The arrival of summer associates brings good news for the permanent lawyers and staff of Biglaw. Not only do summer associates infuse their firms with youth and beauty (and opportunities for free lunches), but they serve as an amulet of protection against the layoff spirits.
But for those folks lucky enough to land summer associate positions, the odds remain high that they will get offers (unless they misbehave). And firms want those offers to be accepted, so they try to present themselves to summer associates as shiny happy workplaces. Layoffs, whether of lawyers or staff, are kind of a buzzkill. Firms prefer to conduct them before or after their summer programs.
So perhaps this latest news will be our last layoff reporting for a while. Which firm just made double-digit cuts to its ranks?
On Friday, we asked readers to submit fun hashtags for the ABA’s commitment to provide its members with cheap wine. Or at least with cheap, personally branded wine to give clients eager to drink cut rate wine with the label of a cut rate law firm.
So some of you took to the Hashtag War format we modeled on @Midnight. Check out the finalists for this Hashtag War and see if you agree….
Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).
In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?
Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….
In an era when “disruption” is celebrated, the world of large law firms is one of the last redoubts of conventional wisdom. For a uniquely rule- and precedent-bound profession, this makes sense. Biglaw’s conventional wisdom has the added virtue of being reliable. For example, we can count on Cravath taking the lead — at least chronologically — on bonuses, and for DLA Piper to have the most random Third developing-world offices.
Another reflection of conventional wisdom is the way in which Biglaw lends itself to — and revels in — superlatives and rankings. There tends to be a generally acknowledged and perennially dominant player (or a few) in most practice areas: Wachtell Lipton for M&A, Weil Gotshal for Chapter 11 work, Patton Boggs for lobbying, and so forth. There’s no doubt that many worthy firms get overlooked.
Last year we took a look at which firms’ practice groups were considered “underrated” by peers in the field. Among the notable 2012 nominees: Cahill for corporate law, Arnold & Porter in litigation, and Proskauer for its bankruptcy and tax practices.
We wondered whether the same practice groups were still considered by practitioners to be unfairly underrated. Or are there other firms deserving more recognition?
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Jeffrey E. Stone is Co-Chair of McDermott Will & Emery LLP and Chair of the Firm’s Management Committee. In addition to his management roles, Jeffrey is a nationally recognized trial lawyer and a Fellow of the American College of Trial Lawyers. He concentrates his practice in the areas of white-collar criminal defense, complex commercial litigation, internal investigations and RICO. He represents corporations, boards of directors, senior executives and other individuals in a variety of complex civil litigation and criminal prosecutions, involving a broad range of industries, including health care, manufacturing and financial services. He has tried more than 40 cases to verdict before juries in federal and state court.
Jeffrey has served as National Chairman of the Stanford Fund (responsible for all annual giving to Stanford University), as a National Trustee for the Lawyers’ Committee for Civil Rights Under Law, as outside counsel to the Illinois Judicial Inquiry Board, as a board member of the Jewish Federation of Metropolitan Chicago, and as president of the Jewish Family and Community Services agency. He currently serves as a member of the national Board of Governors for the American Jewish Committee.
1. What is the greatest challenge to the legal industry over the next 5 years?
* Bernard Knight Jr., general counsel of the U.S. Patent and Trademark Office, will be taking his intellectual property talents to McDermott Will & Emery as a new — and rather cute — partner. Congratulations! [Corporate Counsel]
* The Securities and Exchange Commission has charged a Texas man in a Monopoly money Bitcoin-related Ponzi scheme. Unfortunately for him, the associated jail time for the crime isn’t virtual. [Wall Street Journal (sub. req.)]
* When applying to law school, it’s wise to have a unique personal statement topic. But considering the application cycle, you could probably get away with writing “LOL” and still get into the school of your choice. [Law Admissions Lowdown / U.S. News]
* Russia has granted NSA leaker Edward Snowden a pass to leave the Moscow airport’s transit zone. Be prepared to welcome borscht into your life, and be sure to always say spasibo. [Associated Press]
* Sorry folks, but Carlos Danger, more popularly known as Anthony Weiner, won’t be pulling out of the New York City mayoral race. I, for one, would love to see his AMAs on Reddit. [New York Times]
* It looks like Aaron Hernandez shot himself in the foot when lawyering up for a civil suit where he’s accused of shooting someone in the eye. His attorney specializes in banking litigation. [USA Today]
* The justices of the Supreme Court gave a thumbs down to hearing a challenge to New York’s “de facto ban” on carrying guns in public, prompting members of the National Rifle Association to poop their pants. [New York Times]
* Now that Mary Jo White is the chief of the Securities and Exchange Commission, Debevoise has picked her successor to act as co-chair of the litigation department. Congratulations go out to Mary Beth Hogan. [DealBook / New York Times]
* In its latest court filings, Ropes & Gray explains why failing to give its “token black associate” a recommendation letter wasn’t an act of retaliation. That’ll surely be an interesting read. [Am Law Daily]
* A former client sues a major law firm, raising fraud, breach of fiduciary duty, and other claims. [Bailey & Glasser (press release and complaint)]
* Boston Biglaw firms — like Dechert, Edwards Wildman, and Foley & Lardner — were “really shaken” by yesterday’s blasts, but report that all employees are safe and accounted for. [National Law Journal]
* Six out of 10 of the 4,967 class of 2012 graduates from New York’s law schools were able to find full-time, long-term positions as lawyers nine months after graduation. Yay? [New York Law Journal]
* Secrets, secrets are no fun; secrets, secrets hurt… someone’s wallet. Sorry, Jamie McCourt, but all of the secret MLB documents concerning the Dodgers’ $2 billion sale will remain secret. [Bloomberg]
In fairness to DLA Piper, the craziness might not be that high on a per capita basis. DLA Piper is one of the largest law firms in the world. In the most recent Global 100 rankings, DLA took second place in both total revenue and attorney headcount.
Many of the DLA Piper stories are on the lighter side. But this latest one — involving serious allegations of overbilling, apparently supported by internal DLA emails saying things like “churn that bill, baby!” — is no laughing matter….
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!