Dickstein Shapiro

This year to date has not brought much happy news for Dickstein Shapiro. In April, we covered associate and staff reductions at the firm. In May, the Am Law 200 rankings revealed a 20 percent drop in revenue at Dickstein. In June, the firm fell out of the Vault 100.

In 2013, Dickstein Shapiro experienced the most partner departures of any Am Law 200 firm. And this week brings word of additional partner defections.

Who are the lawyers in question, where are they going, and how big a deal is their departure?

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It pains me to say this, given my own predilection for prestige worship, but here’s a question: does prestige matter as much as it used to? In an era of greater access to information, a law firm’s overall prestige arguably matters less than it once did.

If a client is looking for an excellent firm in a particular practice area, it can now easily access information about which firms, and even which individual lawyers, excel in which niches. It no longer has to rely on a firm’s brand name as a proxy for a specific strength. And other factors matter to the public as well. Is a firm a good place to work? How stable is its partnership, in this era of increased lateral movement? Is the firm growing or declining?

But make no mistake: prestige is still hugely important. Which is why the Vault law firm rankings are so eagerly anticipated each year.

The latest rankings from Vault of the country’s 100 most prestigious law firms just came out. How do they look?

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Over the past year or so, we’ve heard a steady trickle of negative news out of Dickstein Shapiro. The trickle has turned into a stream, so it’s now time to share what we’ve learned.

Let’s start with the numbers — grim numbers. Yesterday the Legal Times reported on what it described as Dickstein’s “worst year in more than a decade.” Revenue fell by 20 percent in 2013, and net income dropped even more sharply, by 35 percent. According to the Legal Times, the firm’s 2013 net income of $36 million is the lowest the firm has seen since before 1998, its first year on the Am Law 200.

Chairman James Kelly tried to spin this performance as “restructuring” and “investment,” as the firm focuses on its core practice areas. According to Kelly, “We made a strategic commitment to be a market-leading specialty firm. We decided we’re not going to be everything to everyone.”

“Everything” would appear to include “employer.” Let’s hear about the firm’s headcount cuts — affecting partners, associates, and staff — and check out the severance agreement that one source leaked to us….

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(Plus a leaked severance agreement.)”

Law firms have been in a “slow growth” phase ever since the nation began its recovery from the Great Recession. As we mentioned when we discussed the 2013 Am Law 100, “success now comes in the form of single-digit returns with regard to key financial metrics,” with Biglaw gains described as “modest” and “spotty” across the board.

Big-name lateral hires can sometimes bring in enough positive publicity and fanfare to make even the sickest of firms seem like the very picture of health and vitality. According to the latest American Lawyer Lateral Report, those lateral moves can be likened to a peacock’s tail: they offer “no advantage” for a firm’s ultimate survival, and may hinder the firm in the future. It happened at Dewey, and it can happen at other firms if they’re not careful. If only partners’ attentions weren’t so easily grabbed by the promise of higher profits.

So if this growing reliance on lateral hiring is truly capable of destabilizing law firms, wouldn’t you like to know which firms did the most lateral hiring over the past year? We’ve got the details for you….

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Sheena Monnin

Ed. note: We hope that you had a great July 4th — and that you’re enjoying a four-day weekend. But if you’re at work today and looking for diversion, check us early and often — we will be posting today (although on a reduced publication schedule).

* Lawyer of the Day Long Weekend: Christopher Kirby, whose profanity-laced tirade at the mother of a special-education student during a school board meeting has gone viral. Stay classy, Chris. [New York Daily News]

* Speaking of classy, if you make Donald Trump look good, you’re doing it wrong. The $5 million arbitration award against former beauty queen Sheena Monnin just got upheld by Judge J. Paul Oetken (S.D.N.Y.). [New York Law Journal]

* Have you been injured in an accident? Call a New York State legislator, who might be earning a six-figure income by moonlighting at a personal-injury firm. [New York Times]

* Nationwide layoff watch: Dickstein dismisses seven partners in New York. [WestlawNext Practitioner Insights (sub. req.)]

* Who doesn’t love rule by lawyers? Adli Mansour, chief justice of the Supreme Constitutional Court of Egypt, takes over as the nation’s interim leader. [New York Times]

* If you’re feeling the heat in D.C. these days, lawyer turned ice cream entrepreneur Victoria Lai can help. [Washington Post]

This year has seen a grim procession of law firm layoff news, which seemed to pick up momentum just yesterday with the Weil Gotshal lawyer layoffs and the Jones Day staff cuts. Are we looking at a 2008 redux, or is this just a bump in the road as the economy makes its slow recovery?

The Weil news was particularly stunning. If any firm seemed poised to thrive in the post-recession “new normal,” it was Weil, with its diversified practices and hegemonic restructuring group. Alas, with yesterday’s news of Weil’s decision to cut 7% of its associates and slash annual compensation for 10% of its partners by hundreds of thousands of dollars, it is clear that Biglaw job security is a thing of the past.

Let’s explore the reasons behind law firm layoffs, review a chronology of recent reductions, and obtain your views through a reader survey….

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Are layoffs becoming daily news in Biglaw once again? Today marks the fourth consecutive day that we have news of reductions to report.

The latest layoffs involve both lawyers and staff, based out of two large legal markets, New York and Washington, D.C….

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Pillsbury’s so lonely these days.

* “Without the formation of character, the rest is futile.” An Article III judge’s take on the law school crisis. [Simple Justice]

* Because nobody likes sloppy seconds, the merger talks between Pillsbury Winthrop and Dickstein Shapiro are now off the table. [Thomson Reuters News & Insight]

* David Tresch, an ex-Biglaw CIO, was indicted last week on wire fraud charges. “Bitch better give me back my money,” said Mayer Brown. [ABA Journal]

* Does Jeffrey Toobin understand the Voting Rights Act? This law professor seems skeptical. [PrawfsBlog]

* Praise the Lord and pass the ammunition, because this Saturday is Gun Appreciation Day. Go celebrate your Second Amendment rights — but do it responsibly, please! [Volokh Conspiracy]

* Remember Ryan Chenevert, the young lawyer who took home the title of Cosmo’s Bachelor of the Year for 2012? Check out the very tongue-in-cheek interview this hottie did with 225 Magazine, after the jump….

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Paul Cravath does not approve of this post.

Light years away and in the distant future, perhaps some alien grad student in Defunct Planet Studies will stumble onto the ATL archives. He’ll conclude, not unreasonably, that the legal industry was a sort of oligopoly. That there were only a handful of firms: Skadden, Cravath, Latham, Quinn Emanuel, Tannebaum Weiss, and those few others that get such a disproportionate amount of our attention. And of course, there were only 14 real law schools.

This singular obsession with “prestige,” this mindset that the most elite firms and schools are the only worthy ones, is detached from the experiences of the vast majority of lawyers practicing at the 50,000 other firms and the students at the 180+ other law schools. Back in December, we had a little debate about the effect of prestige in the legal industry. In the spirit of the “prestige obsession is bad” side of that argument, we thought it would be worthwhile to see which firms and schools outside of the very top tiers are, according to insiders, great places to work or learn.

Over the course of 2012, we received close to 10,000 responses to our ATL Insider Survey, where lawyers rate their firms based on compensation, culture, morale, training, and culture, and students and alumni rate their schools based on academics, social life, clinical training, career services, and financial aid advising. Based on our survey, the most highly rated firms and schools also happened to among the most prestigious (e.g., Stanford, Davis Polk), but there is certainly not a correlation between prestige and insider rating.

After the jump, we’ll see which schools outside of the T14 and which firms outside the Vault 50 were rated the highest by their own people….

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* Change may be coming soon in light of the Newtown shooting, but any talk about new federal restrictions on guns will hinge on the Supreme Court’s interpretation of the Second Amendment through the lens of the Heller case. [National Law Journal]

* Joel Sanders and the Steves are facing yet another “frivolous” lawsuit over their alleged misconduct while at the helm of the sinking S.S. Dewey, but this time in a multi-million dollar case filed by Aviva Life and Annuity over a 2010 bond offering. [Am Law Daily]

* Always a bridesmaid, never a bride: Pillsbury has had the urge to merge since February, and now the firm may finally get a chance to walk down the aisle with Dickstein Shapiro. [Thomson Reuters News & Insight]

* Income-based repayment is a bastion of hope for law school graduates drowning in student loan debt, but when the tax man commeth, and he will, you’ll quickly find out that the IRS doesn’t have IBR. [New York Times]

* Is the premise of graduating with “zero debt” from a law school that hasn’t been accredited by the ABA something that you should actually consider? Sure, if you don’t mind zero jobs. [U.S. News and World Report]

* Daniel Inouye, Hawaii’s Senate representative for five decades and a GW Law School graduate, RIP. [CNN]

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