* Maybe you weren’t excited about Hofstra Law School, but did you hear they now have bean bag chairs in the library? Well, that changes everything! [Virtual Library Cat's Eye View]
* An interview with Peter Kalis on the future of Biglaw, in which he states, “I cross bridges and burn them behind me.” Flame on! [Forbes]
* This essay sums up so much about the state of America through the lens of the killing of Michael Brown. [The Concourse]
* While we focused on the tale of Judge Mark Fuller, who spent some time in jail on a domestic violence accusation, he may be part of a trend — Judge Lance Mason was charged with felonious assault after allegedly punching and biting his wife while they were driving. Biting? [Cleveland Plain Dealer]
* Have you ever wondered how every law school can give its students “excellent” educations? [The Legal Watchdog]
* Failed Mississippi candidate Chris McDaniel is challenging a bunch of votes. Including his own lawyer’s. [Wonkette]
* Tim Corcoran, President of the Legal Marketing Association, chides state bar associations for meddling with the evolution of the legal profession. Video after the jump…. [Mimesis Law]
Aasif Mandvi accepting his Justice in Action Award last night at the AALDEF 40th anniversary celebration.
Last night, I had the privilege and pleasure of attending the 40th anniversary celebration of the Asian American Legal Defense and Education Fund (AALDEF). Forty years is a remarkable milestone, so everyone was in a celebratory spirit. Here’s my account of the evening, which also honored several leaders within the Asian-American community….
Biglaw branding sounds painful, but thankfully, associates at the highest and mightiest of firms don’t have to sear their flesh with their firms’ logos. Biglaw branding is more about the image firms want clients to see when making hiring decisions, and partners are likely equally as worried about their reputations in the marketplace as their year-end profits.
The last time we spoke about law firm branding, we found out that Skadden had the most recognizable brand in the country. But we, loving rankings as we do, wondered which law firm had the best brand in the world. Luckily for us, hot on the heels of the release of the Am Law Global 100, Acritas published its 2013 Sharplegal Global Elite Brand Index.
Who’s got the best Biglaw brand on the planet? Let’s find out…
As was vividly demonstrated by our recent infographic, Biglaw’s summer associate classes have undergone a major and seemingly permanent contraction. For the most part, large — arguably bloated — summer associate classes are a thing of the past. Among the Am Law 50, only eight firms are bucking this downward trend, with actual increases in the size of their summer classes since 2007. These firms are a collection of Wall Street’s oldest and most elite white shoe mainstays: Sullivan & Cromwell, Cravath, Davis Polk, and their ilk. On average, these firms were founded 112 years ago (i.e., during the McKinley Administration). The outlier here is the relative upstart litigation powerhouse Quinn Emanuel, founded only back in 1987.
Besides the durability and strength that comes with such a refined pedigree, what other trends are apparent in this great downsizing of Biglaw’s summer associate classes?
Earlier this year, K&L Gates generated some (generally positive) press by issuing an unusually detailed disclosure of its firm financials. The report reflected a reassuringly conservative financial position, with zero bank debt and limited retirement-plan obligations (a trouble spot for many other law firms).
It looks like K&L Gates is keeping to its conservatism. It’s trimming its headcount in D.C. and Seattle, presumably to reduce expenses….
* After three years on top, Baker & McKenzie has lost its place as the top grossing firm in the Global 100. But which firm dethroned the once king? None other than… [Am Law Daily]
* Today we celebrate the 50th anniversary of Martin Luther King Jr.’s March on Washington, and yet some of the things he sought to change still remain the same in 2013. [Washington Post]
* The house always wins: Navin Kumar Aggarwal, the ex-K&L Gates partner who stole client funds to pay gambling debts, was jailed after receiving a 12-year sentence. [Am Law Daily]
* “This is like a triple-overtime win.” Merrill Lynch is making a huge $160 million payout in a racial bias case that’s been stuck in the courts for nearly a decade. Congrats, plaintiffs! [DealBook / New York Times]
* As eager young law students return to school, maybe it’s time for you to consider brushing up on the basics. Now is an excellent time to take care of those pesky CLE requirements. [Corporate Counsel]
* Career alternatives for attorneys: judicial drug mule. Following an investigation by the DEA, a former Utah judge pleaded guilty to the possession of enough Oxycodone to kill a small horse. [Salt Lake Tribune]
* Don’t even think about texting anyone, ever again, in the state of New Jersey, especially if they might be driving, because the appeals court says you could be held liable for negligence. [WSJ Law Blog (sub. req.)]
* Louisville coach Rick Pitino promised his players that he’d get a tattoo if they won the NCAA tournament. I’m hoping Peter Kalis makes the same pledge if K&L Gates makes its projected annual profits. [Huffington Post]
* Hey, Houston readers! Since I’m in town for our event tonight, I wanted to give a plug for the OKRA Charity Saloon. I visited last night and it was great — a beautiful space and all the profits go to a charity that you get to vote on (one ballot for each drink you get). An all-around great idea. So if you’re looking for a location for your next happy hour… [OKRA Charity Saloon]
* James Poulos makes a good point: it may put you horribly, horribly in debt, but education is still a good thing. [Forbes]
* Tomorrow check out our newest series: Unofficial Orientation to Law School. We will be video chatting with students, professors, and hiring managers about how 0Ls can successfully launch their legal careers. This series is presented by LexisNexis, BARBRI, and Law Preview, a BARBRI Company. [Above the Law]
* Have you ever wanted to see puppets set to the L.A. Law theme song? No? Well, after the jump you can see it anyway….
Roger Ebert passed away last week, robbing us of a great film critic and an equally insightful social critic. Ebert loved the movies and his critical ire was only raised when films failed to live up to the standards he’d set in his own mind.
But one genre of film seemed to give Ebert consistent fits — the legal movie. From drama to comedy, if the film found its way into a courtroom, Ebert was likely on the wrong side of public opinion. As a tribute to the critic, we’ve gathered some of his reviews to pass final verdict on Ebert’s understanding of the legal genre….
* “Do you know which state has the worst ratio of white voter turnout to African American voter turnout? Massachusetts.” Sorry, Chief Justice Roberts, but the Bay State’s top elections official begs to differ with your assessment. [WSJ Law Blog (sub. req.)]
* This retired SCOTUS justice — the first woman to ever serve on the nation’s highest court — now refers to herself as “an unemployed cowgirl.” We wonder what Justice Scalia will refer to himself as in interviews after he retires. [Sacramento Bee]
* Mayer Brown wasn’t the only Biglaw firm that had a terrible, horrible, no good, very bad year. Dorsey & Whitney’s 2012 revenue was also at a six-year low, but firm leaders think they can turn it around. [Star Tribune]
* Billion-dollar patent verdicts, so hot right now: 2012 was a “banner year” for for Biglaw firms representing winning clients, with K&L Gates leading the pack for the highest monetary award. [National Law Journal]
* “I wouldn’t want to be coming out of law school now.” Oh my God, you guys, the legal job market is still really tough for brand-spanking new law grads. This is new information that no one’s heard before. [Buffalo News]
Biglaw reporting season continues. But this year we have an interesting twist: K&L Gates decided to share (covered by Lat and Bruce MacEwen, among others). Thankfully, the sharing is not of the “we overstated our revenue by a couple hundred million, and owe a bunch of old and retired partners way more than that anyway” variety. Rather, the firm released financial information that goes a little beyond what you see in your typical Biglaw firm reports (which I previously discussed).
While I have seen the firm hailed as courageous in some quarters, I am reluctant to declare this a huge leap forward towards Biglaw financial transparency. For one, there are other firms that put out even more complete “annual reports,” like Allen & Overy (thanks to an ATL commenter for that reminder), a firm that seems to be hanging on to a lockstep compensation model for partners. Second, as Lat pointed out, there are even internal sources within K&L Gates asking the types of questions that the firm’s “enhanced” report does not answer.
Personally I find a few things about this whole to-do interesting and a bit frustrating….
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
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