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?
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.?
When a firm starts losing partners to its rivals and slowing down their hiring (or even conducting layoffs), it’s usually a bad sign. But one Biglaw firm that’s lost a number of high-profile partners over the last year is touting its new, streamlined approach. You see, they meant to suffer all those defections and lose some of their biggest clients. It’s all part of reinventing the firm for the modern business climate.
Is this just good public relations, or are they on to something?
A year ago, in writing about how major law firms performed in the first half of 2013, I wondered whether Biglaw might be the proverbial frog in boiling water. I now wonder whether the analogy might still hold, but in a good way: could we be witnessing a quiet boom for Biglaw, happening so gradually that we don’t even realize it’s here?
In the past few weeks, a slew of mega-mergers have made headlines — which will hopefully turn into contributions to law firm coffers. But even if you focus just on the first six months of 2014, excluding the busy months of July and August, there’s good news to report.
Our friends at Citi Private Bank, a leading law firm lender, just released their report on how Biglaw fared in the first half of 2014. What are the key findings?
Meditate on that for a moment. Breathe in through your nose. Breathe out through your mouth.
Five million bucks per year.
Breathe in through your nose. Breathe out through your mouth.
I lost the slidy-thing from my slide ruler so I have to do this in my head, but I think that’s about $100,000 per week per equity partner. A little less than a newbie associate makes in a whole year outside of the major metropolitan areas.
Imagine all the things you can buy with that kind of money. A mansion that looks somewhat familiar every time you visit it. Luxury vehicles for your nanny. Dream trips for your spouse. The finest private schools for your kids. An iPhone for your son so he can talk to you every day. A high-end camera your wife can take to your daughter’s soccer game so you can watch her play through live streaming video. Oh, the joy that kind of money you can bring your family. It’s not Powerball, but it’s most certainly a lottery win per year.
Hop in the DeLorean and travel back in time with us.
In our two most recent FlashbackFriday posts, we looked at associate compensation in the 1990s. Today we’ll take a break from that topic and mix it up a bit. (We’ll return to cover associate comp in the remaining batch of legal markets at some point in the future.)
With this year more than halfway done, let’s look in the rear-view mirror and survey managing partners’ confidence in the legal industry during the second quarter of 2014. Wall Street investors seem generally optimistic, at least based on the state of the stock market (despite today’s turbulence). Are law firm leaders similarly hopeful?
Survey says — well, nothing terribly exciting, but let’s have a look anyway….
Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.
The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)
How big are the Cahill midyear bonuses this time around?
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
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.