One of the questions I have been asked since leaving Biglaw is how I decided to join forces with my current partners. It is a good question, because over the years I have had the opportunity to work with many lawyers, both at my firm and at others. I have technically even had hundreds of “partners” between my two prior Biglaw firms. But other than my current partners, I can think of only a handful whom I would have considered opening a firm with.
My professional ambition was never to open a boutique. I very much enjoyed my time in Biglaw, and always thought that I would stay in Biglaw for the remainder of my career. Did that mean that I expected to remain at the same firm for my entire career? Of course not, no matter how appealing that idea sounded. The fraying of the Biglaw social contract as a result of the 2008 recession sealed that deal. But it was a big leap from knowing that my career could involve some moves within Biglaw to leaving Biglaw altogether.
Finding the right compatriots was a critical element of that decision. How did it come about?
On our recent post about bonuses at Bingham McCutchen, some commenters complained about our coverage of the firm. Here’s what one said: “What this article fails to mention is that NO ONE made their hours, it’s THAT slow. Good job, ATL, for eating whatever it is Bingham pays you to NOT report [on bad goings-on at the firm].”
Actually, we’re perfectly willing to report on negative developments at Bingham (or any other major law firm). Just email us or text us (646-820-8477), and we’ll investigate.
There’s certainly a lot to cover over at Bingham: tumbling profits, partner departures, and unfortunately timed staff layoffs. We’ve collected some reporting from around the web, which we’ve combined with inside information from ATL tipsters at the firm. Let’s have a look, shall we?
* Being a mass murderer wouldn’t be any fun if you couldn’t play video games. Also, let’s Upworthy this: Elie tells a story about himself dancing naked… you won’t believe what happens next. [ATL Redline]
* Ted Wells of Paul Weiss finally got off his duff and issued his report on the harassment situation in the Miami Dolphins locker room. [Deadspin]
* ♫Rubber Duckie, you’re the one, you make state legislative sessions drafting complicated statutes allowing gambling on racing you so much fun!♫ [Lowering the Bar]
* From the “dick moves” file, this guy put up a Craigslist ad pimping out his neighbor without her knowledge or consent. From the f**king idiot files, this guy had no idea how easy it would be for the authorities to track him down. [IT-Lex]
* Is the aggressive lateral partner recruitment strategy bringing results? [Adam Smith, Esq.]
* The Virginia decision legalizing gay marriage made one slight misstatement. “Our Constitution declares that ‘all men’ are created equal.” Really? Does it now? [Josh Blackman's Blog; WSJ Law Blog]
* Intelligence Squared held a debate last night between Pentagon Papers whistleblower Daniel Ellsberg and the ACLU’s Ben Wizner against former prosecutor (not Weekend at Bernie’s star) Andrew McCarthy and former CIA Director R. James Woolsey on the question: Snowden Was Justified. The video is embedded after the jump…. [Intelligence Squared]
About two years ago, in May 2012, Dewey & LeBoeuf filed for bankruptcy. It was the largest law firm bankruptcy in the history of the United States. Shortly thereafter, industry insiders began to speculate as to when the next big firm would fold. In June 2012, our own Mark Herrmann suggested that it was a “near certainty that a firm [would] collapse within the next two years.”
Lo and behold, he was correct, for it was just last night that another embattled Biglaw firm decided to close its doors. Perhaps the loyal employees clinging to this firm’s carcass should have been better prepared for something like this, since it was preceded by waves upon waves of partner defections and talks of a “major restructuring,” likely due to financial problems, among the firm’s leaders.
You’ll want to keep reading, because this is the largest law firm to ever fail….
Law firms have been in a “slow growth” phase ever since the nation began its recovery from the Great Recession. As we mentioned when we discussed the 2013 Am Law 100, “success now comes in the form of single-digit returns with regard to key financial metrics,” with Biglaw gains described as “modest” and “spotty” across the board.
Big-name lateral hires can sometimes bring in enough positive publicity and fanfare to make even the sickest of firms seem like the very picture of health and vitality. According to the latest American Lawyer Lateral Report, those lateral moves can be likened to a peacock’s tail: they offer “no advantage” for a firm’s ultimate survival, and may hinder the firm in the future. It happened at Dewey, and it can happen at other firms if they’re not careful. If only partners’ attentions weren’t so easily grabbed by the promise of higher profits.
So if this growing reliance on lateral hiring is truly capable of destabilizing law firms, wouldn’t you like to know which firms did the most lateral hiring over the past year? We’ve got the details for you….
Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).
In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?
Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Scott Hodes is a Principal in Lateral Link’s South Eastern office. He utilizes his experience as a former partner to help partners and associates make lateral leaps in the Florida and Atlanta markets.
With the new year upon us, we look back at an exciting 2013 as we have witnessed a resurgence in the legal industry after enduring a rocky time during the recent recession. As economic and labor market conditions improve, many firms are seeing sustained signs of growth, especially in the South Florida market.
As evidence of this growth trend, one need not look any further than Miami-based Akerman Senterfitt, now known as Akerman LLP. With more than 550 lawyers and government affairs professionals, Akerman recently became the largest law firm in South Florida based on number of attorneys, eclipsing Greenberg Traurig. Akerman reported its third consecutive year of growth, with record gross revenues of $297.5 million and net income of $109.3 million for the 2013 fiscal year. From January 1, 2013, to date, 65 attorneys, including 19 partners, have lateraled in to the firm. During that same time period, only seven attorneys departed the firm.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: