What is a law firm? Unlike a lot of businesses, there are really no assets except the lawyers and (in some instances) the brand name. For most law firms — especially newer firms and start-ups — there is no brand name; that leaves the lawyers as the only assets. And for brand-name law firms, if the talent starts to leave, eventually the brand dies.
As one of my partners once said to me: “Bruce, all of the assets of this business go down the elevator every night. Your job is to get them to come back up in the morning.” He just said it casually, but it hit me strongly later on as I realized he was completely right. The entire point of running a law firm was to keep the lawyers in the firm. You can always get more clients if you lose them, but without the lawyers, you have nothing to sell and it is game over.
Accordingly, to answer the question posed at the outset as to what a law firm is…. it is a collection of lawyers who are together because they wish to be together. If they don’t wish to be together any more, then they leave, and that is the end.
By way of introduction, I am the founder and managing partner of Duval & Stachenfeld LLP. We are a 70-ish lawyer law firm in midtown NYC that focuses strongly on real estate; indeed, we refer to ourselves as “The Pure Play in Real Estate Law.”
As managing partner I have spearheaded numerous unique initiatives that have distinguished us from other law firms. Many of these ideas were very scary when we tried them out — there was always a fear that we would not only fail but, worse yet, be laughed at. Some of these ideas did not work out so well, I admit; however, the ones that succeeded have been the fulcrum to attract both lawyers and clients to our firm and indeed been the bedrock of our success.
As a relatively small firm playing with the big boys and girls, one would think that our size could be a disadvantage. But that would be incorrect. Smaller players can be flexible and move in different directions. We can take risks and seize opportunities that large law firms cannot logically capitalize on….
* The $160K-Plus Club welcomes its newest member: Duval & Stachenfeld, a real estate firm in NY, is more than doubling its starting salary for associates to $175K. Look for them recruiting at your “tier one” school soon. [New York Law Journal]
* In this economy, bankruptcy firms are being hit hard: Stutman Treister & Glatt, a top L.A. firm that once assisted in cases against Lehman Brothers and Enron Corp. in their Chapter 11 proceedings, is closing up shop. [WSJ Law Blog (sub. req.)]
* “Do I think he thought he was gonna beat it? Yeah.” The district attorney who brought charges against Stephen McDaniel thinks the law school killer was too big for his chainmail britches. [Macon Telegraph]
* From catcalling to “jiggle tests,” NFL cheerleaders have to put up with a lot of really ridiculous stuff. Not being paid the minimum wage is one thing, but having to put up with being groped is quite another. [TIME]
In his latest courtroom appearance, Trump schlepped down to Florida, testified as a trial witness, and prevailed. But now the losing party in that case has filed a motion for new trial, arguing that the presiding judge fawned over the Donald in front of the jury and, in doing so, “transgressed basic principles of impartiality and fairness.”
* If the Dewey & LeBoeuf criminal defendants end up going to trial, it’s fair to say the star witnesses in the case will be those who’ve already pleaded guilty — all seven of them. [Am Law Daily]
* Biglaw firms are constantly shrinking in size, leaving many office buildings wide open. Landlords are desperate to put asses in seats, so it’s kind of like law school. [Washington Post]
* “A judicial post is not an hereditary position.” There’s nepotism, and then there’s nepotism, and this Georgia judge is really trying to keep it all in the family. He’s basically ensured that his seat on the bench will go to his daughter. [Daily Report (reg. req.)]
* Let’s keep the rankings party going with an infographic about job rates and median starting salaries. Law schools tied for first place with $160K Biglaw salaries: 21. Not shocked. [U.S. News & World Report]
* The family of Danielle Thomas, the woman who was murdered by indebted law school grad Jason Bohn, is suing the NYPD with claims that the police ignored her calls for help. Sad. [New York Post]
* SCOTUS seems divided over its greenhouse gas regulation case. Just remember, justices, there’s “no such thing as greenhouse gas,” and if you think there is, you can “go f@ck yourself and die.” [Legal Times]
* DLA Piper, Fenwick & West, and William Fry are advising on the King.com (aka Candy Crush) IPO. Cool. Know that the public will refuse to invest until those damn chocolate blockers go away. [The Lawyer]
* “Guys like them are the reason people hate lawyers.” When your lawyers do you this badly, you end up living in one of their homes as part of a settlement. Of course this happened in Florida. [Sun Sentinel]
* If you’re in the market for an apartment, we hear Brooklyn Law School just sold a bunch of its student housing to a real estate developer. Per the dean, the school is now so small the apartments were unnecessary. Yikes. [Brooklyn Daily Eagle]
* Amanda Bynes took a plea deal on her DUI charge. She’ll serve three years of probation and pay a fine. Maybe when she’s done, she’ll pull a Lohan and appear naked in a movie. Young men can hope. [CNN]
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?
Grover Cleveland’s excellent book of career advice for young lawyers has a delightful title: Swimming Lessons For Baby Sharks (affiliate link). It nicely captures the competitive nature of the legal profession today.
But the cutthroat competition isn’t for everyone. One high-powered lawyer, coming up on partnership at a top-tier law firm, decided he didn’t want to swim with grown-up sharks. He’d rather go swim with blue whales — quite literally. He’d rather be where the wild things are — and by “wild things,” we aren’t talking about cute drunken paralegals at a post-closing party.
Let’s look at this lawyer’s departure memo — great opening line, or greatest opening line? — and find out how he made enough money to break out of Biglaw’s golden handcuffs….
Meet Michael Graffagna, who’s one impressive MoFo… partner. The Harvard Law School graduate, admitted to practice in New York, California, and Japan, heads up the project finance practice at Morrison & Foerster.
Graffagna is now resident in the firm’s Tokyo office. So he and his wife, Midori Graffagna, recently sold their Manhattan pied-à-terre. And oh what a pied-à-terre it was — larger than most Manhattanites’ primary residences.
How large are we talking? How much did the Graffagnas get for it? And which celebrity lives upstairs?
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.