In round one of our Above the Law March Madness bracket, aimed at finding the law firm with the brightest future, Davis Polk is up against (and currently beating) Latham & Watkins. I actually found that to be a pretty rough opening match-up; both Davis and Latham strike me as firms that should be in the Sweet 16, and maybe even the Elite Eight.
Thanks to its top talent, superb brand, and global footprint, Latham has a bright future as a firm. Of course, working there can be like riding a roller-coaster: it expands like crazy and mints money during good times, then conducts massive layoffs during bad times. But if you can stomach the ups and downs, LW can be a great place to work.
Alas, not everyone at the firm will get to keep working there….
The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.
The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”
Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.
As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….
Earlier this week, we introduced six Washington, D.C. law firm partners chosen by our readers as the best partners to work for. The next six partners we present to you today come from some of the nation’s finest law firms: Gibson Dunn, Kirkland & Ellis, Latham & Watkins, Orrick, White & Case, and Willkie Farr.
For more information about these firms generally, visit the Career Center.
Without further ado, let’s find out who these premier partners are . . .
As multiple tipsters have been telling us, Dave Gordon, managing partner of Latham & Watkins’s New York office is putting down the mantle of leadership. But Gordon will be staying at the firm, continuing his private practice.
Gordon attracted attention after Latham laid off 440 people a year and a half ago. First-year attorneys were caught up in the layoffs as well, especially in New York. And some of the departed associates left with bitter feelings towards the firm, and Gordon specifically.
But Kirk Davenport, a member of Latham’s executive committee, assured us that last year’s layoffs had nothing to do with Gordon’s new move…
Back in February 2009, Latham & Watkins laid off 440 people. They weren’t the first firm to lay people off, they weren’t the last, and you can even argue that they didn’t even lay off the most associates in percentage terms.
Now, the latest ignominy. The verb “Lathamed” isn’t just in Urban Dictionary; it’s in the Latham & Watkins firm description in the Chambers guide:
In 2008 gross revenue slipped to $2 billion and profits per equity partner were down by 21 percent, according to 2009 Am Law data. The initial response was a number of performance-related layoffs which was followed, in February 2009, by the laying off of another 190 associates and 250 support staff members. Such was the severity of the cuts that the expression “to be Lathamed” (which, by its most polite definition, means “to be laid off”) was coined.
So I got Lathamed from my job last year. It was tough but I eventually found a job that I like. However, I live in constant fear of being Lathamed again. I guess since it came out of nowhere last time, it really has me on edge (received great feedback on my work product, but things were SLOW).
Other than keep a spare cyanide pill handy just in case, what do I do? My Lathaming has taught me some lessons about playing politics, but what else can I do other than that and good work?
Also, do you think I may have an IIED claim against my old firm?
People expect the world to function in certain predictable ways. If you look good on a date, you expect a call back. If you work hard, you expect to keep your job. If you do well in law school, you expect $160,000, 0% balance transfer offers and a completely amazing life. Until you get dumped by someone less attractive than you or fired for no reason, you won’t realize that the world is actually made of quicksand and that guts are meant to be sucker-punched.
In this terrible, horrible, no good, very bad world, some people manage portfolios; others manage anxiety. The fact is, there is nothing you can do to prevent an employer from firing you. Even Bill Clinton was fired and he was the damn President. So you have a choice: have diarrhea for the next few years, or get over yourself and learn to cope with uncertainty. Lucky for you, I’ve spent the past 29 years paralyzed by fear, and I’ve compiled a comprehensive list of the most effective strategies I’ve found for managing anxiety. Continue reading “Pls Hndle Thx: High Anxiety”
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
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 seven years. You can reach them by email: email@example.com.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.