Boutique Law Firms

It used to be that the world of corporate transactions was the sole province of Biglaw. After all, handling complex matters like mergers and acquisitions required manpower and overhead — and lots of it. Well-paid junior associates were an integral part of the process, and the costs of doing business were driven by corporate clients’ expectations of grandiose reception areas and white-glove treatment as proof of both commitment and excellence.

These days, however, technology has leveled the playing field, making it possible for boutique law firms to compete with Biglaw in ways never before possible. Many of these boutique firms, comprised of Biglaw lawyers seeking to practice law on their own terms, have sprung up in the wake of large-firm mergers and dissolutions. Creative thinking and the innovative use of technology have been the keys to their success, allowing these boutiques to reduce overhead costs and run their practices more effectively and efficiently, saving their clients time and money.

Don’t believe me? Well, look no further than Bailey Duquette, a Manhattan-based boutique law firm….

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Let’s start with a definition. Merriam-Webster defines “autonomy” as “the state of existing or acting separately from others.” Meaning you have the proverbial “control over your own destiny,” or put another way, are not dependent on others. In many respects, complete autonomy is a fiction for a lawyer. We are all dependent — on our clients, our partners, our firms. But lawyers still value autonomy. It may be elusive, particularly in Biglaw, but it is an important contributor to career satisfaction and performance.

In fact, earning a significant degree of autonomy was among the leading factors in making my Biglaw experience a positive one. Yes, I said earned, rather than “being granted” or “given.” In Biglaw, you need to carve out personal space for yourself. It is not something that is given. Nor does anyone tell you what you need to do to earn your measure of independence. At a very high level, it is necessary to project both confidence and competence — to your clients, peers, and superiors, at all times. If you are successful, and earn some autonomy, there is a higher likelihood that you will be happy in your Biglaw job. Imagine that.

Perhaps surprisingly, your Biglaw firm actually wants you to have a degree of autonomy….

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Whether you practice in Biglaw or a boutique, knowing how to email is a critical skill. In fact, the quality of a lawyer’s emails is an excellent indicator of that lawyer’s future career prospects (excepting those lawyers fortunate to be born with a guaranteed multimillion-dollar book of business through family connections). This should not be a surprise, considering how email is the single most used form of communication for lawyers. Yes, technology has liberated us from a full day’s work (with the help of a secretary) in order to prepare what would now be considered a routine client communication in the form of a fancy letter. But the need for a similar level of care in preparing today’s written communications has not changed. Show me an associate’s emails, and I (along with other former or current Biglaw partners) will have a very respectable success rate in guessing whether or not the associate is partnership material, even in the absence of other information about the author.

I have sent many thousands of emails in my legal career. I do not know how many of them would have been considered “good” emails, but I’d like to think that most of them were. I was fortunate, since I worked for a partner who stressed to me early on the importance of sending “good” emails.

What is a “good” email?

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Juan Monteverde and Alexandra Marchuk

Marchuk v. Faruqi & Faruqi, the high-profile sexual harassment lawsuit filed by Alexandra Marchuk against her former firm and one of its most prominent partners, Juan Monteverde, rolls on. Back in January, we covered some of the salacious revelations contained in the summary judgment papers.

You know what would be even more juicy? A trial.

And that’s what we might be getting, in the wake of two blows just dealt to the defendants in this matter….

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Rengan Rajaratnam and Dan Gitner

It’s bad luck to get a haircut during trial.

Daniel Gitner of Lankler Siffert & Wohl, commenting on one of the personal grooming superstitions he forces those staffing cases with him to adopt. Gitner recently broke U.S. Attorney Preet Bharara’s winning streak in the successful prosecution of insider trading cases when his client, Rengan Rajaratnam, was acquitted. Gitner cut his hair after the trial concluded.

If you need it, build it. We needed help. And we saw an opportunity. So we took action, and now have another business as a result. I’ll explain. The need was simple. Because of our work with investors interested in understanding how patent litigation events impact on their investments, we found ourselves needing to monitor many active patent cases, in addition to the cases we were litigating ourselves. At one point, we considered hiring an intern to help with this specific task, at least during the trading day. But we quickly realized that solving this problem required a software-based solution. So we set out to build one. We looked for something available that would do the job, and failed to find anything useful.

Thanks in no small measure to the talent of our programmer, what we built worked. We were able to get automated alerts of new docket entries and opinions directly to our email. And we could do so for multiple cases, alleviating the concern that we would miss an important opinion. Because our clients tend to have sizable investments, there is a premium placed on our ability to let them know of litigation events quickly and to interpret those events for them, so that they could protect their positions or initiate new ones, based on the recently released publicly available information. As a fail-safe, we began having the alerts sent directly to subscribers of our consulting services. And now we have decided to offer it publicly (www.litigationalpha.com) to fellow lawyers, retail investors, and whoever else can benefit from automated alerts generated based off District Courts docket entries and opinions….

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Germany has won the World Cup. The final game was a low-scoring 1-0, but nonetheless a thrilling hair-puller of missed opportunities on both sides. The single goal, in minute 113, was an elegant, technically perfect two-touch volley — all the more impressive because it was delivered by a 22-year-old substitute who did not join the game until the second half.

The game was also a contrast of different playing styles. Argentina built its offence around a star striker, Lionel Messi, who was expected to execute a well-timed stroke of veritable futbol magic that would hopefully usher his country to its third World Cup victory. Backing him was a deep-sitting defense that repeatedly stifled German goal-scoring attempts, but was nevertheless not expected to score absent some Messi magic. By contrast, Germany lacked a superstar of the world-renown of Messi. Instead, its playing style prioritized short, deft, technical passing among the team as a whole. The victorious Germans carefully worked the ball through various mid-field channels until, eventually, it reached the back of the opponent’s net.

I am not an avid soccer fan, but like many Americans, I tune into the World Cup every four years. Who was I rooting for?

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The average high temperature for Houston in July is a scorching 94 degrees. It’s one hot legal market.

Figuratively as well as literally. Back in April, for example, we talked about Kirkland & Ellis opening a Houston office — and prying away partners with $5 million pay packages. You don’t need to be a high-powered partner to get in on the fun; even junior to midlevel associates are getting offered signing bonuses when they lateral.

And this hot market is only getting hotter. Who’s the latest major law firm to land in Space City?

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Patent litigators travel frequently. I addressed the topic back in early March. Travel can be tiring, or fun, or a combination of the two. And travel episodes are sometimes good for a laugh afterwards. Sometimes, you can even learn a business lesson or two from a travel experience. On a recent trip, I was reminded that trying to save some money can be costly in other ways. And while it is nice to be running a firm that is a cheaper alternative to Biglaw, there is no excuse for letting that price differential compromise the quality of our services. We don’t, and never will, but reminders of that principle do not hurt either.

A few months ago, Zach and I needed to make a trip to meet with a client and separately deal with an issue in one of our cases. When I was in Biglaw, both of the firms I worked for had in-house travel agents, and because of the nature of my practice, I got to know the actual agents pretty well. If I had a business trip, all it took was an email or phone call, and everything would be arranged based on my travel profile and preferences. The occasional “can you get me an earlier flight” or “flight cancelled, get me home” situation was often handled seamlessly as well. And while I was never in the “client is paying for it, so it’s first class for me” camp, I also never hesitated while at Biglaw to incur additional travel cost when there was a compelling business reason for it.

So if it cost a bit more to take a flight at a certain time of day, so be it — especially if flying at those times would make me more productive, i.e., capable of generating billable hours. Or if an upgrade that would allow me to get some much-needed rest was available for a moderate cost, I would take it. But I could not stomach employing some well-worn Biglaw travel tricks, such as always booking refundable full-fare tickets in coach to pretty much guarantee an upgrade. As the years went by, of course, increased client focus on expenses cut out some of the marginally abusive practices. It is hard to worry about securing an upgrade — when you are trying to get the client to pay for the trip in the first place.

Things are different now that I have my own boutique firm….

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On Monday, we noted the surprising news of a young partner leaving Wachtell Lipton to start his own boutique firm. Given the rarity of partner departures from the super-lucrative Wachtell, my colleague Staci Zaretsky described the news as “basically like seeing a unicorn.”

Why did Jeremy Goldstein, a 40-year-old partner in the firm’s executive-compensation practice, leave WLRK? The American Lawyer piece about Goldstein’s move painted a happy picture of a lawyer striking out on his own to be more entrepreneurial and to run his own business.

But we wonder if there’s more to this story than meets the eye….

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