tier 1″ and “tier 2″ groupings. Locke Lord was considered a “tier 1″ firm, and Levin will become vice chair of Locke Lord Edwards if the merger goes through.
Some have wondered whether Bingham might “fall victim to its own strategy” — i.e., whether the firm, which grew in power and profitability by swallowing up other firms, might itself get eaten up by a rival.
So what’s the latest on the Bingham merger talk front? And what might happen if the talks go further?
For most people, there comes a time when you realize you have gone about as far as you can go in your chosen career. It’s a jarring moment if, like many lawyers, you have always had success in school and work and imagined you can go as far as you want. Sometimes it is also called a midlife crisis.
* A unanimous Seventh Circuit panel, in an opinion by Judge Posner, just struck down Wisconsin and Indiana’s bans on same-sex marriage. The result isn’t surprising in light of the blistering benchslaps delivered by Judge Posner at oral argument, but the timing is faster than usual (for a federal appellate opinion in a high-profile case, not for the prolific Posner). [BuzzFeed]
* Bad news for Cahill Gordon: the Third Circuit just revived a fraud case against the high-powered firm and one of its clients, a unit of BASF. [WSJ Law Blog]
* And badder news for BP: a federal judge just concluded that the oil giant was grossly negligent in connection with the 2010 Gulf of Mexico oil spill. [New York Times]
* Freshfields gets fresh talent, adding former Wachtell partner Mitchell Presser and former Skadden partner James Douglas to its ranks. [American Lawyer]
* The dean of Seton Hall Law, Patrick Hobbs, will step down from the deanship at the end of the current academic year. Congratulations to Dean Hobbs on a long and successful tenure. [South Orange Juice]
* And congratulations to John Grisham and Jason Bailey, winners of, respectively, the 2014 Harper Lee Prize for Legal Fiction and the 2014 ABA Journal/Ross Short Fiction Contest. [ABA Journal]
* Brittany McGrath, Brooklyn Law class of 2014, RIP. [TaxProf Blog]
Ed. note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
A legal recruiter is very similar to a partner at an Am Law 200 law firm in terms of compensation and day-to-day routine, but without the billable hour. Both get paid based on their book of business (i.e., eat what you kill) and maintain a stable of relationships that help them bring in business.
My colleagues and I started out as attorneys at Am Law 200 firms, including several who were partners, such as Larry Latourette (formerly Managing Partner of Preston Gates, D.C. office), Victoria Holstein-Childress (formerly a partner at Troutman Sanders), Ed Wisneski (formerly a partner at Patton Boggs), and Holly Moetell (formerly a partner at Shaw Pittman), just to name a few. Through nearly ten years of legal recruiting experience, I have found that recruiting is not only personally rewarding, but also very lucrative if you have a fire in your belly. Between the compensation, hours, collaborative atmosphere, and meaningful work, legal recruiting offers the same upside as partnership with a law firm but without the billable-hour requirement.
Here are my top five reasons for considering legal recruiting.
This is the first of a four-article series focusing on the following matters:
First Article – Profits Per Partner: A Good Servant But A Bad Master
Second Article – A Profits-Per-Partner Emancipation Plan
Third Article – Beyond Profits Per Partner – Embracing Volatility
Fourth Article – How to Embrace Volatility as a Law Firm
Those of us running law firms have two sets of clients:
Clients – parties that hire us for legal work.
Lawyers – parties that do the legal work for the clients.
One without the other is pointless, obviously – they are yin and yang. However, despite this almost symbiotic relationship, most law firms are set up to attract great clients a lot more than they are set up to attract great lawyers. That is how law firms define “marketing.” The other function is called “recruiting.”
Indeed, let me ask you — in your firm, which is cooler: to be on the marketing committee, or to be on the recruiting committee? Which one is more likely to result in success at your firm, including money, power, fame, a big office, etc.?
The ALS Association’s “Ice Bucket Challenge” has been wildly successful, raising more than $107 million to support the nonprofit and its great work fighting amyotrophic lateral sclerosis, also known as Lou Gehrig’s Disease. The success even prompted the association to file trademark applications for “Ice Bucket Challenge” and “ALS Ice Bucket Challenge” (ultimately withdrawn, so as not to stop other worthy causes from using the challenge).
Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. As Michael Allen, Managing Principal at Lateral Link, recently announced, “We are pleased to announce the hiring of Ryan Turley [pictured], who brings years of legal and recruiting experience to Lateral Link. We recently sat down and he gave me his thoughts on the Chicago market and how it compares to the national market.”
As we become further and further distanced from the recession of 2008 and 2009, the market seems to be settling into a new equilibrium state that has seen a modest uptick in the demand for legal services and a sharp rise in the volume of lateral moves since 2009.
My own stomping ground, Chicago, is no exception. From 2009 to today, the Windy City has seen a significant increase in lateral moves:
Fictional depictions of high-powered executives and lawyers feature personal assistants with job portfolios more akin to “slave child” than “professional.” Sometimes these assistants are associates, but usually they’re in some other job — like legal secretaries, or whatever Waylon Smithers does. These jobs don’t usually exist in real life. Sure, a partner might ask a paralegal or secretary for a cup of coffee, but they aren’t really so full of themselves as to expect some low-wage employee to peel grapes and fan palm leaves.
Unless you’re this guy, of course. This guy is a partner who wants an employee to “reduce my stress level” by handling every task that he feels is beneath his lofty stature. Behold someone so out of touch with basic decency….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: