Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
There are some common ethical issues every partner should know, or at least be able to identify what they don’t know, when planning for a lateral transition.
Most partners do not give ethical considerations enough attention in the process. Without proper planning, partners may breach fiduciary duties to their prior firms and create unnecessary conflicts between their former and new firms.
I asked Trisha Rich, a professional responsibility attorney who practices with Holland & Knight’s Lawyer Ethics, Risk Management and Regulation team, to respond to some of the most common ethical questions I have come across while moving partners and groups between law firms…
Insider trading is one of those activities that you should avoid. If you’re a lawyer, it’s an activity you should definitely avoid. It’s not really all that hard to steer clear of insider trading either. Obviously there are some murky cases, but it’s wise to err on the side of caution.
On the other hand, there are also cases where the SEC says a close friend of a company’s executive is emailing you and telling you which days to buy because “[e]arnings are being released on the 30th along with some good news,” and “[l]ooking forward to getting paid back. Good luck…. SHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!” Those are the cases where you probably should walk away.
Put aside the insider trading: what lawyer is using email to have these conversations?
“We knocked the bastard off!” Edmund Hillary exclaimed on May 29, 1953, after descending from the summit of Mount Everest with his climbing partner, Tenzing Norgay. Sixty-one years ago today, the two men were the first to reach Everest’s summit — or perhaps the first to live to tell the tale. This week, On Remand looks back at Hillary and Norgay’s achievement, and the legal ramifications of less successful climbers who’ve followed in their footsteps — on Everest and elsewhere.
I showered maybe two times after gym class in middle school. And both times, I was wearing underwear. Looking back, I still don’t understand why the school couldn’t shell out just a few more ducats and construct private shower stalls. Why do schools choose to introduce communal showering right at the time that we are learning that our bodies are horrible monsters that we are rightfully ashamed of? I’m not sure I’ll ever know the answer to that question. At my middle school, there were two kids who stood sentry at the shower room entrance, judging the size of each kid’s equipment. Can you imagine, dear reader, the horror of that experience? Perhaps you can. And perhaps you can imagine why my Hanes remained safely affixed to my inguinal region as I scampered, eyes fixed on the cement floor, surely to meet my death. If I could just run under the sprinkler, I could retreat to my locker where someone somewhere surely had some of that spray deodorant. Christ almighty, friends. Why do we still embrace the communal shower? I WAS A CHILD!!!!!!!
This week, a lobbyist caught the vapors much like I had as a child. Only this lobbyist is an adult. Presumably. Because I still haven’t gotten over middle school and because I don’t want to write about anything else, let’s talk about one issue this week. Let’s talk football. Let’s talk gay paranoia.
* The four female Supremes gathered last night (and kept RBG up past her bedtime) to celebrate the unveiling of a lifelike painting of themselves that’ll be on display for years. You go girls! [Reliable Source / Washington Post]
* Now that cloture’s been filed on a would-be D.C. Circuit judge, these judicial nominations are getting exciting. You should probably get ready for a battle royal on Patricia Millett’s qualifications later this week. [Blog of Legal Times]
* The women over at Holland & Knight must be pregnant with glee now that the firm is offering incredibly attractive paid maternity and adoption leave packages in the hope of retaining its lady lawyers. [Daily Business Review]
* Aww, Barry Bonds wants the Ninth Circuit to rehear his obstruction of justice conviction with 11 judges instead of three. Perhaps he thinks that more judges will equal more sympathy. [San Jose Mercury News]
The Biglaw on-campus recruiting season is a subject of decreasing relevance for most aspiring lawyers, as illustrated by this grim infographic. We are all familiar with the parade of horribles that is the law firm recruitment market, at least from the student point of view. Since the halcyon days of 2007, summer associate class sizes are down at the overwhelming majority of large law firms, often by fifty percent or more. And of course nobody is seriously arguing that class sizes will ever rebound to their pre-recession levels. But 50 percent is not 100 percent; there are still 2Ls who have just made their way through the OCI cattle call.
About a month back, we asked our readers to share their experiences of the OCI process. We wanted to learn where student priorities fall during this era of “New Normal.” For those of you fortunate enough to be in a position to choose among employers, what are the factors driving your decisions? What, if anything, is likely to make you reject an offer? And what, in this unbalanced buyers’ market for legal talent, is the actual interview experience like?
* If Biglaw firms wants to get back into a financial sweet spot like in their days of yore, they had better get in on these billion-dollar international arbitrations while the getting is good. [DealBook / New York Times]
* Women lawyers, please take note: your future depends on it. Apparently the key to making partner in Biglaw is to get the backing of general counsel at big money corporate clients as a gender. [Corporate Counsel]
* ¡Ay dios mío! ¡Escándalo! Holland & Knight yoinked 10 attorneys, including three partners, right out from under Chadbourne & Parke’s nose to open up its new Mexico City office. [South Florida Business Journal]
* “If we actually got another million dollars going forward to spend on something, is the highest and best use to produce attorneys?” Even in a flyover state like Idaho, the answer to that question is a resounding yes when it comes to law school expansion. [Spokesman-Review]
* “A jurisprudence of ‘don’t ask, don’t tell’ does not properly safeguard [a defendant's rights].” California Justice Goodwin Liu is raging against policies on race-based peremptory jury challenges. [The Recorder]
* “I’ve been doing Paula Deen in a strongly metaphorical sense.” The magnate of marmalade’s case may be settled, but that doesn’t mean sanctions have been taken off the table. [Courthouse News Service]
* The hefty price of killing? Following his acquittal in the death of Trayvon Martin, George Zimmerman is now asking Florida to pay for his legal expenses, to the tune of $200,000 – $300,000. [Orlando Sentinel]
* Since summer’s start, Patton Boggs has been leaking lawyers like a sieve. Thus far, 22 partners and 11 associates have defected from the firm to Holland & Knight, Jackson Lewis, Arent Fox, and WilmerHale. [Blog of Legal Times]
* Considering the deadly force choke American health care reform legislation has supposedly put on employers, perhaps more lawyers ought to consider becoming Jedi masters of the Affordable Care Act. [Daily Business Review]
* The new normal for the ivory tower: Law schools are tackling falling applications by “voluntarily” decreasing their class sizes, or by “voluntarily” offering faculty and staff buyouts. [Wall Street Journal]
* But look on the bright side, professors, the ABA wants to amend its accreditation standards to save your jobs and offer greater protections. Too bad its unwilling to do the same for students. [ABA Journal]
* If you’ve been swindling clients for long enough, the law school you donated money to will try to scrub your name off its walls. That is what’s happening now at IU-McKinney Law. [National Law Journal]
* “Given health care, I don’t care if he speaks in tongues.” Chief Justice John Roberts botched Barack Obama’s presidential oath at his first inauguration, but this time he managed to get it right. [New York Times]
* What was more important to Justice Sonia Sotomayor than swearing in Joe Biden as VP at noon on Sunday? Signing books at Barnes & Noble in New York City. Not-so wise Latina. [Los Angeles Times]
* D.C. Biglaw firms — like Holland & Knight, Covington, K&L Gates, and Jones Day — allowed others to bask in their prestige at their swanky inauguration parties. [Capital Business / Washington Post]
* It’s been 40 years since SCOTUS made its ruling in Roe v. Wade, and this is what we’ve got to show for it: a deep moral divide over women being able to do what they want with their own bodies. [Huffington Post]
* The latest weapon in the fight against terrorism is the legal system. The Second Circuit recently issued a major blow to those seeking to finance militant attacks in secret. [Thomson Reuters News & Insight]
* “Firms don’t just hire a body anymore.” The 2012 BLS jobs data is in, and if you thought employment in the legal sector was going to magically bounce back to pre-recession levels, you were delusional. [Am Law Daily]
* Three months have come and gone since Hurricane Sandy rocked law firm life as we know it in Manhattan, but firms like Fragomen and Gordon & Rees are still stuck in temporary offices. [New York Law Journal]
* This seems like it may be too good to be true, but it looks like New York’s chief judge may be on board to grant law students bar eligibility after the completion of only two years of law school. [National Law Journal]
* Law professors may soon be in for a nasty surprise when it comes to their salaries if their schools follow Vermont Law’s lead and remove them as salaried employees, paying only on a part-time basis. [Valley News]
* Resorting to a life of crime to pay off your law school debt is never a good thing — unless you’re doing it while wearing a Bucky Badger hat. We’ll have more on these allegations later. [Wisconsin State Journal]
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: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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