Why go big when you can supersize? As has been reported recently, one of Biglaw’s most aggressive firms in terms of growth, Dentons (née Sonnenschein Nath & Rosenthal and some foreign counterparts cobbled together just a few years ago), is now in serious discussions about a combination with McKenna Long & Aldridge. Both firms are products of recent tie-ups themselves, and the combined firm should the transaction go through will be instantly one of the world’s largest, at least in terms of number of lawyers. Welcome to the age of the global Megalaw franchise, in which a firm can raise its profile by connecting with other firms in the interest of getting bigger, all the while creating a new global brand in the process. Dentons is sure giving it a try.
It is actually unfair to say that Dentons is the Biglaw equivalent of McDonald’s, or even Burger King. Biglaw brands of that stature would be Baker & McKenzie or even DLA Piper, and not only because they are bigger….
* “There are no magic bullets here.” Caught in a “trilemma,” President Obama is up against the wall and is running out of options. He soon might be forced to choose the least unconstitutional solution to the nation’s problems. [Bloomberg]
* During the government shutdown, it certainly wouldn’t be worth it for furloughed employees to hire lawyers to fight their “essential” versus “non-essential” determinations — please, like they’ll be able to afford legal representation right now. [National Law Journal]
* It seems some partners at both Dentons and McKenna Long & Aldridge aren’t fans of a possible tie-up, so they’re heading for the hills as fast as they can. Perhaps it simply wasn’t meant to be? [Am Law Daily]
* It’s time for our favorite show, As the Weil Turns! Partners from various offices are departing for other Biglaw firms, and we can now confirm that Steven Peck is a new face at Proskauer. [Law360 (sub. req.)]
* We told you last week that Matthew Martens of Fabulous Fab fame would be leaving the SEC, but now we know where he’s landing. Congrats on your new home at WilmerHale. [WSJ Law Blog (sub. req.)]
* Ohio is the latest state to offer “hazy” abortion restrictions that skirt the very edge of Supreme Court jurisprudence in order to make women feel guilty about their own right to choose. [New York Times]
* “Without makeup she looks like the Joker in Batman.” Joan Rivers is locked in a $15 million condo catfight with a Canadian socialite who isn’t afraid to pull punches. Meow! [New York Daily News]
* Say what you will about Justice Scalia, but the man is hilarious — more funny than his four liberal colleagues combined, according to a statistical analysis of oral argument recordings. [New York Times]
* According to Altman Weil, law firm merger mania is on pace for record highs as firms desperately attempt to stave off financial problems by gobbling up smaller firms’ clients. [Am Law Daily]
* The NCAA better watch its back: Jeffrey Kessler, the Winston & Strawn partner who helped bring free agency to the NFL, wants in on the potential case for unpaid college athletes. [Bloomberg]
* Lawyers doing regulatory work are very afraid that the shutdown will decimate their fourth quarter billables because “[t]he longer it goes, the more problematic it will be.” Yay government. [Reuters]
* GrayRobinson partner Philippe Devé is in need of a bone marrow transplant, and his firm is using its social media presence to crowdsource a donor. Will you lend a helping hand? [Daily Business Review]
* UpCounsel has successfully raised $1.5 million in funding to beef up its international patent practice, proving the point that it costs a pretty penny to protect clients from the world’s patent trolls. [TechCrunch]
* Law schools in New York State are feeling the pain of the drop in applications, and some are now willing admit that their graduates had to start “cannibalizing each other” in the job market. [New York Law Journal]
* But really, so what if applications are down? Lots of law schools consider themselves lucky to be keeping the lights on with the assistance of generous alumni donations in the millions. [National Law Journal]
* Another day, another “diploma mill.” Sorry to disappoint you, law students and alumni, but Charleston School of Law is moving forward with its plans to sell out to the InfiLaw System. [Post and Courier]
* Who’s bad? Not AEG Live. A jury made up of people unable to answer yes or no questions during the reading of the verdict found that the concert promoter wasn’t liable in Michael Jackson’s death. [CNN]
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….
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….
* “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]
* 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]
* 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]
* 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]
* 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]
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