Size matters, and to be successful today you really have to be in that Am Law 50.
– Alan Levin, managing partner of Edwards Wildman, commenting on the importance of being viewed as a “tier 1″ law firm in the overall Biglaw hierarchy. Levin identified possible merger partners by commissioning a study to separate firms into “tier 1″ and “tier 2″ groupings. Locke Lord was considered a “tier 1″ firm, and Levin will become vice chair of Locke Lord Edwards if the merger goes through.
As we noted earlier today, the legal sector has added 2,300 jobs since the start of 2014. For an industry that currently employs more than 1.1 million people, 2,300 new jobs doesn’t sound like a lot — but hey, it’s better than shedding jobs.
Note that we’re talking about net job growth. Some legal employers are hiring, while others are firing.
Which major law firm just laid off a total of 52 lawyers and staffers last week?
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….
This past Sunday’s New York Times featured not just the Cincinnati IRS exposé, but also a depressing discussion about the job market. Here’s the upshot: “Unemployment is staying high despite the end of the recession because we are now in a historic transition. Because of automation, globalization, efficiency and other factors, we no longer need the share of people working that we have had in the past. With these trends moving in only one direction, it is clear that the job crisis is permanent and will not go away with better economic times.”
* The justices of the Supreme Court gave a thumbs down to hearing a challenge to New York’s “de facto ban” on carrying guns in public, prompting members of the National Rifle Association to poop their pants. [New York Times]
* Now that Mary Jo White is the chief of the Securities and Exchange Commission, Debevoise has picked her successor to act as co-chair of the litigation department. Congratulations go out to Mary Beth Hogan. [DealBook / New York Times]
* In its latest court filings, Ropes & Gray explains why failing to give its “token black associate” a recommendation letter wasn’t an act of retaliation. That’ll surely be an interesting read. [Am Law Daily]
* A former client sues a major law firm, raising fraud, breach of fiduciary duty, and other claims. [Bailey & Glasser (press release and complaint)]
* Boston Biglaw firms — like Dechert, Edwards Wildman, and Foley & Lardner — were “really shaken” by yesterday’s blasts, but report that all employees are safe and accounted for. [National Law Journal]
* Six out of 10 of the 4,967 class of 2012 graduates from New York’s law schools were able to find full-time, long-term positions as lawyers nine months after graduation. Yay? [New York Law Journal]
* Secrets, secrets are no fun; secrets, secrets hurt… someone’s wallet. Sorry, Jamie McCourt, but all of the secret MLB documents concerning the Dodgers’ $2 billion sale will remain secret. [Bloomberg]
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?
* Six Supreme Court justices attended last night’s State of the Union address, and although it was all hugs and kisses and handshakes to start off with, some looked as if they were due for naptime by its end (coughRBGcough). [Blog of Legal Times]
* It’s a clash of the Biglaw titans! In a face off between legal heavyweights, the Second Circuit has set aside time to hear arguments from Ted Olson and David Boies in the Argentine bondholder case. [Thomson Reuters News & Insight]
* Dewey know if this document specialist’s Worker Adjustment and Retraining Notification Act lawsuit has got any legs to it? It certainly must, because Judge Martin Glenn very recently denied the failed firm’s motion to dismiss it. [Am Law Daily]
* Congratulations to Paulette Brown of Edwards Wildman Palmer. This Jersey girl is the uncontested nominee for ABA president in 2015, making her the first minority woman to hold the title. [New Jersey Law Journal]
* Send in the clowns (or loads of O’Melveny and Akin lawyers): Apple’s CEO, Tim Cook, has a low opinion of David Einhorn’s Greenlight Capital lawsuit, referring to it as nothing more than a “silly sideshow.” [Reuters]
* “It is up to us in the academy to prepare our students for the future no matter what it holds.” Dean Frank Wu of UC Hastings seems to be on the right track when it comes to necessary law firm reforms. [Huffington Post]
* Poor, poor Teresa Wagner. She was allegedly denied a job because of her conservative views, and her case ended in a mistrial. That kind of a thing could drive a woman to drink… and drive. [Iowa City Press Citizen]
* Not only does Lehigh University ruin every college basketball bracket in the nation, but it also provides great “I’m suing you because of my crappy grades” fodder. Oh my God, I really miss you, Lehigh! [Morning Call]
* Thanks to the wisdom of the Ninth Circuit, we now know that, at least in Washington, a spit-laden hamburger from Burger King is grounds for emotional distress damages. Ugh, that’s nasty! [WSJ Law Blog (sub. req.)]
* Florida: a place where people don’t care about your income tax returns. Mitt Romney dominated the state’s primary, grabbing all 50 of the delegates needed for the Republican nomination. [New York Times]
* Entry-level hiring might be down, but lateral hiring is being approached like an NFL draft. Biglaw firms want the best of the best, and if they have to poach partners to get what they want, they will. [Wall Street Journal]
* Paul Ceglia was ordered to pay Facebook’s legal fees, and now he’s crying over Gibson Dunn’s Biglaw price tag. Instead, he wants to pay podunk fees for his podunk town. [Bloomberg]
* Some cities in New Jersey don’t like pollution — they want to keep the trash down the shore. Hoboken’s mayor has denied MTV’s film permit request for Snooki and J-WOWW’s spinoff show. [New York Post]
* Occupy Wall Street supporters, please take note: this is how you stage a protest. Yesterday’s internet blackout definitely made lawmakers think twice. SOPA bill backers dropped like flies. [New York Times]
* A judge has nixed Duncan Law’s request for injunctive relief against the ABA. Because really, what’s the harm in a memo about a lack of accreditation when you never had it in the first place? [ABA Journal]
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