Ed. note: This is the latest installment of The ATL Interrogatories. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Jim Maiwurm, chair and global CEO of Squire Sanders, has more than 30 years of experience as a business and transactional lawyer. His work involves the representation of a diverse range of businesses — from technology startups to Fortune 50 manufacturers — in private equity infusions, public offerings and sophisticated domestic and international acquisitions, dispositions, financings and joint ventures.
Since 1955, Fortune magazine has published the Fortune 500, a comprehensive ranking of the top closely held and public corporations in the United States as ranked by gross revenue. In the past, we’ve spoken about other Fortune magazine rankings, like its annual list of the 100 Best Companies to Work For, where top law firms have been included year after year.
But it seems that lawyers have pervaded the Fortune 500 rankings as well, because some of the biggest companies in the nation are headed by law school graduates. As we noted in Morning Docket, of the 498 CEOs named on this year’s list, 46 of them went to law school.
But which schools did they attend? Let’s find out….
* Pay up or shut up: Dewey former partners need to worry about getting our kneecaps busted by the banks that loaned us money to fulfill our capital contributions? [Am Law Daily (sub. req.)]
* Senate leaders reached a tentative deal to keep student-loan interest rates at 3.4%. Too bad this only applies to undergrads — law students are still left holding the bag. [Wall Street Journal]
* Your mom probably told you not to be a tattletale, but evidently that kind of behavior really pays off in court. Adam Smith, formerly of Galleon, was sentenced to only two years’ probation for his “very substantial” aid in Raj Rajaratnam’s insider trading trial. [DealBook / New York Times]
* Forty-six CEOs on the 2012 Fortune 500 list went to law school, but only four hold degrees from schools outside the U.S. News Top 100, and just one went to an RNP school. Yikes. [U.S. News & World Report]
* Was this Nova Law professor “mentally deranged enough to engage in a campus shooting rampage”? That’s apparently what members of the administration thought when they fired him. [National Law Journal]
* Anna Gristina, the accused “Millionaire Madam,” was released last night on $250K bond after spending four months behind bars. Looks like it’s back to the world’s oldest profession for this soccer mom. [Reuters]
If you haven’t yet read the long piece in Fortune magazine about the rise and fall of Jeff Kindler as the CEO of Pfizer, you really should. The story may or may not be true — I have no idea — but it would be interesting reading even if it were a work of fiction about corporate political intrigue.
I’ve never met Jeff Kindler. I do know several people who are close friends of his, and I’ve watched his career from a distance as he moved from Williams & Connolly to GE to the general counsel of McDonald’s to the general counsel of Pfizer and then, startlingly, to the CEO of Pfizer. The Fortune piece traces this whole career in detail and then describes why and how Kindler resigned from the CEO spot after serving only very briefly.
Why mention that article here? First, I’m doing you a favor; if you hadn’t previously heard about the piece, now you have a link.
Second, the article said two things about in-house counsel that rang true with me — whether or not these things actually occurred at Pfizer….
Good news for general counsel who dream of one day sitting in the king’s seat: the ABA Magazine says there is a new trend of corporations tapping lawyers to become top executives:
Nine of the Fortune 50 companies now have a lawyer as chief executive, up from three just a decade ago. In December, Bank of America and Continental Airlines became the two most recent publicly traded corporations to do so. Also in 2009, Citigroup named Richard Parsons, another lawyer, as its chairman, which is separate from the CEO.
Business leaders and corporate headhunters agree that the JD is once again an alternative to the MBA as the degree of choice for CEO candidates, and that the trend is very likely to increase over the next decade.
Woo-hoo. Maybe law school grads will start kicking biz school grads to the curb. Vanderbilt’s management school dean goes so far as to call the J.D. a “renaissance degree.”
According to the ABA Magazine, one law school is particularly successful in sending its grads off to lead a company instead of doing bet-the-company work….
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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