* Our own Elie Mystal isn’t the only one who’s capable of fanning the flames of race baiting — it seems that Supreme Court justices can do it, too! We’ll probably have more on Justice Sonia Sotomayor’s benchslap later today. [The Two-Way / NPR]
* Patience is obviously one of this judge’s virtues, because this took a looooong time. After waiting more than a year for people to put their petty political pandering aside, the Senate confirmed Robert Bacharach to the Tenth Circuit. [Blog of Legal Times]
* Mary Jo White, the nominee to lead the SEC, will probably face her confirmation hearing in March. Her legal wranglings at Debevoise may be of interest to some, but really, who cares? She’s so cute and tiny! [Reuters]
* Mayer Brown and the terrible, horrible, no good, very bad year: gross revenue is up overall at most Biglaw firms, but not this one. In 2012, Mayer Brown’s revenue dipped 3.7 percent for a six-year low. [Am Law Daily]
* Kirkland & Ellis, now the fifth-largest Biglaw firm in the nation, is leading the market in terms of top dollar merger-and-acquisition deals. Now, if only the firm could get some bananas. [Crain's Chicago Business]
* Orderly liquidation authority may be a legitimate exercise of power under the Bankruptcy Clause, but as far as these states are concerned, it’s just another reason to hate the Dodd-Frank Act. [DealBook / New York Times]
* An “astronomically stupid” legal loophole? Unpossible! Gun trusts are seeing the limelight because Chris Dorner claims he used one to purchase his paraphernalia without a background check. [New York Times]
What would you do if your Biglaw firm wasn’t providing you with the kind of nutritious breakfast foods that you oh so desperately need in order to sit in front of a computer all day and troll the comments on Above the Law draft documents? You’d probably whine and moan about your first-world problems to all of your similarly situated friends before even deigning to consider that you could bring your own damn bananas to work.
That’s exactly what everyone’s bitching about at one Biglaw firm, which to be quite frank, is bananas (B-A-N-A-N-A-S!)….
I don’t even know why I did it, it’s just not me man. I’ve never done anything like this in my life. This is not Ramiro. I’m not a macho guy. I don’t even know how to swim.
– Ramiro Ocasio, a records assistant at Kirkland & Ellis, commenting on his subway heroism. Last week, Ocasio selflessly jumped off the subway platform to come to the aid of an elderly man who had fallen onto the tracks. The Q train arrived less than ten seconds after they were out of harm’s way.
Few people are happier about the world’s surviving the Mayan Apocalypse than new partners at top law firms. Can you imagine slaving away in Biglaw for almost (or even over) a decade, finally winning election to the partnership in late 2012, and then having the world end before your hard-won partner status took effect?
Fortunately that didn’t happen. Heck, we didn’t even go over the fiscal cliff. But some people will have to pay higher taxes this year (and for many years to come).
Like these people: the talented and hardworking lawyers who, as of January 1, 2013, became partners of their respective law firms. Let’s find out who they are, so we can congratulate them….
The good news: their bonuses are much better than the “scraps thrown to the troglodytes slaving away at Cravath,” according to one tipster.
The bad news: the bonuses don’t seem to be as generous as last year’s, and some associates made less in real dollars this year than last year, despite billing the same amount of hours and being a year more senior.
So not everybody at Kirkland is happy, which is weird because usually K&E gives its people happy juice before they talk to anybody.
Of course, when your firm uses Cravath as a baseline for your bonuses, happiness is a relative term….
Cravath partners enjoy discounts at Subway, among other perquisites.
It’s rare for partners to leave Cravath, given the prestige, pay, and perks associated with partnership at the firm. And it’s especially rare for a Cravath partner to leave for a rival firm, as opposed to a Wall Street investment bank or major corporation.
Cravath has a very specific system for running itself, and that system has served Cravath very well over the years. As its competitors expend increasing amounts of effort to climb the prestige hierarchy and expand across the globe, Cravath remains at the top, serenely servicing its clients — and printing money for its partners. Part of the reason why Cravath so rarely loses partners to other firms is that it’s so profitable overall that even a partner being paid under Cravath’s lockstep system still does better than a “star” partner at many other firms.
So that’s why today’s news is so notable. A prominent young partner at Cravath has decided to leave Worldwide Plaza and take his talents across town.
Who is the partner in question, and where is he headed?
The news of the K&L Gates / Middletons merger, which looks a lot like the acquisition of Middletons by K&L Gates, got us thinking about the value of law firms. It’s quite apropos given that Middletons is based in Australia, home of the world’s first publicly traded law firm.
As we mentioned in yesterday’s Morning Docket, the American Lawyer recently set out to determine the world’s most valuable law firms. How did Am Law go about doing this, and which leading law firms sit atop their rankings?
* When it comes to the art of law firm valuation, you may be surprised when you find out which Biglaw firm is worth the most. Here are a few hints: it’s not Baker & McKenzie, and it’s not DLA Piper or Skadden, either. [American Lawyer]
* Evening students are capable of doing more than ruining your class rank. Jacob Lew, once a night student at Georgetown Law, is now the White House chief of staff assisting with fiscal cliff negotiations. [New York Times]
* For now, the only thing that’s keeping Florida from gaining another law school is a lack of square footage in the real estate rodeo. But that’s probably a good thing, because adding a twelfth law school would be more than a little ridiculous. [Daytona Beach News-Journal]
* Samsung’s trying to get out of paying $1.05B to Apple, and their lawyers are trying to pin knowledge of the jury foreman’s misrepresentations on their technological nemesis to get the verdict thrown out. [Bloomberg]
* Shakira’s hips don’t lie, but her contracts allegedly do. The sexy singer’s ex-business partner (who’s also her ex-boyfriend) is suing her for $100M to “recover his share of past and future partnership profits.” [Billboard]
* Chief Justice John Roberts gave a Solicitor General’s Office attorney a vicious tongue-lashing for failure to be upfront about policy changes between presidents. Now that’s what we’d call a verbal benchslap! [Thomson Reuters News & Insight]
* When asked if they’d be following Cravath’s bonuses, a dozen Am Law 100 firms didn’t even care to respond or discuss the matter. It seems the partners would rather keep their associates squirming with suspense a while longer. [Am Law Daily]
* Watch out, world, because Catholic University of America just hired a Biglaw senior partner to lead its law school. Say hello to Dean Daniel Attridge, formerly managing partner at the D.C. office of Kirkland & Ellis. [National Law Journal]
* A federal judge ordered tobacco companies to disclose in product warnings that they chemically induce smoking addictions to turn a profit, but those fools will keep puffing their cancer sticks anyway. [WSJ Law Blog]
* This just in from Flori-duh: you know you’re probably going to have a bad day in court when the judge won’t declare a mistrial even though the prosecutor technically wasn’t a member of the state Bar. [Miami Herald]
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.
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.
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.