But, at the end of the day, the story that lorded over the legal week was Noam Scheiber’s piece in The New Republic about the decline of Biglaw. So let’s talk about why most lawyers drink themselves asleep in dark rooms and how attorneys are a lot like professional athletes.
Oh, and Justice Scalia called people Nazis, and the royal baby proved how awful punditry can be…
Despite the problems and challenges facing large law firms, making partner at a Biglaw firm remains a big deal. As an old friend told me a few years ago, comparing his pre- and post-partnership existences, “My life has been transformed. I feel like I’ve been let into a special club. Overnight, the same people treat me in completely different ways.”
My friend isn’t the only partner who feels like he got kissed by a princess and turned from a frog into a prince. Others recognize the transformative power of making partner as well. In the words of our very own Anonymous Partner, “You now occupy a new professional status, and the nature of making partner is such that no matter how badly you screw up the rest of your life, you have accomplished something very rare. It is a life milestone, on par with getting married or winning the lottery in terms of its immediate alteration of your identity.”
Comparing making partner to winning the lottery is apt: many lottery winners don’t live happily ever after (as brilliantly captured by this Onion article, Powerball Winners Already Divorced, Bankrupt). A fascinating new piece in The New Republic goes behind the scenes at one major law firm and shows that being a Biglaw partner in the twenty-first century isn’t all peaches and cream. In fact, aspects of being a partner sound as appealing as rotten fruit (and this isn’t just sour grapes)….
* Though she be but little, she is fierce! Under Mary Jo White’s guidance, the Securities and Exchange Committee is now cracking down on financial fraud with a vengeance. [DealBook / New York Times]
* When a Biglaw firm’s chairman skeptically says, “Uh, OK, I mean, maybe,” with regard to a future increased demand for legal work, you know things are bad. We’ll have more on this later today. [New Republic]
* With Detroit’s downfall, vultures are swooping in left and right to snag clients. Firms retained thus far include Weil Gosthal, Arent Fox, Kirkland & Ellis, Winston & Strawn, and Sidley Austin. [Reuters]
* “I’m not a 100% sure this is legal.” Two law professors have come up with a revolutionary way for law students to finance legal education that sounds like it just might work. [WSJ Law Blog (sub. req.)]
* Normally when Biglaw firms and legal departments go to court over contested litigation, something’s gone wrong, but this summer, they’re trying to do some good in the world. [National Law Journal]
* Soon, it’ll be known as Western Michigan University Thomas M. Cooley Law School, but even with a new name, you’re still going to be Cooley, and there’s no recovery from that. [Lansing State Journal]
* In Greenwich, Connecticut, the fact that people buy homes where they want their kids to go to school isn’t a “complicated concept.” The schools’ racial diversity, on the other hand, is. [New York Times]
* Ed O’Bannon asks the NCAA to agree in writing not to retaliate against any current athlete that joins his lawsuit against the organization. How sad is it that a non-profit organization committed to helping students needs to be reminded not to retaliate against students? In other news, NCAA Football 14 (affiliate link) came out today. [USA Today]
* More SCOTUS Term analysis. Tom Goldstein, Adam Liptak, and Jess Bravin have been invited to explain to the Heritage Foundation what an awesome term it had. [Heritage]
* The Shelby County decision completely lacks any foundation for the argument that the Voting Rights Act violates the Constitution. Yeah, but besides that… [Lawyers, Guns & Money]
* What is wrong with soccer fans? Referee stabs player and then ends up like Ned Stark. [Legal Juice]
We love baby name trends almost as much as we love weddings, so we’re always interested to watch different names wax and wane among our brides and grooms. Remember back when everybody’s baby sister was named Caitlin? Now those little Caitlins are getting married in droves. Jordan was another popular name for boys and girls (there’s a Jordan among our contestants today).
It makes us feel a bit old to watch the last decade’s parade of Ashleys and Jennifers in their strapless dresses give way to the Caitlins and Jordans in their lace-backed gowns. When the little Olivias and Aidens start tying the knot, we’ll know we’ve got one foot in the grave.
Aside from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand. After all, a brand is something that will keep clients coming back, and usher in new and exciting business opportunities.
But with so many firms to choose from, it’s hard to pinpoint exactly which one is on top when it comes to being the most well-known of the bunch, regardless of what their Am Law or Vault 100 ranks might tell you. What matters most is obviously what the clients think.
Of course, there’s now a ranking to determine which firm has the strongest brand in the business….
* Our own Elie Mystal isn’t the only one who’s capable of fanning the flames of race baiting — it seems that Supreme Court justices can do it, too! We’ll probably have more on Justice Sonia Sotomayor’s benchslap later today. [The Two-Way / NPR]
* Patience is obviously one of this judge’s virtues, because this took a looooong time. After waiting more than a year for people to put their petty political pandering aside, the Senate confirmed Robert Bacharach to the Tenth Circuit. [Blog of Legal Times]
* Mary Jo White, the nominee to lead the SEC, will probably face her confirmation hearing in March. Her legal wranglings at Debevoise may be of interest to some, but really, who cares? She’s so cute and tiny! [Reuters]
* Mayer Brown and the terrible, horrible, no good, very bad year: gross revenue is up overall at most Biglaw firms, but not this one. In 2012, Mayer Brown’s revenue dipped 3.7 percent for a six-year low. [Am Law Daily]
* Kirkland & Ellis, now the fifth-largest Biglaw firm in the nation, is leading the market in terms of top dollar merger-and-acquisition deals. Now, if only the firm could get some bananas. [Crain's Chicago Business]
* Orderly liquidation authority may be a legitimate exercise of power under the Bankruptcy Clause, but as far as these states are concerned, it’s just another reason to hate the Dodd-Frank Act. [DealBook / New York Times]
* An “astronomically stupid” legal loophole? Unpossible! Gun trusts are seeing the limelight because Chris Dorner claims he used one to purchase his paraphernalia without a background check. [New York Times]
* “Without the formation of character, the rest is futile.” An Article III judge’s take on the law school crisis. [Simple Justice]
* Because nobody likes sloppy seconds, the merger talks between Pillsbury Winthrop and Dickstein Shapiro are now off the table. [Thomson Reuters News & Insight]
* David Tresch, an ex-Biglaw CIO, was indicted last week on wire fraud charges. “Bitch better give me back my money,” said Mayer Brown. [ABA Journal]
* Does Jeffrey Toobin understand the Voting Rights Act? This law professor seems skeptical. [PrawfsBlog]
* Praise the Lord and pass the ammunition, because this Saturday is Gun Appreciation Day. Go celebrate your Second Amendment rights — but do it responsibly, please! [Volokh Conspiracy]
* Remember Ryan Chenevert, the young lawyer who took home the title of Cosmo’s Bachelor of the Year for 2012? Check out the very tongue-in-cheek interview this hottie did with 225 Magazine, after the jump….
Lawyers are obsessed with rankings and prestige, especially those that have to do with emerging markets in the eastern hemisphere. It’s a new year, so the folks at Asian Lawyer decided to start it off with a new rankings system for Biglaw firms, both American-based and those indigenous to the Asia-Pacific region.
Although Asian Lawyer evaluated firms using several different metrics (total attorney headcount of firms based in the Asia-Pacific region, biggest American firms with lawyers in the region, biggest European firms with lawyers in the region, and most attorneys by headcount of any firm in the region), we only really care about two of them.
The most some Americans know about the region is that they’re fans of the delectable cuisine, but can U.S. law firms hang with the Asiatic big boys? No matter how many firms tell you it’s the motion of the ocean that counts, size does matter for the purposes of these rankings….
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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, 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.