Each year, Corporate Counsel compiles a list of the law firms that Fortune 100 companies use as outside counsel. This year, to change things up a bit, it seems like the list has been expanded to cover the entire Fortune 500. From Apple to Yahoo, and every billion-dollar company in between, these corporate clients expect nothing short of the best in terms of legal representation when dealing with high-stakes litigation and deals. If you’re looking to line your firm’s pockets, you better head to the RFP line when these companies seek lawyers.
Up until last year, only the most prominent Biglaw firms (like Cleary, Davis Polk, Cravath, and Simpson Thacher) topped the list of those that had the pleasure of doing business with the country’s biggest companies. Things changed rapidly, however, when Big Business tried to cash in on deals for legal services. The firms that were willing to cave to the pressure of providing alternative fee arrangements won in a big way, and the rest were left in the dust.
Have these prestigious firms changed their ways? Is Corporate America again willing to open its fat wallet for them? Let’s find out…
* 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]
* The Sixth Circuit delved into the question of law professors’ tenure in a recent decision, noting that it doesn’t guarantee a job for life. But seriously, why on earth would you want to have a lifetime career at Cooley Law anyway? [National Law Journal]
* Was the Wisconsin Sikh temple shooting a hate crime? Well, the shooter was in a racist skinhead band and purchased supplies from a neo-Nazi group, if that gives you a clue. [Reuters]
* Bet nobody saw this kind of douchebaggery happening: Jackson Lewis has been tapped to represent a member of Penn State’s board of trustees to appeal the NCAA’s unappealable sanctions, and he’s recruiting fellow trustees to join him. [Am Law Daily]
* No more “no comment” for this former reporter: Bruce Brown, a partner at Baker Hostetler, was appointed as the new executive director of the Reporters Committee for Freedom of the Press. [Blog of Legal Times]
* As expected, Jared Lee Loughner pleaded guilty in the Arizona shooting that killed six people and wounded 13 others. He’ll likely receive several life sentences as opposed to the death penalty. [Wall Street Journal]
* “This sh*t ain’t no joke yo, I’m serious, people are gonna die like Aurora.” Twitter, please cooperate so the police don’t have to subpoena you when a user threatens to commit a massacre in NYC. [NBC New York]
The conference was frenetic, to say the least. There was a lot going on, regarding a cornucopia of technological topics and tools to help lawyers. As expected, the biggest hype revolved around predictive coding and computer-assisted review.
The legal technology world has been buzzing about this stuff for a while now, and we have covered it on these pages several times before. (Here and here, for starters). At the conference, attendees got to hear from the naysayers, the enthusiasts, and everyone in between. Several panels helped explain exactly what the technology means on a practical level. And no, cyborgs will not be stealing all the contract attorney jobs any time soon.
One of this week’s highlights was a lunchtime panel featuring two prominent attorneys and a New York magistrate judge. The discussion helped clarify, demystify, and define the terms that have been making headlines (even in the New York Times) for a good part of the past year. Is computer-assisted review as scary as it seems? Of course not.
Let’s see what the panelists — and at least one irate audience member — had to say….
Keyword searching is absolutely terrible, in terms of statistical responsiveness.
– Magistrate Judge Andrew Peck (S.D.N.Y.), in a panel today at the LegalTech conference. He spoke alongside Wachtell Lipton counsel Maura Grossman and Jackson Lewis partner Ralph Losey, on a panel that aimed to demystify cutting-edge, computer-assisted e-discovery technology. Peck is a vocal proponent of computer-assisted discovery and predictive coding. He is not a fan of the slightly older keyword-searching technology.
(A few minutes later, Losey had another strong opinion to add. See what was said, after the jump.)
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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: firstname.lastname@example.org.
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