There’s no Biglaw intercity rivalry that can match the one between London’s venerable Magic Circle and New York’s elite white-shoe firms. Both groups of firms are the clear alpha dogs in their markets, attracting the top talent and most lucrative clients.
There are, however, some significant differences between the two groups in how they operate. For example, U.K. firms tend to follow a lockstep (rather than “eat what you kill”) compensation model. Last month, friend of ATL Bruce MacEwen took a deep dive into the relative performance over the last several years of the Magic Circle firms versus their New York cousins. The piece is highly recommended: it’s chock-full of data, and its findings suggest the groups are moving in different directions….
Earlier this week, we showed you a home movie taken inside Slaughter & May’s offices in 1981. What we learned was that practicing law at the highest levels in the early 80s involved no computers, a lot of switchboard operators, and casually telling women in the office that they had good backsides.
The natural question after watching the whole video was, “Where are they now?” Whatever happened to the young associates showing off their window views and pretending the British tax laws are interesting?
We don’t have answers for every face recorded all those years ago, but we do have updates on the current whereabouts of a few of them.
But most importantly, we can tell you whether the guy with the killer porn stache guy is still rocking it today!
* The Supreme Court won’t be blocking gay marriages from occurring in Oregon pending an appeal. Maybe it’s because the request wasn’t filed by the state, or maybe it’s because Justice Kennedy is the man. [National Law Journal]
* “To err is human. To make a mistake and stubbornly refuse to acknowledge it — that’s judicial.” This Ninth Circuit judge wants his colleagues to get over themselves. Please pay attention to him, SCOTUS. [WSJ Law Blog]
* Cheerio mates! As it turns out, according to a recent stress study, lawyers at Magic Circle firms in Merry Olde England are more miserable than their American colleagues. [The Lawyer via The Careerist]
* Donald Sterling dropped his $1 billion lawsuit against the NBA and agreed to the sale of the Clippers to Steve Ballmer for $2 billion. Lawyers for Skadden have been sent back to warm the bench. [Bloomberg]
* In a surprise move, InfiLaw pulled its application for a license to run Charleston Law into the ground the day before a vote was supposed to be held. At least the opposition won this battle. [Post and Courier]
* The Yale Law School Clinic is representing a deported Army veteran seeking a pardon and humanitarian parole. Check it out: experiential learning can be beneficial for everyone involved! [Hartford Courant]
Times are still tough in the legal industry. The industry shed 1200 jobs last month and we hear about layoffs — mostly staff, but some attorneys too — on a weekly basis. On the flip side, Citi Private Bank tells us that Biglaw is growing again with improvements in both demand and billable rates.
Now comes news that some global firms are handing out salary increases and bonuses?
Maybe good times — or at least above-average times — are here again….
As 2013 draws to a close, let’s look back at the 10 biggest stories in the legal profession over the past year. This is an annual tradition here at Above the Law, which we’ve done in 2012, 2011, 2010, and 2009. We’ll fire up the old Google Analytics machine to get data on our most popular posts, based on pageviews, and share the results with you.
Before turning to specific stories, let’s look at the top general discussion topics here at ATL. For 2013, our most trafficked category page was Biglaw, which bumped Law Schools out of the top spot — a spot that Law Schools held from 2010 through 2012. Now that the word is out about the perils of getting a law degree, leading to plummeting applications, perhaps it’s time to move on from the “don’t go to law school” narrative.
After Biglaw and Law Schools, our third most-popular category page was, as usual, Bonuses. This wasn’t a terribly exciting year for bonuses — there were no spring bonuses, and Cravath and its many followers paid out the same bonuses as last year — but people still want to know the score.
Our fourth most-popular category page was small law firms. Small firms, including boutiques, are an area of increasing focus and readership for us — and also where many of the job opportunities are these days.
Moving on from the topic pages, what were the 10 most popular individual posts at Above the Law in 2013?
As we’ve chronicled in these pages, the powerhouse firm of Weil Gotshal has been experiencing some upheaval. The big summer layoffs have been followed by a steady stream of partner departures, mainly from offices outside the power center of New York.
Many of the defections have taken place in Texas, but Weil’s Washington outpost has also been hard hit. Last month, that office lost three IP litigators to Greenberg Traurig. Said one of our sources, “IP was one of Weil D.C.’s most profitable practice groups. Expect downsizing or partner acquisition from another firm to compensate for loss.” And that wasn’t all. Earlier this month, BuckleySandler snagged Walter Zalenski, a prominent player in financial services regulatory law, from Weil.
Today brings news of another departure from Weil in Washington. Who is leaving now, and where is he going?
* Magic Circle firms raise their rates, with partners billing around $1375.56/hour. Blimey! [The Careerist]
* A law firm paid for a nativity scene in a state capitol building. Sound the litigation alarm! [ABA Journal]
* Supreme Court seems hesitant to help out a guy who lost his frequent flyer miles for constantly complaining to his airline. On the one hand, customers shouldn’t be penalized for voicing their concerns. On the other hand, this guy’s “complaints” included his luggage taking too long to come out on the carousel. Chill the hell out. [Associated Press via Daily Finance]
* A SAC Capital employee carefully weighed the “risk-reward” of complying with the “law.” [Dealbreaker]
* Former Tyco CEO Dennis Kozlowski is getting paroled. Now I feel old because I represented a witness in that trial. [Dealbook / New York Times]
* A middle school principal in Texas is placed on administrative leave for banning students from conversing in Spanish at school. What a puta. [Associated Press via Business Insider]
* The rules to the self-proclaimed greatest law school drinking game of all time. Or a look at what Australian law school guys do instead of study. Video after the jump… [YouTube]
If you’re an associate at a Biglaw firm, you’re probably scrambling for billable hours right now like a squirrel desperately trying to find one last nut before the winter comes. You need to hit your hours target, and you need to hit it now.
But what if someone were to step in and try to take those precious few hours away from you? And what if that person were a contract attorney? You’d probably lose your mind and start flooding the Above the Law inbox with your indignation and rage.
Hey, don’t come complaining to us. After all, apparently you asked for it….
* You’d think that when discussing major reforms to the patent system, the director of the USPTO would be there, but you’d be wrong. You’d also be wrong if you thought we had a director right now. [National Law Journal]
* Welcome to the future of Biglaw: Allen & Overy has realized that it’s a waste of money to keep hiring in a weak market, so the firm is recruiting its alumni to serve as contract attorneys in times of higher legal demand. [Legal Week]
* Dean Gregory Maggs, the interim leader of George Washington University Law, is being lauded for increasing first-year enrollment by 22 percent in a time of crisis. Excellent work, sir. You flood that job market. [GW Hatchet]
* Just because you have a law degree doesn’t mean you’re “entitled to rise up and become partner.” Getting a job in the new normal involves having a good attitude and social graces. [WSJ Law Blog]
* Ladies, if you get pregnant after a fling with an Olympic medalist and move out of state, please know your “appropriation of the child while in utero [will be deemed] irresponsible, reprehensible.” [New York Times]
* GTL stands for “Gym, Tan, Laundry,” but the owner of these Jersey Shore clubs thinks it stands for “Gym, Tan, Lawsuit” — thanks to losses uncovered by its insurer in the wake of Hurricane Sandy. [Newark Star-Ledger]
* The Magic Circle isn’t very magical across the pond in New York City. Four out of five firms from the U.K. — Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, and Linklaters — have yet to pull rabbits out of their hats in the Big Apple. [Am Law Daily]
* Dewey know how much this failed firm’s old domain name sold for at auction? At the conclusion of the sale, it ended up going for $210,689, which was just a shade over the initial asking price of $200,000. Someone just got ripped off. [Law360 (sub. req.)]
* The judge on this case against Skadden Arps isn’t sure that document review should count as anything other than practicing law, “even if it’s not the most glamorous.” Ahh, the luxurious life of a contract attorney. [Am Law Daily]
* Professor Raymond Ku has filed an amended complaint against Case Western Law Dean Larry Mitchell, and now the allegations are even juicier, including a possible ménage à trois. [Cleveland Plain Dealer]
* The number of people who took the LSAT in October has dropped for the fourth year in a row, this time by 11 percent. “This is a big deal” for law professors interested in keeping their jobs. [National Law Journal]
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.