Partner Issues

* Seven out of nine sitting Supreme Court justices were silent when it came to the passing of Robert Bork. Justice Antonin Scalia, of course, issued a public statement, as did liberal Justice Ruth Bader Ginsburg (surprise!). [WSJ Law Blog (sub. req.)]

* No one ever really doubted that it would take an army of Biglaw lawyers from the likes of Sullivan & Cromwell, Shearman & Sterling, and Wachtel Lipton to handle a monumental deal like the proposed $8.2 billion NYSE/ICE merger. [Am Law Daily]

* Can you coach with Nick Saban and be a Miller Canfield partner at the same time? No. But you can sue (and win!) when the firm allegedly forces you out due to its “culture of fear and intimidation.” [Detroit Free Press]

* Justice Rolando Acosta, who wrote the opinion upholding the dismissal of the class action case against NYLS, rates well among his peers as a nominee for the New York Court of Appeals. [New York Law Journal]

* Peter Madoff was sentenced to ten years in prison for his role in Bernie Madoff’s Ponzi scheme, but the judge will probably let him go to his granddaughter’s bat mitzvah before shipping him to the pokey. [Bloomberg]

* Merry Christmas, now go f**k yourself. A federal judge has given a woman in Louisiana free rein to display holiday lights on her roof in the form of an extended middle finger. God bless America. [CBS 3 Springfield]

Ed. note: This is the latest in a series of posts on partner issues from Lateral Link’s team of expert contributors. Today’s post marks the conclusion of a two-part narrative about lateral partner hiring, and was written by Larry Latourette, Executive Director of the Partner Practice at Lateral Link. You can read the first part here.

PROVIDE RECRUITERS THE INFORMATION NECESSARY TO DO THEIR JOBS (CONTINUED)

At the typical meeting with firms to discuss hiring needs, several partners will quickly go through a vague wish list (such as “IP litigators” or “government contract partners” all with “more than $2 million in business”), and give no more direction. When they are asked why a lateral might come to the firm, there is almost always a brief pause, followed by a blanket statement that the firm has a collegial atmosphere and a “no a-holes allowed” policy.

In contrast, with Dickinson, I met all of the D.C. partners to talk about what kinds of lawyers might best complement their practices, and had numerous follow-up discussions with both the individual attorneys and the hiring partner about what would and wouldn’t make sense. I also spoke to numerous lawyers in their other offices to get a sense of what kind of attorneys would be a good fit. Of critical importance were our detailed talks as to which existing and new business opportunities Dickinson might offer laterals, what leadership positions might be available, the recent steady growth of the firm, and where the firm was headed.

They also kept me informed about the process, which allowed me to bring further value. When one group I brought to them mentioned in a meeting with Dickinson that they were considering another firm, I put together a spreadsheet demonstrating that the competing D.C. office had lost half of the lateral partners hired in the last ten years. This was in stark contrast to the much higher retention rate at Dickinson. I later learned that the spreadsheet was a primary factor in helping to seal the deal….

double red triangle arrows Continue reading “Partners in Practice: Lateral Hiring Done ‘Wright’ (Part II)”

Year-end is fast approaching in Biglaw. For litigators, the last two weeks of December are usually some of the calmest of the year. Even the hardest of adversaries are apt to adopt a “Christmas Truce” and halt the lobbing of discovery grenades at each other. Courts start to slow down, and most everyone is happy to “pick things back up” after the turn of the year. But like all things Biglaw, complacency at year’s end is impossible for a Biglaw partner — even when work is relatively quiet. Why? One word: collections.

For tax and other corporate structure reasons that your firm’s comptroller will be happy to explain to you (if you dare to actually engage a non-lawyer in conversation about the business of your law firm), most Biglaw firms want to have every single drop of revenue possible in the door by December 31st at 11:59 p.m. While your typical partner is fairly insulated from money matters at the firm all year, and mostly just wants no surprises when it comes to their compensation, at year’s end everyone is recruited and expected to give their all. To what? Collections!

How bad does it get? Pretty bad….

double red triangle arrows Continue reading “Buying In: The Biglaw Collection Machine”

The client always has more leverage but certainly, for the high-end work, the firm is calling the shots.

Kent Zimmermann, a consultant with Zeughauser Group, commenting on the premium hourly fees charged by Biglaw attorneys in sought-after practice areas like mergers and acquisitions, corporate finance and securities, white-collar defense, and litigation.

(That’s interesting, but what were the highest and lowest rates for partners and associates in 2012? We’ve got that info, and more, after the jump.)

double red triangle arrows Continue reading “Quote of the Day: But How Much Do They Charge?”

Cravath partners enjoy discounts at Subway, among other perquisites.

It’s rare for partners to leave Cravath, given the prestige, pay, and perks associated with partnership at the firm. And it’s especially rare for a Cravath partner to leave for a rival firm, as opposed to a Wall Street investment bank or major corporation.

Cravath has a very specific system for running itself, and that system has served Cravath very well over the years. As its competitors expend increasing amounts of effort to climb the prestige hierarchy and expand across the globe, Cravath remains at the top, serenely servicing its clients — and printing money for its partners. Part of the reason why Cravath so rarely loses partners to other firms is that it’s so profitable overall that even a partner being paid under Cravath’s lockstep system still does better than a “star” partner at many other firms.

So that’s why today’s news is so notable. A prominent young partner at Cravath has decided to leave Worldwide Plaza and take his talents across town.

Who is the partner in question, and where is he headed?

double red triangle arrows Continue reading “Musical Chairs: A Promising Young Partner Parts Ways With Cravath”

A correspondent recently posed this question: I’m a litigation partner at a big firm. If I go solo, will my corporate clients continue to use me for their smaller matters?

I’ll use this column to do two things. First, I’ll offer the customary answer to all legal questions: It depends.

Second, I’ll ask my in-house readers at large corporations to let me know (either by posting in the comments or sending an e-mail to the link in the shirttail below) whether their corporations use sole practitioners.

Will big corporate clients follow an individual lawyer who jumps ship and goes solo?

It depends . . .

double red triangle arrows Continue reading “Inside Straight: Do Big Corporate Clients Use Solo Practitioners?”

Compassion can be found in the halls of Biglaw.

Despite our occasional curmudgeonly moments, we are generally happy people here at Above the Law, and we love happy stories. Our pages are full of feel-good tales (even if negativity bias causes readers to remember the sad or angry stories more than the happy ones).

Just in the past few months, for example, we’ve written about a law student who rescued an elderly woman from an oncoming train, a prosecutor who came to the aid of hate-crime victims, a law clerk who won a beauty contest, lawyers who have left the law to find success in other fields…. we could go on.

One of my favorite happy stories from our archives involved a partner at Haynes and Boone, Matthew Deffebach, who donated a kidney to the son of a HayBoo staffer. That’s even more noble than giving someone the shirt off your back.

Today’s story might not measure up to that high standard, but it’s another great example of a partner with compassion….

double red triangle arrows Continue reading “Lawyer of the Day: A Compassionate Managing Partner”

First, a shameless plug: Here’s an interview in which Ari Kaplan and I discuss “Inside Straight and the Impact of Getting Published on Professional Success.” (That’s Inside Straight, the book, not Inside Straight, the column, although I guess I see the room for confusion there.)

But enough of that. Let’s hear from the managing partner of our law firm:

Ah! Orlando in March! What a fine time and place for our annual firmwide retreat.

I want to welcome everyone to this magnificent resort, and I want to take this opportunity to say a few words about a subject that’s dear to our hearts: Billing time.

To paraphrase Sir Thomas More in “A Man For All Seasons“: “When a man [fills out his timesheets,] he is holding his own soul in his hands like water; and if he should open his fingers then — he needn’t ever hope to find himself again.”

For the junior associates in the crowd, consider this: You will, at some point, have a slow month. You’ll get nervous that the firm will punish you for not having billed enough hours. To protect yourself, you’ll be tempted to borrow from the future. You’ll think that, if you add just four hours to this month’s time, you’ll have hit your billing target. If you charge those four hours to your largest client, no one will notice that you’ve slightly padded the bill. And you’ll figure that you’ll make this up to the client in some future month; you’ll work four hours some Saturday morning that you won’t write down, so the client will come out even in the long run. “That’s not really fraud,” you’ll think, so you’ll have eased your conscience. . . .

double red triangle arrows Continue reading “Inside Straight: The Managing Partner On Billing Time”

Ed. note: This is the latest in a series of posts on partner issues from Lateral Link’s team of expert contributors. This two-part post about lateral partner hiring was written by Larry Latourette, Executive Director of the Partner Practice at Lateral Link.

The call came in on a dreary Saturday afternoon in November. A senior partner from the Detroit-based firm of Dickinson Wright was going to be in town on Monday and wanted to meet about lateral hiring for their D.C. office. Having been a lawyer at three D.C. branch offices (including a stint as managing partner for Preston Gates) and having attended dozens of similar meetings as a recruiter with out-of-town law firms, I didn’t have high expectations; almost all out-of-town firms think they can successfully compete in the brutal Washington market already rife with marginal offices on life support and shuttered offices of those that didn’t make it. Nevertheless, I agreed to meet since I always learn something from these encounters, and one thing life has taught me is that you never know how things will actually turn out.

The meeting and my subsequent experience reconfirmed that lesson as together we almost doubled the size of their D.C. office by adding 10 lawyers in the subsequent 15 months. While many firms do a decent job at partner recruiting, most have some weaknesses either in strategy or execution. Dickinson, however, put in place the best hiring structure and followed through as effectively as any I have encountered.

To bring more rationality to an often convoluted and inefficient process, the following distills the elements of that approach. While its solutions aren’t unique, the Dickinson model offers a useful benchmark from which other firms might improve their own hiring efforts….

double red triangle arrows Continue reading “Partners in Practice: Lateral Hiring Done ‘Wright’ (Part I)”

Ed. note: This is a new series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” will take a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.

A Wharton School professor has analyzed the performance, and pay levels, of external hires versus internal staff promotions. He used personnel data from a division of a major U.S. investment bank for 2003 to 2009, and the characteristics of that talent market are remarkably similar to our own.

Investment banking, Professor Matthew Bidwell writes, represents “an interesting context in which to study the effects of internal versus external mobility [because] organizational performance often depends on the skills of the workforce, [thereby] increasing the importance of personnel decisions.” In addition, workers in banking are “notoriously mobile, making this a context in which organizations regularly engage in external hiring at all levels.”

The genesis of his study was seeking an answer to this question: what has the increased mobility of workers over the past 30 or so years meant, as firms turn away from offering lifetime employment in favor of relying on the external labor market to find experienced workers at all levels of the organization?

double red triangle arrows Continue reading “From Across the Desk: Lateral Hires & Guarantees Deconstructed”

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