Some former partners of the dearly departed Dewey & LeBoeuf claim that the firm could have survived if not so many partners had defected in the final months. The wishful thinking theory of these Dewey defenders is that if the firm could have held on to more of its top rainmakers, the plan of paying everyone back (slowly) and waiting for work to pick up might have succeeded.
Perhaps learning from Dewey, the leaders of embattled Patton Boggs have been trying to get partners to commit to staying as the firm restructures. Not long ago, managing partner Edward Newberry declared that about 90 percent of the firm’s partners agreed to stick around.
But 90 percent is not 100 percent. Today brings word of more Patton partners headed for the exits. How many? Who are they? And where are they going?
* Scared of an audit, were we? With the unsealing of the case against Dewey’s former finance director comes greater insight into what was really going on behind the scenes at the failed firm. [DealBook / New York Times]
* The American Bar Association is willing pay up to $15,000 to organizations that match unemployed law grads with jobs to serve the legal needs of the poor. So, how much do the poor law grads get paid? [National Law Journal]
* Tenure may be “under fire,” but law professors are fighting back — and hard — because law school deans seem unwilling to speak up on their behalf. Let’s face facts though, tenure isn’t going anywhere. [Forbes]
* It figures one of the faces of America’s $1 trillion of outstanding student loan debt is a lawyer. Hey, heavily indebted lawyers make great headlines and even better first paragraphs. [Big Story / Associated Press]
* Jordan Graham, the newlywed who pushed her husband of eight days off a cliff, was sentenced to serve 30 years in prison. Protip: an annulment would’ve been a better option than second-degree murder. [CNN]
Go watch Penn Law students beat the crap out of Wharton MBA students. Yay!
* The Biglaw firm that Chris Christie hired to investigate Chris Christie and the Bridgegate scandal has concluded that Chris Christie did nothing wrong. Phew, Chris Christie couldn’t haven seen that one coming. [BuzzFeed]
* If you were an attorney on the D.C. Circuit case where counsel received an unexpected benchslap for excessive use of acronyms, would you have said OMG WTF, or LOL NBD? Choose wisely, unless you DGAF. [Legal Writing Pro]
* BTW, the D.C. Circuit doesn’t so much forbid the use of uncommon acronyms as much as it requires that a glossary be used to define them. Too bad iPads have killed glossaries. [Maryland Appellate Blog]
* An American failed chef in Paris: One of Lat’s friends from back in the day when he was at Wachtell took a very circuitous route to becoming the first American partner at a top French firm. [The Deal Pipeline]
* If you care at all about how well women and minority law students are represented on law reviews, then you’ll want to come to this important event. I’ll be there, and hope to see you there, too! [Ms. JD]
* It’s getting hot in herre, but please keep on your clothes. Students from Penn Law REALLY want you to know about this weekend’s boxing event. Nelly will be at the after party. [Wharton vs. Law: Fight Night]
Ed. note: Please welcome Above the Law’s new poet-in-residence, Qui Tam. You can read the rest of his law-related poetry over here.
I realize the title of this column may seem a little incongruous given it is not even published on a Friday, but I hope this week’s efforts are nevertheless relevant for many lawyers, for whom TGIF is pretty much meaningless anyway…
Earlier this week, we mentioned that Manhattan District Attorney Cyrus Vance was interested in unsealing the criminal case filed against Dewey & LeBouef’s former executives. Such a move would have the potential to reveal the identities of the “secret seven” — the finance folks who turned to the authorities after things at the failed firm went sour.
Today, documents in the case are slowly being unsealed, and we’ve got info on those who squealed to law enforcement. Get your fill of schadenfreude here…
* The federal judiciary is hiring for staff and public defender positions lost during the government’s sequestration throughout the better part of last year. Ready, aim, fire those résumés! [Legal Times]
* New York Biglaw firms always manage to find their way to the top of the Am Law 100 rankings. When all’s said and done, being so close to Wall Street definitely has its perks. [Bloomberg Businessweek]
* Absolutely no one should be alarmed about the fact that Kasowitz Benson’s profits per partner have dropped by 15 percent — well, no one but the equity partners, that is. Have fun with that. [Am Law Daily]
* The managing partner of Jacoby & Meyers is worried people will think his personal injury firm is going under, not Jacoby & Meyers Bankruptcy. Either way, those commercials won’t die. [New York Law Journal]
* A professor at George Mason University Law was pepper sprayed IN THE FAAAAAACE by an unknown assailant in his classroom yesterday afternoon. We’ll obvious have more on this story later. [ARLNow]
* La Verne is the first law school to offer flat-rate tuition. There will be no scholarships and no discounts. Students will pay $25K/year, nothing more, nothing less. This is, dare we say, wise. [National Law Journal]
* “Passion over pension.” Mekka Don, the Weil Gotshal corporate lit attorney turned rapper, just released his first CD, and it’s all about leaving Biglaw to follow his dreams. Go buy it here (affiliate link). [MTV]
* After forcing Solicitor General Donald Verrilli to acknowledge that the Affordable Care Act could force for-profit corporations to pay for employees’ abortions, Chief Justice John Roberts seemed rather pleased with himself. [New York Times]
* Sidley Austin just hired a major M&A heavy hitter away from General Electric’s legal department. Congratulations to Chris Barbuto. We suppose he can make it rain as outside counsel now. [DealBook / New York Times]
* Because there’s no time too soon for an ambulance airplane chaser, the beginnings of the first lawsuit lodged against Malaysian Air after Flight 370′s probable crash was filed in court yesterday. [Bloomberg]
* UC Hastings and Iowa are the latest law schools to offer 3+3 accelerated degree programs. What a great recruiting tool for Iowa, which recently saw enrollment levels plunge by 40 percent. [National Law Journal]
* One month after the internet exploded with rumors of Gwyneth Paltrow having an affair with entertainment lawyer Kevin Yorn, the star announced her split from her husband. Coincidence? [New York Daily News]
I think we’ve long known that law is a refuge for people who are afraid of numbers. People who are good at math don’t borrow hundreds of thousands of dollars for a shot at winning the bi-modal salary distribution lottery and a job that they’ll most likely hate. I don’t think we needed a longitudinal survey to show that.
Studying law is hard, and your financial success is somewhat directly tied to the amount of hours you work. A banker can earn money in his sleep. A lawyer has only 24 hours in a day to bill. If your family makes a lot of money, aren’t you supposed to get an anthropology degree and work for an NGO? Why would you slum it with the social climbers trying to get into the upper middle class, one deal sheet at a time?
As we noted in Morning Docket, there’s a new survey out about corporate America’s legal spending in 2013. As noted by Am Law Daily, the LegalView Index “is based on actual dollars paid by clients, not on surveys of law firms” — so perhaps it’s more reliable than many of the other studies.
What does the survey say? Here are some highlights:
When we last checked in with the beleaguered law firm of Patton Boggs, things were looking… dicey. The firm was losing more partners — some due to layoffs, some due to defections — and firm leaders were suspending their partnership draws (and asking their fellow partners to do the same; yikes).
But today we actually have some positive news to share about Patton Boggs. Here comes the cavalry!
Which major law firm just signed a letter of intent with Patton Boggs regarding a possible merger?
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.