Ascension to Biglaw partnership demands, obviously and above all, an enormous amount of first-rate legal work, in addition to political savvy, endurance, timing, and luck. A would-be partner’s chosen practice area also undoubtedly plays no small role. If firm leadership believes that there will be a spate of major Chapter 11 filings or trademark litigations on the horizon, obviously that will redound to the benefit of the potential bankruptcy or IP partners (although, as recent news reflects, partnership isn’t necessarily the lucrative, secure lifetime position it once was).
Late last year, ATL took a close look at the newly minted partner classes for the Vault 10 firms. Despite the great profitability and prestige of this select group, it is difficult to draw conclusions about the general direction of the legal market from the composition of these partnership classes. First of all, this is a small sample size. Second, we are witnessing an important shift in the allocation of the business within the market. A recent AdvanceLaw survey of general counsel at major global corporations found that three-quarters of general counsel were inclined to engage “less-pedigreed” firms (e.g., outside the Vault 10 or Magic Circle) for “high stakes” legal work. This survey of GCs (including those from Google, Nike, 3M, Unilever and Deutsche Bank) indicated their willingness to engage firms lower down the Biglaw totem pole.
Because of the apparent diminishment of the brand value of the most historically prestigious firms, as well as the broader trends toward disaggregation and unbundling of legal services, one must account for a larger set of law firms in order to see the fullest picture of the market for high-end legal services. With that in mind, today we look at the practice areas of the entire Biglaw partnership class of 2013….
Around here, one can’t mention the concept of something being “overrated” without reference to one of the weirdest and most enduring ATL comment memes, a play on the late, great Hitch’s assertion that the four most overrated things in life are “champagne, lobster, anal sex, and picnics.” So who are the, um, lobsters of Biglaw?
Last week, we had a look at what our audience considered to be the most underrated Biglaw firms, by practice area. Today, inevitably, we turn it around and have a look at what you’re telling us are the most overrated firms.
Among other things, our ATL Insider Survey asks attorneys to nominate firms with overrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
To be sure, these survey results need to be taken with some buckets of salt — we realize that, for some, answering this question might be a chance to take an easy shot at a more successful rival or competitor. Of course, there are crazy people who will tell you that such paragons as Benjamin Franklin or Tom Brady are “overrated,” but that probably says more about the person making that statement than anything else. But that said, these survey responses are a fun glimpse at which firms Biglaw attorneys think are more sizzle than steak….
On the day the iPhone 5 became available to the public, I wrote a post asking if the new smartphone might be a sign of the IP apocalypse. I’m not the only one, apparently.
Finally, the rumblings of discontent within the tech and legal industries haved boiled over into the mainstream. The New York Times wrote an extensive front-page story yesterday, chronicling the intellectual property arms race gripping the industry.
A lot of the subjects in the piece may be familiar to Above the Law’s readers. We’ve covered Apple’s schizophrenic attitude towards patents and the America Invents Act (and how it could affect one’s ability to patent bedroom gymnastics).
But let’s take a closer look and put it all in context…
Change is in the air! And it’s not just pollen. On the heels of an explosion of popular interest in (and subsequent boredom with) intellectual property, stemming from the Apple v. Samsung case, as well as new IP regulatory changes, the time is right to take IP reform to the streets! Let’s burn this mother down… or crowd-source it, at least.
A new partnership between the U.S. Patent Office, Google, and popular tech website Stack Exchange, will recruit average Americans to help end the patent wars. Take that, rounded corners!
We actually didn’t invest in the patent ecosystem. We weren’t patenting stuff as aggressively as we should have been. We didn’t really believe “rounded corners” were patentable. We just didn’t buy into that notion of protecting your IP, and it was a wake-up call.
They’ve stepped up the production value, they have a celebrity cameo from the Director of the United States Patent and Trademark Office, and it all fits nicely into a rap song, you guessed it, about patenting sex. So yeah, click through for some serious flow….
It was a big win for Apple, and it came surprisingly quickly. As Elie pointed out, it would take many smart people more than three days to even understand all the the terms within the 109 pages of jury instructions. Aside from the jury itself, it seemed no one was ready for the verdict. One attorney for Apple even showed up in a polo shirt.
Let’s have a post-mortem run through of the case (and a quick-and-dirty look at the massive attorneys’ fees incurred by both sides)….
What. A. Day. Long long ago, in a time before lunch, I again trekked down to San Jose to watch the closing arguments in Patent Super Bowl 2012: Apple v. Samsung. That, and go through the most boring morning of my life, as close to 40 attorneys, dozens of spectators, reporters, and the unseen masses in the overflow room, sat through a reading of 109 pages of jury instructions.
But after lunch, we finally got what we hoped for: four hours of impressive performances from Charles Verhoeven, Bill Lee, and Harold McElhinny. We’ve probably got a year’s worth of Quotes of the Day from this afternoon, but by the end of the day, one phrase, one idea was abundantly clear: “The world is watching.”
Well, it’s that time. Cue the Gladiator theme. Testimony in Apple v. Samsung is over, and closing statements are tomorrow. Any and all attempts at settlement have failed epically. Assuming I can get a seat, I’ll be down in San Jose watching and tweeeting the proceedings tomorrow. First, let’s take a look at some predictive analysis of how the world could change depending on who wins the jury’s favor.
It’s still anyone’s ball game, so journo-pundits, unleash the hyperbole and high-minded rhetoric!
Every day it seems the Apple v. Samsung trial couldn’t get any more exciting, but somehow every day, the court proceedings seem to ratchet up the ridiculousness. Samsung has rested its case, and commentators expect closing arguments to happen on Tuesday.
But the trial won’t close out quietly. The vitriol from all sides shows no signs of slowing down — least of all from Judge Lucy Koh, who has quite simply had it up to here with the tech giants’ bickering.
Yesterday she again tried to convince the parties to settle, without much success. Today, the judicial badass inquired as to whether or not counsel was on drugs. Good times!
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.