Paul Hastings

Small Firms, Big Lawyers: Small Firms with Big Names

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A friend of mine is a plaintiff’s lawyer in Boston. We’ve opposed each other on several cases, and our interactions (always on the phone; weirdly, we’ve never met in person) are characterized by good-natured but acerbic jabs. Typically, he would bemoan my clients’ “colossally stupid” behavior. For my part, I would make fun of his firm’s name.

Don’t get me wrong: his firm is one of the most respected plaintiff’s firms in town. But its name follows the classic ego-gratifying law-firm style of putting all the partners’ surnames on the letterhead. With Biglaw firms, this doesn’t matter much, because the name partners tend to be, well, not-so-much alive. And the sheer number of partners at big firms means that ego notwithstanding, most aren’t getting their names on the sign.

But small firms have (by definition) fewer partners — with just as much ego. And they tend to be living. So the firm names are long and subject to frequent change.

Why is this a problem for small firms, and what they should do about it?

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Paul Hastings To Become… Paul Hastings. But Now It’s ‘Official.’

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I don’t know who Janofsky and Walker angered, but they are off the marquee at Paul Hastings. Yep, this Friday, “Paul, Hastings, Janofsky & LLP” will officially become “Paul Hastings.”

We’ve already noticed that Paul Hastings has a snazzy new logo.

But did you know that Paul Hastings also has a video to go along with their rebranding? Oh yes they do! Clearly, Messrs. Janofsky and Walker were just way too inside the box for the new and exciting Paul Hastings…

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Musical Chairs: Paul Hastings Snags Another Leveraged Finance Partner from Cahill

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Back in March, we wrote about the mysterious departure from Cahill Gordon of leveraged finance partner Michael Michetti. Now, three months later, we can report that the Michael Michetti mystery has been solved: he is joining Paul Hastings, which just trumpeted his arrival in a press release.

Michetti is not the first former Cahill partner to join Paul Hastings in 2011. Just last month, Rich Farley, another leveraged finance partner, hopped over to Paul Hastings.

On the whole, Cahill has been flourishing as a firm — and sharing the bounty with its associates. Recall the firm’s recent mid-year bonuses, which were very well-received.

But do the departures of Messrs. Farley and Michetti reflect trouble in paradise? Let’s hear some of the scuttlebutt….

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The 2011 Am Law A-List

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It’s that time of the year again: American Lawyer magazine has just released its A-List for 2011. The Am Law rankings attempt to evaluate which law firms have got the right stuff to become elite:

The A-List was created in 2003 in an effort to assess (and rank) the nation’s largest and most prominent law firms in a holistic way. It takes into account financial performance, which is represented by the inclusion of firms’ revenue per lawyer, and other important measures of law firm performance, such as attorney diversity, pro bono work, and associate satisfaction. The latter is measured by a firm’s results on our Associates Survey. Pro bono and diversity scores are also a reflection of a firm’s showing on our annual Pro Bono Survey and Diversity Scorecard.

So, which firms made the grade this year? And which firms are the true elite of the elite?

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NALP 2011: Performance-Based Compensation Systems

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The official title of the NALP conference panel that I attended on merit-based compensation contained a playful shout-out to Sarah Palin: “How Is That Performance-Based Compensation System Working for Ya?”

The panel was originally supposed to have featured a representative of the now-defunct Howrey law firm. So the snarky answer to the question presented might be, “Not well.” (In fairness to merit-based compensation, however, Howrey’s dissolution didn’t have much to do with its model for training, promoting, and compensating associates.)

No mention of Howrey was made during the introductory remarks (or anywhere else in the discussion, for that matter). Rather, the panel focused on the positive — and offered useful advice for firms that are contemplating adoption of performance-based systems….

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Fame Brief: Former Paul Hastings Associate May Be America’s Next Great Restaurateur

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What do you get when you cross Top Chef with Mark Cuban’s The Benefactor (anybody remember that? HA), steal half the name of America’s Next Top Model, and throw in inexplicably famous “chef” Curtis Stone? Only the single greatest reality show on NBC during the 8 p.m. time slot on Sundays: America’s Next Great Restaurant. 

This groundbreaking pilot’s premise is that people who did boring things with their lives because they were too poor or risk-averse pitch restaurant franchise ideas to Curtis, Bobby Flay, and two other judges that nobody recognizes, who then back the winner with money from NBC’s budget their own wallets to open three identical restaurants so they can fail in three different cities at the same time.

As you may have guessed, America is not watching, the show is not Great, and I somehow doubt that The Spice Coast (or whichever proposed restaurant wins) will threaten the national hegemony of McDonald’s, although I might order it from Seamless Web.  If I liked Indian food. Which I do not.

In any event, competing in “ANGR” is one of our own…

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Associate Bonus Watch: Paul Hastings Consolidates Regular and Spring Bonus News Into One Money Orgy Announcement

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Paul Hastings is throwing cash around. At least, that’s the impression it’s trying to give off. Unlike the firms that announced regular bonuses back in December and spring bonuses in the new year, Paul Hastings held off on a December bonus announcement and is only now coming out with its full bonus package.

And Paul Hastings isn’t a straight lockstep firm. Paul Hastings lists some bonus amounts available to the top-performing associates, but because of various merit factors, most associates will not be receiving those top figures, and some are not eligible for a bonus at all.

So while there is money flying all around the Paul Hastings bonus memo, it’s hard to tell how much of it will stick to real Paul Hastings associates…

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Howreying for the Exits: More Partner Departures; Bootcamp Gets the Boot

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The spinning of the revolving door at the beleaguered Howrey law firm is making our heads spin here at Above the Law. Keeping track of all the partner departures is becoming quite the challenge. We’ve collected some links about the latest partner defections, after the jump.

At this rate, it’s not clear how many lawyers will be left for “rescue” by white knight Winston & Strawn. (Protip: check the armor for bedbugs.)

Here’s some new (but hardly surprising) information: Howrey has canceled its summer program. Yes, the famous Howrey Bootcamp, touted by the firm as “[f]ar more intense and rewarding than traditional summer associate programs,” and offering “an entirely unique approach to associate recruitment and training.”

Bootcamp participants received intensive litigation training — and inspirational poetry from firm CEO Robert Ruyak, which we share with you below….

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The Am Law Mid-Level Survey Is Out: And (Surprise) Mid-Levels Are Still Unhappy

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If you are a current midlevel associate at a top firm, that means you survived the worst of the Biglaw layoffs. In fact, it probably means you survived while friends and colleagues were having their careers ruined.

That should make you happy, right? Not according to the American Lawyer’s annual midlevel associate survey. The results, released this morning, show that midlevel associates are anything but satisfied with their careers. From the report:

Many people would consider Am Law 200 midlevel associates to be extremely fortunate. While thousands of their colleagues lost jobs, these young lawyers are gainfully employed with salaries in the six figures. The midlevels tell us that they survived the recession in part because of the quality of their work, and that they aren’t worried about losing their jobs going forward. And even though revenue and profits dipped at the majority of their firms, relative to other industries, Big Law wasn’t hit as hard during the recession. In many ways, once their student loans are paid off, midlevel associates’ prospects seem bright.

But that’s not how they see it. Maybe it’s the posttraumatic stress syndrome from watching so many associates and law firm staffers get the ax, but the midlevels who survived the great purge aren’t feeling particularly fortunate. In fact, they seem downright cranky.

Survivor’s guilt? Not bloody likely. The result are probably due to people working harder than they were before the recession for less pay and job security than they had before the recession. Add in the fact that their secretaries have probably been fired (and so the partners now treat them like paralegals), and the fact that they’re more likely to get struck by a bolt of lightning than make partner, and you can see why these people are a little disappointed with the way things have turned out.

I’ll pause now so all the members of the Lost Generation can comment on how they would change places with these disgruntled midlevels faster than one can ask “would you like fries with that”…

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Fall Recruiting Open Threads: Vault 31 – 40 (2011)

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We’ve gotten away from plowing through the latest Vault Rankings, but fear not. Your firm is coming up soon.

We’ve been through the top 30 firms. But now we’re getting into a group of firms that really utilized the cost-cutting measures of salary cuts and layoffs to weather the recession of 2009. Did these guys take a big prestige hit? Not really. Here’s the next batch of firms:

31. Mayer Brown
32. Milbank
33. Paul Hastings
34. Akin Gump
35. Allen & Overy
36. Fried Frank
37. Irell & Manella
38. Freshfields
39. Orrick, Herrington & Sutcliffe
40. Willkie Farr & Gallagher

Just off the top of my head, does anybody else think that Irell is coming in a little low?

Anyway, let’s get into these firms…

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