Partner departures from the fast-sinking Dewey & LeBoeuf have reached a point where it’s difficult to track them in real time. We’ll focus our coverage on the biggest defections. There are multiple other resources for monitoring all the moves, the latest being the Wall Street Journal’s interactive graphic. (Similar trackers are available from Am Law Daily and Thomson Reuters.)
Last week, an internal memo gave Dewey partners the green light to consider “alternative opportunities” with other law firms. Many partners have availed themselves of that permission, with dozens of partners leaving the firm since the memo’s issuance. According to Thomson Reuters, about 150 of Dewey’s 300 partners have resigned since the start of 2012.
And now one of Dewey’s leaders — the chair of the firm’s Global Litigation Department, and a member of the multi-partner Office of the Chairman — is departing. Where is he going?
As usual, various UPDATES — including news of another departure by a department head and Chairman’s Office member, and additional details of litigators on the move — after the jump.
The law firm of Dewey & LeBoeuf, which is currently fighting for its life, might have good news to report — and we’re happy to share it with you. It seems that LeBoeuf is not yet cooked.
As we’ve previously mentioned, tomorrow, April 30, was supposed to be the deadline for Dewey to reach a new deal with its syndicate of bank lenders. The firm owes its banks a reported $75 million pursuant to a $100 million revolving line of credit.
So what’s the latest — and relatively upbeat — news about Dewey?
UPDATE (4:30 PM): Additional, less cheerful Dewey updates — about the talks with Greenberg Traurig, and about embattled ex-chairman Steven H. Davis — have been added after the jump.
UPDATE (6:00 PM): More Dewey debt news — good news, happily — has been added below.
On Thursday morning, while talking to my therapist — no, not the People’s Therapist — I mentioned that I’ve been quite busy at work these days, covering the fast-moving story of a law firm implosion. I started to explain, but he interrupted.
“You mean Dewey?” he asked. “I know all about it. An old friend of mine is a partner there. He just asked me for a referral.”
Sign #1 that a law firm story has gone mainstream: your shrink knows about it. Sign #2: it’s getting covered by esteemed general-interest outlets like Slate and the Economist. (In Slate, Reynolds Holding argues that the experience of Ruden McClosky, the Florida firm that pulled off the bankruptcy-cum-merger maneuver last year, could provide helpful lessons for Dewey.)
Aside from a report that some partners want criminal charges brought against chairman Steven H. Davis, as noted in Morning Docket, things have been relatively quiet on the Dewey front over the past day or two. Perhaps too quiet, for some people….
In August of 2009, while driving around Silicon Valley after speaking at Santa Clara Law, I saw an office park in East Palo Alto with a sign that jumped out at me. Being a Biglaw groupie, I stopped and snapped a picture:
I parked, got out of my rental car, and walked around. I was struck by the beauty of the overall office complex, with its expansive plaza, immaculate landscaping, and fountains. It was a veritable law firm Xanadu!
Are justices of the U.S. Supreme Court gods, or men? There’s evidence on both sides. Their brilliant legal minds and dazzling résumés weigh in favor of deity designation. Their ability to make mistakes suggests that they’re mere mortals.
Critics of the legal-education industrial complex would probably like to see some radical changes in the U.S. law school system. They’d probably want a few dozen law schools to shut down entirely, to reduce the glut of lawyers in this country. Barring that, they might want to see law schools reduce tuition dramatically — not just freeze tuition, which some schools are already doing, but make an outright cut in the sticker price of a J.D.
Alas, expecting such changes isn’t terribly realistic. Law school deans and law professors aren’t going to willingly reduce their salaries or send themselves into unemployment — and why should they? Despite all the warnings about the risk involved in taking on six figures of debt to acquire a law degree, demand for the product they’re selling, legal education, remains robust (even if it’s showing signs of abating).
Interestingly enough, however, we’re seeing some law schools cutting their production (of graduates, of J.D. degrees)….
I should have written about this days ago, but the pain was still too near to me. The humans have lost to the machines. We might as well start digging towards the Earth’s core, where it’s still warm, and start building our own Zion.
That’s just what the machines want you to think. Teaching a computer to understand the subtle nuances of trivia — the puns, the innuendos, the ordering of information — is frightening. It’s a lot different than writing an algorithm that allows a machine to work through all possible chess moves and pick the correct one.
It makes you wonder: “What else could a computer be taught to do?” Over at the WSJ Law Blog, Ashby Jones wonders if the answer might be, “Your job”….
* Ashby Jones asks: Is it time for stricter regulation of law schools and the information they disclose (or don’t disclose)? In other words, “Should Congress gin up the Law Student Truth in Education Act of 2011?” [WSJ Law Blog]
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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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