Bankruptcy

O Canada!

* Secrets secrets are no fun, secrets secrets hurt someone: Chief Justice Roberts named two judges to two secret courts. Congrats to Judges Boasberg and Tallman. [Legal Times]

* Bankruptcy just got a lot more fabulous. AG Eric Holder announced that the government would extend recognition of same-sex couples in federal legal matters. [New York Times]

* With reports of firms’ financials beginning to trickle out, partners are getting anxious. No one wants to be the next Dewey — or the next Gregory Owens. [Am Law Daily]

* This is the second year in a row that Greenberg Traurig has posted financial declines. Perhaps the firm started its lower pay, non-partner track residency program for a reason. Something to think about. [Daily Business Review]

* “It’s our duty as partners to help.” Law students articling at the recently dissolved Heenan Blaikie are learning a lesson in Canadian collegiality. The firm is trying to help them get new jobs. [Montreal Gazette]

* Speaking of Heenan Blaikie, we’re hearing chatter that the firm’s talks with DLA Piper may be in trouble. HB says the talks they’re off, but DLA says they’re ongoing. Hmm, that sounds dramatic. [WSJ Law Blog]

* “It’s a very L.A. thing. We’ll see how long it lasts.” If you had to choose, you’d probably go to Dumb Starbucks over Starbucks. Order a Dumb Frappuccino before they get a C&D letter. [Los Angeles Times]

* According to Justice Kagan, Justice Ginsburg “is responsible for eliminating sex discrimination from American law.” Whoa, that’s a nice thought, but let’s not get ahead of ourselves with wishful thinking. [New York Law Journal]

* After handing out pink slips staff, Heenan Blaikie lawyers sat down and voted to dissolve the Canadian firm’s partnership and wind up its business. It’s kind of like Dewey, but with maple syrup! [Legal Post / Financial Post]

* Jack W. Butler, the bankruptcy bigwig who managed to negotiate the American Airlines / US Airways merger, will leave his home at Skadden Arps after 23 years and head to Hilco Global. [DealBook / New York Times]

* Vermont Law School has partnered with several historically black colleges and universities in order to put warm bodies in empty seats promote the expansion of racial diversity in the legal profession. [VT Digger]

* David Savner, a corporate partner at Jenner & Block, recently donated $1 million to his alma mater, Northwestern Law, to fund a high-tech classroom. It must be nice to be rich. [Crain's Chicago Business]

* The ABA Journal wants to know what the “oddest” elective course you ever took in law school was. If you took a “Law and _____” class and didn’t get an “A,” you should hang your head in shame. [ABA Journal]

Ascension to Biglaw partnership demands, obviously and above all, an enormous amount of first-rate legal work, in addition to political savvy, endurance, timing, and luck. A would-be partner’s chosen practice area also undoubtedly plays no small role. If firm leadership believes that there will be a spate of major Chapter 11 filings or trademark litigations on the horizon, obviously that will redound to the benefit of the potential bankruptcy or IP partners (although, as recent news reflects, partnership isn’t necessarily the lucrative, secure lifetime position it once was).

Late last year, ATL took a close look at the newly minted partner classes for the Vault 10 firms. Despite the great profitability and prestige of this select group, it is difficult to draw conclusions about the general direction of the legal market from the composition of these partnership classes. First of all, this is a small sample size. Second, we are witnessing an important shift in the allocation of the business within the market. A recent AdvanceLaw survey of general counsel at major global corporations found that three-quarters of general counsel were inclined to engage “less-pedigreed” firms (e.g., outside the Vault 10 or Magic Circle) for “high stakes” legal work. This survey of GCs (including those from Google, Nike, 3M, Unilever and Deutsche Bank) indicated their willingness to engage firms lower down the Biglaw totem pole.

Because of the apparent diminishment of the brand value of the most historically prestigious firms, as well as the broader trends toward disaggregation and unbundling of legal services, one must account for a larger set of law firms in order to see the fullest picture of the market for high-end legal services. With that in mind, today we look at the practice areas of the entire Biglaw partnership class of 2013….

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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. . . .

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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.)

double red triangle arrows Continue reading “Dewey Know A Biglaw Partner Driven Into Personal Bankruptcy By The Firm’s Collapse?”

* 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]

It just wouldn’t be prudent to let him back into society. (Image via Sunday Mercury)

* Remember the chimps seeking habeas? Well, bad news: they’re staying in custody, per an order from Judge Ralph A. Boniello III. Now their freedom is up to the Army of the 12 Monkeys. [Wired]

* 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]

* Proofreading law school exams. This article is aimed at law students, but maybe it should be directed toward a certain St. John’s professor… [Law School Toolbox]

* 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….

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Sarah Jones

* 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?

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