Yesterday Elie offered some predictions for 2012. I’ll get even more specific and offer a prediction for January 2012: energy lawyers will be making moves this month.
January is generally a popular time for partner moves, and energy lawyers are popular people. Right now their practice area is as hot as New York City is cold. As you may recall, this time last year a slew of energy attorneys moved from McDermott to Cadwalader.
We’ve recently received word that at least two prominent partners in the energy space are switching firms. Let’s find out who they are and where they are heading….
UPDATE (2:30 PM): After the jump, we’ve added an update with additional context, details, and partner names. A source states that five partners are leaving and that the departures constitute a major move — a much bigger deal than our original report might have suggested.
In our recent post on the top 10 most generous large law firms — based on analysis by ATL’s new director of research, Brian Dalton — the firm of Hogan Lovells placed second. Under the rankings, this meant that Hogan partners are taking the second-biggest hit to their own bottom lines in order to keep their associates happy and well-compensated.
But is this still the case today? Based on what we’re hearing about the most recent Hogan bonuses, announced shortly before Christmas, one wonders whether the Ho-Love partners have turned from Santas into Scrooges….
Every day that major law firms do not announce spring bonuses makes them look like below-market, “non-peer” institutions. It has become very clear that firms claiming to pay market compensation need to be providing spring bonuses.
The latest firm to yield to market realities is Hogan Lovells. The relatively new Ho-Love, formed by the merger of Hogan & Hartson and Lovells, showed love to its hos on Friday. The firm matched the Cravath scale for spring bonuses.
You can read the full memo below. But you should also listen to how surprised and happy Ho-Love associates are about the bonuses. Hogan associates are like bizzaro Sidley associates….
Last week, Hogan Lovells announced its associate bonuses. It’s the first bonus season for the firm since the merger of Hogan & Hartson and Lovells. Unfortunately for some associates, the transatlantic deal apparently did not pay off for them at bonus time.
The memos are individualized, but the associates who have reached out to Above the Law are not happy. Here’s one tipster’s report:
Most people with whom I’ve spoken received $2500-$5000 less than the Cravath-model for billing around 2150 (our hours requirement is 1950). This is true no matter the class year.
A number of associates left the office as soon as the memos came out because they were so disgusted. I predict a mass exodus of associates leaving HoLove this coming year, because a lot of people have been pissed about the hours anyway and these bonuses are just insulting.
But according to a Hogan Lovells spokesperson, the HoLove bonuses matched the market. So why are associates upset?
(Please note that we’ve added some UPDATES after the jump.)
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
The prior reports of additional payments to some associates at Hogan Lovells, designed to reward these associates for making their billable-hours targets, were accurate — at least with respect to the New York office. And it turns out that these payments constitute what in ATL-speak we call “true-up payments” — i.e., payments designed to give associates the pay they would have received had a salary freeze never occurred and they had received the customary annual raise for seniority.
This may sound confusing, but it’s really not. Let’s take a look at the memo from Hogan Lovells….
Why are British lawyers always getting caught with their pants down? We all remember the classic scene in A Fish Called Wanda, in which an unsuspecting family walks in on a naked barrister, Archie Leach (John Cleese), as he’s getting ready for a roll in the hay with Wanda (Jamie Lee Curtis).
But this kind of thing happens in real life, too. And sometimes the lawyers involved are partners at top firms — e.g., Lovells, which recently merged with Hogan & Hartson to form Hogan Lovells.
Check out this Daily Mail headline: “The top lawyer, his lover and a drug-fuelled sadomasochistic sex session that led to bloodshed at the Hilton.”
Wow. That’s almost as delicious a headline as this one.
And the headline, even though it’s a mouthful, doesn’t quite say it all. There’s more, much more — including leather thongs, nipple clamps, and a pile of blow….
One merger is an accident. Two mergers … well, that could be a trend.
The merger of Hogan & Hartson and Lovells is in the books. The new firm is up and running, and it’s already saying goodbye to people. The Blog of the Legal Times reports that Hogan Lovells had some departures over the weekend:
A six-lawyer insurance litigation group left Hogan to launch a D.C. office for Hartford, Conn.-based Shipman & Goodwin. James Ruggeri, who leads the group, said that the move was made because of conflicts created by the merger for his group’s chief client, The Hartford Financial Services Group Inc. Ruggeri serves as The Hartford’s national counsel for complex insurance coverage matters. He had been at Hogan since 1991.
Hogan Lovells has gotten a lot of attention in part because it is the highest-profile law firm merger to take place after the recession fully took hold.
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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: firstname.lastname@example.org.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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