The first quarter of 2014 was relatively good for large law firms. But that hasn’t stopped major firms from trimming their ranks. In fact, some of the strong performance in the first quarter appears to be attributable to prudent management of expenses — including employee compensation.
This week brings word of still more layoffs. The latest reduction is sizable, affecting about 40 employees.
Which firm is making the cuts, and what is the mix between lawyers and staffers?
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….
Earlier this week, we reported that salary cuts have spread to the Pacific Northwest. Now it appears that the salary cutting craze has migrated to the Southwest. Surely, our territories in Guam will be next.
The Phoenix based firm Snell & Wilmer has cut associate salaries by 10%. Above the Law received this statement from the firm:
We held meetings with our associates in each of our offices on Tuesday, June 16, announced the following, and answered associates’ questions:
* Associates’ salaries will be reduced 10% across the board, effective with associates’ July 15, 2009, paychecks; and
* Snell & Wilmer will be paying performance-based bonuses later this year.
We have obtained a letter that Snell & Wilmer partner Tracy Fowler sent to Judge Dale Kimball (D. Utah) concerning Timestampgate.
Our source for the letter expressed the following opinion (opinion! opinion! no verifiable statement of fact!):
Attached is a letter Tracy Fowler sent to Judge Kimball explaining that he is “shocked and embarrassed” that his firm was caught for the SECOND time [allegedly] trying to deceive the court. Not surprisingly, Fowler claims to have no knowledge of what transpired and assures the court that Snell & Wilmer is undertaking a thorough investigation.
The fact that the letter came from Fowler, the partner on the case in question, rather than the managing partner of Snell & Wilmer is kind of like the fox assuring the farmer that he will conduct a thorough investigation into the hens missing from the hen house.
We hope you noticed the colorful rhetoric and hyperbole employed by our source’s “hen house” comparison — which, as noted, is merely opinion (opinion! opinion! no verifiable statement of fact!).
One could hold a very different opinion based on the same facts. For example, one could argue that it was most logical for the letter to come from Tracy Fowler, rather than some other Snell & Wilmer partner, because Fowler is lead counsel in this case.
Okay, enough preliminaries. The letter appears after the jump.
Last week, we did an item on Judge Dale Kimball (D. Utah) benchslapping some Snell & Wilmer lawyers for allegedly engaging in questionable conduct involving the court’s time stamp machine and outside drop box.
Yesterday the WSJ Law Blog put up a post on the controversy. Most of their post will be familiar to readers of our earlier item. But here’s a new tidbit they unearthed:
The Law Blog spoke with Alan Sullivan, managing partner of Snell & Wilmer’s Salt Lake City office, who said that his law firm took responsibility for the improperly dated court filings. He also confirmed said that a Snell & Wilmer associate staffed on the Yamaha matter resigned from the law firm on Friday.
A question: Was the associate in question entirely responsible for the alleged conduct? Or did partner Tracy Fowler, who remains at Snell & Wilmer, know anything about it?
In case you’re curious, we believe that this individual is the associate who resigned last week. Her bio on the Snell & Wilmer website was functional as of Friday, but it has since been taken down. If you go to where her bio used to be, you’re informed that “the current record has been deleted.”
Thank God for Google Cache and Archive.org. For those of you who are curious — nobody’s forcing you to look at it — a screenshot of this associate’s bio appears after the jump.
Dying for just a few extra days on that brief? Ever thought about trying to game that little date stamp machine outside the court house?
The attached order has been causing some buzz here in Salt Lake City. Judge Dale Kimball is not exactly a divo, but I love this order, not only for the slimy behavior of the Snell & Wilmer attorneys that got totally busted (check the docket for the exact attorney names), but also for the clever detective work by the court staff.
This is a good lesson. And a great example of an attorney getting benchslapped!
Here’s the first page of the order:
And now it’s time for this court to rip counsel a new one. The rest of order follows after the jump.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: