lateral partners

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.

Lateral matchmaking is hardly ever “love at first sight, at last sight, at ever and ever sight.” It is a rigorous process that requires a multifaceted approach to satisfy a multitude of criteria. If you are questioning the degree of your lateral attractiveness, allow me to explicate this below.

Each firm has a unique culture and looks for different traits in lateral partners. Nonetheless, most firms have a baseline, a minimum threshold a lawyer must meet in order to seem attractive, at least at first glance. There are always exceptions to these rules, but in general this threshold is encompassed by the following: profitability (e.g., portable business, bill rates, hours, and leverage); pedigree (e.g., law school); vintage; and for some firms, even GPA.

The first criteria is profitability. I will walk you through a quick example to explain the difference between two partners, then share with you a game that will let you assess your value as a lateral in today’s market….

double red triangle arrows Continue reading “Calculating Your Value As A Lateral Partner”

Andy DeVooght

We’ve discussed in these pages the trend of going “from Biglaw to boutique” (and it was the title of Tom Wallerstein’s column for us as well). Lawyers who could easily work at mega-firms are opting instead for the flexibility and collegiality of small-firm practice — and clients are following them.

Today’s notable move involves Andy DeVooght, coming out of the U.S. Attorney’s in Chicago. DeVooght has an enviable résumé. Before joining the U.S. Attorney’s Office, he worked as a partner at Winston & Strawn and clerked on the U.S. Supreme Court, for the late Chief Justice Rehnquist.

Instead of returning to Biglaw, a common path for someone in DeVooght’s shoes, he’s joining a buzz-generating boutique. Which one?

double red triangle arrows Continue reading “Musical Chairs: An Elite Boutique’s Latest High-Profile Hire”

As we’ve repeated countless times in these pages, Biglaw isn’t what it used to be, and good luck to you if you happen to be a partner. Sure, you’ve grabbed that brass ring, but you also have what could be described as “the worst job in Biglaw.” Here in the new normal, where layoffs and de-equitizations abound, despite increases in firm profits, many partners now have the same fears as associates.

So what happens when partners are pushed out of the law firms they once loved? Now we know, thanks to the results of a a new survey. You won’t believe how messy these bad romances can get…

double red triangle arrows Continue reading “The Problems Firms Face When Pushing Out Partners”

The year-end Biglaw management machine is starting to grind into motion. The compensation committee is starting to look at the numbers for individual partners — to decide who will be rewarded and who will be de-equitized. And the firm’s A/R collections crew is starting to pressure the partnership to get bills out the door and talk to clients about what will be paid by year’s end. The associate bonus committee? If one still exists, is must be having a hard time reserving conference room space to meet.

The end of the year is a serious time for law firms. For many individual lawyers in Biglaw, it is the time of year when their die may be cast, in terms of compensation, lateral movement options, or even their continued employment. As anyone who follows Biglaw knows, we are living in interesting times, with many firms navigating choppy seas in terms of client demand, financial performance, and expense management. And at many firms, there has never been a wider gulf between the rank-and-file partner and firm management when it comes to the ability to make or influence decisions about the firm. Partners at many firms are often clueless about what the firm is doing and why, to the extent that partners are asked to vote on lateral candidates or even mergers based solely on the “reassurances” and “enthusiastic outlook” of management.

The net effect of this divide between management and the partnership? An increasing sense among partners that they are simply assets of legal “brands” rather than owners or even stewards of a professional enterprise. For many, it is a bit of a hopeless feeling, especially when they consider the Biglaw options down the street, which usually present the same level of management opacity to the putative “owners” as their current firm. But just because management likes to tell the partnership to “leave the managing to us, you just focus on building your practice” does not mean partners aren’t entitled to information — even if it’s just the personal views of the managing partner on certain issues.

Here are five questions for your managing partner. The topics are varied, but the answers given should give partners a good sense of both their relative standing within their firms and the values that drive the business decisions of their leadership….

double red triangle arrows Continue reading “5 Questions To Ask Your Managing Partner”

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.

Merger season has arrived, yielding a fruitful harvest of potentially enormous mergers between Patton Boggs and Locke Lord and between Pillsbury and Orrick. Perhaps the most interesting aspect of these mergers is the potentially “super” practice groups these mergers will make.

Patton Boggs has recently undergone a period of mild strife, as we detailed several months ago. Though they lost a significant number of energy and environmental attorneys after the fallout of the Chevron litigation, this merger with Locke Lord could be effective not only as a stopgap, but could also vastly strengthen each firm’s energy department….

double red triangle arrows Continue reading “Recently Announced Law Firm Mergers Could Create Cascade of Lateral Moves”

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.

Near the entrance of the Calyon Building, the previous headquarters of Dewey & LeBoeuf, lies Jim Dine’s “Looking Toward the Avenue,” a triumvirate of headless statues inspired by the Venus De Milo. Where lie the visages of this homage to the prototypical form of Venus and furthermore, in the aftermath of Dewey, where have the pieces of this former empire landed?

Since May of 2012, there have been numerous articles inciting gossip and foretelling the troubles of Biglaw, but few have offered a retrospective of the overall trends in lateral moves from Dewey since the closure of the firm. The “largest winner” of the Dewey sweepstakes was Winston & Strawn, which added 23 partners (about 11% of those who moved in the final month), including Jeffrey Kessler, a titan of antitrust law who has represented every players’ union in the “big four” sports in the United States. Approximately seventy lawyers followed Kessler’s group.

Which other firms fared well in picking up Dewey lawyers?

double red triangle arrows Continue reading “Where Did Dewey & LeBoeuf’s Big-Name Partners Land?”

Earlier this week, Weil Gotshal reaffirmed its commitment to the Texas legal market. That commitment had been called into question by a spate of partner departures in recent weeks.

It’s worth noting, though, that Weil’s statement focused mainly on Dallas, which is Weil’s largest outpost in Texas. The statement was issued to the Dallas Business Review by Glenn West, Weil’s Dallas managing partner, so the Dallas focus is understandable. But it’s also fair to say that while Weil appears committed to Dallas, its commitment to Houston is weaker.

Indeed, after Houston managing partner John Strasburger recently departed, taking three other partners with him, some of our sources are wondering: Will the Weil office in Houston endure? And if not, who wants to swoop in and fill that gap?

double red triangle arrows Continue reading “Who Will Fill The Weil-Shaped Hole In Houston?”

Things have quieted down a bit on the Weil Gotshal front. About a week has passed since our last report on Biglaw’s biggest source of drama.

Today we have some news to share about WGM — information gleaned from partner departure memos out of Dallas, the site of the biggest defections, and a real estate report from New York, the King’s Landing of Weil Gotshal….

double red triangle arrows Continue reading “As The Weil Turns: Insights From Partner Departure Memos”

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.)

double red triangle arrows Continue reading “As The Weil Turns: Another Private-Equity Partner Parts Ways”

If the Houston office of Weil Gotshal & Manges ends up shutting down in the wake of the recent partner defections, 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?

double red triangle arrows Continue reading “Weil Weil West: Dallas Departures Deepen”

Page 3 of 512345