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.)
* Because it’s been such a long time since the NFL has had a scandal, Cowboys owner Jerry Jones is accused of sexual assault in a new suit. The Cowboys claim the suit is nothing but a money grab. No one knows a money grab like a franchise owner milking a new stadium partially financed by taxpayers. [USAToday]
* Dean Frank Wu explains why Hastings will survive the end of law schools. [SF Weekly]
* A pair of IP litigators, James W. Dabney and Stephen S. Rabinowitz, have jumped from Fried Frank to Hughes Hubbard. Will others be following Dabney & Rabinowitz out of Fried Frank? [Hughes Hubbard]
* An interesting breakdown of the legal scholars with the widest network of co-authors. Think of these as the most promiscuous scholars around. Actually, no. Don’t think that. [Ryan Whalen]
* Etsy sides with the USPTO and bans sales of anything branded “Redskins” on its platform. I’m not sure how smart this is since the economic teeth of the USPTO decision was to allow sites like Etsy to sell massive quantities of otherwise trademark-infringing stuff until Washington relented and opted for a new trademark-protectable name. [Etsy]
* Don’t throw peanut butter in my neighborhood (though I don’t understand the blotter… there’s no Bodega at that location). [Legal Juice]
* Lest you think law school is reasonably priced: “New IBR and PSLF provide benefits large enough that high earnings still result in nearly $100,000 in loan forgiveness for typical levels of debt for law school graduates. A lawyer earning at the 50th percentile with that debt level stands to have $147,282 forgiven, which is more than he borrowed…” [New America Education Policy Program]
* Keeping in touch with your inner child to relate to witnesses as humans. [Katz Justice]
* Closing out this football-heavy NS, friend of the blog Mitchell Epner discusses why Roger Goodell won’t (and shouldn’t) survive the fallout of the Ray Rice scandal. Check out the video after the jump… [CNBC]
* Valerie Ford Jacob, leader of Fried Frank since 2003, is stepping down from her post prior to her official 2015 departure date. At least she’s leaving on a high note, with the firm’s highest profits per partner ever. Yay. [WSJ Law Blog (sub. req.)]
* Ralph Lerner, the ex-Sidley Austin partner who billed extra car charges to his clients, claims he went into work on weekends to do work for free to make up for it. Aww, how nice of him. [Am Law Daily]
* Many New York law schools moved in the recent U.S. News rankings, but not necessarily in the right direction. Four out of 15 schools moved up; the rest stayed the same or slipped. [New York Law Journal]
* Would you like damages with that? McDonald’s corporate and its franchisees are facing lawsuits filed by employees over their allegedly “stolen wages.” Class actions have been filed in three states. [Bloomberg]
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
The week’s almost over, but we’ve got more bonus news for you. While Sullivan & Cromwell, by matching Cravath, might have dashed your hopes of the bonus market climbing higher, there’s still a chance — probably a one-in-a-million chance — that another very special firm could do it.
In fact, every time an associate says, “I don’t believe in higher bonuses,” there’s a would-be Boies-level bonus someplace that falls down dead.
This coming Friday, it is the inalienable right of all Americans to sleep off their hangovers, or riot at Walmart, or do anything at all rather than work for The Man. But Biglaw is a different country. As illustrated by Elie’s decision matrix, the “choice” of whether to work on this sacred day is, for the denizens of the law firm world, fraught with other pressures and expectations. We all know that Biglaw careers demand a Faustian bargain: in return for their fat paychecks (and bonuses?), lawyers are expected to work grueling, unpredictable hours. This time of year, that reality is brought into sharp relief: the “holiday season,” with those “family obligations” and so forth, is something that occurs elsewhere.
But law firm billable expectations are not homogeneous. There are significant differences across practice areas, seniority levels, and, of course, individual firms. So how do the various practices, employment statuses, and firms stack up?
November marks the beginning of the holiday season, and people are brainstorming about what they should be thankful for so they’ll have something thoughtful to say at the Thanksgiving dinner table. We’ve got a suggestion: you should be thankful that you’ve still got a job, because some of your colleagues aren’t so lucky.
Which Biglaw firm offered a significant number of employees a cornucopia of despair yesterday?
* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]
* Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]
* Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]
* With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]
* Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]
* You’ve seen Justice Ruth Bader Ginsburg give Justice Antonin Scalia the finger in prose, but now you can hear what it would sound like in operatic form as composed by a recent law school graduate. [NPR]
* The Fourth Circuit upheld Obamacare’s employer mandate against Liberty University, calling it a constitutional tax, just like the individual mandate. Now’s a perfect time for a sip of Campari. [WSJ Law Blog]
* The Fried Frank toner bandit was sent to the slammer, but alas, it’s unlikely that the firm will be able to recover any of its losses. Too bad, it could use the cash after its 2012 performance. [Am Law Daily]
* Crisis? What crisis? The dean of UC Davis Law refuses to trim class size, but that doesn’t really matter — the application cycle is handling the situation quite nicely. [Sacramento Business Journal]
* Pennsylvania’s Attorney General Kathleen Kane won’t defend the state against a lawsuit seeking to overturn its ban on same-sex marriage. She’s choosing the people over politics. [New York Times]
* With his trial quickly drawing to a close, George Zimmerman is growing increasingly worried about his future. Let’s face it, even if he’s acquitted, living in hiding isn’t a very good look for him. [ABC News]
But this has started to change over the past few years, as managing partner Thomas Reid discussed in an August 2011 interview with Am Law Daily. In the August 2010 to August 2011 period, DPW hired a half-dozen prominent lateral partners.
And the lateral hiring spree continues (although not without the occasionalsnag). Let’s hear about Davis Polk’s latest high-profile hire, a new lateral partner at Paul Hastings, and an addition to the leadership of Orrick….
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