Mike Allen

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

It’s that time of year folks: the dust has settled, the remainder of last year’s major moves have been executed, and it is time to vote for the Biglaw All-Stars of 2014.

To save you trouble, I have already assembled two teams, which we divide between a Western and Eastern Conference — brace yourself for a plethora of mixed metaphors.

With a lot of research, personal experiences, and a smidgen of subjectivity, I have compiled two teams of five lawyers with spots for two corporate lawyers, one intellectual property lawyer, one real estate lawyer, and one litigation lawyer. These lawyers lead significant groups at their respective firms.

Each team will represent one fictional company together: a massive mega-conglomerate high-tech real estate company that would make Mr. Heller and Ms. Erhman shiver in their boots. This fictional mega-conglomerate company requires the representation of five “starting” lawyers: two corporate, one IP, one litigation, and one real estate…

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

The “Legal” world versus the “legal” world. The actual practice of law versus the construction of practices and firms. These are diametrically different disciplines, and while the demand for “Legal” work influences the “legal” world phenomenon of lateral hiring, many other market conditions dictate demand and compensation for partners.

Partners are often sequestered from the tedious details of the lateral market and, consequently, they often undersell themselves to firms and subsequently become underpaid. If you’re a partner looking to make a move, here are 5 beginner’s tips to maximize your lateral partner compensation package:

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

What can we expect for the first quarter of 2014 in terms of the lateral partner market? As I have detailed before, the market is generally volatile and the rate of change of each month and quarter from year to year is difficult to predict. In our calculations, the number of lateral movements in December accounts for less than 20% of the variation in lateral movements in January. However, on average there are 2.4 times as many moves in January as there are in the previous December (but this ratio is subject to much volatility).

Let’s look at some data:

double red triangle arrows Continue reading “The Lateral Partner Market In 2014″

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

Merger season has arrived, yielding a fruitful harvest of potentially enormous mergers between Patton Boggs and Locke Lord and between Pillsbury and Orrick. Perhaps the most interesting aspect of these mergers is the potentially “super” practice groups these mergers will make.

Patton Boggs has recently undergone a period of mild strife, as we detailed several months ago. Though they lost a significant number of energy and environmental attorneys after the fallout of the Chevron litigation, this merger with Locke Lord could be effective not only as a stopgap, but could also vastly strengthen each firm’s energy department….

double red triangle arrows Continue reading “Recently Announced Law Firm Mergers Could Create Cascade of Lateral Moves”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

Near the entrance of the Calyon Building, the previous headquarters of Dewey & LeBoeuf, lies Jim Dine’s “Looking Toward the Avenue,” a triumvirate of headless statues inspired by the Venus De Milo. Where lie the visages of this homage to the prototypical form of Venus and furthermore, in the aftermath of Dewey, where have the pieces of this former empire landed?

Since May of 2012, there have been numerous articles inciting gossip and foretelling the troubles of Biglaw, but few have offered a retrospective of the overall trends in lateral moves from Dewey since the closure of the firm. The “largest winner” of the Dewey sweepstakes was Winston & Strawn, which added 23 partners (about 11% of those who moved in the final month), including Jeffrey Kessler, a titan of antitrust law who has represented every players’ union in the “big four” sports in the United States. Approximately seventy lawyers followed Kessler’s group.

Which other firms fared well in picking up Dewey lawyers?

double red triangle arrows Continue reading “Where Did Dewey & LeBoeuf’s Big-Name Partners Land?”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

With the recent news of eight Weil partners in Dallas leaving for Sidley Austin and Wilson Sonsini announcing the elimination of 35 staff positions in Palo Alto, many are looking towards the fourth quarter with cautious optimism. Traditionally the fourth quarter is the most difficult to predict; even the most basic analysis of Q4 shows that there is little correlation between the rate of change in partner moves from the previous year, and the rate of change in total moves from the previous year (ΔP/ΔT). This essentially means that the total lateral moves over the course of the fourth quarter are an inadequate measure for estimating future lateral partner moves in the fourth quarter. However, gauging the first three quarters, this measure is highly effective, yielding a nearly 85% correlation year to year — compared to 44% in Quarter 4.

There are many factors that complicate lateral moves in the fourth quarter, the most conspicuous being bonuses. Every law firm has a method for compensating its partners. Some compensation plans are highly structured, but many others include subjective elements. Distribution plans incorporating percentages or units of participation with a reserve are often-times structured to incentivize an attorney to remain at the firm through the fourth quarter. Simplified, a partner will receive a variable draw and at the end of the year, and the balance of the net profit will be distributed. There is the general consensus that partners will wait to collect their bonuses at the end of the year before making a lateral move. This evidence may be anecdotal, but nonetheless lateral movements in the past have been about 30% greater in the first quarter compared to the previous fourth quarter…

double red triangle arrows Continue reading “Will The Lateral Market’s Clouds Part in 2014?”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

On the surface, the state of the legal market looks grim; in the third quarter of 2013, lateral moves declined in almost every practice area in comparison to Q1 and Q2 of 2013 and the three previous Q3s. Although the legal sector added 2,700 jobs in August, there has been stagnation within the top 200 firms relative to the last few years. Compared to the last two years, lateral movement has dropped 29% since 2012, after having risen 5.5% from Q3 of 2011 to Q3 of 2012. When compared to the first two quarters of 2013, the drop is less dire. From the first quarter to the third, total lateral moves dropped 6.3% (not nearly as significant), and from quarter two to quarter three, lateral moves decreased by 13%.

Since Q3 is not yet over, we have assumed that the market trends will hold steady over the course of the next few weeks, and we used this inference to fill the gaps in our data. Analysis of past years’ data shows that this is not an unreasonable assumption. Our findings indicate that lateral movement during Q3 is especially weak when comparing these last two years. In 2012, 5,725 attorneys moved laterally (January 1 through September 18th), compared to 4,840 in 2013 — a 15.4% decrease. While the lateral market would be depressed even without Q3, the drop for the year to date would not be as significant. Of the top Am Law 200 firms, nearly 40% either hemorrhaged lateral attorneys or had no net gain. Despite this lateral recession, Lateral Link has increased its market share over the last year, placing even more candidates than the year before despite the otherwise static lateral market….

double red triangle arrows Continue reading “The State of the Lateral Lawyer Market”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

A day in the life of an English litigator just got considerably more complex. Lord Justice Jackson’s year-long appraisal of English litigation ended in 2009 and culminated in a set of new rules dubbed the Jackson Reforms. These eponymous reforms are being heralded as revolutionary, yet the full impact of the reforms has yet to be ascertained. While opinion is divided on the impact of these reforms, we have seen a very tangible ripple in the frequency of U.K.-based movement from litigation partners over the last few years.

As you are all aware, the U.S. legal system is based on British Common Law. While many facets of our systems are congruent, litigation financing diverges significantly between the two countries.

double red triangle arrows Continue reading “Litigation Reform Across The Pond”

Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

From Q3 2012 through Q2 2013, we have seen approximately 7,500 lateral moves at the top 200 law firms. Approximately 4,500 (60%) were associates; 1,900 (25%) were partners; and perhaps most surprisingly, 1,100 (15%) of the lateral movement consisted of “counsel” or “of counsel” positions.

To clarify, some firms promote their senior associates to a “counsel” position based on seniority, but even excluding this pool of associates, that still leaves a significant number of counsel-level laterals finding opportunities within new law firms. From April 2012 to the end of the second quarter this year, Gordon & Rees had the largest number of lateral counsel transitions, with 34 (in large part due to the fact they opened seven offices in 2012 alone). Seyfarth Shaw, Greenberg Traurig, and Wilson, Elser, Moskowitz, Edelman & Dicker followed closely with 26, 23, and 22 counsel placements, respectively. Notably, Quinn Emanuel Urquhart & Sullivan had 11 counsel transitions in that same timeframe, 8 of them from a group of more than 15 Skadden Arps product liability attorneys who followed colleagues Sheila Birnbaum and Mark Cheffo, two heavyweights in the product liability world….

double red triangle arrows Continue reading “The Of-Counsel Carousel”

Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

An intriguing demographic dilemma is approaching a powerhouse law firm, Jones Day, as several senior partners and chairs are straddling the mandatory retirement age. The firm currently has over eight partners — including numerous practice leaders and partners in charge — above their proclaimed mandatory retirement age, and over ten partners nearing the cutoff, which probably signals that Jones Day gives some partners a pass when it comes to retirement. For example, Mark Sisitsky, Hugh R. Whiting, and Bob Mittelstaedt, just to name a few, are all very respectable partners who are refining with vintage.

Jones Day generally restocks from within by promoting partners in the first quarter each year. In 2013, the firm internally promoted 29 partners in the first quarter, each with an average of 12.5 years of experience. Although Jones Day is five months away from the next round of promotions, Lateral Link has identified around fifty associates who are in the running for a partner promotion (although only a handful will ultimately get the nod). We have an idea who fits in both categories and have been fairly accurate in our projections from the past….

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