Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.
There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.
Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….
* Mississippi’s “personhood” ballot measure could ban not only abortion, but birth control, too. This is supposed to “protect women.” Protect women from what, their right to choose? [Huffington Post]
* This defense attorney has seen plenty of big cases before, but this may be his biggest one yet. Paul Bergrin has been given the green light to represent himself in his own racketeering case. [The Record]
* More doctors are facing criminal charges than ever before. Here’s an idea: stop helping cultural icons (yes, this includes Anna Nicole) OD, and we’ll stop prosecuting you. [Thomson Reuters News & Insight]
* “One of the plaintiffs, Kyle Rooker, 14, has not declared his sexual orientation but . . . likes to wear glittery scarves and belt out Lady Gaga songs.” Most fabulous plaintiff ever? [New York Times]
* Why the hell does Baker & McKenzie think that its associates in Japan need spiritual guidance? Everyone knows that lawyers have no souls. [Careerist]
Without paralegals, legal assistants, legal secretaries, clerks, and receptionists, the entire Biglaw model could come to a screeching halt. Speaking as a former legal assistant and full-time law clerk, I know this for a fact.
For some attorneys, if members of the support staff weren’t there to assist, important letters would go unwritten, coffee mugs would go unfilled, pleadings would go unproofread, and envelopes would go unlicked. So attorneys, always treat staff members graciously and respectfully — you never know when you’ll need them to get you out of a bind.
All that being said, we were a little bit shocked when we learned about what is allegedly happening at one of the world’s largest law firms, Baker & McKenzie. Apparently some members of the support staff aren’t getting the kind of support they need….
* Baker & McKenzie is being sued for $600 million. First they were the inspiration for Philadelphia. Then they gave me a cold offer. Now this? Horrific mistakes, all. [Sports Money / Forbes]
* Meanwhile, Bingham McCutchen is preemptively suing Frank McCourt for letting them screw him over so badly. [Los Angeles Times]
* The middleman in the Matthew Kluger brouhaha, Kenneth Robinson, has pleaded guilty to securities fraud charges. No word yet on whether he is a gay dad. [Bloomberg]
* The Ninth Circuit ruled that the most controversial parts of the Arizona immigration law will remain blocked. [Washington Post]
* A man was fired from his job as a part-time urine monitor because he was born a woman. He’s suing (with help from Gibson Dunn), but has already found new employment. As a package handler. [New York Times]
* Speaking of packages, this employment discrimination lawsuit filed against a Dallas law firm is struggling with penis ID. [ABA Journal]
* NFL owners and players have been ordered into mediation by a federal judge. Who gives a sh*t? It’s a great band, it’s a bad band. It’s like pizza, baby! [ESPN]
And this year, there’s a new name at the top. Baker & McKenzie leapfrogged a number of firms to become the top-grossing law firm in the world (based on 2009 revenue numbers). Baker narrowly edged out Skadden for this honor.
Of course, Skadden people shouldn’t be ashamed of their second-place finish. Baker & McKenzie is huge: it leads the Am Law list of most lawyers by more than a thousand over its nearest rival, Clifford Chance. Skadden ranks #9 on the “most lawyers” list, with an attorney headcount that is almost doubled by Baker & McKenzie. Skadden gets to #2 in the revenue rankings by having a much higher revenue-per-lawyer figure.
Let’s take a look at the top ten in terms of revenue, and drool over these billion-dollar businesses…
We’re doing our annual march through the Vault prestige rankings, to give ATL readers the opportunity to have their say about perks and pitfalls at these firms. If your firm actually let you swap your Blackberry for your iPhone, brag here. Or if your firm has such a strong stench that it makes you nauseous, vent here.
We’ve been doing open threads in batches of ten, but now we’re going to pick up the pace. Here are the Vault #41 – 60. This is when the prestige list gets a little more geographically diverse, with firms based in Houston, Atlanta, Philadelphia, Palo Alto and even Pittsburgh:
Last week, MSNBC ran an alarmist article entitled “Details of 100 million Facebook users published online,” after a hacker security consultant compiled a list of the 171 million Facebook users who have their profiles set to show up in a public search. Any story these days with “Facebook” and “privacy” in it tends to set the Internet afire. Sometimes, the hysteria is warranted. (And when I say “sometimes,” I actually mean “rarely.” People join the social network to be social and share information, after all.)
In this case, especially, the hysteria really wasn’t warranted. The list contained people’s names, addresses, Facebook profile urls, and in some cases, phone numbers. Next time Verizon drops off my new White Pages, I expect MSNBC to break a huge, angry story about it.
The file with Facebook users’ info was available for download on the security consultant’s site. Gizmodo was able to figure out the IP addresses of people downloading the file, and published a list of the many companies that appeared to be interested in the info. Among them were three law firms: Davis Polk, O’Melveny & Myers, and Baker & McKenzie. Quite a few ATL readers have sent this our way. Said one tipster:
I understand what a corporation which markets a product or non-legal service might be doing with this kind of data, but what purpose can it serve for a law firm? All the data collected was publicly available, but the whole thing is a little shady. Maybe ATL can figure out what their plans are for using all this information.
Okay, let’s take the conspiracy theories down a notch….
Baker & McKenzie’s incoming class of 2009 can no longer fool themselves. If they haven’t started at the firm by now, they are never going to start.
Back in September, we reported that 12 of the 18 members of the 2009 Baker & McKenzie class still waiting to start had been re-deferred until June. At the time, Baker gave these people an ominous warning (emphasis added):
Starting in January, 5k stipend plus benefits for up to six months. at ANY time during six months, MAY get a call from b&m, have 1-2 weeks to report to work, but absent a major bump in work, not likely to happen. If after June, no call from b&m, “the relationship will end.”
Well, it’s June, and it appears that the relationship between Baker & McKenzie and 11 of the 12 re-deferred incoming associates has, in fact, ended…
Over the last 24 hours, there have been some managing partner shake-ups at some notable large law firms. Let’s tackle the news in Vault order. First up: Baker & McKenzie.
The firm has gone international to find its next managing partner. The WSJ Law Blog reports:
[I]f anyone had any doubts about the firm’s commitment to its international presence, consider this: It recently elected São Paulo partner Eduardo Leite as the next chairman of the firm’s eight-person executive committee…
Leite represents the firm’s first Latin American chair. And we can’t think of any other U.S.-based law firm that’s picked someone based in Latin America to lead it.
You can access the various charts via this portal page. Aric Press and Greg Mulligan summarize the results:
It could have been worse. That’s the best that can be said for the performance last year of The Am Law 100, the top-grossing law firms in the nation. Three of the four key categories we’ve measured for 25 years — gross revenue, head count, and revenue per lawyer — fell, while profits per equity partner (PPP) barely increased by 0.3 percent, or $3,463, to $1.26 million.
So PPP was basically stable in 2009 — not a bad result given the continuing economic weakness last year. Perhaps law firm partners are better business managers than they get credit for?
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.