As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
Here at Above the Law, we write about career alternatives for attorneys from time to time, but it’s been a while since we last brought our readers an exciting story about extracurricular activities for attorneys. That being the case, here’s a little fun fact for you: many of the female members of this fine profession have, at one point or another in their lives, been on cheerleading squads.
Whether you’re a law student or a Supreme Court justice (yes, RBG once shook her pom-poms on the field), moonlighting as a cheerleader has its perks. What better way to learn how to BE AGGRESSIVE! B-E AGGRESSIVE! B-E A-G-G-R-E-S-S-I-V-E! in the courtroom?
Today’s legal cheerleader has an impressive rack résumé: she used to work in Biglaw, she’s now working as an ADA, and most importantly, she moonlights as a cheerleader for the Atlanta Falcons. Wouldn’t you like to have a lovely litigatrix like her on your side?
Let’s take a look at her cheerleading bio and, because this post would be WWOP, some photos of this gorgeous glamazon….
Each year, Corporate Counsel compiles a list of the firms that the Fortune 100 companies use as outside counsel. These are the firms that corporate clients turn to when they’ve got bet-the-company litigation. From Exxon Mobil to Apple to Walmart, and everywhere in between, these are the clients with the deepest of pockets, and if you care at all about the business end of the law, then this is a list that you should care about.
But this time around, the list looks a little different. Due to the state of the economy, general counsel are now looking for more ways to reduce costs, and are constantly seeking out alternative fee structures. The firms on this year’s list may have been the ones that were most amenable to such changes.
Without further ado, let’s take a look at which firms topped this year’s list….
As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.
In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.
Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.
* British barristers behaving badly: Kevin Steele, a former Mishcon de Reya partner, was convicted of fraud and forgery charges in connection with a $28M loan scam. They don’t serve tea and crumpets in jail. [Legal Week]
* Joshua Monson, the serial defense attorney stabber, was in court yesterday for sentencing. Still no word on whether he was wheeled in on a Hannibal Lecter-esque gurney to prevent more stabby behavior. [CNN]
* No, Ophelia, when you’re a transgender prisoner in Virginia, the state is not going to pay for your sex change operation, no matter how many courts you appeal to. [Houston Chronicle]
* Will Rima Fakih, 2010′s Miss USA, have to do jail time in Michigan for reportedly being a “super-drunk”? Check back after we get the results from the swimsuit competition. [MLive.com]
Law firm diversity matters. It matters to corporate clients, many of them public companies that want to demonstrate their commitment to diversity through their selection of vendors and service providers — which is what law firms are, at the end of the day. It matters to the law students and lawyers that firms are trying to recruit — which is the premise behind the data collection conducted by Building A Better Legal Profession.
So there should be keen interest in the latest edition of the American Lawyer’s Diversity Scorecard 2011, which the magazine just released. As Am Law explains, the Scorecard constitutes its annual ranking of large law firms by their percentage of minority attorneys and minority partners.
Let’s take a look at the top firms for diversity. Did your firm make the list?
When asked for some 2011 predictions by the folks over at Hellerman Baretz, I had this to say (among other commentary): “Although business is generally picking up, some firms still haven’t managed to shake off the effects of the recession — and they are now seeing significant defections, as their partners leave for firms that have weathered the storm better. So, in the next year, look for at least one large — i.e., Am Law 200 — law firm to either dissolve or be swallowed up by another firm as an alternative to dissolution.”
One firm that has been experiencing some major partner departures and general upheaval is Howrey. This post is the first of what we expect to be a series of stories about the firm. If you have information about Howrey that you can share, please email us or text us.
It’s getting hard to keep track of all the partner defections at Howrey. But let’s give it a shot, as well as talk about various Howrey offices that might not be long for this world….
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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