In today’s Lawyerly Lairs column, we’ll step inside the beautiful home of a Biglaw partner — a name partner at an Am Law and Vault 100 firm, in fact. There aren’t many of those folks still around, since most of the nation’s largest and most prestigious firms are so old. Paul Cravath died in 1940, in case you’re wondering.
But there are a few Biglaw name partners around — at (relatively) young, super-profitable firms, like Wachtell Lipton, Quinn Emanuel, and Boies Schiller. And these lawyers own some fabulous real estate.
Which they sometimes put on the market. Let’s look at the next item up for bids: the D.C. home of a leading litigator, on the market for $4.85 million….
A year ago, in writing about how major law firms performed in the first half of 2013, I wondered whether Biglaw might be the proverbial frog in boiling water. I now wonder whether the analogy might still hold, but in a good way: could we be witnessing a quiet boom for Biglaw, happening so gradually that we don’t even realize it’s here?
In the past few weeks, a slew of mega-mergers have made headlines — which will hopefully turn into contributions to law firm coffers. But even if you focus just on the first six months of 2014, excluding the busy months of July and August, there’s good news to report.
Our friends at Citi Private Bank, a leading law firm lender, just released their report on how Biglaw fared in the first half of 2014. What are the key findings?
Make fun of the University of Chicago Law School’s law-and-economics focus all you want. Their graduates make good use of the training, enjoying tremendous success in the business world. Some of them go on to become billionaires — and then make eight-figure gifts to their alma mater.
The legal eagle featured in today’s Lawyerly Lairs coverage isn’t a billionaire, but he has done very, very well for himself, in both business and politics. And real estate: he just sold his urban mansion for more than $11 million.
You’ll feel pangs of envy when you find out how little he paid for it — and when you see what a beautiful property it is….
Meditate on that for a moment. Breathe in through your nose. Breathe out through your mouth.
Five million bucks per year.
Breathe in through your nose. Breathe out through your mouth.
I lost the slidy-thing from my slide ruler so I have to do this in my head, but I think that’s about $100,000 per week per equity partner. A little less than a newbie associate makes in a whole year outside of the major metropolitan areas.
Imagine all the things you can buy with that kind of money. A mansion that looks somewhat familiar every time you visit it. Luxury vehicles for your nanny. Dream trips for your spouse. The finest private schools for your kids. An iPhone for your son so he can talk to you every day. A high-end camera your wife can take to your daughter’s soccer game so you can watch her play through live streaming video. Oh, the joy that kind of money you can bring your family. It’s not Powerball, but it’s most certainly a lottery win per year.
But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….
Lawyers and their real estate transactions continue to make the news. Last weekend’s New York Times, for example, chronicled the hunt of a former Cahill Gordon associate and her husband for an apartment large enough for themselves and their three children. Boji Wong and Benjamin Berkman ultimately found what they were looking for, paying just a shade under $3.8 million for a 2,200-square-foot, three-bedroom co-op in tony Tribeca.
For our latest Lawyerly Lairs column, though, we’re going to take a trip uptown. We’ll check out the beautiful pre-war apartment that a noted entertainment lawyer and his wife, a high-profile journalist and writer, recently sold for a tidy sum — $5.3 million, to be more precise….
If corporations really were people, ExamSoft would have to go into hiding right now. Did you see how every New Yorker suddenly had a farm implement or a rifle to deal with Sharknado 2: The Second One last night? That’s what would happen if Mr. ExamSoft was spotted strolling past a group of bar exam takers.
But ExamSoft isn’t a person, it’s a corporation, a corporation that royally screwed up. YOU HAD ONE JOB, ExamSoft, and you didn’t get it done. In America, you are supposed to be able to get your money back when a business screws up this badly. Kids paid between $100 and $150 for software that not only didn’t work but almost ruined their lives. Saying “I’m sorry” isn’t going to cut it.
Unfortunately, “I’m sorry” seems to be the only thing ExamSoft is willing to do at the moment…
* When it comes to bans on same-sex marriage, for Justice Anthony Kennedy, animus is a “doctrinal silver bullet” — the fact that there was no animus involved in the enactment of many of them may be problematic at the high court. [New York Times]
* Relying on some obscure Supreme Court precedent, the Fifth Circuit saved Mississippi’s lone abortion clinic after striking down as unconstitutional a state law that would have required doctors to have hospital admitting privileges. [National Law Journal]
* Given the situation over at Bingham McCutchen, people are starting to wonder about whether all the guaranteed contracts to members of merger partner McKee Nelson’s partnership helped to shape the firm’s current financial plight. [Am Law Daily]
* Hot on the heels of Cooley Law canceling its first-year class at Ann Arbor and announcing tentative plans to close the campus, the ABA approved the school’s affiliation with Western Michigan. Yay? [MLive.com]
* Here’s one way to become a lawyer without racking up massive amounts of debt: you could try to “read” the law like Abraham Lincoln, and work as a law firm apprentice. That sounds delightful. [New York Times]
* The Second Circuit ruled that the World Trade Center Cross may remain on display in the September 11 Memorial and Museum. Apologies, atheists, but it’s a “genuine historical artifact.” [New York Daily News]
* Howrey going to get money back when judges keep tossing unfinished business claims like they’re yesterday’s trash? We’ll see if such claims will be laid to rest after a hearing later today. [Am Law Daily]
* Paul Weiss had a good get this week, with Citigroup’s deputy general counsel leaving the bank to join the firm — which coincidentally has served as the bank’s outside counsel for two decades. [WSJ Law Blog]
* North Carolina, a state that adopted a ban on same-sex marriage in 2012, said it will no longer defend its law in the wake of the Fourth Circuit’s ruling as to a similar ban in Virginia. Hooray! [Los Angeles Times]
* If you missed it, a judge issued a preliminary ruling against Donald Sterling, meaning that the sale of the L.A. Clippers may proceed. Don’t worry, his attorney says this is just “one stage of a long war.” [CNN]
* It seems that “weed-infused weddings” are a hot commodity in states where the drug has been legalized. Sorry, it may be better than an open bar, but it doesn’t seem like a very classy thing to do. [Boston.com]
Our latest Lawyerly Lairs column is about a gay Filipino lawyer’s hunt for a new home on the island of Manhattan. (No, it’s not about me; I’m quite happy where I am, and I don’t own any dogs.)
Julius Towers, a 36-year-old intellectual property lawyer for Colgate-Palmolive, recently relocated from Queens to Manhattan. His search was complicated by a couple of canines: Felix, a Shiba Inu, and Athena, a golden retriever-poodle cross.
What was Towers’s budget, and where exactly did he wind up?
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.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.