* Will adjudicate for food? With a little more than one week until the end of the fiscal year, the federal judiciary is facing down a “worst-case scenario” with respect to its budget. [National Law Journal (sub. req.)]
* An unremarkable percentage of firms are led by women lawyers, but Kim Koopersmith of Akin Gump awaits a day when being a first woman in law won’t be “newsworthy.” [Capital Business / Washington Post]
* Law firm merger mania, Heartland edition: Stinson Morrison Hecker did the do-si-do with Leonard Street & Deinard and will promenade home as Stinson Leonard Street in January. [WSJ Law Blog (sub. req.)]
* Hearts are breaking on either side of the nationwide same-sex marriage debate, and county clerks are bearing the brunt of all the complaints. When will all states “bit[e] the bullet” and legalize it? [Reuters]
* “The last time I went into court, I was wearing something that I got at Goodwill.” It turns out even geniuses are stupid enough to rack up hundreds of thousands of dollars in law school debt. [Los Angeles Times]
Today, we turn toward Texas. Texas is beloved here at ATL as an apparently bottomless source of colorful legal news. The state is a frequent battleground for high profileconstitutional fights while also generating a steady stream of tabloid fodder, from “judges behaving badly” to “tragic homicidal mayhem.” (Of course, there’s also the running joke among the ATL commentariat that, for what a New York Biglaw associate pays for his cramped studio apartment, one can buy a 3,500-square-foot wife house in Texas.)
But of course this is a limited, distorted view of the legal industry in Texas. Texas is a huge, diverse state with a relatively strong economy and a unique legal culture. Biglaw firms thrive in all three major cities, both local outposts of national firms, or more significantly, Texas-bred firms such as Baker Botts and Vinson & Elkins. Our ATL Insider Survey (13,000+ responses and going strong, thanks), asks attorneys at firms to evaluate their employers in terms of compensation, hours, training, morale, and culture. After the jump, we’ll look at how firms in Texas stack up in these categories — and how they compare to the national averages…
The committee voted 10-8 to approve Millett’s nomination. Take a guess what all the voters had in common? Yes, the 10 Democrats voted “Aye” and the 8 Republicans voted “Nay.” Yet even while voting her down, the Republicans went out of their way to note that Millett was qualified for the post, but opposed her on the bogus argument Senator Grassley has been pushing that the D.C. Circuit is “underworked.”
During the hearings, Senator Grassley cited two anonymous letters, presumably from D.C. Circuit judges, to support his stance. Sounding very “Secret Plan to End the Vietnam War,” the anonymous poll felt very unscientific and shady.
Now we’ve got a hold of the secret survey Grassley sent judges. It’s as entertaining as his Tweets…
* Hiring a Supreme Court clerk might not be worth a $500,000 gamble for some Biglaw firms. Some will take that sweet sign-on bonus and remove their golden handcuffs before a year is out. [Capital Comment / Washingtonian]
* Akin Gump partner and D.C. Circuit nominee Patricia Millett won approval from the Senate Judiciary Committee by a margin of 10-8 along party lines, and now her nomination will head to the full Senate for a vote. [Huffington Post]
* President Obama nominated Michelle Friedland and John Owens, two young Munger Tolles & Olson partners, for seats on the Ninth Circuit. If confirmed, that’ll make three partners from the same firm on the bench. [The Recorder]
* Sorry, law firms, but it’s no longer cool to inflate hourly billing rates for contract attorneys when you pay them substantially less. You can thank Ted Frank for this judicial revelation. [WSJ Law Blog]
* The ABA Task Force on the Future of Legal Education thinks that just about everything having to do with law schools is “deeply flawed” and needs “serious re-engineering.” How comforting. [ABA Journal]
* Law School Transparency is willing to assist schools with the reporting of their ABA post-graduation job placement statistics, for a price. How much is integrity worth these days? [National Law Journal]
* For $25K, Casey Anthony’s bankruptcy trustee won’t make her sell the worldwide rights to her story — like her theory of the crime she was acquitted of, it “exists solely within [her] mind.” [Sun-Sentinel]
* The cop who became a global internet meme for pepper spraying protesters at Berkeley Davis is now appealing for worker’s comp, arguing that he suffered psychiatric injury. Pray for him. [Lawyers, Guns & Money]
* Ariel Castro has pleaded guilty. Professor Douglas Berman suggests that the death penalty may have made this possible. An alternative theory is that Castro doesn’t think being locked up in a tiny space for years on end is all that bad. [Sentencing Law and Policy]
* Lawyer arrested for bringing meth into a courthouse. I’d say “better call Saul,” but this sounds more like something Saul would do. [Press Democrat]
* An Akin Gump partner, James Meggesto, is in hot water for Tweeting his disdain for a congressman and a Native American chief. For the record, when a tweet opens with “Resisting urge to tweet…”, you’ve failed. [Politico]
* This story actually reminds me of the plot to the new BSG series — a networked house can easily be hacked by cylons. Or in this case, Kashmir Hill. [Forbes]
* New York’s energy regulations are increasing demand for energy-efficient solutions. The most efficient thing about my apartment is finally getting a break in the heat. [Breaking Energy]
If you’re a law firm managing partner, the captain of a Biglaw ship, have you done all that you can to make sure your vessel is as seaworthy as possible? You don’t want your ship to suffer the fate of the S.S. Dewey.
Some steps are easy and obvious. Conduct layoffs of unneeded associates, whether openly or stealthily. Offer buyouts to surplus support staff (or lay them off, if feeling less generous). Usher underperforming partners towards the exit, to lower the denominator for your profit per partner figure; keeping PPP high reduces the likelihood of crippling defections and helps you attract star laterals.
Those are the basic moves, which everyone is doing. For something that’s a little more challenging, a maneuver that might even impress the East German judge in its level of difficulty, you can play with your partnership capital structure….
* Akin Gump partner Patricia Millett is willing to take a whopping pay cut to serve on the D.C. Circuit — from $1MM to $184K — and for that alone she should be confirmed ASAP. [National Law Journal]
* With the number of law firm mergers in the last six months alone, we’re on a “potentially record-setting pace” for 2013. Hey, look at it this way: it’s cheaper than hiring and firing laterals. [Am Law Daily]
* According to the Bureau of Labor Statistics, in June, the legal industry lost more jobs than it has in a single month since June 2011. Congrats, Class of 2013! welcome to the real world. [Am Law Daily]
* In its defense, Standard & Poor’s claims its ratings were puffery, and that no reasonable investor would rely on them. Aww, poor widdle “sophisticated consumers of [investment information].” [Bloomberg]
* For those of you practicing personal injury law in New York, this case is a bombshell. If you want to put the whole insurance industry on trial, follow the action here. [New York Personal Injury Law Blog]
* Sarah Jones, the ex-cheerleader who sued TheDirty.com for defamation, was back in federal court yesterday for the beginning of her case’s retrial. What a way to start an engagement. [ABC News]
This year has seen a grim procession of law firm layoff news, which seemed to pick up momentum just yesterday with the Weil Gotshal lawyer layoffs and the Jones Day staff cuts. Are we looking at a 2008 redux, or is this just a bump in the road as the economy makes its slow recovery?
The Weil news was particularly stunning. If any firm seemed poised to thrive in the post-recession “new normal,” it was Weil, with its diversified practices and hegemonic restructuring group. Alas, with yesterday’s news of Weil’s decision to cut 7% of its associates and slash annual compensation for 10% of its partners by hundreds of thousands of dollars, it is clear that Biglaw job security is a thing of the past.
Let’s explore the reasons behind law firm layoffs, review a chronology of recent reductions, and obtain your views through a reader survey….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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: