Although Am Law and ATL covered the story first, the long spread in The New York Times alerted the whole world to the woes of Gregory Owens, a former Dewey partner who’s now a bankrupt non-equity partner at White & Case.
The legal blogosphere naturally lit up over this story, with Scott Greenfield dispensing his usual simple justice and the Volokh Conspirators (and their many commenters) debating Owens’ personal and professional worth.
But my emailbox filled up, too, with assorted reactions from people at all levels in the law. The most interesting rant — and the one I’m sharing with you today — came from a person who looks a lot like Owens; he or she is a non-equity partner at a Vault 50 firm who’s in his or her 50s. This person disagrees violently with the conventional wisdom about non-equity partners. My correspondent sings their praises and insists that both law firms and many law firm consultants terribly misjudge the value that non-equity partners provide to their firms. . . .
Let’s be honest: despite being the Biglaw version of the Titanic, the collapse of Dewey & LeBoeuf could have been worse. Even though the Dewey dissolution constituted the largest law firm collapse in history, many D&L lawyers and staff were able to find new employment. Even Steve Davis, the disgraced ex-chairman of Dewey, landed a new gig.
But not everyone emerged unscathed. Some attorneys and staffers never got back on their feet professionally. Many Dewey partners scored new positions, but not all of them took all of their people with them to their new firms.
And even some partners are still suffering. In fact, one former Dewey partner, now a partner at another major law firm, recently filed for personal bankruptcy….
(Please note the UPDATES at the end of this post.)
* Dewey think you should’ve signed up for the partnership contribution plan? That probably would’ve been wise. One of Dewey & LeBoeuf’s ex-service partners has been forced into Chapter 7 bankruptcy thanks to a clawback suit. [Am Law Daily]
* As long as the job market for new attorneys remains laughable, law schools will continue to make moves when it comes to deep tuition cuts. Say hello to a $30K drop in sticker price, Roger Williams University Law students. [WSJ Law Blog (sub. req.)]
* Syracuse Law’s class sizes keep getting smaller, but it was “strategically managed” — just like the new law building was financially strategically managed on the backs of alumni and their tuition. [Daily Orange]
* A trial date was set for Dzhokhar Tsarnaev’s friends who allegedly tried to cover up his role in the Boston bombings. No word yet on whether any stupid girls have set up fan clubs for them. [National Law Journal]
* The curtains are finally closing on the King of Pop’s life: Lloyd’s of London settled its insurance suit with Michael Jackson’s estate, and Conrad Murray’s involuntary manslaughter conviction was upheld. [AP]
* Elizabeth Coker has announced she is seeking the office of Polk County Criminal District Attorney. While some may disagree, I think this is a great idea. She’s been directing the litigation strategies of prosecutors for some time now. So why does a judge drummed out of office for texting prosecutors think she should go back into public service? Prayer. Of course. [Polk County Today]
* Judge Steven Rhodes is overseeing the Detroit bankruptcy. He’s not taking any guff off anyone, including an investment banker who pledged that it was “very important” that his firm help the city, prompting Judge Rhodes to point out, “What’s very important to you is to make money.” He’s also a badass rhythm guitarist. [Associated Press via Yahoo!]
* A Colorado judge has declared that a discriminating baker can no longer prevent gay couples from buying wedding cakes. It’s unclear if he’s ordering the baker to stock those stupid plastic cake toppers in groom & groom format. [Consumerist]
* George Zimmerman’s girlfriend wants him out of jail. She originally told police that Zimmerman pointed a shotgun in her face. That’s Princess Bride-level true love s**t right there. [Slate]
* Michigan State celebrated putting Ohio State in its place by setting “at least 57 fires.” Can someone holding a sign encouraging people to “Burn the Couch” be held liable? A better question is whether West Virginia can sue Michigan State for stealing their hillbilly intellectual property? [PrawfsBlawg]
* Sadly, Akerman partner Richard Sharpstein was found dead in his home today. He was 63. [Daily Business Review]
* A few tipsters sent this one in. They claim it’s a law student acting like a jerk trying to buy cigarettes in a drug store. The sound is spotty, so none of us could figure out exactly what was going on, but it’s worth it for the guy who yells: “Yeah, tell him! Tell him when you were born!” Video after the jump….
* After its patent battle in the courts, Apple wants Samsung to pay for a portion of MoFo’s legal fees. When you think of it, $15.7 million is a rather piddling amount when full freight is $60 million. [The Recorder]
* Say goodbye to your pensions! As it turns out, law review articles aren’t so useless after all. Detroit’s foray into Chapter 9 eligibility is the brainchild of a Jones Day partner and associate duo. [Am Law Daily]
* It must be really stressful to plan a wedding when your defamation victory is on appeal to the Sixth Circuit. The latest chapter in the Sarah Jones v. TheDirty.com case could mean curtains for online speech. [AP]
* When it comes to their credit ratings, stand-alone law schools are getting screwed due to their inability to put asses in their empty seats. Four out of five schools profiled could be in big trouble. Which ones? [WSJ Law Blog (sub. req.)]
* “You need to not dress like that.” TMZ’s attorney, Jason Beckerman, is an alumnus of Kirkland & Ellis, and he was quickly advised by a producer that he needed to lose his lawyer duds. [California Lawyer]
* As a public service, here’s a very good guide about what criminal activities should NOT be talked about on Facebook. [Slate]
* It’s getting to that time of year when law students’ minds turn from finals preparation and towards the violent overthrow of the government. [McSweeney's]
* Finally, the full story on how reporter T.J. Quinn eavesdropped on Barry Bonds’s grand jury testimony without violating any laws. Go New York Daily News lawyers! [Deadspin]
* There allegedly was a female soldier prostitution ring at Fort Hood, lead by the unit’s sexual assault prevention officer. Now watch as somebody uses this to argue that women shouldn’t be in the military. [Gawker]
* Winners from Detroit’s bankruptcy filing include lawyers, don’t really include Detroit. [Am Law Daily]
* Here we go — proof that the internet is racist is coming. [Forbes]
* Rutgers-Camden Law has been fined and censured for allowing applicants to use something other than the LSAT without asking the ABA nicely if it could do so first. This is what the ABA cares about. Those are the questions they had for Rutgers. What was left off the list of ABA inquiries: Rutgers-Camden’s favorite color? [ABA Journal]
In an era when “disruption” is celebrated, the world of large law firms is one of the last redoubts of conventional wisdom. For a uniquely rule- and precedent-bound profession, this makes sense. Biglaw’s conventional wisdom has the added virtue of being reliable. For example, we can count on Cravath taking the lead — at least chronologically — on bonuses, and for DLA Piper to have the most random Third developing-world offices.
Another reflection of conventional wisdom is the way in which Biglaw lends itself to — and revels in — superlatives and rankings. There tends to be a generally acknowledged and perennially dominant player (or a few) in most practice areas: Wachtell Lipton for M&A, Weil Gotshal for Chapter 11 work, Patton Boggs for lobbying, and so forth. There’s no doubt that many worthy firms get overlooked.
Last year we took a look at which firms’ practice groups were considered “underrated” by peers in the field. Among the notable 2012 nominees: Cahill for corporate law, Arnold & Porter in litigation, and Proskauer for its bankruptcy and tax practices.
We wondered whether the same practice groups were still considered by practitioners to be unfairly underrated. Or are there other firms deserving more recognition?
This coming Friday, it is the inalienable right of all Americans to sleep off their hangovers, or riot at Walmart, or do anything at all rather than work for The Man. But Biglaw is a different country. As illustrated by Elie’s decision matrix, the “choice” of whether to work on this sacred day is, for the denizens of the law firm world, fraught with other pressures and expectations. We all know that Biglaw careers demand a Faustian bargain: in return for their fat paychecks (and bonuses?), lawyers are expected to work grueling, unpredictable hours. This time of year, that reality is brought into sharp relief: the “holiday season,” with those “family obligations” and so forth, is something that occurs elsewhere.
But law firm billable expectations are not homogeneous. There are significant differences across practice areas, seniority levels, and, of course, individual firms. So how do the various practices, employment statuses, and firms stack up?
* Justice Sonia Sotomayor thinks that the lack of diversity on the federal and state judiciaries poses a “huge danger,” one that might even be greater than her complete inability to dance. [Blog of Legal Times]
* Because “love [shouldn't be] relegated to a second-class status for any citizen in our country,” Illinois is now the 16th state in the U.S. to have legalized same-sex marriage. Congratulations and welcome! [CNN]
* “His discrimination claim was not about discrimination.” After only 2.5 hours deliberating, the jury reached a verdict in John Ray III v. Ropes & Gray, and the Biglaw firm came out on top. [National Law Journal]
* One thing’s for sure: big city bankruptcies ain’t cheap. Detroit has paid about $11 million to Jones Day, emergency manager Kevyn Orr’s former firm, since this whole process kicked off. [Detroit Free Press]
* Baylor Law is being overrun by a colony of feral cats. Someone please tell the administration these kitties can’t be used as therapy animals before finals — students will have their faces clawed off. [Baylor Lariat]
The Dewey nightmare continues for non-settling partners.
Many former partners of now-defunct Dewey & LeBoeuf signed up to join the “Partner Contribution Plan” that was hatched during the law firm’s bankruptcy case. The gist of the Plan: pay a certain sum (which varied from partner to partner) into the pot, and win a release from any future Dewey-related liability.
The main appeal of the Plan was finality, a way of putting the entire Dewey debacle in the rearview mirror. And that appeal was strong: more than 400 ex-partners agreed to the Plan, which freed them up to focus on their post-Dewey lives at new firms.
But a minority of former partners refused to sign on. A lawsuit filed last week against one ex-partner reveals what lies in store for them….
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 seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.