Bruce MacEwen

The Best and the Brightest: Some Reflections on Entry-Level Law Firm Hiring

By Bruce MacEwen

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

As noted in the American Lawyer recently, the lateral recruiting boom of recent years continues unabated. As the Am Law article points out, “At the same time [as they’re focused on hiring lateral partners], firms appear to be homing in on their poor performers. Nine out of 10 survey respondents said their firm has ‘unprofitable’ partners, and seven out of 10 said their firms have partners at risk of being deequitized or ‘put on performance plans.’ As one survey respondent put it: ‘There are too many partners without sufficient billable work.’”

Now, wouldn’t you think it would make sense — if firms are worried about underperformers — to pay some attention to associates as well as partners? After all, some of those associates should, speaking theoretically at least, be your future partners.

Yet there’s unrebutted evidence that firms look at the wrong criteria when hiring associates….

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The Brave New World of Entry-Level Recruiting

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Greetings from San Francisco, home of the world champion Giants, surprisingly noisy trolley cars, and the faint smell of cannabis pretty much everywhere. We’re in town to attend Ark Group‘s conference on “The Brave New World of Entry-Level Recruiting,” which examines how the world of law student recruiting by firms has changed (and will continue to evolve) since the onset of the Great Recession. Moderated by Bruce MacEwen, who kicked off the proceedings by framing the day as an opportunity for “frank conversation” between schools and firms, the conference featured an absolute Murderers’ Row of industry thought leaders, including Orrick‘s Ralph Baxter, legal academia’s apostate Paul Campos, NALP’s Jim Leipold, Indiana/Maurer‘s Bill Henderson, three Biglaw hiring partners, and deans from Berkeley, Stanford, and Hastings.

Read on for some highlights and takeaways from yesterday’s conference.

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Non-Sequiturs: 08.21.12

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* “Kanye West, Kelly Clarkson, and Nietzsche (figuratively) walk into the Seventh Circuit Court of Appeals. Hilarity ensues.” [FindLaw]

* The EPA gets benchslapped by the D.C. Circuit. [Instapundit]

* What can law firms learn from… the Cheesecake Factory? Besides how to make people fat; Biglaw’s already great at that. [Adam Smith, Esq.]

* If you enjoy gambling or legal hypotheticals, check this out. [Legal Blog Watch]

* Professor Eugene Volokh examines the tricky tension between constitutionally protected speech and laws against blackmail. [Volokh Conspiracy]

Professor Ann Althouse

* Professor Howard Wasserman grades Representative Todd Akin’s apology for his “legitimate rape” remarks — and gives the congressman partial credit for “owning” it. [PrawfsBlawg]

* Meanwhile, Professor Ann Althouse wonders: “Would the Democrats oust one of their own because he said one thing wrong?” [Althouse]

* Don’t forget: tonight is the nomination deadline for our Lawyerly Lairs contest for the best law firm offices in America. [Above the Law]

* Our commenting platform, Disqus, is having issues — which may explain why comments are mysteriously disappearing from the site. We apologize for the problem, which we are investigating. [Disqus]

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Non-Sequiturs: 07.18.12

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* Dear ABA: could you please at least LOOK at what’s going on at Rutgers-Camden. We’ve already looked at their arguably misleading ads. Now Paul Campos has figured that the school may have been massively under-reporting the amount of debt people graduate with to the ABA (scroll down to Upate III). Seriously ABA, do one small part of your freaking job JUST ONCE. [Inside the Law School Scam]

* Here’s a great way to lower the cost of education: make books free. I mean, it’ll never, ever happen, but it’s a good idea. [CALI via Tax Prof Blog]

* Law students might need a bit of a refresher on supply and demand before they hit up fall recruiting. [Adam Smith Esq.]

* Legacy LeBoeuf retirees have also been screwed by the D&L fiasco. Boy, Dewey know how they feel. [WSJ Law Blog]

* Should we care about the “scholarship” of law professors at all? [Adjunct Law Prof Blog]

* Wild strippers are a national problem in New Zealand. [The Telegraph]

* Congratulations to the latest class of Best LGBT Lawyers Under 40! [National LGBT Bar Association]

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Dewey Know What Led to the Collapse? And What Lessons Can Be Learned?

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The law firm of Dewey & LeBoeuf now finds itself in Chapter 11, but the story of Dewey has not yet reached its end. We’ll now turn the pages in the Bankruptcy Reporter.

Yesterday Judge Martin Glenn of the U.S. Bankruptcy Court allowed Dewey to use cash collateral to fund its wind-down operations, even though this collateral should really be seen as belonging to the firm’s secured creditors. Judge Glenn initially denied this request, at least when it was coupled with giving the secured creditors a lien on recoveries from future litigation. In deciding to let Dewey tap into the cash, Judge Glenn did not decide what the lenders might get in exchange for letting the firm use their money. That will be decided later, at a June 13 hearing.

With things quieting down on the Dewey news front, let’s turn to analysis. Here are some insights into what brought Dewey down and what other firms can learn from its fall, from a former managing partner who now works as a consultant to the legal industry….

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Dewey Violate Rule 10b-5? A Detailed Look at the Firm’s 2010 Offering Memorandum

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Law firm financials can be shrouded in mystery. Sure, the American Lawyer releases its closely watched and highly influential Am Law 100 rankings each year, which shed some light on the subject. But these numbers are not Gospel truth, and sometimes they get restated — which is what happened last month to Dewey & LeBoeuf.

Making a material misrepresentation to the American Lawyer doesn’t violate the securities laws. Making a material misrepresentation in connection with the purchase or sale of any security — well, that’s more problematic.

Let’s take a closer look at a subject we mentioned last night and again this morning, namely, the offering memorandum for Dewey’s 2010 private placement of $125 million in bonds….

Note: we’ve added UPDATES, after the jump.

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Gone Dewey Gone: ATL Readers Dish the Blame

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As of this morning, the Dewey & LeBoeuf web site is still live and trumpeting, among many other things, the firm’s recent award for “Private Equity Law Firm of the Year in Poland.”

Meanwhile, back on Earth and/or the rest of the internet, industry observers have been feeling a bit like voyeurs at a pre-mortem autopsy. Everyone agrees that the downfall of this once-great firm is hugely sad (well, nearly everyone), but there is less of a consensus about who or what is to blame.

Last week we asked the ATL readership for their take on where fault lies. Here’s what you had to say….

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Dewey Know Whom To Blame? Some Say ‘Steve’

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Dewey & LeBoeuf's sign at 1301 Avenue of the Americas. (Photo by David Lat. Feel free to use.)

Let’s take a step back from the hurly-burly of day-to-day, hour-by-hour coverage of Dewey & LeBoeuf, the once-powerful law firm that could soon find itself in bankruptcy or dissolution. We will return to bringing you the latest Dewey news in tomorrow’s Morning Docket. (Of course, as you may have noticed, we added many updates to Tuesday night’s story; refresh that post for the newest developments.)

Let’s take a step back, and ask ourselves: Who is to blame for this sad state of affairs? And what lessons can be learned from the Dewey debacle?

Multiple UPDATES, including a short bio of Stephen DiCarmine, after the jump.

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Moscow and the Middle East: Dewey Have A Problem?
(Plus more about Dewey’s loan covenants.)

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About two weeks ago, we covered reports about Dewey & LeBoeuf possibly shedding some of its overseas offices. We noted at the time, however, that the reports were vague, and we added that some D&L sources denied the existence of plans for closing any specific foreign office.

Well, the reports are getting increasingly detailed. Word on the street is that D&L might shutter three of its offices in the Middle East. And the firm’s Moscow office is reportedly being courted by other major U.S. law firms.

Which offices are being considered for closure? And who are Dewey’s suitors in Moscow?

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(Plus more about Dewey’s loan covenants.)”

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Dewey Have Trouble Holding On To Partners? There’s an App for That

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It’s getting hard to keep track of all the partner departures from Dewey & LeBoeuf. Thankfully, over at Am Law Daily, Sara Randazzo and Nate Raymond have this handy round-up. The bottom line is that the firm has 53 fewer partners than it did in January: one retired, one left for personal reasons, one went in-house, and fifty (50!) jumped over to rival law firms. You can review the biggest beneficiaries of Dewey defections over here.

So what Dewey do about the problem of fleeing partners? We get medieval on the cowards….

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