Boutique Law Firms

On the “Our Professionals” section of its website, Finnegan Henderson boasts that it has “375 lawyers focused on IP.” It may be time to revise that downward: “371 lawyers focused on IP.”

Last night, the high-powered, intellectual-property-focused firm announced four notable partner departures. The Finnegan partners in question practice in the generally hot area of IP litigation (although we’ve heard anecdotal reports of cooling, including stealth layoffs of IP litigators — see here and here).

Who are the departing Finnegan partners, and where are they going?

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I have in my office a framed print of the classic New Yorker cartoon: “You have a pretty good case, Mr. Pitkin. How much justice can you afford?” I often find myself referring to the cartoon when talking to prospective clients.

JUMP to find out why…

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Tom Wallerstein

Last week, I was having a business lunch at Michael Chiarello’s Coqueta overlooking the San Francisco Bay. (Those who know me won’t be surprised that I managed to combine a business meeting with some good eats. I’ll save my restaurant review for another time, or you can read it on OpenTable.)

Anyway, my lunch was with a partner at Leason Ellis, a thriving IP boutique in New York. The firm is a boutique in that the lawyers are specialists in intellectual property; as far as I know, that is their only practice area. But within that subject matter, they have both a litigation and transactional practice. Conversely, with limited exceptions, my own firm has remained a litigation-only boutique since it was founded four years ago. We handle a wide range of subject matters, but only do litigation within those subjects.

What are the pros and cons of running a litigation-only shop? Why haven’t we added a robust transactional practice as well?

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Tom Wallerstein

Next week my firm will celebrate its fourth anniversary. I can’t believe it has been that long. It seems like yesterday that I was sitting at my desk at Quinn Emanuel, thinking about cases worth millions of dollars but still too small to be economically handled by traditional Biglaw firms. I wondered if I might try to serve a growing market hungry for less expensive but still high-quality litigation. Not long thereafter I was conspiring with my partner over the details, drafting business plans, and conducting informal marketing surveys.

As my firm approaches its fourth anniversary, it’s interesting for me to think back to my early plans and consider what worked, and what did not. What happened as I predicted or hoped, and what was unexpected…

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Justice Sonia Sotomayor has earned millions of dollars in royalties from her bestselling book, My Beloved World (affiliate link). Maybe it’s time for her to upgrade from that perfectly nice but far from lavish D.C. condo.

But she’s still far from being able to purchase the home of her former boss, George Pavia, who hired Sotomayor after she left the Manhattan District Attorney’s office (and later promoted her to partner). The patrician Pavia, managing partner of the Pavia & Harcourt boutique firm, just sold his magnificent townhouse on the Upper East Side for $19.5 million.

Pavia’s former residence is an elegant five-story, red-brick, neo-Georgian townhouse. It sits on a quiet, tree-lined block between Fifth and Madison Avenues, just steps away from Central Park and luxury shopping.

It would be many a Manhattanite’s dream home. But it actually comes with a nightmarish history….

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Tom Wallerstein

By the time I graduated from law school in 1999, I had become rather risk-averse. For example, several of my friends were excited to enter the dot.com world with hopes of becoming uber-wealthy. I eschewed those prospects for the security of a more regular, albeit more modest, Biglaw paycheck. Eighty thousand per year struck me then (and now) as a generous starting salary.

Of course, forming and managing a new law firm is a risky business proposition. But to the extent that I now am fully responsible for generating my own work, I feel like I actually have greater job security than I did when I was beholden to working for other rainmakers on their cases. So even though starting a firm was risky, it didn’t really portend a fundamental shift in my natural inclination to prefer security over risks even if that means foregoing potentially bigger gains.

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Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.

Next in our series on a taxonomy of law firms are the capital-markets centric firms.

If you think this moniker roughly translates to the classic New York white shoe elite, move to the head of the class.

But, as much in our world at the start of the 21st Century, it’s not exactly that simple. Here’s what’s different about these firms.

First, recall that we’ve hypothesized seven primary species…

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Stanley M. Chesley

People have strong opinions about Stan Chesley, the high-profile, hugely successful plaintiffs’ lawyer — or former plaintiffs’ lawyer, since he recently got disbarred in Kentucky and gave up his law license in Ohio (in a retirement application that was notarized by his wife, federal judge Susan Dlott). Here are some choice comments about Chesley, nicknamed the “Prince of Torts” and “Master of Disaster”:

  • “[A]n opportunist and just a nasty son of a bitch.”
  • “[W]hat [Chesley] does is evil.”
  • “The ultimate grotesque, exaggerated perversion of what it means to be a lawyer.”
  • “He has balls as big as brass bells.”

And those bells are still ringing. Stan Chesley might not be back in the courtroom, but he’s back in the headlines in Ohio….

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Tom Wallerstein

A law school friend told me about a deposition he defended in Waco, Texas, where the temperature reached 105 degrees. At the time, my friend Geoff was an associate at a stuffy BigLaw firm, and there was never any doubt that he was required to wear a suit. And especially because the deposition was videotaped, the witness did, too.

Plaintiffs’ counsel was the owner of a smallish firm in Florida and he showed up wearing shorts, sandals and a short-sleeved polo shirt.

When they arrived at the deposition location, Geoff and his witness were dismayed to learn that the air conditioning wasn’t working. As the day progressed, the conference room grew increasingly warm. By late morning, the witness was restless and hot and kept firing glances across the room to the dormant air conditioner. The video was priceless; every answer was punctuated by the witness sweating and mopping his forehead. Geoff told me later that he thought his witness looked like he was lying even when he wasn’t.

Learn the truth about Geoff’s deposition…

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Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.

We humans like to put things in categories.

And while we can get it plain wrong, or mix up two categories benignly or malignly, there’s no question our propensity for categorization — from friend or foe and food to poison, to Linnaeus, to the periodic table, to the Dewey decimal system — has gotten us a long way on the planet so far.

So today we launch our own taxonomy of law firms….

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