Have you ever dreamed of changing the Biglaw model, of making the law firm a pleasant place to work? If so, we might have just the opportunity for you.
Some Hogan Lovells attorneys were recently offered the opportunity of a lifetime, courtesy of “The Office of Mr. Monfort in Partnership with Hogan Lovells International.” Mr. Monfort invites all Hogan Lovells employees to join the Lawyers Transformation Program, which will “allow a lawyer to identify the excesses and wrongdoing of the current law firm model in order to accomplish the transition into a long-term and sustainable law firm approach.”
In case this wasn’t sufficient to get Hogan Lovells attorneys on board, the invitation goes on to list in detail the crazy lofty ideals of the Lawyers Transformation Program, promising nothing short of revolution and greatness.
The only problem? Hogan Lovells, not surprisingly, has no idea who Mr. Monfort is. Find out how you can join the Biglaw utopia movement and read the Hogan Lovells response, after the jump.
I feel like I’ve stepped into a time machine that has taken me all the way back to 2009.
According to an internal memo obtained by Above the Law, the international law firm of Hogan Lovells is offering a voluntary separation program to U.S. staff. The memo, posted in full below, talks about needing to bring the firm’s support staff into alignment with overall firm needs.
The program is voluntary, but as we learned during the height of the recession, “voluntary” programs don’t always stay optional….
* The perp walk is illegal in France. It’s not clear from this article how the French view the crip walk. [Sacramento Bee]
* Carl Icahn, the Blockbuster bankruptcy, insider-trading charges, and a golden retriever wearing comically huge sunglasses. This story touches on three of those things. [Bloomberg]
* Hogan Lovells fired a partner who falsely claimed $1.6 million in expenses. To put that in perspective, that is $1.6 million more than I have. [Am Law Daily]
* A Brooklyn juror died of a heart attack while listening to testimony. And that’s… sad, I guess. But the story goes on to note that “The juror, who was unemployed, was said to be ‘happy’ to be collecting a check for his service on the case which was expected to go on for about a month.” Man. [New York Post]
* Sammy Alito batted down 10 popular misconceptions about the Supreme Court in a speech on Monday. Chief among these myths is that Justice Sotomayor listens to a lot of Buena Vista Social Club on her Zune. Sonia never really got into that album, Alito noted. [St. Louis Post-Dispatch via ABA Journal]
* Meanwhile, Justice Thomas wondered in a speech whether critics of the Supreme Court suffer from a “disease of illiteracy or laziness.” So is your face, Justice Thomas. So is your face. [Fox News]
Greetings from lovely Palm Springs, California, home to the 2011 annual education conference of the Association for Legal Career Professionals (better known to many of you as NALP). The setting is beautiful, the weather is fabulous, and the conference panels have been stimulating thus far. Who needs SXSW?
Yesterday I attended a very interesting session, covering a topic near and dear to the hearts of many Above the Law readers. The apt title of the panel: “From Black Boxes to Glass Houses: Evolving Expectations of Law Firm Transparency.”
The lively discussion covered a wide range of topics — and also offered some advice for law firms for dealing with the increased transparency of the digital age….
Every day that major law firms do not announce spring bonuses makes them look like below-market, “non-peer” institutions. It has become very clear that firms claiming to pay market compensation need to be providing spring bonuses.
The latest firm to yield to market realities is Hogan Lovells. The relatively new Ho-Love, formed by the merger of Hogan & Hartson and Lovells, showed love to its hos on Friday. The firm matched the Cravath scale for spring bonuses.
You can read the full memo below. But you should also listen to how surprised and happy Ho-Love associates are about the bonuses. Hogan associates are like bizzaro Sidley associates….
After all, there are fewer partners for Howrey to lose with each passing day, as the Howrey lawyer diaspora continues to grow. Let’s review the recent activity — and discuss some possible future defections.
Other outlets have noted additional partner departures. K.T. “Sunny” Cherian, described by The Recorder as a “top IP litigation rainmaker” with a book of business worth more than $10 million, joined the San Francisco office of Hogan Lovells this past weekend. Four other partners will join him in soaking up the Ho-Love: John Hamann, Sarah Jalali, Constance Ramos, and Scott Wales (who had been the hiring partner for Howrey’s S.F. office).
Also in S.F., Pillsbury Winthrop picked up IP partner Duane Mathiowetz. The news was reported by the Daily Journal (subscription), which noted that Mathiowetz, who worked as a mechanical engineer for a decade before going into law, has taken five patent cases to trial in the past five years (winning four).
Who might be the next to leave Howrey? Here’s some speculation….
I like it when the artifice drops and Biglaw is shown to be dominated by greed. I don’t necessarily use the word “greed” pejoratively. I like money, you like money, and if somebody offered you more money to do what you are doing already, you’d take it.
I just like it when people can admit that the only thing they care about is money. It just makes things more efficient. What do you want? More money! When do you want it? Now!
Associates get a lot of flack for being unabashedly greedy, but an excellent report in today’s Wall Street Journal illustrates that Biglaw partners are just as obsessed with money has anybody else.
And the only problem is that the partners losing out on the money grab are kind of pissed….
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.
Last week, Hogan Lovells announced its associate bonuses. It’s the first bonus season for the firm since the merger of Hogan & Hartson and Lovells. Unfortunately for some associates, the transatlantic deal apparently did not pay off for them at bonus time.
The memos are individualized, but the associates who have reached out to Above the Law are not happy. Here’s one tipster’s report:
Most people with whom I’ve spoken received $2500-$5000 less than the Cravath-model for billing around 2150 (our hours requirement is 1950). This is true no matter the class year.
A number of associates left the office as soon as the memos came out because they were so disgusted. I predict a mass exodus of associates leaving HoLove this coming year, because a lot of people have been pissed about the hours anyway and these bonuses are just insulting.
But according to a Hogan Lovells spokesperson, the HoLove bonuses matched the market. So why are associates upset?
(Please note that we’ve added some UPDATES after the jump.)
What are the differences between Washington lawyers and New York lawyers? One broad generalization — crude, but largely accurate — is that D.C. attorneys are all about power and prestige, and NYC attorneys are all about money.
It’s certainly true that, in the Biglaw world, New York-based law firms generally enjoy higher profits per partner than Washington-based firms. But D.C. attorneys aren’t doing too badly for themselves.
The latest issue of Washingtonian magazine, available now on newsstands, is the salary survey issue. It’s all about who makes what in the D.C. metro area, from the president to police officers to pediatricians.
And given the proliferation of lawyers in the nation’s capital, there’s a whole section on lawyers and judges. Thankfully for us, Washingtonian has made this portion available online….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: