Partner Profits

We’ve all been so transfixed by the Patton Boggs meltdown that we’ve temporarily lost track of some other law firms that are facing challenges right now. The most prestigious name on the list: Weil Gotshal & Manges.

After last summer’s layoffs and partner pay cuts, WGM experienced a rash of partner defections. Some of these were true losses for the firm, but others were chalked up to Weil’s strategy of becoming leaner, more capital-markets-centric, and ultimately more profitable.

Has this revamping of the firm manifested itself in the form of higher partner profits? Not yet. In fact, in 2013, revenues and profits at Weil fell….

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from 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.

The “Legal” world versus the “legal” world. The actual practice of law versus the construction of practices and firms. These are diametrically different disciplines, and while the demand for “Legal” work influences the “legal” world phenomenon of lateral hiring, many other market conditions dictate demand and compensation for partners.

Partners are often sequestered from the tedious details of the lateral market and, consequently, they often undersell themselves to firms and subsequently become underpaid. If you’re a partner looking to make a move, here are 5 beginner’s tips to maximize your lateral partner compensation package:

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For the past eight years, the National Association of Women Lawyers has tracked women’s progress at the 200 largest firms in the nation by comparing their careers and compensation with similarly situated men. We snidely remarked last year that reviewing the most recent report was like “drinking a fifth of gin, then watching Requiem For A Dream: it’s really freaking depressing.”

Keeping that in perspective, we — perhaps over-optimistically — thought that in a year’s time, Biglaw firms would have realized that women have a rightful place in this profession, and deserve to be treated as fairly and as equally as their male counterparts. We were clearly and painfully delusional.

Sure, the percentage of female equity partners rose from 15 percent to 17 percent, and that’s great. But we’ve found out that an “unprecedented” number of Biglaw firms refused to participate in the survey. Was it because they’re sick of surveys, or was it because firms “are generally less interested in the subject of advancing women lawyers and/or are hesitant to share, even on an anonymous and confidential basis, statistics that show that their women lawyers lag behind their male counterparts”?

Let’s find out….

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Smokey Bear, please report to Patton Boggs.

Is Patton Boggs on fire — and not in a good way?

The prominent lobbying and law firm recently announced the closing of its office in Newark, New Jersey. Discussing the move with Politico, managing partner Edward Newberry said, “We’ve lit intentionally a forest fire, we’ve controlled that forest fire. While we’ve lost a few people over the last year, who are good friends and good partners, our firm is much stronger today than it’s been in a long time.”

The firm has lost “a few people” over the last year? How about roughly 100 attorneys, representing 20 percent of lawyer headcount, plus an unknown number of staff? With additional prominent partners said to be eying the emergency exits?

Somebody call 911, law firm fire burnin’ on the dance floor….

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More than a week after we broke the news, the New York Law Journal got around to covering the Kasowitz Benson layoffs. (Thanks for crediting us, NYLJ.)

Although the report is untimely, it contains a few new bits of information about the Kasowitz cuts. Here are the highlights, along with additional info from Above the Law sources….

(Please note the UPDATE at the end of this post.)

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On our recent post about bonuses at Bingham McCutchen, some commenters complained about our coverage of the firm. Here’s what one said: “What this article fails to mention is that NO ONE made their hours, it’s THAT slow. Good job, ATL, for eating whatever it is Bingham pays you to NOT report [on bad goings-on at the firm].”

Actually, we’re perfectly willing to report on negative developments at Bingham (or any other major law firm). Just email us or text us (646-820-8477), and we’ll investigate.

There’s certainly a lot to cover over at Bingham: tumbling profits, partner departures, and unfortunately timed staff layoffs. We’ve collected some reporting from around the web, which we’ve combined with inside information from ATL tipsters at the firm. Let’s have a look, shall we?

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Earlier this month, we asked: What’s Going On At Kirkland & Ellis? Some observers wondered whether K&E, arguably the nation’s best overall law firm, was experiencing an unusually high number of prominent partner departures.

We received some interesting responses from Kirkland sources, some defending the firm and some more critical. Let’s hear what these readers had to share with us….

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Interesting things are afoot at Kasowitz Benson these days. Last month, we wrote about the prominent litigation firm’s “benchmark” bonuses — which some tipsters told us were bogus, but other sources defended (see the updates to the post).

Over the weekend, we received a cryptic tip about KBTF: “Kasowitz will be laying off a large number on Monday. From staff all the way up to partner.”

It’s now the end of the business day. Has this prediction come to pass?

(Please note the multiple UPDATES added to this post after its original publication.)

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Wendy Davis

* According to the latest Citi report, the Am Law 50 outperformed the rest of their ilk in terms of net profits and profits per equity partner. As for the rest, ha ha ha, enjoy all of your “modest” returns. [Am Law Daily]

* The ABA’s Standards Review Committee is close to a decision on its bar-exam passage standard for accreditation. It’s tough to protect students and law schools at the same time. [National Law Journal]

* Oh my! Professors at Albany Law are incredibly pissed the school would dare imply they suggested lowering academic standards to put asses in seats and stave off faculty layoffs. [New York Law Journal]

* Wendy Davis has left her position at Cantey Hanger, one of Fort Worth’s largest law firms, to dedicate herself fully to her bid to become Texas’ Next Top Governor. You stand, girl! [Fort Worth Star-Telegram]

* Yuna, a Malaysian pop star with a law degree who’s worked with artists like Pharrell, doesn’t think she’ll be able to fall back on her J.D. now that she’s in America. Funny, because many Americans feel exactly the same way. [Pittsburgh City Paper]

Law firms have been in a “slow growth” phase ever since the nation began its recovery from the Great Recession. As we mentioned when we discussed the 2013 Am Law 100, “success now comes in the form of single-digit returns with regard to key financial metrics,” with Biglaw gains described as “modest” and “spotty” across the board.

Big-name lateral hires can sometimes bring in enough positive publicity and fanfare to make even the sickest of firms seem like the very picture of health and vitality. According to the latest American Lawyer Lateral Report, those lateral moves can be likened to a peacock’s tail: they offer “no advantage” for a firm’s ultimate survival, and may hinder the firm in the future. It happened at Dewey, and it can happen at other firms if they’re not careful. If only partners’ attentions weren’t so easily grabbed by the promise of higher profits.

So if this growing reliance on lateral hiring is truly capable of destabilizing law firms, wouldn’t you like to know which firms did the most lateral hiring over the past year? We’ve got the details for you….

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