In case you haven’t noticed, Freshfields has been on a U.S. hiring spree lately. The Magic Circle firm has been making partners disappear from other firms left and right. It recently lured Peter Lyons away from Shearman & Sterling, his longtime professional home. That came on the heels of Freshfields picking up former Wachtell Lipton partner Mitchell Presser and former Skadden Arps partner James Douglas.
Today brings word of more high-profile hires. We’ve learned that three Fried Frank partners — former co-chair Valerie Ford Jacob and two other capital-markets partners, Paul Tropp and Michael Levitt — are decamping for Freshfields. Their bios are all gone from the Fried Frank website. One source of ours called it “a major loss for the firm.”
Is something going on at Fried Frank? It seems the firm has lost a lot of partners lately….
(Please note the UPDATES added to this post, including comment from Fried Frank.)
On Friday, we asked readers to submit fun hashtags for the ABA’s commitment to provide its members with cheap wine. Or at least with cheap, personally branded wine to give clients eager to drink cut rate wine with the label of a cut rate law firm.
So some of you took to the Hashtag War format we modeled on @Midnight. Check out the finalists for this Hashtag War and see if you agree….
We’re in the middle of law firm interview season. We’ve offered you both cheerful and depressing takes on the summer associate recruiting process.
Speaking of depressing things, interviews are frequently followed by rejection. Trust me, I know; I’ve received many rejections over the years. I recently contributed one of my “favorite” rejection letters to an online compilation (see page 27 of the pamphlet, or page 15 of the PDF, reprinted with the permission of Justice Scalia).
That was a kind and gracious rejection letter, which is what you’d expect from a genteel institution like the U.S. Supreme Court. When Biglaw firms turn your dreams to shame, they aren’t quite as nice….
[E]ven the most disgusting criminals should have access to counsel when they violate the law, and Exxon’s shareholders will now pay big bucks for Seyfarth’s lawyers, who are probably some of the most expensive corporate defense lawyers in the country. But I don’t think there’s any need for Seyfarth to run up their billable hours since Freedom to Work would like to settle the case today.
– Tico Almeida, founder and president of Freedom to Work, commenting on Seyfarth Shaw’s decision to defend a case alleging anti-gay bias at Exxon Mobil — one of the few Fortune 500 companies that lacks a written nondiscrimination policy prohibiting discrimination on the basis of sexual orientation.
(Will Seyfarth come to regret this case? Let’s discuss….)
Personal email accounts introduce possible threats to firm computers. A careless employee could open a trojan horse attachment and unleash a virus on the system. Even if the attack only infects the local drive, confidential information may be at risk.
This puts firms in a bind. Either invest time and energy teaching basic Internet skills to their employees — lessons like, “don’t open attachments from unknown email addresses” — that most of us learned when we still had Prodigy emails, or condescendingly cut off access to a modern necessity because the employees are too hopeless to understand the rules.
Yesterday, a major law firm chose the latter route…
Continuing our annual tradition honoring March Madness, Above the Law is running a law-related bracket, advancing law firms or law schools based on the outcome of reader polls. If you’ve been around for a while, you know the drill. But remember, I’m the new guy, so I’ve made a couple changes to the format this year.
This year, it’s time to talk about law firms. Specifically, your collective editors pose this question: Which law firm has the brightest future? The economy is still fragile and people are writing books with scary titles like The Lawyer Bubble: A Profession in Crisis (affiliate link). The firms in our competition may look healthy today, but we all could have said the same thing at one time about Howrey, Brobeck, Heller, or Dewey.
What firm’s future is so bright their senior partners gotta wear shades?
* Now that Barack Obama has secured his seat as a two-term president, in-house counsel in the financial sector can kiss their dreams of Dodd-Frank being repealed goodbye. Here are some issues to think about in light of its new footing. [Corporate Counsel]
* “We’re in the early innings of adjusting what value means.” And these days, it looks like “value” is synonymous with “making less money.” Given the results of this third quarter analysis, it’s quite clear that flat is still the new up for Biglaw. [WSJ Law Blog]
* Blow my whistle, baby? A DLA Piper partner filed a $4M suit against the Office of the Comptroller of the Currency on claims he was maliciously prosecuted as revenge for whistleblowing. [Daily Business Review]
* From Biglaw to Midlaw: Morrison Cohen, a midsize firm, managed to poach a partner from Willkie Farr. But how? Apparently this guy was no longer interested in billing “$900-plus” per hour. [New York Law Journal]
* Former Congresswoman Gabrielle Giffords will be present at Jared Lee Loughner’s sentencing hearing today, though it is unknown if she herself will speak. His expected sentence is life without parole. [ABC News]
Today we have some updates about Steve Guynn (all via Teri Buhl). First, Guynn is reportedly getting divorced from his wife, Kristie Guynn. Second, the criminal case against him no longer appears in the online docket for the Connecticut courts (perhaps because it has been moved to a domestic violence docket). Third, he is no longer at King & Spalding.
(We reached out to King & Spalding to confirm Guynn’s departure from the firm. They did not respond to our inquiry, but Guynn’s bio has been pulled from the firm website. Here is a cached version, which shows Guynn’s impressive educational and professional background, including the two other top firms where he was once a partner.)
The allegations against Steven Guynn have never been proven. But here is one thing established beyond a reasonable doubt: his multimillion-dollar mansion is fit for royalty. Shall we take a peek?
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….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: