Ed. note: This is the latest installment of The ATL Interrogatories. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Jim Maiwurm, chair and global CEO of Squire Sanders, has more than 30 years of experience as a business and transactional lawyer. His work involves the representation of a diverse range of businesses — from technology startups to Fortune 50 manufacturers — in private equity infusions, public offerings and sophisticated domestic and international acquisitions, dispositions, financings and joint ventures.
Voted ‘Mr. Congeniality’ by a panel of Biglaw partners.
The best competitions reward the winner with something related to their skill. If you win American Idol, you get a recording contract. On Project Runway, you get a clothing line. In the Hunger Games, you get to be alive.
Tying the tested skills to the ultimate reward is a concept so strikingly obvious that even we at Above the Law grasped the concept. In 2008, we held a competition among writers, which we called ATL Idol, and we hired the guy who won.
At Case Western Reserve University School of Law, the Career Development Office has announced a “Job Idol” competition, to determine which lucky Case Western Spartan has the chops to earn a law firm job.
We had a similar competition when I went to school. It was called “Early Interview Week,” and the top 98 percent of competitors won a job.
So what do the winners get at Case Western? We have the official advertisement for the competition.
Is lateral partner hiring a game of musical chairs that law firms can’t win? Anecdotes about unsuccessful lateral hires abound. You hear stories about high-profile partners moving from Firm A to Firm B, often lured by huge guarantees, only to leave Firm B a few years later, after failing to integrate or deliver the expected business.
And some of the most successful firms in all the land, places with immense prestige and sky-high profits, do very little lateral hiring. Their refusal to engage in the lateral market hasn’t seemed to hurt them.
When it comes to lateral hiring, should firms “just say no”? Well, that’s not what’s actually happening in the marketplace. Last year, lateral partner hiring climbed, suggesting that it must be working out — at least for some firms….
We talk a lot here on Above the Law about the difficulties attorneys have in finding a work-life balance. Often Biglaw life becomes all work, all the time. Or sometimes, burned out attorneys run in the other direction entirely and open a bike shop, but it rarely feels like there is a viable in-between.
I’m inclined to say that if you have a passion, you should go for it, no matter what other people think. Lawyers should be allowed to wear different hats. Sometimes that means allegedly showing off your new boobs to co-workers. Sometimes it means making rap music.
And in one Ohio attorney’s case, it means writing, directing, producing, and starring in epically bizarre, Camelot-inspired heavy metal videos….
Say this for lawyers: they get around to things. Sure, the process might take a while, much longer than one would reasonably expect. But at the end of the day, lawyers do their paperwork.
Apparently, somebody at Squire Sanders in the U.K. has been catching up on old emails. Really old emails. Like, job application emails that were sent during the height of the recession.
I bet people who applied to Squire Sanders in 2009 thought that the firm had forgotten about them, but that is not the case! The firm just needed to get its ducks in a row. Now that it’s had time to full assess the economic landscape, the firm has decided that it’s no longer hiring….
Peter Crossley of Hammonds and James Maiwurm of Squire Sanders
A hot trend for the law firm world in 2010: transatlantic mergers. This year we’ve seen the creation of Hogan Lovells, from Hogan & Hartson and Lovells, and SNR Denton, from Sonnenschein and Denton Wilde. Today we learn of a third U.S./U.K. law firm merger: the combination of Squire, Sanders & Dempsey and the British firm of Hammonds, to form a behemoth with 1,275 lawyers in 37 offices and 17 countries (according to the merged firm’s new website).
The merger was approved by both partnerships over the weekend and will take effect on January 1, 2011. The combined entity will be in the top 25 firms by number of lawyers, with gross revenue of $625 million (based on 2009 figures).
As you may recall, not everyone was a fan of this merger. The famously outspoken John Quinn of Quinn Emanuel, for example, characterized it as “[t]wo rocks that think if they hug each other tight enough they won’t sink.”
But enough of the Debbie Downer sentiments. Let’s look at all the positive aspects of this transaction, shall we?
You can’t get two clicks into the legal blogosphere today without seeing a repackaged press release from Sidley Austin. Here’s one of the headlines we received today, which blares louder than a New York City fire engine stuck in mid-tier midtown traffic:
Sidley Austin LLP has received 20 first-tier national rankings in the inaugural U.S.News – Best Lawyers “Best Law Firms” survey, the most of any U.S. law firm.
Okay Sidley, we hear you; congratulations. Maybe you and Lady Gaga should confer and figure out how to get U.S. News to rank music video award shows.
Meanwhile, if you’ve spent any time clicking around the U.S. News law firm rankings since they went live last night (no, I haven’t really slept), you’ll notice that Sidley doesn’t seem to show up in the bottom right corner of the page under the heading “Featured Firm.” Instead of Sidley (or any of the other firms that garnered many first-tier practice area mentions), if you keep clicking refresh — I’ve done that about 100 times in the last hour, via multiple Firefox tabs — you see a bunch of firms that are outside the Am Law 100. And Squire Sanders.
Why aren’t the most well-respected firms the “featured” ones? The answer is obvious: the featured firms bought ads with U.S. News. Which begs the question: just how is U.S. News making money off of this exhaustive gambit into the law firm rankings market?
Since we last checked in on him on Twitter, John Quinn — founding partner of litigation powerhouse Quinn Emanuel, and one of the nation’s ‘s top business litigators — has gained about 200 followers. And if he keeps tweeting in such insightful, funny, and brutally candid fashion, his following — right now he’s at 665 followers — will only grow.
Squire, Sanders & Dempsey already deferred its incoming class of 2009 to January 2010. Yesterday, the firm informed half of those incoming associates that they were getting the Bird — i.e., the firm indefinitely deferred half of its incoming class.
But before the firm decides what it will do with half of its incoming associates, Squire Sanders needs to make a decision about whether to keep its current associates. SSD’s chairman, James J. Maiwurm, told associates to expect layoffs over the next 45 days.
Above the Law has received the official Squire Sanders statement. Take a look after the jump.
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: firstname.lastname@example.org.
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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