Biglaw

Corporate Counsel just released its annual list of the law firms that Fortune 500 companies utilize as outside counsel (as noted in Morning Docket). Not surprisingly, the nation’s biggest corporations turn to some of the biggest names in Biglaw for legal services.

But as we noted last year, the most-mentioned firms aren’t necessarily the most prestigious or the most profitable. The rankings prioritize quantity, and they’re dominated by firms that excel in a particular practice area. See if you can guess which one….

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Michael Allen

Ed. note: This is the latest installment in a series of posts 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 stories about Biglaw over the past five years have been grim, but a closer inspection shows that despite a cacophony of daily doomsday stories from The New Republic, the Wisconsin Law Review, The Atlantic and other publications of varying quality, the future of Biglaw looks promising.

The size of modern-day, Am Law 100 firms allows them to downsize or expand as the market conditions dictate, but as a profession of perception, firms have to handle RIFs with care. Partners and clients might go next door if they doubt the capabilities of the firm. I have worked with partners before who moved simply because the perception of their firm’s stability was questioned by their clients….

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Bruce Stachenfeld

This is a continuation of the article I published in ATL two weeks ago. My previous article gave my view that the profitability metric of “Profits Per Partner” becomes in effect a master (rather than a servant) and is destructive and a root cause of some serious problems for Biglaw. In this article, I put forth a different way of doing business.

A long time ago, we at Duval & Stachenfeld decided that we would not make partnership decisions in our law firm based on a “numbers game.” Instead, we would look at the quality of the associates, and if they were qualified, we would make them partners irrespective of the effect that had on our firm economics. We have stuck to that view rigorously.

Over time we came to some realizations:

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As we have chronicled in these pages, technology is transforming all facets of the legal profession. It’s changing the way that litigators conduct discovery and try cases (and the way that judges decide those cases). It’s changing the way that transactional attorneys do deals.

And it’s changing the way that lawyers get hired. One new startup, Lateral.ly, provides an example of how technology could make a difference.

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Everybody in the Canadian legal profession knows that international firms Baker & McKenzie, Norton Rose and Dentons have set up shop in Canada. Baker & McKenzie has actually been in Toronto since 1962. Norton Rose absorbed the venerable Ogilvy Renault in 2011 before conquering the west by merging with energy powerhouse MacLeod Dixon in 2012. Dentons made its Canadian play in 2013 by merging with another long-established firm, Fraser Milner.

But how many people realize that there are several other prominent U.S./international firms working somewhat under the radar in the Canadian market? Powerhouses like Paul Weiss, Shearman & Sterling and Skadden Arps all have small Canadian offices where they service mostly American clients. Similarly, Dorsey & Whitney, Hodgson Russ, Dickinson Wright, Fragomen, and Clyde and Co. all have small Canadian presences.

By my count, that’s eleven U.S./international firms that have a real footprint in Canada, which leads to this question: why aren’t there more? Canada is a G8 nation with a strong economy. Our citizens are warm and friendly. We wear deodorant. Why have you forsaken us, international law firms?

Here’s what I dug up:

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Since I began my job search, I have read many books and articles on how to find a job. Most of them gave the usual tried and true advice — meet people and learn new skills — with some variation. And to prove their points, they include cool and heartwarming anecdotal stories.

But I have also been given awful job search tips. They typically revolve around a story about someone who uses a gimmick to get the attention of an employer. One thing leads to another and the applicant is hired over the many others who had better grades and work experience. The success story is passed off as advice because it worked in his particular case in very unusual conditions.

After the jump, I will discuss some of the worst job advice I have been given.

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* Uh oh! The Second Circuit is having a copy/paste problem in that it copied and pasted the wrong legal standard into twelve of its immigration opinions from 2008 to 2012. Embarrassing. [WSJ Law Blog]

* Am Law named the grand prize winners of the magazine’s Global Legal Awards for the best cross-border work in corporate, finance, disputes, and citizenship. Was your firm honored? [Am Law Daily]

* An attorney at this Louisiana law firm was apparently attacked by a co-worker’s husband who claimed that the lawyer was behind his cuckolding. We may have more on this later. [Louisiana Record]

* A computer systems engineer at Wilson Sonsini has been charged with insider trading. This is the second time in three years that an employee from the firm has been charged with this crime. [Bloomberg]

* The best way to navigate common mistakes in the LSAT logical reasoning section is to display your logical reasoning capabilities by not taking the LSAT right now. [Law Admissions Lowdown / U.S. News]

There’s no Biglaw intercity rivalry that can match the one between London’s venerable Magic Circle and New York’s elite white-shoe firms. Both groups of firms are the clear alpha dogs in their markets, attracting the top talent and most lucrative clients.

There are, however, some significant differences between the two groups in how they operate. For example, U.K. firms tend to follow a lockstep (rather than “eat what you kill”) compensation model. Last month, friend of ATL Bruce MacEwen took a deep dive into the relative performance over the last several years of the Magic Circle firms versus their New York cousins. The piece is highly recommended: it’s chock-full of data, and its findings suggest the groups are moving in different directions….

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A former colleague told me he spent the first few years of his career as a “soldier” for one of the powerful partners at his firm, and was ultimately driven to jump laterally at least in part to get out from under the guy’s thumb. It turns out the use of the word “soldier” wasn’t strictly a military allusion, meant [semi-] humorously to connote mindless devotion, but was actually intended more in the Sopranos vein. Or so it seemed to me anyway. Note I’ve also cast an aspersion on fraternities here, unapologetically…

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In the not-so-new normal, clients continue to refuse to pay full freight for inexperienced first-year attorneys to work on their legal matters — or, as one law firm recently mused, “client demand for first year associates has declined.”

What’s a Biglaw firm to do?

It seems that one firm has found a pretty good solution to this problem: make someone else hire those lawyers to work as junior in-house lawyers, and then bring them into the fold as associates after they’ve gained some real-world experience.

Which Biglaw firm has teamed up with a big bank — the biggest bank in the U.S. — for this program?

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