* If your firm has not yet given in to the demands of corporate clients for more reasonable billing structures, please be aware that a) your firm is behind the times, and b) you better be prepared to get your white shoes scuffed. [Boston Globe]
* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2014 Acritas Brand Index survey, Skadden is the firm on everyone’s mind — for the third year in a row. They must be doing something right. Congrats! [Am Law Daily]
* Trendspotting: Because fast-growing technology equals fast-growing money when it comes to the law, LeClairRyan is the first second firm in the U.S. to open up a drone practice group. [Richmond Times-Dispatch]
* Bachelorette-in-waiting Andi Dorfman was granted an unpaid leave of absence from her job as an ADA to star in this summer’s edition of the reality show. We guess her boss gave her career a rose. [Daily Report]
* So we’ve had some technical difficulties this morning. Sorry all. So let’s kick off this abbreviated morning docket with news that Robert Dell will retire from Latham & Watkins at the end of 2014 after helming the firm for 20 years. [The Am Law Daily]
* Dwayne Bowe was arrested for alleged marijuana possession. He’s still going to start on Sunday though in case you were relying on his almost unnoticeable fantasy football impact this year. Remember when I didn’t understand the “Weeden Wayne Bowe” joke. Good times! [Kansas City Star]
* Whitey Bulger considers his trial a sham. He’ll be sentenced this morning. [LA Times]
* Former NBCUniversal General Counsel Lawrence Tu was named top lawyer at CBS. Congrats on “pulling a Letterman.” [Deadline]
* Sean Coffey is joining Kramer Levin. He previously headed up a litigation financing company. So when David asked if litigation finance was the hot new trend, apparently the answer is “no.” [New York Times / Dealbook]
This year has seen a grim procession of law firm layoff news, which seemed to pick up momentum just yesterday with the Weil Gotshal lawyer layoffs and the Jones Day staff cuts. Are we looking at a 2008 redux, or is this just a bump in the road as the economy makes its slow recovery?
The Weil news was particularly stunning. If any firm seemed poised to thrive in the post-recession “new normal,” it was Weil, with its diversified practices and hegemonic restructuring group. Alas, with yesterday’s news of Weil’s decision to cut 7% of its associates and slash annual compensation for 10% of its partners by hundreds of thousands of dollars, it is clear that Biglaw job security is a thing of the past.
Let’s explore the reasons behind law firm layoffs, review a chronology of recent reductions, and obtain your views through a reader survey….
Mammas, don’t let your babies grow up to be legal secretaries. We’re hearing scattered and somewhat hard-to-confirm reports of lawyer layoffs at various firms — please email us or text us (646-820-8477) if you have news to share — but efforts to reduce the ranks of secretaries are open and notorious.
If you spin through our staff layoff coverage, you’ll see that numerous law firms have shrunk the size of their secretarial staffs. Some firms have done this the hard way, through layoffs, while others have taken the kinder and gentler route, through buyouts.
Today we can report that two leading law firms have jumped on the “voluntary separation” bandwagon. If you’re a recently displaced legal assistant looking for a new position, don’t bother applying to either of these places — one of which is shedding lawyers, too….
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?
Truth be told, I’m not a fan of law firms giving offers to 100 percent of their summer associates. Whatever happened to selectivity? Given how perfunctory the hiring process is, there has to be at least one mistake in any summer class of decent size, right?
A commenter on our last post about offer rates put it well: “[A] 100% offer rate is not always a good thing. If we don’t want to work with the little weirdo who managed to slip through by pretending he was normal in 20-minute increments in callbacks, there’s a good chance the other SAs don’t either. Firms shouldn’t be so captured by the desire to have 100% offer rates that they give offers to people with serious social issues or work product problems, particularly in small offices where their general offensiveness will really have an opportunity to shine.”
Another reason I don’t like 100 percent offer rates is that I enjoy hearing funny stories of summer associate misbehavior, which often culminate in a no offer or a cold offer. You can share such stories with us by email or by text message (646-820-8477; texts only, not a voice line).
Alas, Biglaw firms are not obliging me. Let’s find out which firms are indiscriminately doling out offers to their summers….
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….
* News Corp. has hired Paul Weiss attorney Mark Mendelsohn, a Foreign Corrupt Practices Act expert, to advise them. In related news, Chuck Norris has hired Wendi Deng Murdoch to advise him. [WSJ Law Blog]
* Utah’s goofy liquor laws are examined in this New York Times article. The restrictive laws clearly came out of Joseph Smith’s attempt to monopolize visions emanating from the bottom of hats. [New York Times]
* President Obama’s evolving views on gay marriage have led him to back an attempt to repeal DOMA. I’m no Frank Lutz, but I see a messaging problem on gay issues if he keeps up this whole “leading from behind” shtick. [Los Angeles Times]
* Kramer Levin is “client-focused” and looking for someone who is “entrepreneurial” and the “total package.” Words! [The Careerist]
* Pittsburgh Steelers running back Rashard Mendenhall is suing Hanesbrands, parent company of the Champion sports apparel maker, for dropping him after some dumb tweets. Dude said some pretty stupid stuff about 9/11, but the true jewel of his collection was buried deep in this story. In a tweet aimed at women who don’t perform oral sex, Rashard said “It’s either gonna be you, OR some other chick.” Hahahaha. Oh, Rashard. [ESPN]
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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