Law Firm Merger Mania

Use of the verein structure: all the Biglaw cool kids are doing it. Okay, well maybe not the coolest kids, at least if “cool” is tied to profits per partner and prestige. But there’s no doubt that the verein structure is spreading rapidly throughout Biglaw.

This is partly because firms that use the verein form are fond of combining with other firms. If the talks between Dentons and McKenna Long bear fruit, the resulting entity will surely be a verein, like Dentons and its constituent firms.

But does the verein structure present ethical problems for the firms that employ it? Two observers of the legal profession believe it does….

double red triangle arrows Continue reading “Be Afraid, Be Verein Afraid”

If you found the news of secretarial buyouts at McKenna Long & Aldridge to be a little underwhelming, fear not. Today we have more exciting developments to share with you about the firm.

As noted in Morning Docket, McKenna Long is in talks to combine with Dentons. The talks started four to five months ago, got serious in the past month or so, and could result in a completed transaction by January 2014. News of the talks was first reported last night by Am Law Daily.

Would a Dentons/McKenna Long combination really be a “merger”? Let’s discuss….

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Amanda Knox

* “The multimillion dollar question is: Is it going to happen and for how long?” Surprisingly, health care attorneys from large firms are being quite blasé about the Congressional battle over Obamacare. [Blog of Legal Times]

* The 2013 Global 100 is out, and with an 8.6 percent growth in revenue, DLA Piper was able to really show the world the benefits of churning that bill, baby! We’ll have more on this news later today. [American Lawyer]

* This is getting exhausting: Dentons, the three-way merger product of SNR Denton (a merger product itself), Salans, and Fraser Milner Casgrain, is in talks with McKenna Long & Aldridge for yet another merger. [Am Law Daily]

* The director of the Commodity Futures Trading Commission’s enforcement unit will be stepping down to spend time more with family. The countdown until he returns to Skadden Arps starts now. [DealBook / New York Times]

* Ted Olson and David Boies, perhaps more commonly known these days as the gay marriage dream team, will be working together to challenge Virginia’s ban on marriage equality. [National Law Journal]

* Should law school be two years long? Kyle McEntee of Law School Transparency (3 points) is beating the pants off Northwestern’s dean (-4 points) in this debate. [Debate Club / U.S. News & World Report]

* If you’re still considering applying for law school despite all of the warnings seen here and elsewhere, then you’ll probably want to follow this advice. [Law Admissions Lowdown / U.S. News & World Report]

* The Italian Court of Appeal is retrying Amanda Knox of a crime she’s already been convicted and acquitted of, and the chances she’ll be extradited if convicted again are slim to none. Buon lavoro. [CNN]

* Will adjudicate for food? With a little more than one week until the end of the fiscal year, the federal judiciary is facing down a “worst-case scenario” with respect to its budget. [National Law Journal (sub. req.)]

* An unremarkable percentage of firms are led by women lawyers, but Kim Koopersmith of Akin Gump awaits a day when being a first woman in law won’t be “newsworthy.” [Capital Business / Washington Post]

* Law firm merger mania, Heartland edition: Stinson Morrison Hecker did the do-si-do with Leonard Street & Deinard and will promenade home as Stinson Leonard Street in January. [WSJ Law Blog (sub. req.)]

* Hearts are breaking on either side of the nationwide same-sex marriage debate, and county clerks are bearing the brunt of all the complaints. When will all states “bit[e] the bullet” and legalize it? [Reuters]

* “The last time I went into court, I was wearing something that I got at Goodwill.” It turns out even geniuses are stupid enough to rack up hundreds of thousands of dollars in law school debt. [Los Angeles Times]

Because football is better than job stats.

* In the latest round of musical chairs, Skadden Arps managed to scoop up products liability queen and top woman litigator Lisa Gilford from Alston & Bird. Congratulations! [The Recorder (sub. req.)]

* Is merger mania a thing of the past? With pocketbooks tighter than ever, “pseudo-mergers” are starting to look great. No one will complain about more lawyers with less liability. [Legal Intelligencer]

* Man, it’d be great if you could represent plaintiffs in a class action suit and keep all of the settlement funds without having to pay your clients a cent. Oh wait, you can actually do that? [New York Times]

* “It shows he’s adventuresome and he’s got good taste.” Peter Zimroth, the lawyer appointed to oversee the reform of the NYPD’s stop-and-frisk policies, married very, very well. [Wall Street Journal (sub. req.)]

* The ABA approved Texas A&M’s acquisition of Texas Wesleyan’s law school. Hello to the Texas A&M Johnny Football School of Law! We hope to see the Heisman of employment stats. [National Law Journal]

* A judge says the woman who sued Paula Deen for racial discrimination was nothing more than an “accidental victim.” And like that, her race-based claims have melted away like butter, y’all. [ABC News]

Sarah Jones

* Akin Gump partner Patricia Millett is willing to take a whopping pay cut to serve on the D.C. Circuit — from $1MM to $184K — and for that alone she should be confirmed ASAP. [National Law Journal]

* With the number of law firm mergers in the last six months alone, we’re on a “potentially record-setting pace” for 2013. Hey, look at it this way: it’s cheaper than hiring and firing laterals. [Am Law Daily]

* Three years later, the epic litigation between Debevoise & Plimpton and a former client continues to rage on. Now, allegations are being tossed around about a partner’s behavior. [New York Law Journal]

* According to the Bureau of Labor Statistics, in June, the legal industry lost more jobs than it has in a single month since June 2011. Congrats, Class of 2013! welcome to the real world. [Am Law Daily]

* In its defense, Standard & Poor’s claims its ratings were puffery, and that no reasonable investor would rely on them. Aww, poor widdle “sophisticated consumers of [investment information].” [Bloomberg]

* For those of you practicing personal injury law in New York, this case is a bombshell. If you want to put the whole insurance industry on trial, follow the action here. [New York Personal Injury Law Blog]

* Sarah Jones, the ex-cheerleader who sued TheDirty.com for defamation, was back in federal court yesterday for the beginning of her case’s retrial. What a way to start an engagement. [ABC News]

Earlier this week, we congratulated Husch Blackwell on its expansion in Texas. The firm achieved that growth by merging with Austin-based Brown McCarroll, forming a firm with 600 lawyers and more than $300 million in revenue that would have made the Am Law 100 with such numbers.

But Husch recently lost some lawyers too. Earlier in the week, 11 Husch attorneys, including eight shareholders, lateraled over to Polsinelli (formerly Polsinelli Shughart).

The defections didn’t sit well with Gregory Smith, CEO and managing partner of Husch Blackwell. He had some amusingly catty comments about Polsinelli and one of the Husch partners who made the move….

double red triangle arrows Continue reading “Husch Your Mouth: Managing Partner Talks Trash About A Rival Firm And A Former Colleague”

* I’ll get into this more tomorrow (unless Fisher drops), but Washington & Lee’s third year “experiential learning” program has met with underwhelming results in terms of job placement. Theories abound as to why, but this is basically why I say (a) the third year is useless, and (b) stop telling me what your law professors can do, and start telling me what your career services officers are doing. [Law School Cafe via Tax Prof Blog]

* I guess they didn’t like the way they looked. [Yahoo Finance]

* Hey, it’s another article beating up on Don Verrilli. I’m going to be really happy for him when he leaves, makes a ton of money, and sticks it all in his ears. [Forbes]

* An insider trading loophole big enough to drive a material non-public truck through it. [Dealbreaker]

* Husch Blackwell gets bigger in Texas. [Kansas City Star]

* Roy Cho, the Kirkland & Ellis associate currently running for Congress, gets a coveted endorsement — from the Wu-Tang Clan. [NJ.com]

* A nice review for Marcia Coyle’s new book, The Roberts Court (affiliate link). It’ll be fun to see how the Court looks at this moment in time, before what will surely be viewed as legacy-defining decisions on race and gay rights coming any minute now. [Seattle Times]

* Justice Ginsburg is optimistic about the future of women on the court. She’s also optimistic about the future of skeletons on the court, and she’s super-excited about the possibility of downloading her brain into a robotic body so that she can keep her job forever. [Blog of the Legal Times]

Kamala Harris

* If President Obama could send a love note to California Attorney General Kamala Harris, it’d probably say something like this: “Girl, you look good. Won’t you back that ass up?” [ABC News]

* The fun things you learn during a Supreme Court justice’s book tour: apparently Sandra Day O’Connor dated William Rehnquist when they were at school together at Stanford Law. [Legal Times]

* When it comes to law firms, size really does matter. Quite a few midsize firms had the urge to merge in the first quarter of 2013, according to the latest Altman Weil survey. [Am Law Daily]

* In case you haven’t heard the news by now, NYU Law School has a new dean, and he was poached fresh from Columbia. The bonus here is that he’s actually pretty cute. We’ll have more on this story later today. [NYU Law News]

* Law faculties may be a tad too liberal, say some at Harvard Law School, which is basically a bastion of leftie law professors. Cut to Ted Cruz muttering about Commies under his breath. [USA Today]

* Here’s an obvious protip that may not be obvious to 0Ls: if you’re going to ask for a recommendation letter, you should probably make sure that it’s going to be a positive one. [U.S. News & World Report]

When the merger of Edwards Angell and Wildman Harrold was announced back in August 2011, some observers, such as our beloved commenters here at Above the Law, viewed the move as an act of desperation. Because both firms had a tough time during the recession, the notion of their combining with each other reminded some people of… well, this.

Now, as we approach the two-year anniversary of the merger’s announcement, how are things going over at Edwards Wildman? Are Angells flapping their wings with joy and Wildmen hoisting glasses of grog?

Not exactly, say some….

double red triangle arrows Continue reading “What’s Going on at Edwards Wildman Palmer?”

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