Freshfields Bruckhaus Deringer

Joe Borstein

Joe Borstein

Did you hear that sound? Listen carefully. What is that row? It’s the sound of alternative legal providers’ footfalls, gaining on you.

According to Legal Business magazine (a UK-based trade publication), one of the top ten “overall advisors” in the UK market is Axiom. Huh? Let me repeat that. In a survey of major corporate clients in the UK, one of the top ten “advisors” is NOT a law firm, but an alternative legal services corporation.

Step quickly, chaps! We’ve got a spanner in the works, and pretty soon we’ll be ten a penny! (look it up)

Legal Business noted, that this breach of the coveted top ten, was “significant” and “demonstrate[ed] how non-law firm providers are winning over some bluechip clients.” I take something different from these results: Big Law take note, alt.legal firms are not just “winning over some bluechip clients,” we are gaining the respect and trust of their corporate counsel clients. To be recognized as commercially viable is one thing, but this recognition awards that ephemeral prize of every attorney’s desire: prestige. For those of you who believed that change is coming, keep reading. For those that don’t… well, the link probably won’t work on your Blackberry anyway.

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Are the pastures greener over at Freshfields?

In case you haven’t noticed, Freshfields has been on a U.S. hiring spree lately. The Magic Circle firm has been making partners disappear from other firms left and right. It recently lured Peter Lyons away from Shearman & Sterling, his longtime professional home. That came on the heels of Freshfields picking up former Wachtell Lipton partner Mitchell Presser and former Skadden Arps partner James Douglas.

Today brings word of more high-profile hires. We’ve learned that three Fried Frank partners — former co-chair Valerie Ford Jacob and two other capital-markets partners, Paul Tropp and Michael Levitt — are decamping for Freshfields. Their bios are all gone from the Fried Frank website. One source of ours called it “a major loss for the firm.”

Is something going on at Fried Frank? It seems the firm has lost a lot of partners lately….

(Please note the UPDATES added to this post, including comment from Fried Frank.)

double red triangle arrows Continue reading “Musical Chairs: Fried Frank Loses A Former Leader To Freshfields”

Judge Richard Posner

* A unanimous Seventh Circuit panel, in an opinion by Judge Posner, just struck down Wisconsin and Indiana’s bans on same-sex marriage. The result isn’t surprising in light of the blistering benchslaps delivered by Judge Posner at oral argument, but the timing is faster than usual (for a federal appellate opinion in a high-profile case, not for the prolific Posner). [BuzzFeed]

* Bad news for Cahill Gordon: the Third Circuit just revived a fraud case against the high-powered firm and one of its clients, a unit of BASF. [WSJ Law Blog]

* And badder news for BP: a federal judge just concluded that the oil giant was grossly negligent in connection with the 2010 Gulf of Mexico oil spill. [New York Times]

* Freshfields gets fresh talent, adding former Wachtell partner Mitchell Presser and former Skadden partner James Douglas to its ranks. [American Lawyer]

* The dean of Seton Hall Law, Patrick Hobbs, will step down from the deanship at the end of the current academic year. Congratulations to Dean Hobbs on a long and successful tenure. [South Orange Juice]

* And congratulations to John Grisham and Jason Bailey, winners of, respectively, the 2014 Harper Lee Prize for Legal Fiction and the 2014 ABA Journal/Ross Short Fiction Contest. [ABA Journal]

* Brittany McGrath, Brooklyn Law class of 2014, RIP. [TaxProf Blog]


Would you rather be a great lawyer or be perceived as being a great lawyer?

For many people, I think the answer to that question varies over time: At age 30, you’d rather be a great lawyer. At age 60, you’d rather be perceived as being a great lawyer.

Why?

Because, over time, your reputation may come to track reality. If you’re perceived as great when you’re 30, but you’re actually no good, that truth may out over time. As you age, your reputation may catch up with you.

By the time you’re 60, your professional horizon will have shortened, and it’s less likely that the world will unearth your incompetence. If you’re perceived as being a great lawyer when you’re 60, you may well make it to retirement unscathed.

What of law firms? Would you rather that your firm be great or be perceived as being great?

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Did you say threesome, Dean?

* The Magic Circle isn’t very magical across the pond in New York City. Four out of five firms from the U.K. — Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, and Linklaters — have yet to pull rabbits out of their hats in the Big Apple. [Am Law Daily]

* Dewey know how much this failed firm’s old domain name sold for at auction? At the conclusion of the sale, it ended up going for $210,689, which was just a shade over the initial asking price of $200,000. Someone just got ripped off. [Law360 (sub. req.)]

* The judge on this case against Skadden Arps isn’t sure that document review should count as anything other than practicing law, “even if it’s not the most glamorous.” Ahh, the luxurious life of a contract attorney. [Am Law Daily]

* Professor Raymond Ku has filed an amended complaint against Case Western Law Dean Larry Mitchell, and now the allegations are even juicier, including a possible ménage à trois. [Cleveland Plain Dealer]

* The number of people who took the LSAT in October has dropped for the fourth year in a row, this time by 11 percent. “This is a big deal” for law professors interested in keeping their jobs. [National Law Journal]

The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)

Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)

This week, over at In the Belly of the Beast, Steven Harper is asking “Are Lawyers Becoming Happier?” Harper takes a look at two recent studies that suggest the answer is “yes.”

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Unless you’ve made some deliberate, heroic effort to not know, you are aware that the most feverishly anticipated baby since 0 A.D. is now finally among us. This is a huge deal. People love babies. People love princesses and what not. So: huge deal. Thus, as we await the naming of the boy Windsor and as a flimsy topical pretext, let’s have a look at how the Magic Circle, the UK’s legal royalty, rate in the ATL Insider Survey.

The Magic Circle comprises five venerable London firms: Allen & Overy, Clifford Chance, Freshfields, Linklaters, and the terrifyingly-yet-diffidently named Slaughter and May. Powerhouse “Slaughters” is the only one of this prestigious group lacking a New York office. The other four are among the most truly global firms and are among the top ten firms in the world measured by revenue. S&M is also the only one of the group for which we lack sufficient survey responses to generate ratings based on the ATL Insider Survey. After the jump, see how the others’ New York offices stack up in terms of Compensation, Hours, Training, Firm Morale, and Culture.

double red triangle arrows Continue reading “ATL Law Firm Ratings: Magic Circle in NYC Edition”

* “[L]awyers aren’t trained as accountants,” but Gibson Dunn, Freshfields, Drinker Biddle, and Skadden may have some splainin’ to do when it comes to Hewlett-Packard’s M&A blowout with Autonomy. [WSJ Law Blog]

* Looks like it’s time for some holiday musical chairs: Dorsey & Whitney’s managing partner Marianne Short will be leaving the firm at year’s end to join UnitedHealth as its chief legal officer. [Twin Cities Business]

* The court-ordered mediation between Hostess and the bakers’ union broke down last night. If Judge Drain approves the company’s liquidation plan, the Twinkie may disappear from whence it came. [Reuters]

* Remember the students from Texas Southern who sued because their contracts prof allegedly “curve[d] them out of the class”? Yeah, that got dismissed faster than you can say R2K §90. [National Law Journal]

* You shall not pass — or use Lord of the Rings characters in online gambling games! J.R.R. Tolkien’s estate is suing Warner Brothers for $80M over improper licensing of the late author’s characters. [Bloomberg]

* Please don’t tickle me, Elmo. One week after an accuser recanted his allegations against puppeteer Kevin Clash, another one filed suit over an underage sexual relationship. [Media Decoder / New York Times]

* There’s nothing like some man-on-man sexual harassment to get you going in the morning. Sparks Steak House paid $600K to settle charges lodged by 22 male servers over an eight year period. [Corporate Counsel]

* Seems like this pulchritudinous plaintiff’s contract case is still kicking, and Emel Dilek testified that sleeping with the boss was “absolutely not” one of her roles during her time at Mercedes-Benz. [New York Post]

* Lululemon and Calvin Klein have settled their patent spat over elastic waistbands on yoga pants. Here’s hoping the Canadian yoga-wear company turned this lemon of a lawsuit into lemonade. [Businessweek]

* What do divorcées do in their spare time? They go to Florida’s $350M courthouse to spray paint it with broken hearts and notes for the judge who presided over their proceedings. [Riptide 2.0 / Miami New Times]

No, different Magic Circle.

The leading firms of the United Kingdom, the so-called Magic Circle firms, have made significant inroads into the U.S. legal market. Over the years, they’ve hired a number of high-profile lawyers away from domestic law firms. They might not have conquered New York to the same degree that they’ve dominated many other markets they’ve entered, but they’ve certainly built up significant outposts here in Gotham.

In today’s notable lateral news, though, we see partners disappearing from one Magic Circle firm and reappearing at… another Magic Circle firm. Who are the lawyers in question, and where are they going?

double red triangle arrows Continue reading “Musical Chairs: From One Magic Circle Firm to Another”

* Chief Justice John Roberts might “enjoy that he’s being criticized,” but that’s probably because he’ll get the chance to show his true conservative colors this fall when issues like affirmative action and same-sex marriage are before SCOTUS. [Reuters]

* Dewey know why this failed firm thinks a bankruptcy judge is going to allow it to hand out $700K in “morale” bonuses? You better believe that Judge Martin Glenn is going to tell D&L where it can (indicate). [Bankruptcy Beat / Wall Street Journal]

* It seems like attorneys at Freshfields may actually need to get some sleep, because it was the sole Magic Circle firm to report a decline in in revenue and profitability in its latest financial disclosure statements. [Financial Times (reg. req.)]

* Judge Kenneth Lester Jr. didn’t do George Zimmerman any favors when he set his bond at $1M. Watch how quickly the defense fund Zimmerman concealed from the court disappears as he struggles to post bail. [CNN]

* Whatever it takes (to count you as employed): 76% of law schools report that they’ve now changed their curriculum to include more practical skills courses in light of the dismal job market. [National Law Journal]

* Texas Christian University is expanding its graduate programs, but a law school isn’t necessarily in the works, because TCU is only interested in “programs that promote employability.” Well, sh*t, y’all. [TCU 360]

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