Lateral Moves

Congratulations to Morrison & Foerster. The firm just announced the launch of its first German office, built around all nine former Berlin partners of Hogan Lovells.

MoFo’s new German team is known for its expertise in Technology, Media & Telecommunications (TMT) transactional work. The Berlin office in the firm’s third outpost in Europe and its 17th office worldwide.

How is Hogan Lovells taking news of the departures? As the ABA Journal wondered in a headline, “Morrison & Foerster opens Berlin office; is Hogan Lovells miffed?”

It would seem the answer is ja….

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There’s no doubt about it: Weil Gotshal & Manges is the reigning drama queen of Biglaw. In June, the firm laid off 60 lawyers and 110 staffers. Last week, the firm lost eight partners to the Dallas office of Sidley Austin, including some pretty heavy hitters (and basically all of Weil’s women partners in Dallas).

Today we bring you (1) additional information about the Dallas moves and (2) a report from Weil’s Boston outpost, where some people are not happy….

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

On the surface, the state of the legal market looks grim; in the third quarter of 2013, lateral moves declined in almost every practice area in comparison to Q1 and Q2 of 2013 and the three previous Q3s. Although the legal sector added 2,700 jobs in August, there has been stagnation within the top 200 firms relative to the last few years. Compared to the last two years, lateral movement has dropped 29% since 2012, after having risen 5.5% from Q3 of 2011 to Q3 of 2012. When compared to the first two quarters of 2013, the drop is less dire. From the first quarter to the third, total lateral moves dropped 6.3% (not nearly as significant), and from quarter two to quarter three, lateral moves decreased by 13%.

Since Q3 is not yet over, we have assumed that the market trends will hold steady over the course of the next few weeks, and we used this inference to fill the gaps in our data. Analysis of past years’ data shows that this is not an unreasonable assumption. Our findings indicate that lateral movement during Q3 is especially weak when comparing these last two years. In 2012, 5,725 attorneys moved laterally (January 1 through September 18th), compared to 4,840 in 2013 — a 15.4% decrease. While the lateral market would be depressed even without Q3, the drop for the year to date would not be as significant. Of the top Am Law 200 firms, nearly 40% either hemorrhaged lateral attorneys or had no net gain. Despite this lateral recession, Lateral Link has increased its market share over the last year, placing even more candidates than the year before despite the otherwise static lateral market….

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“Who shot J.R.?” That was the question that everyone (hi Mom!) was dying to know on the wildly popular prime-time soap opera of Dallas.

“Who drove out Yvette Ostolaza?” That’s the question everyone is dying to know on the wildly popular prime-time soap opera of Weil Gotshal.

Okay, “drove out” is probably not the right phrasing here, for reasons we’ll explain below. But there’s no denying that people are keenly interested in the drama surrounding the departure of eight Weil partners to Sidley Austin in Dallas.

Let’s take a closer look at the situation, shall we?

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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 Laura Friedel, a partner in the firm’s Labor & Employment group.

In the legal profession, the view from the top is pretty good. If you’ve been lucky enough to snag a position at one of the 100 or so firms loosely defined as “Biglaw,” you’re probably looking out a window near the top of a shiny skyscraper. You probably have a nice cafeteria down the hall. Who knows: at your glam partner retreats, you may even take chartered boats down the Thames.

The point is, while that view from Biglaw is a good one, it’s not the easiest vantage point to assess your career options. I’ve been there. And when I began to think about alternatives to a Biglaw practice, I admit I did not fully realize that mid-sized firms even existed. In my mind, there were Biglaw firms, boutiques, and that’s about it. I was something like the native New Yorker who is only dimly aware that a mass of states lies between herself and the only other meaningful part of the country, California.

Thankfully, just as flyover states do in fact exist, so too do mid-sized firms that provide sophisticated, full-service capabilities to their clients. For the Biglaw practitioner facing rate pressure from clients, frustrations with the anonymity that goes with mega-firm practice, or perhaps nosebleeds from the trip up the elevator, they are worth considering along with obvious alternatives such as in-house positions.

And as Biglaw lawyers investigate mid-sized firms, they will likely find more misperceptions falling away. I’ll share a few here that opened my eyes further, and that make the mid-sized firm alternative an attractive one…

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Howdy, Aggie Law!

* As previously discussed, Morgan Lewis partner Leslie Caldwell hopes to take over where Lanny Breuer left off at the DOJ Criminal Division. Her nomination was formally announced this afternoon. [Blog of Legal Times]

* Judge Scheindlin doesn’t want to end stop-and-frisk in New York City, she wants to end racial profiling, so you can’t have a stay pending your appeal to the Second Circuit, Mayor Bloomberg. [New York Law Journal (sub. req.)]

* Dewey know which companies were the latest to be sued by the failed firm’s liquidation trustee to recover funds paid out in the days before it went under? Yes, and Dial Car is really pissed off. [Am Law Daily (sub. req.)]

* Let’s face the facts: no one’s goal as an attorney in Biglaw is to make it drizzle. Because “law firms don’t know when to fold when trying to hire lateral partners,” they sometimes wind up with the opposite of what they want amid their ranks. [The Lawyer]

* Texas Wesleyan Law has been Texas A&M Law for only a few weeks, but new traditions are already being made for Aggie lawyers. Now when students enter a classroom, the professors say “howdy.” [KBTX]

Some of our older readers may, like me, remember the television show Dallas. This deliciously dishy, prime-time soap opera was packed with suspense, drama, and conflict.

Suspense, drama, and conflict have also haunted the high-powered law firm of Weil, Gotshal & Manges this year. In June, the firm conducted major layoffs, which shocked the legal world due to Weil’s profitability and prestige. In April, Weil lost some prominent litigation partners to Quinn Emanuel in D.C., amid significant controversy.

So it’s fitting that today’s juicy story comes from the Dallas office of Weil Gotshal, which just lost a slew of partners to a rival firm under interesting circumstances….

(Please note the various UPDATES added to the end of this post.)

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

A day in the life of an English litigator just got considerably more complex. Lord Justice Jackson’s year-long appraisal of English litigation ended in 2009 and culminated in a set of new rules dubbed the Jackson Reforms. These eponymous reforms are being heralded as revolutionary, yet the full impact of the reforms has yet to be ascertained. While opinion is divided on the impact of these reforms, we have seen a very tangible ripple in the frequency of U.K.-based movement from litigation partners over the last few years.

As you are all aware, the U.S. legal system is based on British Common Law. While many facets of our systems are congruent, litigation financing diverges significantly between the two countries.

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Firms generally celebrate when they make lateral hires. They trumpet the new arrivals with press releases, invoking themes of growth, expansion, and an enhanced ability to serve clients.

For folks who are already at a firm, however, could lateral hiring have a downside? Could it possibly result in layoffs of existing employees?

Our latest layoff story raises this possibility….

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* Even at the top of the in-house food chain, women lawyers are still paid less than their male counterparts. But hey, at least they’re not being forced to cry poverty like their in-house staff attorney brethren. [Corporate Counsel]

* Neil Barofsky, the former King of TARP in the United States, is making the move to Jenner & Block, specifically because as opposed to all other firms, “Jenner took the side of really getting to the truth of the matter.” [Reuters]

* Luxury fashion is fun: four Biglaw firms, including Cleary Gottlieb, Cravath, Torys, and Proskauer Rose, all took Tim Gunn’s mantra to heart to make it work for the $6 billion sale of Neiman Marcus. [Am Law Daily (sub. req.)]

* If you want to try some lawyer, we hear that they taste great when poached this time of year. Speaking of which, Troutman Sanders just reeled in three attorneys from Hunton & Williams. [Richmond BizSense]

* Law schools in the Dakotas are renovating their buildings in the hope of enrolling more students. Luckily, South Dakota has that sweet indentured servitude plan. [Prairie Business; National Law Journal (sub. req.)]

* If you’re thinking of applying to law school, here’s a plan of attack for the month of September. That’s right, friends, you can start gunning right now! [Law Admissions Lowdown / U.S. News & World Report]

* Are you ready for some tax law?! The NFL and other professional sports leagues might lose their nonprofit status if new tax reform legislation makes it through the House and the Senate. [Businessweek]

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