* For the third year in a row, Skadden has topped the list of the Biglaw firms GCs love to pay, the firms with the best brands. Kirkland & Ellis and Latham & Watkins rounded out the top three. Congratulations! [PRWeb]
* A federal judge struck down Wisconsin’s voter identification law yesterday, noting that it “only tenuously serve[d] the state’s interest in preventing voter fraud.” Ouch. Sorry about that, Scott Walker. [Bloomberg]
* Hot on the heels of the release of the second annual ATL Law School Rankings, we’ve got a list of the law schools where graduates reportedly have the least amount of debt. We’ll have more on this news later today. [The Short List / U.S. News & World Report]
* It was kind of like the night of the living dead in Oklahoma last night, where an execution was botched so badly the defendant attempted to rise up off the table. That must have been horrific. [New York Times]
* Here’s an eligible bachelor alert: After being suspended from practice for six months for filming “upskirt” videos of women in public, this in-house lawyer has been reinstated. [Legal Intelligencer (reg. req.)]
* Poor Justice Lori Douglas. Not only are her kinky S&M pictures floating around somewhere online, but the man who took them — her husband, Jack King — just died. RIP, good sir. [CTV Winnipeg News]
* NBA Commissioner Adam Silver, a former Cravath lawyer, fouled L.A. Clippers owner Donald Sterling out of the league, but people are questioning whether his punishment was legal. [WSJ Law Blog (sub. req.)]
* Mmm, the taste of money. Kirkland & Ellis and Ropes & Gray are assisting in TPG Capital’s $750M investment in Chobani, a Greek yogurt everyone (except me) absolutely loves. [Am Law Daily]
* A partner from the DebtStoppers law firm was arrested earlier this week after he was accused of refusing to pay a $950 bar tab. Well, we guess that’s one way to stop debt. [RedEye Chicago]
* The FBI raided an Ohio law firm this week, possibly in connection with a client’s murder outside its doors and one of its attorneys calling in a courthouse bomb threat. [Northeast Ohio Media Group]
* Canadian karma: As it turns out, graduates of the newly approved Trinity Western University Law School won’t be able to practice law in Ontario because of the school’s “abhorrent” anti-gay policies. [GlobalPost]
* Tony Buzbee, regent of the Texas A&M System, donated $1M to Texas A&M Law to fund the Johnny Football Endowed Chair. Okay, not really, but it’d be a lot cooler if he did. [Fort Worth Star-Telegram]
As the old saying goes, the best defense is a good offense. The exceedingly prestigious and profitable Kirkland & Ellis, which has seen some partner defections in the past few months, seems to be taking that lesson to heart.
Kirkland recently launched in the hot legal market of Houston — by poaching a promising young partner from a competitor. Which super-elite firm did K&E just raid for talent?
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
Home to 80 degree Januaries, the lateral market has been equally hot in L.A. to start the year. The first six weeks of the year showed unmistakable improvement over last year and even bested 2012. The national lateral market is up 43% while the Los Angeles market is up 126% from 2013. Lateral Link alone is currently working with over 200 partners with aggregated practices north of $250,000,000.
The strong Los Angeles trend is highlighted by the recent move of John Shaffer into Quinn Emanuel’s bankruptcy practice. Shaffer, one of the nation’s preeminent restructuring lawyers, should bolster an already stacked Quinn Emmanuel office. Winston also just picked up two prominent partners, Eva Davis from Kirkland and Dan Passage from Bingham. Last, but not least, John Gatti left Stroock for Manatt. I predict a dozen or more significant moves over the next few months in Los Angeles alone….
Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).
In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?
Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….
Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.
But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.
That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.
Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?
Which Biglaw firms are the best? Which Biglaw firms are the best in terms of providing quality client service? Those are two very different questions. Just because a particular law firm is classified as being one of the best does not mean it isn’t chock full of arrogant a-holes (there’s actually a ranking for that). On the other hand, just because a law firm is overflowing with arrogant a-holes does not mean that it isn’t one of the best. It can be a fairly complicated equation, and general counsel are often forced to pick the perfect sweet spot when choosing outside counsel for litigation matters.
How does your firm stack up against the others, and how can you increase the likelihood that yours will be chosen to represent some of the biggest brands in the business? Being rated as one of the “absolute best” by general counsel in terms of client service will certainly give your firm a fighting chance.
Did your firm make this year’s ranking of the Client Service 30? Take a look and find out…
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
(No, my holiday punch wasn’t spiked with Kirkland Kool-Aid; I think this is an objective assessment. I’m not saying K&E definitively is the best firm, just that it has a decent claim to the crown. And note the “overall” qualifier: different firms may beat Kirkland in different specific practices, but K&E has an impressively broad range of strengths.)
So Kirkland might be the best firm in the country. Does it pay the best bonuses?
In years past, you’d often hear the refrain that “Kirkland SHATTERS the market” on bonuses. But this year, according to our K&E sources, it seems like the firm is content to merely scratch the bonus ceiling….
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
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: email@example.com.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.