Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Rob Romanoff, LP’s Managing Partner.
You’re 35-50 years old. You’re a partner at a large law firm, thinking about leaving for something smaller. You’ve been given an offer by a firm that interests you. The firm has a good reputation, steady business, and a solid practice in your area. It consists mostly of partners over 60 and associates younger than you.
Is this a great opportunity, or a career dead-end? Based on the above, it could be either. You’re missing a fact critical to determining whether this — and many other lateral opportunities — is one worth pursing, or one that should be avoided. That fact is this: what is the firm’s succession plan?
Last month we wrote about a Biglaw firm that’s in big trouble. The firm in question: Dow Lohnes, a former Am Law 200 firm that has been hemorrhaging lawyers and clients (and lost two more partners last week, to Venable). In our story about Dow Lohnes, we noted that “[i]t seems possible that the firm could merge out of existence — if it’s lucky enough to find a partner.”
Fortunately for the remaining lawyers and staff at Dow Lohnes, the sinking ship has located some lifeboats. A larger and stronger firm, a member of the Am Law 50 and Vault 100, will be picking up many (but not all) of Dow Lohnes’s lawyers.
Who’s the white knight riding to the rescue of Dow Lohnes?
Welcome to today’s episode of everyone’s favorite Biglaw drama, As The Weil Turns. Today brings word of another Weil coming off the wagon — specifically, another partner defection.
And no, it’s not in Texas, where Weil Gotshal’s offices — which have lost about 15 partners in the past few weeks — are starting to feel as besieged as the Alamo. It’s up here in the northeast, closer to WGM’s headquarters in New York.
Who is leaving which Weil office?
(Please note the UPDATES added below regarding where this partner is going.)
* Say what you will about Justice Scalia, but the man is hilarious — more funny than his four liberal colleagues combined, according to a statistical analysis of oral argument recordings. [New York Times]
If the Houston office of Weil Gotshal & Manges ends up shutting down in the wake of the recent partnerdefections, management in New York might not shed a tear. In fact, it might have been part of their master plan.
As one Weil source told us, the Houston litigation defections were “not a surprise,” since the June layoffs “took away all but one assistant and all of the associates. The associates that were allowed to stay were switched to contract positions and have since left. Basically, it was an elimination by New York of the Houston group from the bottom up.”
Dallas, however, is a different story. It’s more of a standalone office, with a more diversified mix of practices, and it makes a bigger contribution to the firm’s bottom line.
But the latest partner departures do raise serious questions about its future. Which Dallas partners just left, and where are they going?
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.
There’s a point in budding relationships where things get down to brass tacks. You put away the flowers and candles, and find out whether you have a long-term future. You have full and frank discussions about kids, religion, finances, and how those troublesome in-laws might fit into your future life. It may not be as romantic as your weekend in the Berkshires at that place with the clawfoot tub, but it’s necessary. Because you just might find, away from the clean mountain air and raspberry scones that the bed and breakfast served each morning, that you’ve got a serious issue or two. You might in fact . . . have a dealbreaker. And that, in a word, is why prospective laterals should take the due diligence process as seriously as firms do.
The due diligence process — some version of which all respectable firms will have in place — is the offering firm’s last and best chance to closely examine the lateral before extending an offer. (In the case of fast-moving lateral hires, the hiring firm may even give a conditional offer before or simultaneous with due diligence.)
Because of its timing, there is a temptation to think of due diligence as a mere formality before the lateral picks up stakes. But it is a rigorous process, and one that laterals can and should use to perform their own final checks…
As in-house columnist Mark Herrmann put it, “Dewey know who’s next?” No, we don’t. But we certainly have some guesses about major law firms that are existentially challenged.
Here at Above the Law, we do maintain a shortlist of Biglaw firms that could go under. But, truth be told, the list is not that exciting. With a handful of exceptions, the firms that populate it are big regional firms, not national or international behemoths, and they cluster toward the lower echelons of the Am Law 200 or NLJ 350. Put another way, no firm on our list boasts the size and stature of Dewey & LeBoeuf. (If you know of a firm that should be placed on our list, please email us, subject line “Biglaw Death Watch,” or text us, at 646-820-8477.)
But even if a firm isn’t a household name, lawyers and staffers will suffer when it goes under. Let’s hear about the latest large law firm that appears to be on the ropes….
Perhaps taking advantage of the recentturmoil in the Texas offices of Weil Gotshal, Baker Botts just nabbed a lateral from WGM: Nicolas Barzoukas, an IP litigator in Houston. We don’t yet know whether other attorneys are making the same move, but it’s possible. Neither Baker Botts nor Weil responded to our requests for comment, but we do note that Barzoukas’s bio is gone from Weil’s website. (We’ve posted a cached version at the end of this story.)
So that’s the good news about Baker Botts. Now, on to the bad….
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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, 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.