* Some of the questions in this survey, designed to assess how law students use online media when evaluating law firms, are amusing. If you’re a law student, please take the survey — you can win a gift card — and talk about how important Above the Law is to your assessment of firms. [Survey Gizmo]
* Judge of the Day candidate #1: Linda Van De Water, for allegedly “kicking and jumping on her ex-boyfriend’s car after confronting him outside the home of another woman.” [Milwaukee Journal Sentinel]
* Judge of the Day candidate #2: Tom Carney, for allegedly wielding a gun like a gavel, in an incident with another motorist. And don’t forget that snazzy pink necktie. [Erie Times-News]
* Peter Lattman looks at David Zornow, the global head of litigation at Skadden, and Zornow’s obsession with Bob Dylan — reflected in a mock indictment of “The Judges,” drawn up by “special assistant U.S. attorney Bob Dylan.” [DealBook / New York Times]
Earlier this week, associate bonuses were announced at McDermott Will & Emery. We’ve heard about the news from multiple McDermott sources — and, without exception, all expressed happiness with their bonuses.
“McDermott essentially matched market for average billers and beat market for above average billers,” said one source. “They also combined year-end and spring bonuses, and are paying out on March 16.”
Bonuses at McDermott are individualized, so there’s no bonus table to post. As you may recall, last year MWE announced its move to a non-lockstep compensation system with three levels, each with a different base salary: Level 1 at $145,000, Level 2 at $175,000, and Level 3 at $200,000.
At the time the new merit-based system was announced, some worried that it might just be a sneaky way for reducing overall compensation. But based on what we’ve been hearing, McDermott associates under this system are doing as well as or better than their counterparts on the Cravath compensation scale.
Sometimes lawyers at Cadwalader are the victims of theft. And sometimes they’re the ones doing the stealing.
Here’s the promised follow-up to yesterday’s post about Cadwalader’s successful raid on the energy law practice of McDermott Will & Emery. It’s big news in Biglaw. As of now, nine partners are moving — Paul Pantano, Karen Dewis, Greg Lawrence, Greg Mocek, Tony Mansfield, Ken Irvin, Rob Stephens, Daryl Rice and Doron Ezickson — but if they’re followed by associates, a few dozen lawyers could be involved.
In an email sent out on Wednesday by MWE leaders Jeff Stone and Peter Sacripanti, reprinted in full after the jump, McDermott tried to minimize the losses. Stone and Sacripanti pointed out that “[t]his group of partners focused mainly on one aspect of our overall energy practice, which was commodities and derivatives trading for financial clients,” and that “the departing partners’ total collections in 2010 amounted to about three percent of overall firm revenue.”
Still, three percent of total MWE revenue is nothing to scoff at. In 2009, McDermott had total revenue of $829 million, according to the American Lawyer. Assuming that 2010 revenue is similar (the Am Law numbers aren’t out yet), three percent amounts to $24.87 million. Dividing that out over nine partners yields revenue per partner of about $2.8 million — not a bad book of business.
One of our odd obsessions around here: real estate. Just take a spin through our Lawyerly Lairs archives, which chronicle the adventures of attorneys in the world of real property, residential and commercial. We may not be as real obsessed as the folks over at Curbed, but we’re getting there.
As a former resident of Washington (2006 to 2008), I take a particular interest in D.C. developments. And not just litigation between law firms and burger joints.
So I was interested to learn about McDermott Will & Emery’s big move — to a building that will be named after the law firm. How many law firms get naming rights?
(Not many. The most prominent example might be the Paul Hastings Tower in Los Angeles, which had a cameo in the Transformers movie.)
We’re doing our annual march through the Vault prestige rankings, to give ATL readers the opportunity to have their say about perks and pitfalls at these firms. If your firm actually let you swap your Blackberry for your iPhone, brag here. Or if your firm has such a strong stench that it makes you nauseous, vent here.
We’ve been doing open threads in batches of ten, but now we’re going to pick up the pace. Here are the Vault #41 – 60. This is when the prestige list gets a little more geographically diverse, with firms based in Houston, Atlanta, Philadelphia, Palo Alto and even Pittsburgh:
In a couple of months, the class of 2012 will embark on its quest to find an elusive Biglaw summer associate gig. But let’s not forget that many in the class of 2009 are still sitting on the sidelines, waiting to start.
Most of McDermott Will & Emery’s 2009 class has started already. But last week a few of the stragglers received some bad news. A tipster reports:
Just a heads up, McDermott Will & Emery rescinded offers to most of their deferred 2009 graduates on Wednesday via a phone call.
We reached out to MWE, and their spokespersons strongly disagree with characterization that offers to “most” of the deferred associates were rescinded….
It’s summer time! A lucky few are being paid to warm seats in law firms across the land. (Very few — thanks to the minimal numbers of offers extended to law students in Recession Land.)
Some firms are very excited about their summer associates, to the point of issuing pressreleases about them. Firms are planning fun events. Hopefully, Williams & Connolly offers cooking classes at a culinary institute again this summer (for those who don’t get offers and may not be able to afford to eat out one day). We’ve got a round-up of our favorite summer “happenings,” after the jump.
But one thing firms may not plan to do this year is bill for summer associates’ time. Nate Raymond reports in the New York Law Journal that Citigroup Inc. has told its outside counsel that it will not pay for law students’ time. Citi does not stand alone:
J. William Dantzler Jr., a tax partner at White & Case who oversees hiring in New York, said with regard to billing clients for summer associates, it has been “a slide for 10 years.”
“More and more clients don’t want summer associates to bill to them,” he said. “When I started almost all clients would accept it. And it’s evolved to where a lot of clients don’t.”
Ironically, because of the huge decline in the number of summers brought in, they’re more likely to actually do substantive work this year. One Biglaw firm, for example, instituted a requirement last year that every summer associate produce at least one piece of seriously impressive legal writing. Which firm is it?
* Sen. Arlen Specter — a Yale Law School grad and former Philadelphia district attorney, by the way — loses the Democratic primary in Pennsylvania; ophthalmologist Rand Paul, son of Rep. Ron Paul, wins the Republican primary in Kentucky. [Washington Post]
* McDermott Will & Emery gets hit with an age discrimination lawsuit. [Am Law Daily]
* Lawyers at Weitz & Luxenberg, the prominent personal injury firm — perhaps you’ve heard their radio ads? — have donated heavily to the New York attorney general campaign of Kathleen Rice. [New York Times]
* Obama’s aunt will not be deported to Kenya. [CNN]
* Elena Kagan has submitted answers to the Senate questionnaire for her Supreme Court nomination (in a record five days). Her net worth is almost $1.8 million, a sizable increase from the last reported figure (apparently thanks to the sale of her Cambridge house). [Washington Post]
* A portrait of Lady Kaga as a young graduate student: in her Oxford thesis, she wrote that it was “not necessarily wrong or invalid” for judges to “try to mold and steer the law” to achieve social ends. [New York Times]
In yesterday’s post about the departure of D.C. power broker Lanny Davis from McDermott Will & Emery, a firm he joined a little over six months ago, we put out a request for more information. That request was promptly answered — by none other than Lanny Davis himself.
The drama lover in us was hoping for an epic tale of office intrigue and power struggle at McDermott Will (and commenters were happy to speculate). As it turns out, however, the parting of Davis and MWE is quite amicable — and far from total. As Davis explained to us, he’s setting up his own shop, but he will continue to work closely with McDermott lawyers, serving McDermott clients. In fact, Davis isn’t even leaving the building (so no office exorcism necessary).
What’s going on here? Information from our chat with Lanny Davis, plus the complete press release mentioned previously by the Washington Post, after the jump.
Now, just a few months later, it appears that Davis is striking out on his own. From the Washington Post:
Lanny J. Davis, the former White House counsel and longtime Clinton booster, is launching his own eponymous law-and-lobbying shop, according to a draft announcement obtained by The Post. Lanny J. Davis & Associates LLP will provide “a unique combination of traditional legal and litigation services plus media/crisis management, and legislative/public policy strategies to solve U.S. and international client problems,” the announcement says. Davis, a cable television staple who has often run afoul of more liberal Democrats, highlights his avowed centrism as a prime benefit for potential clients….
The new venture means Davis will step down as partner at the global law firm of McDermott Will & Emery, but he says he will continue to write a column for “The Hill” newspaper and contribute to a legal strategies blog that he began last year.
We reached out to McDermott, and a firm spokesperson confirmed that Davis is leaving the firm.
So who else is going with him, and what prompted the move?
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: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
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!