The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
I had packed up my things and was about to turn off the light. That’s when the phone rang here at the CircumcisionLawDesk. The shrill tone of the ring sounded more urgent than usual. I put down my box of Pulitzers and picked up the receiver.
“Hell-” “You’ve gotta write quick, Mister! Gawker ran a story on circumcision and it’s crazy!” I replied that I was too old for this game. Tracking down every circumcision tip had left me a hollow shell of a man. But the kid was insistent. “What about the babies???” Now you listen here, you sniveling punk, I said. I was never in it for the babies. Heck, I never could figure out just what I thought about circumcision. Mutilation, health, hygiene, aesthetics. The whole racket made my head spin. And that’s when the young punk said something that set me on my present course.
“There might be a lawsuit. Some Jews are crazy-mad about a new regulation passed by the City of New York and they’re threatening all kinds of holy hell over it. It’s not that New York is outlawing circumcision. It’s not about that. It’s that… well, it’s that some of these Jewish folks do something.” Out with it! “I can’t… I don’t wanna say… It’s that these Jewish fellas, some of them… Well…”
The last time we covered the lavish signing bonuses for Supreme Court clerks who head to law firms after their time at the Court, the bonuses were flirting with $280,000. We say “flirting with” because, at the time, only certain firms were offering $280K. That princely sum was not yet the market rate for talent emerging from One First Street.
A little over a year later, we can report some change on this front. Even though regular associate bonuses and partner profits might be flat this year, the price for Supreme Court clerks is going up, up, up….
Biglaw litigators are to be feared in general, but certain Biglaw litigation departments strike fear into the hearts of their opponents like no others. BTI Consulting Group recently polled 240 in-house lawyers to determine which Biglaw firms they dread “see[ing] as lead opposing counsel in a litigation case.” Each year, after culling through all of the survey results, BTI names the “Fearsome Foursome” — the most-feared litigation firms in the country.
This year, while two litigation powerhouses remained on the list, two prominent Biglaw firms were edged out by other worthy victors. Another 15 firms were honored as “Awesome Opponents.”
So which Biglaw firms are the most feared when it comes to litigation? Let’s check out the latest rankings….
* “I’ve been a restaurant waitress, a hotel hostess, a car parker, a nurse’s aide, a maid in a motel, a bookkeeper and a researcher.” This SCOTUS wife was well-prepared to give a graduation speech at New England Law. [Huffington Post]
* Sniffling over lost profits is the best way to get a court to take your side. Biglaw firms have asked the Second Circuit to consider reversing a decision in the Coudert Brothers “unfinished business” clawback case. [Legal Intelligencer]
* James Holmes, the alleged Aurora movie theater gunman, is being evicted from his apartment. Guess he didn’t know — or care — that booby-trapping the place with bombs would be against the terms of his lease. [Denver Post]
* The ABA has created a task force to study the future of legal education, and its work is expected to completed in 2014. ::rolleyes:: Oh, good thing they’re not in any kind of a hurry — there’s no need to rush. [ABA Journal]
* Indiana Tech, the little law school that nobody wants could, has hired its first faculty members. Thus far, the school has poached law professors from from West Virginia, Florida A&M, and Northern Illinois. [JD Journal]
* When divorces get weird: is this lawyer’s soon-to-be ex-wife hacking into his law firm email account and planning to publish privileged communications online? Yep, this is in Texas. [Unfair Park / Dallas Observer]
* Breast-feeding porn: yup, that’s a thing, so start Googling. A New Jersey mother is suing an Iowa production company after an instructional video she appeared in was spliced to create pornography. [Boston Globe]
* If someone from your school newspaper asks you for a quote about oral sex, and then you’re quoted in the subsequent article, you’re probably not going to win your invasion of privacy lawsuit. [National Law Journal]
* So now the Tulsa law dean is making it sound like the babysitting gig was just one of the many heroic efforts Tulsa undertakes to make sure students can make ends meet while in law school. This from a school that charges $32,056 per year plus another $7,993 for room and board for the privilege of attending the #99 law school in the land. Oh, but presenting babysitting opportunities is a way that the administration can help. [TU College of Law Blog]
* This is how 90% of my conversations go when somebody asks me if they should go to law school. The other 10% end in fisticuffs and comfort eating. [Constitutional Daily]
* If a law professor uses a hypo this fall based on 50 Shades of Grey (affiliate link), please whip it out (your camera phone) and give us a load (of that hilarious video). [Law Librarian Blog]
The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.
The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”
Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.
As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….
As we reported over the weekend, it’s looking like Dewey & LeBoeuf will soon find itself in bankruptcy (perhaps voluntarily, perhaps not). The specter of bankruptcy raises a question for the many former partners of Dewey: dude, where’s my car capital contribution?
Let’s find out — and get the latest dispatches on the Dewey death spiral, including news of a new home for former vice chair Ralph Ferrara….
It’s interesting to see how the pace of the Dewey story is shifting. We’re moving from the breathless breaking of news into a period of longer pieces focused on analysis and narrative. This makes sense, given that most of the major events have already transpired (with the exception of formalities that will be big news if and when they do occur — e.g., an official vote of dissolution, a filing of bankruptcy, etc.).
So let’s do a more comprehensive review of the latest Dewey stories from around the web. We bring you more theories of blame, more partner departures, and more revelations about the personal life of former chairman Steven H. Davis….
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.