Since the Great Recession, it’s far too often that the public hears tales of horror about lawyers drowning in debt. We think it’s time for a change of pace. There are plenty of lawyers out there who have really made it financially — in case you’re mistaken, these people aren’t millionaires, they’re billionaires. These people would laugh at the thought of people suffering under the weight of six puny figures of law school loans.
As luck would have it, there’s a way to keep track of these luxurious creatures. Earlier this week, Forbes released its annual list of the richest people in America, the Forbes 400. Each year, we pore over the list to find the wealthiest lawyers, and in 2014, legal eagles continue to make a strong showing.
Which lawyers made the list this year? Keep reading to find out…
Sometimes, the internet seems to exist largely in order to rate things. User-generated and unverified reviews of everything from movies to cars abound. The thing with this proliferation of ratings, be they on Yelp, or Amazon, or whatever, is that we usually don’t have any idea whether or not the reviewer has any basis for his rating. (In fact, the spoof product review has become its own literary micro-genre.)
Spurious or baseless ratings are not a problem when it comes to ATL’s Insider Survey (17,300 responses and counting — thanks everyone!), in which practicing attorneys and current students evaluate their own schools or employers. Among other things, our survey asks attorneys to nominate firms with over- and underrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
Which firms do those in-the-know consider to be better (or weaker) than their reputations?
The National Law Journal named its Elite Trial Lawyers for 2014. It’s a list of 50 firms that the National Law Journal selected through a vetting process that reviewed “more than 100 firms, poring over nominations and reporting on performance.” Making a nearly 50 percent cut on an entirely subjective list. That must have been rough.
At a quick glance, the list seems entirely reasonable. A lot of these names look like usual heavy-hitters. And congratulations to everyone who made the list.
We don’t have the official congratulations message from the National Law Journal to the firms, but this reader created one that perfectly captures the problem…
Hallelujah and rejoice, for there are new Biglaw rankings upon us. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. As we learned from the 2014 Am Law 100, the super-rich among the world’s Biglaw firms are only getting richer, and the latest rankings serve only as confirmation of this fact.
Last year, there were some surprising moves among the top 10 global firms, with DLA Piper swooping in to steal Baker & McKenzie’s thunder as the top-grossing firm in the world. Did the global mega-firm manage to reclaim its glory in the Global 100?
1. It’s all meant in good fun. Don’t send me nasty emails if you don’t agree with something I write.
2. Read Rule #1 again.
A little background for those of you who don’t know. Lexpert has a methodology for divining the best law firms and lawyers by practice areas. I have no idea what the methodology is and I don’t care. I think all ranking methodologies are next to useless. What is important is once you declare you’re going to rank something, and put those rankings into a glossy magazine, people (lawyers and clients) put some stock into them. Lexpert could use a Capuchin monkey to pick names out of a hat and a lawyer would still brag to her mom if she was named one of Lexpert’s leading attorneys.
Lexpert has four categories: Most Frequently Recommended, Consistently Recommended, Repeatedly Recommended, and Everybody Else. Okay, it doesn’t use Everybody Else, but you get the drift. You’re either in one of the Recommended categories, or you’re on the outside looking in…
Many people enter the legal profession with the expectation that the public will see them as members of a noble trade to be revered and admired. Unfortunately, that’s simply not the case at all. For every would-be Atticus Finch, there exists an off-color lawyer joke. If you’d call 5,000 dead lawyers at the bottom of the ocean “a good start,” then you’re not alone.
According to a new study, although lawyers are viewed by the public as part of an “envied” profession, no one really likes them. Sure, lawyers may gain a scant amount of respect from some, but when you’re viewed generally as heartless bastards, no one will trust you…
Being a lawyer is time-consuming. First, you’ll have to subject yourself to spending three years in law school cramming knowledge into your brain. After you graduate, you’ll spend an inordinate amount of time trying to pass the bar exam and find a job. (If you’re incredibly lucky, you’ll have a job waiting for you at a Biglaw firm.) Last, but not least, once you’re working as an attorney, you’ll get to spend the vast majority of your waking hours at your desk.
Most practicing lawyers are lucky if they see sunlight, let alone have any semblance of what could be called a social life. There just aren’t enough hours in the day to accomplish all of the tasks that need to be done. That’s why being a lawyer landed on the latest ranking of careers that could have disastrous effects on your social life.
How high did lawyer rank on the “No Life Careers” list? Keep reading to find out…
Corporate Counsel just released its annual list of the law firms that Fortune 500 companies utilize as outside counsel (as noted in Morning Docket). Not surprisingly, the nation’s biggest corporations turn to some of the biggest names in Biglaw for legal services.
But as we noted last year, the most-mentioned firms aren’t necessarily the most prestigious or the most profitable. The rankings prioritize quantity, and they’re dominated by firms that excel in a particular practice area. See if you can guess which one….
When we covered the American Lawyer’s annual summer associate satisfaction survey last year, we noted that “[b]eing a summer associate just isn’t what it used to be.” All work and no play may make summer associates dull boys and girls, but it also makes them highly confident they’ll receive offers of full-time employment when their programs end.
Despite the fact that it’s a “buyer’s market for law firms,” many of them tossed out offers to their summer classes like Mardi Gras beads. Summer associates were no longer praying for offers, as they were in certain years past; no, this summer, they almost expected offers to be handed to them.
These were the conclusions drawn from the American Lawyer’s 2014 Summer Associate Survey. Am Law polled 5,085 law students at the nation’s largest firms about their summer experiences and used the results to rank 96 programs. This year’s crop of would-be lawyers was seemingly at ease about their situations, despite the fact that there is still a general unease permeating through Biglaw.
This summer’s overall rankings were overwhelmingly positive. If you’re a law student trying to figure out where to spend your summer, you’re probably asking: which law firms came out with the highest scores?
She doesn’t needed to be educated about rap music.
* “Operas can get pretty gory. I should have put that in my brief.” In the upcoming Supreme Court term, it looks like law clerks will have to educate their justices about the intricacies of rap music’s sometimes violent lyrics. [National Law Journal]
* The pay gap between equity and non-equity Biglaw partners is growing wider and wider. According to recent survey, on average, equity partners are bringing home $633K more than non-equity partners each year. [Am Law Daily]
* Hackers are targeting Biglaw firms to acquire their clients’ important secrets. Unfortunately, no one is brave enough to step up to the plate and say their firm’s been hit — admitting that “could be an extinction-level event.” [Tribune-Review]
* Which Biglaw firms had the most satisfied summer associates this year? There was a big rankings shake-up at the top of the list this time around, and we’ll have more on this later today. [Am Law Daily]
* In the wake of the Ray Rice scandal, Adrian Peterson screwed up many of your fantasy football teams after he was indicted for hurting his child “with criminal negligence.” He’s now out on $15,000 bail. [CNN]
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.