On multiple days over the past week or so, one of the top ten search terms bringing visitors to Above the Law has been K&L Gates. For whatever reason, people seem keenly interested in what’s going on right now at this major international law firm.
(But maybe we shouldn’t read too much into such queries. Also in the top ten search engine terms: “pictures of tacos.”)
So what is going on at K&L Gates? A significant amount of partner attrition, as various news outlets have recently pointed out….
* “I’ve been a restaurant waitress, a hotel hostess, a car parker, a nurse’s aide, a maid in a motel, a bookkeeper and a researcher.” This SCOTUS wife was well-prepared to give a graduation speech at New England Law. [Huffington Post]
* Sniffling over lost profits is the best way to get a court to take your side. Biglaw firms have asked the Second Circuit to consider reversing a decision in the Coudert Brothers “unfinished business” clawback case. [Legal Intelligencer]
* James Holmes, the alleged Aurora movie theater gunman, is being evicted from his apartment. Guess he didn’t know — or care — that booby-trapping the place with bombs would be against the terms of his lease. [Denver Post]
* The ABA has created a task force to study the future of legal education, and its work is expected to completed in 2014. ::rolleyes:: Oh, good thing they’re not in any kind of a hurry — there’s no need to rush. [ABA Journal]
* Indiana Tech, the little law school that nobody wants could, has hired its first faculty members. Thus far, the school has poached law professors from from West Virginia, Florida A&M, and Northern Illinois. [JD Journal]
* When divorces get weird: is this lawyer’s soon-to-be ex-wife hacking into his law firm email account and planning to publish privileged communications online? Yep, this is in Texas. [Unfair Park / Dallas Observer]
* Breast-feeding porn: yup, that’s a thing, so start Googling. A New Jersey mother is suing an Iowa production company after an instructional video she appeared in was spliced to create pornography. [Boston Globe]
* If someone from your school newspaper asks you for a quote about oral sex, and then you’re quoted in the subsequent article, you’re probably not going to win your invasion of privacy lawsuit. [National Law Journal]
* Bankruptcy blues: “No one is getting a free pass.” Howrey going to start clawing back all of that money from our former partners and their new firms? Dewey even want to get started with this failed firm’s D&L defectors? [Am Law Daily (sub. req.)]
* Way to show that you’ve got some Seoul: Ropes & Gray, Sheppard Mullin, and Clifford Chance were the first Biglaw firms to receive approval from the Korean Ministry of Justice to open the first foreign firm offices in South Korea. [Legal Week]
* This is supposed to represent an improvement? Pretty disappointing. The percentage of women holding state court judgeships increased by a whopping 0.7 percent over last year’s numbers. [National Law Journal]
* Throw your birth control pills in the air like confetti, because a judge tossed a lawsuit filed by seven states that tried to block the Affordable Care Act’s mandatory contraception coverage provision. [Lincoln Journal Star]
* “[S]omewhere along the way the guy forgot to tell the seller that he was working with the buyer.” Duane Morris was sued for negligence and breach of fiduciary duty for more than $192M. [Thomson Reuters News & Insight]
* Please don’t Google me, bitches. Brandon Hamilton, Louisville Law’s ex-assistant dean for admissions, resigned Monday after overpromising $2.4M in scholarship money to incoming law students. [Courier-Journal]
* A New Hampshire college is offering free tuition to students in their junior year if they combine their senior year with their first year at the Massachusetts School of Law. The catch? Mass Law is unaccredited. [NHPR]
The economy must be heating up, because lawyers are leaving their jobs to do all kinds of crazy things. I mean, maybe the legal economy is still crappy, since these people aren’t leaving for other legal jobs. But there must be a general sense of optimism if all of these people have decided to just “walk the Earth,” as it were.
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….
As we’ve been trying to tell people, paying associates less than a $160K starting salary is just not something that Biglaw firms should be doing. Everybody got very excited in 2009 when they thought that there was an opportunity to keep profits high by squeezing entry level associates, but it turns out that pay cuts were a short-sighted move. The vast majority of the Am Law 100 firms never left the $160K scale. The few who did are slowly coming back to the light.
Such is the case with Sheppard Mullin. A couple of weeks ago, we reported that Sheppard was still mucking around in the non-competitive $145K range. Today we’ve received word that Sheppard is doing the right thing by its junior associates and restoring the $160,000 starting salary…
The heady days of the “mutual assured destruction” approach to associate compensation by Biglaw firms are behind us. But some associates would still like to see how they are doing in comparison to their colleagues at other firms. A tipster recently wrote us:
Can you do a post requesting commenters to post grade schedules a la greedyassociates back in the day showing salary per year. This would make comparisons easier. I’ll start:
1st year 145K
then it gets vague with a range from 240-265K.
Some of this information is available in the firm profiles on the Above the Law Career Center. But as good greedy Sheppard-ite must know, comparing salaries is much more complicated these days due to some firms instituting merit-based compensation models.
WilmerHale is one of those firms. Yesterday, Wilmer released its projected salary structure for 2011. We’ll see if it’s a merit-based market leader…
It’s pretty tough being a first-year associate these days. You’re working hard, you’re terrified of getting Lathamed, and you can’t even complain, because everybody thinks you should be grateful to have a job.
But at least you don’t have to deal with bright and unbroken summer associates, rolling through your office with smoke billowing up their asses at every point. The recession has taken its toll on summer associate programs too.
At Sheppard Mullin, however, summer associates are actually making more money (per paycheck) than first-year associates. In fact, the summers are even making more than some second-year associates.
Here we are. The end of the Vault 100.
To be on the Vault 100 is to be a well-known firm. Sure, maybe not well-known to law students or junior associates who can’t see past the mountain of doc review boxes in their windowless conference rooms. But known to partners … and clients. Look down your nose at these firms if you wish, but remember the old African proverb: “The smallest elephant can still crush your Lexus.”
Here is the final batch of top law firms for discussion:
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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