We were facing increasing financial pressure. So we undertook a substantial restructuring, and that restructuring put us on a solid economic and financial footing, allowing us to do a combination to meet our strategic needs.
Many if not most of the U.S.-based law firms in the 350 to 600 or 700 lawyer-range are feeling a great deal of financial pressure. We felt it more than many because we had a number of very large cases—totaling, at the end of the day, nearly $80 million of a $330 million budget—settle and wind up through normal course. That dramatic decline in revenue exacerbated the pressure on us, but the financial pressure on all law firms today are very significant.
* “They aren’t required to hear it, but this is the major social issue of the day.” The Supreme Court will likely hear a gay marriage case soon, and it’ll obviously be a vehement 5-4 opinion. [NBC News]
* But is SCOTUS really so bitterly divided now? Here’s a fun fact: The justices agreed unanimously in 66 percent of this term’s cases, and the last time that happened was in 1940. [New York Times]
* A partner has left the luxuries of earning up to $4.8 million per year at Wachtell Lipton to start his own executive compensation boutique, which we understand is basically like seeing a unicorn. [Am Law Daily]
* The post-merger world at Squire Patton Boggs is similar to the pre-merger world in that partners are still being churned in and out of the firm every other day. Check out the latest ins and outs. [WSJ Law Blog]
* The Fourth of July is coming up, and you know you want to light up some fireworks. Sure, it’s illegal to sell them in your state, but here’s where you can travel to go to buy some to celebrate freedom. [Yahoo!]
* “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]
* The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]
* Mary Jo White of the SEC promised to dust off an often ignored — but “potentially  very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]
* We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]
* If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]
Usually Friday afternoon news dumps before holiday weekends are reserved for embarrassing news — a disgraced government official resigning to “spend more time with his family,” for example. But this latest news is happy rather than embarrassing (for the most part).
After a brief suspension of the voting, the partnership of Squire Sanders voted today to approve the proposed merger with troubled Patton Boggs. Not surprisingly, the Patton Boggs partnership had approved the merger days ago, on Monday. When a lifeboat pulls up, you don’t play hard to get.
When we last checked in on Patton Boggs, the long-suffering law firm was on the brink of a bankruptcy breakthrough. Its partners, and the partners of Squire Sanders, were in the middle of voting on a merger that would save Patton Boggs.
Alas, sadly for Patton Boggs, Squire Sanders has suspended the merger vote. What happened? Did Squire come to its senses get second thoughts about that hideous proposed firm name, Squire Patton Boggs?
Actually, no; the issue is more substantial than that. Here’s a hint: Patton Boggs might have saved itself by June, if it weren’t for those meddling… Ecuadorian villagers!
(The vote is back on. Please note the multiple UPDATES at the end of this post.)
It’s springtime in D.C., and we all know what that means. No, we’re not talking about the cherry blossoms; that was last month. We’re talking about the spinning of the revolving door.
We have some interesting moves to mention taking place in the nation’s capital. One top government lawyer is returning to private practice; one top Biglaw partner is going back to government, perhaps for good; and one major law firm, potentially party to a high-profile merger, is losing some partners to a rival — after holding them prisoner for a while….
* A DLA Piper partner was cleared by the firm in connection with a string of sexist emails exchanged with a client because real lads don’t get in trouble for such trifling behavior. We’ll have more on this later. [Am Law Daily]
* Patton Boggs partners started voting on the firm’s merger with Squire Sanders yesterday. Apparently there’s at least one partner who will not be allowed to join the new firm because of prior conduct. Sucks to be you, guy. [Reuters]
* “It’s the best way to prepare for a whole variety of things.” Right now is one of the best times to go to law school, say California law school deans who really need to get asses in empty seats. [Daily Transcript]
* “We are a better people than what these laws represent.” Pennsylvania’s ban on gay marriage was struck down yesterday, making it the 14th victory in a row for the marriage equality movement. [Bloomberg]
* Showtime just bought a law firm comedy about “four smartass, workaholic associates” in Biglaw trying to make partner and avoid being murdered by the office serial killer at the same time. Uh, yeah. [Deadline]
* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]
* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]
* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]
* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]
* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]
* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.