* It’s apparently time to pay your fair share. Obama wants to close the pesky tax loophole that’s allowed rich professionals, like lawyers, to get away with being rich professionals for so long. [Legal Times]
* On this episode of As the Weil Turns, we take a look at the firm’s tumbling gross revenue, profits per partner, revenue per lawyer, and headcount. Don’t worry, Weil’s just “repositioning.” [Am Law Daily]
* The American Bar Association released the dirt on 1L enrollment declines at law schools nationwide, and some schools got totally massacred. Pray yours wasn’t one of them. [National Law Journal]
* “[T]hey’d probably make the school year longer and bring the cost up for each year.” We sure hope these pre-law students aren’t right about the dubious cost factor behind the two-year law degree. [The Hoya]
* Who owns the copyright to the Oscar selfie? Does it belong to Ellen DeGeneres, or Bradley Cooper? If you want to get technical about it (and you do, you’re a lawyer), check out this legal round-up. [The Wire]
For those of you who haven’t tuned out Jarndyce v. JarndyceChevron Corp. v. Donziger, the never-ending litigation between oil giant Chevron and plaintiffs’ lawyer Steven Donziger, today brings some news. It shouldn’t come as any surprise to those who have been following the case, but Judge Lewis Kaplan (S.D.N.Y.) just ruled in favor of Chevron, enjoining Donziger and his Ecuadorean-villager clients from trying to enforce here in the United States the multi-billion-dollar pollution judgment they secured against Chevron in Ecuador — a judgment that was the result of fraud, according to Judge Kaplan. (Links to coverage and to the parties’ reactions to the ruling appear at the end of this post.)
The Chevron/Ecuador case is one of those matters that’s most interesting to those who are actually involved in it; to the rest of us, it’s a lot of noise. Speaking for myself, I’m interested in only two aspects of it: (1) its impact on the revenue and profit of Gibson Dunn, which has been litigating the case aggressively on behalf of Chevron, and (2) its meaning for the deeply troubled law firm of Patton Boggs, which made the ill-advised decision to align itself with the Ecuadorean village people.
In a media call this afternoon that I joined, Chevron’s general counsel, R. Hewitt Pate, declined to discuss the size of the company’s legal fees in the litigation. So we’ll have to focus on that second item: the bog that is Patton Boggs. Which right now looks like the Lago Agrio oil field, prior to remediation….
You learn a lot of lessons practicing in Biglaw. A big one is that you can never be prepared enough. There is always another opinion of your presiding judge to read, or a brief drafted by your opponent in an earlier case to review. Anyone who makes it more than a few years in Biglaw learns that lesson. But as much as preparation is valued, and pursued with fervor as an ideal onto itself, there is absolutely no way for even the most idealistic Biglaw recruit to fully appreciate what they are getting themselves into.
As many know, law school itself has little to teach about the realities of Biglaw, other than to idealize it as a fantasy land of big paychecks and “interesting work.” And everyone’s Biglaw experience is so unique that anecdotal tidbits are of limited utility. Does the professor, who so proudly includes on his resume a two year stint as a M&A associate at a white-shoe firm two decades ago, have much actionable advice to give a graduating 3L headed for a first-year post at even that same firm? Not really, except to perhaps suggest that the best type of relationship with that firm is one where it is your former employer….
* Things seem to be getting worse and worse over at Patton Boggs. Sure, the firm is trying to shack up with Squire Sanders, but Chevron/Ecuador lawsuit engineer James Tyrell may soon lead a new brigade of defectors out the door. [Businessweek]
* Morgan Lewis & Bockius just poached its first chief operating officer from a rival Biglaw firm. Anthony Licata most recently served as COO at Dechert, so we have a feeling he’ll do just fine at his new home in Philly. Congratulations! [Law 360 (sub. req.)]
* It’s a whole lot easier to get into law school these days, especially when some of the new admissions requirements including having a pulse and the ability to sign loan documents. Case in point: 42% percent of applicants were accepted at this “top-tier” school last year. [GW Hatchet]
* Just saying, but if you “dislike stressful, busy work environments,” the time to determine if law school was right for you was before you actually went to law school. [Law Admissions Lowdown / U.S. News]
It’s always a little jarring when someone uses a big news event to bore down deeper into their own bizarre area of interest. Take, for instance, the Newtown massacre. While most news organizations were digging deep into the social, psychological, and political ramifications of the horror, ESPN reported on what it all meant to Jimmie Johnson. Or Rick Pitino’s stance on gun control. A White Sox relief pitcher made a trip to Newtown, and ESPN was there. Now, I don’t begrudge ESPN’s attempt to report the massacre through the prism of sports. The combination of seemingly disparate news elements sometimes yields interesting insights. But sometimes it just yields one more story about stock car racing. So it goes.
Now that all of the introductories are dispensed with, we can get to the question that’s been nagging all of you for an entire week. Or more!
What does the recent unpleasantness in Ukraine have to do with law firm rankings? And which Biglaw firms have the best presence in Ukraine? I’m glad you asked…
But I’m really thinking about business development and, as I often do in my navel-gazing columns, simply using myself as a case study.
I graduated from law school in 1983 and published my first article (in California Lawyer) in 1986. (I’d provide a link to the article, but I’m afraid the internet didn’t exist way back when. The article was a thriller, though; trust me: “Reviewing the Unreviewable: Obtaining Appellate Review of Federal Trial Court Remand Orders.”)
Because I was a young man, I was quick to hope: I’d published an article! My phone would naturally start ringing off the hook within the next few weeks! I’d be deploying my novel thesis in cases left and right, and the partners at my firm would be dumbstruck by my ability to develop business! Life of Riley, here I come!
Because I was quick to hope, I was easily deceived: Publishing one short article — even an article with a pretty decent thesis in a journal with a fairly large circulation — does not generate new business.
* If your firm has not yet given in to the demands of corporate clients for more reasonable billing structures, please be aware that a) your firm is behind the times, and b) you better be prepared to get your white shoes scuffed. [Boston Globe]
* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2014 Acritas Brand Index survey, Skadden is the firm on everyone’s mind — for the third year in a row. They must be doing something right. Congrats! [Am Law Daily]
* Trendspotting: Because fast-growing technology equals fast-growing money when it comes to the law, LeClairRyan is the first second firm in the U.S. to open up a drone practice group. [Richmond Times-Dispatch]
* Bachelorette-in-waiting Andi Dorfman was granted an unpaid leave of absence from her job as an ADA to star in this summer’s edition of the reality show. We guess her boss gave her career a rose. [Daily Report]
* For the first time ever, someone managed to record secret video footage at SCOTUS during oral arguments — and, of course, it’s secret video footage of the McCutcheon protestor’s outburst. You can check it out after the jump. [Reuters]
* After a brief hospitalization yesterday, Attorney General Eric Holder was discharged from the hospital with a clean bill of health. It looks like he won’t have to go to one of those Obamacare death panels after all! [Washington Post]
* “The trajectory of an associate in a law firm has changed irreversibly.” Ain’t that the truth. But seriously, what happened to all of the Biglaw lawyers who were Lathamed way back in 2009? Here are some of their stories. [Am Law Daily]
* More law schools are trying to convince students to attend by offering scholarships. Tulsa will toss you cash if you’re from the sticks, and TJSL will guarantee you money if you’re smart. [National Law Journal]
* A trial date has been set for accused Colorado movie theater shooter James Holmes. Get ready to see this crazy face on HLN 24 hours a day while Nancy Grace offers her ever insightful commentary. [CNN]
(Keep reading to see the now legendary Supreme Court oral argument protest footage.)
I wasn’t surprised at all. I’ve lost so much of my health trying to prove this connection. As a journalist, I felt satisfied. I could finally prove the theories I had put forward. As a man, I felt I had been lied to. I was holding in my hand proof. It was the feeling of a scientist who has proven his theory with evidence.
– Serhi Scherbyna, the editor of The Insider, upon the discovery of documents revealing what he called “irrefutable proof” linking a coal trading enterprise that won billions in government contracts to the company that managed the Ukrainian presidential estate. These documents, discovered in the abandoned residence of the deposed prosecutor general, Viktor Pshonka, included an early draft of a Skadden Arps report marked up by Ukrainian officials pushing for even more sympathetic treatment of the trial against Prime Minister Yulia V. Tymoshenko.
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
The “Legal” world versus the “legal” world. The actual practice of law versus the construction of practices and firms. These are diametrically different disciplines, and while the demand for “Legal” work influences the “legal” world phenomenon of lateral hiring, many other market conditions dictate demand and compensation for partners.
Partners are often sequestered from the tedious details of the lateral market and, consequently, they often undersell themselves to firms and subsequently become underpaid. If you’re a partner looking to make a move, here are 5 beginner’s tips to maximize your lateral partner compensation package:
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