Let us give thanks to all the talented attorneys who leave Biglaw partnerships to serve as federal judges. First, this type of public service, often made at significant financial sacrifice, is in the legal profession’s finest traditions. Second, by throwing their hats into the federal judicial ring, these nominees let us ogle their personal finances — a subject of keen interest, and one that’s less than perfectly transparent.
Last month we used a pair of Ninth Circuit nominations to gain insight into partner pay at Munger Tolles & Olson. Today we use a D.C. district court nomination as a vehicle for looking at profits per partner at two other elite law firms, Baker Botts and Covington & Burling….
* Jamie McCourt, a former family law attorney, strikes out in trying to set aside her divorce settlement with Frank McCourt, former owner of the Los Angeles Dodgers. She’s stuck with $131 million and several luxury homes. #richpeopleproblems [National Law Journal (sub. req.)]
* An inquest reveals that a Hogan Lovells partner who took his own life had warned a colleague that he was going to kill himself the day before his death. [Daily Mail via ABA Journal]
* If you’re in New York this weekend, go see Arguendo. Or buy tickets for the 7 p.m. performance on September 22, when I’ll be doing a talkback with artistic director John Collins after the show. Enter the discount code “ABOVE” for $35 tickets (a special rate for ATL readers). [Public Theater]
* As we wait for the biggest cases of this term, the question that seems to be on everyone’s minds is: “What would Justice Kennedy do?” We might find out the answer today if we’re lucky. [New Yorker]
* At least we know what Justice Kennedy wouldn’t do. He’d never disrespect his elders like Justice Alito did yesterday after rolling his eyes at Justice Ginsburg while on the bench. [Washington Post]
* Meanwhile, although the Supreme Court punted an important affirmative action ruling yesterday, Jen Gratz’s life has been defined by a more meaningful one made about a decade ago. [Washington Post]
* It’s not what you know, it’s who you know: Covington, the firm where ex-DOJ lawyers go to make money, is representing some very big tech companies in their dealings with the NSA. [Am Law Daily]
* Fox Rothschild picked up a small Denver firm to reach a “critical mass” of attorneys in its new office and offer full service. FYI, “full service” in Colorado means weed law now, you know. [Legal Intelligencer]
* “[G]iven the significant decline in law school applications,” Cincinnati Law is pushing for a 30 percent tuition and fees reduction for out-of-state students. That’s a step in the right direction. [WCPO ABC 9]
* This guy had the chance to go to law school, and I bet he’s really kicking himself now after choosing to be a member of the Boston Red Sox bullpen instead. Poor kid, he could’ve had it all. [MassLive.com]
For those who are brilliant (and lucky) enough to get hired, being a law professor is a great job. You get to write and teach about interesting subjects. You get the summers off — yes, we know you have articles to work on, but you have total flexibility about your hours and location. You get to be a public intellectual, writing for newspaper op-ed pages and magazines. And you get paid well, too.
If you have an unusual personality, don’t sweat it. Legal academia is welcomingto sociopaths. And sadists, too.
If you enjoy inflicting pain on others, being a law prof is a great gig. Using the Socratic Method, you get to torture 1Ls — and many of them will eat it up. As a law professor, the winner of multiple teaching awards, once told me, “The students like it when you’re a hard-ass; they like to be challenged.”
Many law students don’t mind verbal victimization, but they’d probably draw the line at physical contact. Which brings us to a high-profile law professor who goes around sticking needles in people….
* Can you DIG it?! Well, SCOTUS can’t, at least when it comes to the Prop 8 case, but perhaps that’s what the conservative justices planned all along. You can probably expect a judicial punt on this one. [New York Times]
* The case for cameras at the high court became even more compelling last week, because people just now realized that having to “spend money to see a public institution do public business is offensive.” Damn straight. [National Law Journal]
* Justice Sandra Day O’Connor’s new book, Out of Order (affiliate link), didn’t exactly get a glowing review from the NYT’s Supreme Court correspondent, Adam Liptak. It’s a “gift shop bauble”? Ouch. [New York Times]
* Oh, Lanny Breuer, you tried to be all coy by saying you were interviewing elsewhere, but we knew you’d return to Covington. That “vice-chairman” title is a pretty sweet new perk, too. [Legal Times]
* DLA Piper’s bills may “know no limits,” but in-house counsel claim that while the firm’s emails were “flippant,” they won’t have an impact their already meticulous billing review. [New York Law Journal]
* Good news, everyone! The class of 2012 — the largest on record, according to the ABA — was only slightly more unemployed than its predecessors. Cherish the little things, people. [National Law Journal]
* Who will play starring roles in the Obamacare arguments before SCOTUS? A bunch of older white guys. Good thing this isn’t televised, because the ratings would probably suck. [Legal Times]
* The judiciary is on the cusp of a “financial crisis,” and some trials may be put on hold. That, or they’re just going to get rid of people. Which do you think it’ll be? [Thomson Reuters News & Insight]
* When rankings like these are available, who cares about U.S. News? Here’s a list of the law schools you should go to if you want to actually make bank as a lawyer. [Forbes]
* Covington & Burling is the latest Biglaw firm to sign up for an office in Seoul. Memo to partners: this is not the spring “bonus” your associates care about. [Capital Business Blog / Washington Post]
* The jury in the Dharun Ravi privacy trial is set to begin its deliberations this morning. Oh, to be a fly on the wall in that room — or, more on point, a webcam. [Statehouse Bureau]
* Thomas Puccio, a former Biglaw partner known for his notorious clientele, RIP. [New York Times]
Enough with all this sadness about these pathetically low bonuses that Cravath has engineered for everybody. Let’s try to be positive. People are getting money. Yay money. Who can be sad when they are getting more money?
In fact, I have a great idea: instead of just writing checks that reflect the general New York bonus scale, Clifford Chance and Covington & Burling should pay the bonuses out in single dollar bills. The partners should sneak into each associate’s office at night and just spread the money around. If you share an office, well, the early bird gets the worm.
See, then it’s fun. It’s a like a game. And it distracts the mind from how ridiculous it is to give the same bonus from 2010 in 2011….
That year, Latham fell from #7 to #17 on the Vault 100 list of the most prestigious law firms. It was one of the biggest single year drops ever on the Vault list. At the time, I asked: “Is this as far as [Latham] will fall?”
Two years removed from that question, I’m staring at the brand-new Vault 100 rankings. Latham & Watkins is ranked #11.
Memory, my friends, is not something they screen for on the LSAT…
We will have a new winner in this year’s Coolest Law Firm contest. When Above the Law first ran this bracket back in 2008, you picked Latham & Watkins as the victor. This time around, they got… Lathamed, in the first round. Cravath crushed Latham by a 60% – 40% margin. That was the second-highest margin of victory among all of the first-round match-ups.
As we move into the Elite Eight, some of our readers are asking us to give a more clear definition of what is “cool.” We respectfully decline to do so. It’s up to you to tell us what makes a top law firm cool. Is it job security, making maximum bank, prestige points? It’s really up to you. Personally I think the coolest law firm would be the one most likely to represent bad-ass clients on the correct side of moral issues, but… eeek, that’s not really what Biglaw is all about.
So bring your own prejudices to the table when you vote in the next round of the Coolest Law Firm Tournament. Use whatever reasoning makes sense to you. Just don’t go with chalk because you can’t be bothered to actually form an opinion — don’t be boring, son….
‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year.
These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve previously observed, “Partnership decisions often shed light on the current state of a firm, its prospects for the future, and its priorities. How many new partners did a firm make? How does the number of new partners this year compare to past years? In which practice areas did it make new partners? How many of the new partners are women or minorities?”
After the jump, we look at new partner news from ten top firms — perhaps you know some of these law firm superstars (and soon-to-be millionaires)? — and we invite you to discuss the new partners at your firm….
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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