DLA Piper

The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.

Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….

double red triangle arrows Continue reading “All Hail the Global 100, the Highest-Grossing Law Firms in the World”

From buying their family’s love to buying luxurious lawyerly lairs, attorneys at the nation’s largest firms do a lot of things with their wallets — and now they’re voting with them, too. Earlier this month, we brought you a story about Obama v. Romney in terms of which presidential candidate was leading in the race to collect campaign contributions from the wonderful world of Biglaw.

At present, Obama has an advantage over Romney, with $1.9 million pouring in from America’s 20 biggest firms, as opposed to just over $1 million for his opponent. When we last wrote about this important issue, lawyers from DLA Piper proved to be Obama’s greatest supporters, while Kirkland & Ellis showed up strong for Romney. But what we really want to know is which other firms are opening their hearts wallets for these political adversaries.

With only a little more than a month until Election 2012, let’s take a look at the firms that are making some of the largest (and smallest) political donations….

double red triangle arrows Continue reading “Which Biglaw Firms Are Opening Their Wallets to Donate to Obama and Romney?”

Each year, Corporate Counsel compiles a list of the firms that the Fortune 100 companies use as outside counsel. These are the firms that corporate clients turn to when they’ve got bet-the-company litigation. From Exxon Mobil to Apple to Walmart, and everywhere in between, these are the clients with the deepest of pockets, and if you care at all about the business end of the law, then this is a list that you should care about.

But this time around, the list looks a little different. Due to the state of the economy, general counsel are now looking for more ways to reduce costs, and are constantly seeking out alternative fee structures. The firms on this year’s list may have been the ones that were most amenable to such changes.

Without further ado, let’s take a look at which firms topped this year’s list….

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Money. Politics. Corruption. HORSE RACE!

Between now and the election, there are going to be a ton of stories about who is up and who is down. Barack Obama is enjoying a modest convention bounce, and with daily tracing polls, the media will have plenty of opportunities to tell us who’s winning while we wait for America to actually vote.

But there are other ways to pick winners and losers. Taking a look at fundraising is a good way to look at who is going to be able to “blitz” the airwaves with a mind-numbing array of ads. Money raised also gives us a way to look at the “enthusiasm” the candidates enjoy among their key constituents. And as we all know, “blitzing” airwaves makes people “enthusiastic” about “moving to Canada.”

I mean, I find it hard to believe that there are people who haven’t yet made up their mind as to who they are going to vote for. Mitt Romney has been running for president for eight years. Obama has been the president for four. The two parties support wildly different platforms. If last minute ads are going to influence your vote, you’ve got the mental capacity of a goldfish.

Of course, there are a few Biglaw firms who have contributed a lot of money to the candidates, they probably know just how stupid the American public can be….

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Kim Kardashian

* Apparently spring bonuses don’t make the Biglaw world go ’round after all. The annual Am Law midlevel survey is out, and satisfaction levels are up across the board. Maybe they’re happy to still be employed. [American Lawyer]

* When Dewey get to retire this used up, old D&L pun? Probably around the same time as that Howrey joke — never. Oh, and the firm asked a bankruptcy judge to approve its $70M partner “clawback” plan. [WSJ Law Blog]

* Oh mon dieu, it’s time for some law firm merger mania! DLA Piper, the second-largest Biglaw behemoth, proposed to French firm Frieh Bouhenic, and of course, the corporate boutique said “oui.” [Legal Week]

* Judicial efficiency: Judge Robert Hinkle says he’ll block Florida’s regulations on voter registration groups just as soon as an appeals court boots the state’s arguments. [Bloomberg]

* Judge Kenneth Lester Jr. will step down as judge in the George Zimmerman case after using “disparaging” language in a bail order. Zimmerman’s probably hoping that the third judge will be the charm for him. [CNN]

* Kim Kardashian settled her suit against The Gap over the company’s use of a look-alike actress in an Old Navy commercial. Sigh. She’ll keep getting paid, no matter what we do. [Hollywood, Esq. / Hollywood Reporter]

Who is the Godzilla of law firms?

A few weeks from now — in October, to be more precise — the American Lawyer will announce the Global 100. This is Am Law’s list of the world’s 100 largest law firms, ranked by total revenue.

As a teaser of sorts, the magazine just revealed which firm will sit atop the 2012 rankings. Can you guess which one?

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Last time we checked in with Paul Ceglia — the Man Who Would Be King of Facebook — and his lawsuit claiming partial ownership of the social media giant, he was facing sanctions if he refused to provide Facebook with a very touchy document known as the Kasowitz letter.

Well, the production deadline has come and gone, and there’s no letter. You know what that means. All aboarrrd! Next stop, Benchslap City…

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* “I’ve been a restaurant waitress, a hotel hostess, a car parker, a nurse’s aide, a maid in a motel, a bookkeeper and a researcher.” This SCOTUS wife was well-prepared to give a graduation speech at New England Law. [Huffington Post]

* Sniffling over lost profits is the best way to get a court to take your side. Biglaw firms have asked the Second Circuit to consider reversing a decision in the Coudert Brothers “unfinished business” clawback case. [Legal Intelligencer]

* James Holmes, the alleged Aurora movie theater gunman, is being evicted from his apartment. Guess he didn’t know — or care — that booby-trapping the place with bombs would be against the terms of his lease. [Denver Post]

* The ABA has created a task force to study the future of legal education, and its work is expected to completed in 2014. ::rolleyes:: Oh, good thing they’re not in any kind of a hurry — there’s no need to rush. [ABA Journal]

* Indiana Tech, the little law school that nobody wants could, has hired its first faculty members. Thus far, the school has poached law professors from from West Virginia, Florida A&M, and Northern Illinois. [JD Journal]

* When divorces get weird: is this lawyer’s soon-to-be ex-wife hacking into his law firm email account and planning to publish privileged communications online? Yep, this is in Texas. [Unfair Park / Dallas Observer]

* Breast-feeding porn: yup, that’s a thing, so start Googling. A New Jersey mother is suing an Iowa production company after an instructional video she appeared in was spliced to create pornography. [Boston Globe]

* If someone from your school newspaper asks you for a quote about oral sex, and then you’re quoted in the subsequent article, you’re probably not going to win your invasion of privacy lawsuit. [National Law Journal]

As businesses go, the business of law isn’t extremely capital intensive. Most of the capital in Biglaw is really human capital. As one bankruptcy lawyer put it, “It’s incredible how fragile law firms are. Unlike a company, the principal assets walk out the door every night.”

But law firms do need some capital. Those fabulous offices — and fabulous associates, at $160,000 and up — don’t come cheap.

Firms can obtain the capital they need to operate through borrowing; but credit needs to be used judiciously, lest a firm go the way of Dewey & LeBoeuf. And partners make capital contributions to the firm, most notably when they buy into the partnership.

But sometimes that capital isn’t enough. So firms issue capital calls to their partners, which brings us to today’s topic….

double red triangle arrows Continue reading “Some Comments on Capital Calls (and a Closer Look at Greenberg Traurig’s)”

* “I think this is destined to fail.” People are not happy with the proposed settlement plan for former Dewey partners, but who are they kidding? These people don’t exactly like to part with money — not even to hand out bonuses. [Am Law Daily (sub. req.)]

* Andrew Levander, a partner at Dechert LLP, is representing ex-Barclays chief executive Bob Diamond. Diamond hasn’t been charged with anything, but this white-collar defense lawyer’s apparently been on his side since 2010. [WSJ Law Blog]

* Money talks: lawyers and law firms are the top donors by industry to presidential campaign funds, with Kirkland & Ellis leading for Romney, and DLA Piper for Obama. [Capital Business Blog / Washington Post]

* Escándalo! Louis Freeh’s report revealed that PSU’s “seriously deficient” counsel billed a whopping 2.9 hours on an incident involving Jerry Sandusky’s locker room shower with a young boy. [Centre Daily Times]

* But here’s where the football chatter comes in (not that I know a lot about football): legal experts say Freeh threw an “incomplete” with this report, because it didn’t go far back enough in time. [New York Daily News]

* Sorry, lady, but you didn’t need to attend a Justin Bieber concert for his music to allegedly cause permanent damage to your ears to the tune of $9M. All you really needed to do was turn on the radio. [Chicago Tribune]

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