* The Am Law 200 rankings are out, and the difference between the First Hundred and Second Hundred Biglaw firms has been described as “stark.” Check out who made the grade here. [American Lawyer]
* Many Biglaw attorneys are sharks, but at Crowell & Moring, a firm with a duck as its mascot, at least they’ve got hearts. They’re awaiting the birth of little ducklings outside of their office. [Washington Post]
* Spyfall, Round Two: General David Petraeus, of CIA and sex scandal fame, is joining private equity company KKR & Co. with Williams & Connelly advising on his employment agreement. [Am Law Daily]
* Want to know at which law school you’ll get the biggest bang for your buck? Want to see which law school is best at financial efficiency? You may be surprised at some of the schools on this list. [Morse Code / U.S. News & World Report]
* No, silly, he wasn’t being an antisocial gunner, he just wasn’t old enough to go to the bar with you. Harvard Law recently graduated one of its youngest African-American students ever. [Boston Globe]
* A legal Hail Mary? Joe Paterno’s family, former Penn State football players, and select members of the school’s board of trustees are suing the NCAA over its Sandusky sanctions. [Legal Intelligencer]
* A woman is suing MAC after she allegedly picked up the gift that keeps on giving from Rihanna’s lipstick: herpes! Chris Brown, don’t hurt me for implying it was from Rihanna. [New York Daily News]
As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
Here at Above the Law, we’ve been writing about the “Biglaw boys’ club” for quite some time. According to the latest report compiled by the National Association of Women Lawyers, when it comes to firm life in the fast lane, women continue to have difficulty ascending to the ranks of firm leadership. In fact, that study concluded that in the Am Law 200, women hold only 20 percent of the positions on firm governance committees. What’s worse is that only four percent of Am Law 200 firms have a firmwide managing partner who’s a woman. So much for girl power.
But when it comes to Am Law 100 firms, the American Lawyer recently conducted a similar study, and the results were less than awe-inspiring — in their discussion of the results, the editorial staff go so far as to refer to it as “the law of small numbers.” Lovely. Apparently the glass ceiling is still strong in Biglaw.
So what does the leadership hierarchy look like for women in the Am Law 100? Let’s find out….
The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
Things have definitely changed since the summer associate days of yore. There are no more Aquagirls, no more lesbianic lip-locks, and no more Katten kreeps. These days, we’re looking at a group of law students who were so scared about being no-offered that they actually wished their firms would’ve worked them harder instead of forcing them to have mandatory fun.
At least that seems to be the conclusion to be drawn from the American Lawyer’s 2012 Summer Associate Survey. Am Law polled 4,138 interns at 138 firms about their summer experiences and used the results to rank 111 summer programs. Truth be told, it seems like they were too anxious to really enjoy their time as summers, because when asked to rank their “worry level” on a 1-to-5 scale, the average was higher than it has been since 2009′s summer of discontent.
But even so, the overall rankings were still pretty good. If you’re a law student trying to figure out where to spend your summer, you’re probably asking: which law firms came out with the highest scores?
The annual Am Law midlevel associate survey came out yesterday, and for the first time in years, satisfaction among third-, fourth-, and fifth-year associates seems to be up across the board. According to Am Law, this year’s average score across all firms was the highest it’s been since at least 2004.
But, as with all things in Biglaw, their happiness is relative. After all, these are the people who survived the worst of the layoffs, and the lucky few who managed to get a foot in the door during a time of reduced new associate hiring. Above all, these are the people who must be thanking their lucky stars that they weren’t midlevels at Dewey & LeBoeuf. They may have been working extremely hard on cases that were understaffed, but at least they were working.
Last year, my colleague Elie Mystal noted that the midlevels who were whining about their unhappiness were “missing the big picture” — that they’d be making serious bank for the rest of their lives if they remained in Biglaw. Given the results of this year’s survey, perhaps these midlevels have come to that very realization….
* Apparently spring bonuses don’t make the Biglaw world go ’round after all. The annual Am Law midlevel survey is out, and satisfaction levels are up across the board. Maybe they’re happy to still be employed. [American Lawyer]
* When Dewey get to retire this used up, old D&L pun? Probably around the same time as that Howrey joke — never. Oh, and the firm asked a bankruptcy judge to approve its $70M partner “clawback” plan. [WSJ Law Blog]
* Oh mon dieu, it’s time for some law firm merger mania! DLA Piper, the second-largest Biglaw behemoth, proposed to French firm Frieh Bouhenic, and of course, the corporate boutique said “oui.” [Legal Week]
* Judicial efficiency: Judge Robert Hinkle says he’ll block Florida’s regulations on voter registration groups just as soon as an appeals court boots the state’s arguments. [Bloomberg]
* Judge Kenneth Lester Jr. will step down as judge in the George Zimmerman case after using “disparaging” language in a bail order. Zimmerman’s probably hoping that the third judge will be the charm for him. [CNN]
Ed. note: This is the second column by Anonymous Partner based on his interview of a more-senior partner, “Old School Partner” (“OSP”). You can read the first column in the series here.
“It was a nice profession,” Old School Partner told me, especially for a senior partner at a white-shoe firm. Collegiality, interesting work, and a good living were his. Despite occasional internal dust-ups about compensation within the partnership, partners were generally content with what they were making.
But things were about to change, and what had been a guarded and close-knit segment of the legal profession was soon thrust into an unwanted spotlight. It was a “watershed” moment for partners.
The “watershed” that mucked things up? The launch of American Lawyer magazine….
As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.
In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.
Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.
The four attorneys who just jumped to DLA are John J. Altorelli and Alexander G. Fraser, who were partners at Dewey, and Patrick Costello and Gerald Francese, who were counsel. All four will be partners at DLA, and Altorelli will serve as co-chair of DLA’s U.S. finance practice, as well as a member of the executive committee. Although DLA is not a paradise, presumably the Dewey defectors determined DLA Piper to be more stable than Dewey (unless they took an “any port in a storm” approach, which is certainly possible).
In other Dewey news, the American Lawyer is revising the 2010 and 2011 financial results for Dewey — downward. And we’re hearing rumblings about some of the firm’s international offices….
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.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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