So, the Apple v. Samsung trial is on break for one more day, but that doesn’t mean the digital drama is fading. The trial has become ubiquitous in the news. We’ve got a clip from Conan O’Brien mocking opining on the proceedings… or more specifically, Samsung. And we’ve got word that another Quinn Emanuel partner is in the hotseat.
UPDATE (5:09 PM): We have added Quinn Emanuel’s official response to the newest controversy at the end of this post. It’s a doozy.
In the meantime, one news outlet is heralding the case as the trial of the century, while another says the outcome is irrelevant anyway. So let’s take a step back and think about what it all means…
Some associates at Quinn Emanuel are a tad grumpy these days. But here are three items to cheer them up:
1. Profits per partner clear $3 million. As we previously reported in these pages, some QE associates were rather unhappy with their bonuses. But look on the bright side: stingy bonuses mean more money once you make partner.
As reported by Zusha Elinson in the Recorder:
Quinn Emanuel Urquhart Oliver & Hedges continued its screaming ascent in 2007 with financial results that should put a scare into the most profitable New York firms.
The Los Angeles-based litigation shop reported that profits per partner hit the $3 million mark last year — a height surpassed by only three firms on the Am Law 100 list for 2006.
“That’s Wachtell country,” said Ronald Beard, a law firm consultant with the Zeughauser Group, referring to the highly profitable New York deal shop Wachtell, Lipton, Rosen & Katz.
Managing partner John Quinn offered a rebuttal to the bonus complaints:
The financial results didn’t prevent some associates from complaining about their bonuses. Legal blog Above the Law reported griping that the firm unexpectedly drew the line for full year-end bonuses at 2,100 hours, 100 hours more than the previous year.
Quinn said that decisions about bonuses are made at the end of the year, not beforehand, and that 2,100 was “not necessarily” a bright line. He added that Quinn associates were given a special bonus this year on top of the normal ones, matching a move made by only a few elite New York firms.
“If [Quinn associates] are not the most highly paid, they’re among the most highly paid in the country,” Quinn said. “Any suggestion that the firm has done really, really well and the associates haven’t shared is false.”
We have a rebuttal to the rebuttal from a disgruntled associate. Check it out — but caveat lector, this tipster may have an ax to grind — after the jump. Update: Note the many defenders of the firm in the comments. Not all associates are whiny bee-atches!
2. Susan Estrich is in da house. Quinn seems to have a weakness for high-powered litigatrices. Already home to former Stanford Law dean Kathleen Sullivan, the firm just added Susan Estrich, who joins as Of Counsel in the Los Angeles office. From one associate:
Susan Estrich just joined our firm. Classic.
Now when I watch Fox News at home, I’ll hear plugs of work.
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…