As we mentioned in Morning Docket, the American Lawyer recently released its Am Law 200 law firm rankings — a list that’s still closely watched, but not quite as prestigious as being a ranked member of the influential Am Law 100. Sorry, but being a part of the “Second Hundred” just doesn’t have the same ring to it.
While the Am Law 100 celebrated a year of “slow growth” in 2012, it looks like the Am Law 200 will be known for its “bets on bulk.” When all of the big boys were busy playing it safe, perhaps out of fear of becoming the next Dewey, firms in the Second Hundred were gobbling up talent like there was no tomorrow.
Of course, as could’ve been expected, this kind of aggressive hiring had some pretty major effects on firms’ financial performance. So how did the Am Law 200 stack up? Let’s find out…
As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
When the merger of Edwards Angell and Wildman Harrold was announced back in August 2011, some observers, such as our beloved commenters here at Above the Law, viewed the move as an act of desperation. Because both firms had a tough time during the recession, the notion of their combining with each other reminded some people of… well, this.
Now, as we approach the two-year anniversary of the merger’s announcement, how are things going over at Edwards Wildman? Are Angells flapping their wings with joy and Wildmen hoisting glasses of grog?
Here at Above the Law, we’ve been writing about the “Biglaw boys’ club” for quite some time. According to the latest report compiled by the National Association of Women Lawyers, when it comes to firm life in the fast lane, women continue to have difficulty ascending to the ranks of firm leadership. In fact, that study concluded that in the Am Law 200, women hold only 20 percent of the positions on firm governance committees. What’s worse is that only four percent of Am Law 200 firms have a firmwide managing partner who’s a woman. So much for girl power.
But when it comes to Am Law 100 firms, the American Lawyer recently conducted a similar study, and the results were less than awe-inspiring — in their discussion of the results, the editorial staff go so far as to refer to it as “the law of small numbers.” Lovely. Apparently the glass ceiling is still strong in Biglaw.
So what does the leadership hierarchy look like for women in the Am Law 100? Let’s find out….
Some post-Soviet states kept Lenin statues up longer than Penn State kept JoePa’s.
The Commonwealth of Pennsylvania is about to do what the Southeastern Conference (the “SEC” that actually takes down its targets) does every week on the recruiting trail: tell the NCAA to get bent.
Yesterday, Governor Tom Corbett filed a federal antitrust suit in Harrisburg alleging that the NCAA overstepped its authority in dropping the hammer on Penn State’s football program in the wake of the Jerry Sandusky sexual abuse scandal.
Apparently the NCAA may not have quasi-governmental authority to take millions in direct fines from public institutions in an effort to protect its brand name.
Pennsylvanian officials are understandably miffed because Penn State is directly paying millions in fines and missing out on millions more in bowl revenue. Taxpayer dollars intended for the public education of students that had nothing to do with the scandal are being siphoned away from the state to finance programs at the sole discretion of the NCAA leadership and the majority is spent outside Pennsylvania.
The NCAA counters that the criminal activity at Penn State was enabled by a culture of winning-at-all-costs and only the NCAA can appropriately discipline the school for that mindset.
But really this lawsuit comes down to two parties, the NCAA and Corbett, making desperate PR moves to cover their own asses. Is that in poor taste? Sure. Is it in even worse taste that the NCAA and Corbett are using this tragedy for their own purposes? Well let’s look at what they’ve been up to….
It’s the last day of December, so it’s a good time to look back on the year that was. We’ll do what we’ve done for the past three years (wrap-up posts from 2009, 2010, and 2011 can be found here, here, and here) and identify the ten biggest stories of the past year as decided by you, our readers. With the help of Google Analytics, we’ve compiled a list of our top ten posts for 2012, based on traffic (as represented by pageviews).
By the way, for the third year in a row, the most popular category page on Above the Law was Law Schools. People have now been intensely focused on the declining value proposition of going to law school for as long as it takes to earn a Juris Doctor degree. Isn’t it time that we graduate from the current educational model?
The second and third most-popular categories on ATL in 2012 were Biglaw and Bonuses. Although this year brought us the largest law firm failure ever, nearly all other firms indiscriminately doled out offers to summer associates, and bonus season looked better for the first time in years. While the legal profession is still in transition, things are certainly looking up, and through the highs and the lows, we’ve been there to cover it all.
So what were the ten most popular individual posts at Above the Law in 2012? Let’s find out….
The year is quickly drawing to a close, but we have unfinished business to conduct here at Above the Law. Come on, people, we still have to crown our Lawyer of the Year for 2012.
Thank you to everyone who responded to our call for nominations, in the comments or via email. We’ve narrowed down the nominees to a field of nine (although you’ll see only eight options in the poll because one is a joint nomination). As in past years, the contenders run the gamut from distinguished to despicable.
Despite our occasional curmudgeonly moments, we are generally happy people here at Above the Law, and we love happy stories. Our pages are full of feel-good tales (even if negativity bias causes readers to remember the sad or angry stories more than the happy ones).
A prominent Manhattan lawyer is suing his own daughter. For libel. Because she allegedly harmed his reputation. By seeking an accounting of her trust fund. Which he set up for her and reportedly administers. Got that?
Yes, Dad v. Daughter. How could something this messed-up not be our Lawsuit of the Day? Especially given the claimed size of the trust fund, stocked with such goodies as Hamptons real estate?
It’s hard to get one’s head around these allegations, but the litigation is for real. Let’s take a look at the competing claims. And how much the trust fund was supposedly worth at one point — we’re talking seven figures here….
* To prepare for the upcoming term, the Supreme Court added six new cases to its docket. Much to our chagrin, none of them are about gay marriage. In other news, Matt Kaiser was right: this is a term only a lawyer can love. [National Law Journal]
* “We are not going to forget where we came from.” As it turns out, not everyone at this firm is a “huge [bleep]hole.” Cozen O’Connor announced this week that Michael J. Heller will step up to serve as the firm’s chief executive officer. [Philadelphia Inquirer]
* Apparently law school deans are “merely middle management.” Frank Wu, Chancellor and Dean of UC Hastings Law, gives an interesting insider opinion about what the view is like from the top of the ivory tower. [Huffington Post]
* “Caveat emptor makes for a lousy law school motto”: an exposition on why law schools should tell their prospective students the truth about their job prospects after graduation. [Thomson Reuters News & Insight]
* Anna Gristina, the Millionaire Madam, pleaded guilty to one count of promoting prostitution. Does this mean we’ll never find out more about the “prominent Manhattan lawyer” who was allegedly a client? [New York Post]
* New Jersey Assemblyman Ronald Dancer (ne Fist Pumper) proposed a piece of legislation called the “Snookiville Law.” If it means more cash for the towns that have to suffer wrath of reality TV, then so be it. [CNN]
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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