Sometimes lawyers at Cadwalader are the victims of theft. And sometimes they’re the ones doing the stealing.
Here’s the promised follow-up to yesterday’s post about Cadwalader’s successful raid on the energy law practice of McDermott Will & Emery. It’s big news in Biglaw. As of now, nine partners are moving — Paul Pantano, Karen Dewis, Greg Lawrence, Greg Mocek, Tony Mansfield, Ken Irvin, Rob Stephens, Daryl Rice and Doron Ezickson — but if they’re followed by associates, a few dozen lawyers could be involved.
In an email sent out on Wednesday by MWE leaders Jeff Stone and Peter Sacripanti, reprinted in full after the jump, McDermott tried to minimize the losses. Stone and Sacripanti pointed out that “[t]his group of partners focused mainly on one aspect of our overall energy practice, which was commodities and derivatives trading for financial clients,” and that “the departing partners’ total collections in 2010 amounted to about three percent of overall firm revenue.”
Still, three percent of total MWE revenue is nothing to scoff at. In 2009, McDermott had total revenue of $829 million, according to the American Lawyer. Assuming that 2010 revenue is similar (the Am Law numbers aren’t out yet), three percent amounts to $24.87 million. Dividing that out over nine partners yields revenue per partner of about $2.8 million — not a bad book of business.
A new year, a new job. That seems to be the thinking of many within the legal profession, based on the proliferation of professional moves we have to report (and not just out of Howrey).
We’ll start with one move that’s aspirational rather than actual. Legal and political superstar Ted Cruz — the Morgan Lewispartner who heads the firm’s Supreme Court and appellate practice, and who was recently named one of the 25 greatest Texas lawyers of the past 25 years — will run for the U.S. Senate seat being vacated by the good senatrix Kay Bailey Hutchison (R-TX). Check out the announcement on his website, or read this BLT post.
Like many lawyers turned politicians, including our current president, the 40-year-old Cruz is a Harvard Law grad (and one of The Elect — Rehnquist / OT 1996). Graduates of HLS’s rival to the south, Yale Law School, tend to take more quirky paths.
That brings us to the second move of the day. YLS grad Yul Kwon — a former Second Circuit clerk and McKinsey consultant, the first Asian-American winner of Survivor, and one of People’s “sexiest men alive” (in 2006) — has left the Federal Communications Commission. Kwon served as deputy chief of the consumer and governmental affairs bureau at the Commission.
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 seven years. You can reach them by email: email@example.com.
The head of our Asia recruiting, Evan Jowers will be in Seoul all next week and available for meetings. Evan was in Hong Kong all last week and was unable to meet with everyone who reached out, due to a completely booked schedule. Apologies for that. He is in Hong Kong monthly and Robert Kinney and Yuliya Vinokurova are often in Hong Kong as well, so feel free to reach out to us at firstname.lastname@example.org to schedule a Hong Kong meeting for later this month or next month, or just a phone call if you prefer.
Kinney has had the privilege of representing and placing a number of Korean background US associates and counsels and one partner in Hong Kong, Tokyo, Shanghai and Singapore over the years. We are now getting more involved in the expanding Seoul market. We are helping two of our law firm clients open up offices in Korea at present and that will be taking up some of Evan’s time, but he will have time also to meet with US, UK and Australia trained associates at international firms and Korean firms who would like to meet Evan or re-establish a connection with him. By all means any of the attorneys in Korea who we have worked with and placed in the past should also feel free to reach out to Evan as well at email@example.com. Having any reason to look for a move in the foreseeable future is never a pre-requisite to setting up a meeting with any of our Kinney Asia team. Most of the folks we meet and establish relations with over the years in Asia are not interested in considering a move at our first meeting (or the next several meetings). We always enjoy a good discussion on the market and an individual’s career plans. Ultimately, over 50% of those attorneys we place in Asia have had such discussions with us for 2 or more years prior. Some of our closest relationships in Asia we may never place because they are doing so well at their firm for years and have no reason to move, and that’s fine by us.
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