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”
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.