Is this just my weird perception, or are law firm managing partners being surveyed constantly? It seems that every other week, some law firm lender or consultancy or recruiting firm is touting the results of a managing partners survey. Managing partners have things to do other than respond to surveys — like, well, managing law firms.
Despite the proliferation of such surveys, we do appreciate the information and insight they contain. So let’s check out the recently released results of one of the most prominent surveys, the American Lawyer’s annual Law Firm Leaders survey….
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.
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: