Shameless Plugs

Here is the latest Job of the Week, courtesy of ATL’s career partner, Lateral Link. To refresh your recollection:

“Because Lateral Link does no cold-calling and is more efficient than traditional recruiting firms, successful candidates receive $10,000 upon placement.”

Company: Fortune 500 Tech Company
Title: Corporate Counsel, Real Estate
Location: Mountain View, CA
Description: This Fortune 500 Tech Company is seeking a Corporate Counsel, Real Estate, to focus on transactions related to expanding or constructing data centers and other facilities. Specific responsibilities include the following: draft, review and negotiate PSA’s, easements and land-use rights; and review, modify and negotiate construction agreements.
The position requires 7-10 years of experience handling complex and strategic real estate transactions on a global basis, specifically with commercial leases, real-property acquisitions
and sales, and construction agreements.
To apply for this position, please visit laterallink.com.

Facebook Dealbook Special Section Fall 2007 Above the Law blog.jpgThe excellent DealBook Special Section, in today’s New York Times, has a piece by Andrew Ross Sorkin that the New York deal lawyers among you will love. It’s entitled The Facebook of Wall Street’s Future:

Here is a snapshot of more than 100 people who make up the next generation of deal makers, everyone 40 years old or younger and linked by where they went to college (and chosen based on dozens of interviews). Think of the list as a Facebook of Wall Street’s future.

This is not an exhaustive inventory of all the up-and-comers on Wall Street, where new faces constantly come up with the next clever idea. But it demonstrates the power of certain schools as career starting points.

In terms of law schools — there are lots of business schools on the chart, too — the “certain schools” include Harvard, NYU, Georgetown, and Penn (among others; these four seem to have the most graduates on the map — 6, 6, 4, and 4, respectively).
Correction: Oops, sorry (and thanks to this commenter for pointing out our error). Columbia Law School has 7 featured alums. CLS, holla!
It’s tough to escape “tier-ism,” even when you move from the heart of the legal world to the point where it overlaps with the deal world. But do take note of the large area at the center of the illustration for people with “No Graduate Degrees.”
Some of the names on the map will be familiar to ATL readers. A few shout-outs, after the jump.

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DealBook special section merger lawyers AboveTheLaw Above the Law blog.jpgAs some of you have noticed, we have an article in today’s New York Times, in the DealBook Special Section. It’s about fee arrangements in the (highly lucrative) context of mergers-and-acquisitions work. Here’s a teaser:

For some firms, billable hours are just the beginning. As the boom rolled on, law firms specializing in mergers and acquisitions increasingly engaged in premium billing, charging fees in excess of their total hourly billings. Think of it as a tip for good work. Whether a client pays a premium depends upon its satisfaction with the result, the size and complexity of the transaction, and the nature and length of the attorney-client relationship.

But since the credit market began to tighten this summer, an event that brought new deals to a crawl and has upset several old ones, many lawyers have been wondering whether the premium party is over…

And here’s one of the more juicy portions:

One firm, though, has moved beyond billable hours to the flat fee preferred by bankers: Wachtell, Lipton. A former Wachtell lawyer described a typical bill as follows: “There’s a paragraph stating something like, ‘For legal services rendered in connection with Transaction X,’ then a dot leader, then a number followed by six zeros.” He said he worked on some deals where Wachtell was paid more than the bankers.

Wachtell charged a flat fee when it advised the Bancroft family, which controlled Dow Jones & Company, during the $5 billion bid by Rupert Murdoch’s News Corporation For its work on the deal, Wachtell first submitted a bill for $10 million.

You can read the full piece here (or here). Feel free to email it liberally to friends and family. Thanks!
When $1,000 an Hour Is Not Enough [Dealbook / NYT]

Courtesy of ATL’s career partner, Lateral Link, here is the latest Job of the Week:
Company: Osiris Therapeutics, Inc. (Columbia, Maryland)
Position Description: The medical care company, which commercializes products from adult bone marrow, seeks a Chief Intellectual Property Counsel to work in Columbia, Maryland. As the successful candidate will manage the company’s IP-related matters, the position requires 6+ years of experience, with a law firm and/or biotechnology corporate environment; a scientific background, preferably a Ph.D. in a biological or chemical field; admission to a State bar and the U.S. Patent & Trademark office; and experience with preparation and prosecution of patents (U.S. and foreign).
Location: Columbia, Maryland
Earlier: Prior Job of the Week listings (scroll down)

Facebook logo MySpace Friendster Abovethelaw Above the Law blog.jpgThat’s the question we tackle in our latest column for the New York Observer. Here’s an excerpt:

Among associates at large law firms, Facebook passed the tipping point sometime over the summer. Since the site opened to the public last year, adults everywhere have been joining—there are 40 million people already on Facebook, and about a million more every week. But lawyers seem to be particularly enamored of it (as is Microsoft, which is reportedly considering an investment that would value Facebook at as much as $10 billion).

It’s an expensive love affair…. Next year, the AmLaw 200 law firms are expected to hire 10,000 new associates. Let’s estimate, conservatively, that half of them spend one billable hour a week on Facebook. If we assume (again conservatively) an average hourly billing rate of $200, that comes to about $50 million a year in lost billable hours—and partner profits. Fifty million bucks will buy you a lot of Hermès ties.

You can read the rest of the piece by clicking here.
From Bluebook to Facebook: Social Site Seduces Firmland [New York Observer]

Jeffrey Toobin The Nine Inside the Secret World of the Supreme Court.jpgMore good press for Jeffrey Toobin’s new book, The Nine: Inside the Secret World of the Supreme Court. It scored a front-page review in the New York Times Book Review, which is the Holy Grail of the publishing industry.
But we’re partial to this great Slate piece, by Emily Bazelon and Dahlia Lithwick (two of our favorite Supreme Court correspondents). Bazelon and Lithwick conduct a meta-review of critical reactions to Jeff Toobin’s book, which they use as a jumping off point for broader reflections on media coverage of the Court. They include a generous shout-out to ATL:

One of the oddest byproducts of the Internet has been the growth industry that is the Supreme Court gossip blog. These folks are less interested in the court as the place where Law Is Born, or where Politics Really Come From, and more fascinated by which clerks are sleeping with whom, and how much they earn while doing it.

No blog has a better bead on those items than David Lat’s Above the Law. Sure, ATL invariably tends to reduce the entire sweep of modern constitutional history to a form of girl-on-girl Jell-O-wrestling. But then at bottom, what else is there?

As one reader jokingly suggested, “Looks like your Facebook group membership finally paid off!”
Nine Ways To Read The Nine [Slate]
Meet the Supremes [New York Times Book Review]

Here’s the latest Job of the Week from Lateral Link, ATL’s career partner:

Title: Attorney In Charge Of Firmwide Private Equity Knowledge Management

Location: Chicago

Description: This position is a combination business and legal position at a top international law firm, with no billable hours and no client development expectations. The position is full-time, affording the attorney holding the position the ability to remain deeply involved in private equity law with a more regular and predictable schedule than most private equity attorneys experience.

The attorney would have responsibilities in a number of areas related to the firm’s highly regarded private equity practice — precedent, training, publications and knowledge development, among other things. This firm offers a highly competitive salary and bonus eligibility, which is expected to be comparable to the salary and bonus eligibility of an attorney at a similar level of experience. This position is ideal for a private equity attorney seeking to scale back their practice and increase their role in business development, marketing and management.

More details, after the jump.

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Harvard Law School HLS seal logo.gifWe’re not very popular lately. You don’t like our freelance writing, you don’t like our photo selection, you don’t like our YLS coverage.
That’s fine; as longtime bloggers, we’re used to criticism. One of our favorite quotes is by Samuel Johnson: “I would rather be attacked than unnoticed.” As long as ATL’s traffic keeps climbing — which it has been consistently since launching a year ago, hitting a record high last month — we can deal with snarky and critical comments (each of which is another page view for us). If we can dish it, we can take it.
Anyway, if any of you are interested in how we do our job — which seems to be a lot of you, since apparently everyone has opinions about how ATL should be run — you might be interested in a recent interview we did, with Andrea Saenz of the Harvard Law Record.
Topics covered include Feldsuk, the Nixon Peabody song controversy, the clerkship application process, and general career advice. You can check it out here.
Above the Law Gets Down with the Record [Harvard Law Record]

Here’s the latest Job of the Week from Lateral Link, ATL’s career partner:

Company: Eclipse Aviation

Title: Vice President, General Counsel and Corporate Secretary

Description: This Albuquerque, NM-based company, which makes personal passenger planes, seeks a General Counsel to head overall management of the legal and regulatory functions within the Company and to oversee all legal aspects of its anticipated public offering, including legal compliance with SEC and NASDAQ/NYSE registration and all subsequent reporting requirements. Company is willing to relocate qualified candidate from anywhere in USA to Albuquerque, NM.

More details, after the jump.

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New York Observer logo Above the Law blog.jpgWe have to step away for a bit. But we’ll leave you with some food for thought (and argument): a piece we just wrote for the New York Observer, timed to coincide with fall interview season, about New York law firms. Here’s a brief excerpt:

“[J]ust as certain sleeve cuts are all the rage at Fashion Week, some law firms are “hot”—and some are not. Having interviewed with firms exactly 10 years ago, I was curious: Who is this fall’s “It” Firm?”

We expect that many of you will disagree with our conclusions, condemn us as ill-informed or biased (or both), etc. That’s okay. Our point is to provoke. We’d like to become for the law firm world what Michael Riedel is to theatre: “Post columnist Michael Riedel’s gleeful skewering of Broadway’s shows and personages has made him a must read—and a must-hate—on the Great White Way.”
You can read the full column over here. It’s the first in what’s going to be a semimonthly column we’ll be writing for the Observer on New York lawyers and law firms. Enjoy (we think).
Polish Those Portfolios! Legal Eaglets Seek Their Nests [New York Observer]

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