“Thank God” Britain didn’t join the Euro, said U.K. chancellor George Osborne last month, as the debt crisis in Greece began to spread to the much larger economies of Italy and Spain. But with the fortunes of the U.K. tightly bound to the rest of Europe (its biggest trading partner), the reality is that we’ll be hit almost as hard as our single currency-sharing neighbours if, as many expect, the crisis worsens.
Last week, as I did the rounds of the U.S. law firms in London in preparation for the commencement of these regular installments from across the pond, I asked various managing partners what European debt contagion would mean for large law firms in the U.K. And, predictably, they reeled off the standard recession line about law firms being “well placed to handle the anticipated wave of restructuring work.”
Doubtless there’s some truth to this. Indeed, Skadden and Linklaters are already riding the wave, with the pair currently advising on the merger between Greece’s second- and third-largest banks. Such are the demands of the deal that much of Skadden’s relatively small London office has apparently been required to temporarily decamp to Athens.
The worry is what happens after the restructuring is complete, with experts predicting that Eurozone sovereign debt defaults could precipitate a decade-long depression. This would be especially bad for the legal profession….
Back in December, we covered a gender discrimination lawsuit filed by JoEllen Lyons Dillon, a comely corporate partner at Reed Smith, against the firm (where she still worked at the time). Dillon’s allegations were salacious. She claimed, for example, that “work was diverted … to female attorneys who were willing to engage in sexual relations with members of management” — and that her refusal to engage in such relations hurt her at Reed Smith.
Dillon’s case was filed by Samuel J. Cordes, a prominent Pittsburgh employment lawyer. Despite his somewhat cheesy law firm motto, Cordes is well-regarded and seen as “only tak[ing] good cases,” according to one ATL tipster. Cordes promised that his client would, over the course of the litigation, produce specific examples of sexual quid pro quos at Reed Smith. Delicious!
Alas, today brings word that JoEllen Dillon has dropped her case. What happened?
* Elie here: Remember yesterday when I said that it was a prick move by the cop to issue that ticket on the mother of that comatose 13-year-old girl, and then all those commenters said the cops had no choice because issuing the ticket was an important matter in terms of the civil liability of the driver? Yeah, well, I stand by my initial analysis that the cop was a jerkhat. [New York Personal Injury Law Blog]
* How can lawyers dress to impress in 2011? [Lawyerist]
* So let me get this straight, it’s not okay for me to drink Four Loko and drive, but it’s okay for my car to do it? What’s up with that? [Alt Transport]
* Were passports biased against gays? Well, now they won’t be. [Huffington Post]
* If you’ve been following along with the most important news of today — which is obviously that the study showing that a crying woman is a total buzzkill — here’s an important counterpoint. Crying might be nature’s way of saying: “Stop beating on your wife you freaking a**hole. [Newsweek]
Pennsylvania legal circles are buzzing over a discriminationlawsuit filed yesterday in federal district court by a partner in the Pittsburgh office of Reed Smith. One source who informed us of the suit referred to “some really interesting allegations” against the firm.
A corporate and energy law partner at Reed Smith, JoEllen Lyons Dillon, alleges that her firm pays and promotes women less than men. Yawn; that’s definitely not “really interesting.” While unfortunate — or even outrage-inducing — if true, one could say the same thing about dozens, if not hundreds, of large law firms.
Far more interesting is Dillon’s claim that “work was diverted … to female attorneys who were willing to engage in sexual relations with members of [Reed Smith] management or with whom members of [Reed Smith] management had sought to engage in such relations.” Dillon alleges that because she “did not engage in such relations,” she was professionally penalized.
Dillon decided instead to have “relations” with her husband, resulting in the birth of twins. After she took time off to take care of the two tots, “her total compensation decreased, by almost half,” according to the complaint. Dillon claims that when she objected to this pay cut, partner David DeNinno, former chair of the Business & Finance Department at RS, asked if she was “done having babies yet.”
That’s just for starters. Dillon claims to have more dirt on her firm….
Earlier this week, I had the chance to sit down with David Tanenholz, one of the co-founders and partners at Hardinger & Tanenholz LLP (H&T), which is one of the few firms — if not the first — to promote itself solely as “discovery counsel.” And with their experience as Biglaw alumni, the two founders may represent a glimpse into the future of how lawyers can carve out a niche by fusing technology and project management.
So what is it that puts them ahead of the curve? Let’s find out….
* Why your job is making you depressed. Maybe because it sucks? [CNN]
* Women of Biglaw: think you have it bad? Your sisters on Wall Street may be even worse off. [The Careerist]
* Speaking of women in the legal profession, nominations are now being accepted for InsideCounsel’s Transformative Leadership Awards, which “honor women general counsel and law firm partners who have demonstrated a commitment to advancing the empowerment of women in corporate law.” [SuperConference]
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
The New York Times has a nice survey piece about all the salary cuts imposed upon American workers. It’s a story that anybody holding down a job through this recession is probably aware of:
Local and state governments, as well as some companies, are squeezing their employees to work the same amount for less money in cost-saving measures that are often described as a last-ditch effort to avoid layoffs.
Yeah, we know, things are crappy.
But in its zeal to show that things are difficult for almost all workers, the Times seems to lump Biglaw in with the group of companies that are trying to cut costs by slashing salaries. As regular readers of Above the Law know, that might have been true in 2009. But in 2010, most Biglaw firms are not cutting associate salaries….
There was unhappy news out of Chicago last week. Stewart Dolin, an M&A partner at Reed Smith, was struck and killed by a train on Thursday. According to the Chicago Tribune, the coroner has ruled the death a suicide.
Dolin was the co-chair of Reed Smith’s corporate and securities practice. He lived in Glencoe, north of Chicago, and was hit by a northbound train at a Blue Line station in the Loop at 1:45 p.m.
When suicides happen, many firms will turn the person’s website bio into a temporary “in memoriam” page, but Dolin’s bio has been removed. A firm spokesman tells us: “After conferring with the family we kept our communication memorializing Stu internal.”
The managing partner in the Chicago office has issued a statement about Dolin’s death.
Last May, Reed Smith announced a 10 percent across-the-board salary cut for its associates. The cut went into effect on July 1, 2009.
This week brought salary and bonus news from the firm. From one Reed Smith source:
Reed Smith announced 2010 compensation today. The firm’s “raises” are essentially only restoring the original salary levels that we all had before the firm’s universal 10% cut in 2009. I have not heard of anyone receiving any sort of bonus.
UPDATE / CORRECTION: Actually, it appears that the salary announces were highly individualized — and all over the map. Some associates received sizable raises, some received modest raises, some were kept frozen, and some saw their salaries cut even further. Most appear to be unhappy: “Morale is very low,” said one.
Bonuses were announced too. A different RS source informed us: “Salary and bonus memos are out. Bonuses are per usual, a set structure based on hours.” But the Reed Smith bonuses may have been more theoretical than practical. “I think that very few people hit [the required] hours,” this tipster told us.
There’s a bit more Reed Smith news, most of it not happy….
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!