Another bonus announcement. This one brings good news for a substantial number of associates.
It has long been the case in Hong Kong that most UK law firms and a very small minority of US law firms have three month notice periods for their US associates built into their employment contracts. But until about 18 months ago it was not common for any firm to enforce a three month notice period when a US associate left solo[…]
This firm apparently decided to willfully ignore market trends and stick with the Simpson Thacher scale that was effectively done away with months ago.
When the word associates use most often to describe how they felt after receiving bonuses from your firm is “livid,” you know you’ve got some changes to make.
* Fried Frank is closing down its Hong Kong and Shanghai offices because they were costing the firm more money than they were bringing in. What’ll happen to the lawyers who work there? Most of them will be huòdé dìyù. [Am Law Daily]
* Not everyone can match the New York market when it comes to Biglaw bonuses. According to disputed rumors, associates in some practices of at least one Chicago law firm didn’t receive any bonus at all. Which firm? [Crain’s Chicago Business]
* We often complain that women are getting the short end of the stick in Biglaw, but today we’ve got a nice little caveat. At some large law firms in at least one city, more women are making partner than their male counterparts. [National Law Journal]
* UVA hired Pepper Hamilton to consult on its inept handling of sexual assault cases while O’Melveny & Myers deals with its Rolling Stone gang rape allegations. Collars shall be half-popped until the school gets serious about these issues. [Newsplex]
* Whittier Law, home to one of the worst full-time, long-term employment rates in the country, hopes to give grads a “legal leg-up” with its new solo incubator program — because “[e]ducation and training doesn’t end when they graduate.” [Daily Pilot]
* Wet Seal joined the ranks of teen retailers like Deb and Delia’s when it dumped lots of locations and filed for Chapter 11. New code provisions might’ve sped things along, but like, being a debtor-in-possession is totally uncool. [DealBook / New York Times]
Check out the magnificent mansion that helped drive a rainmaker into bankruptcy.
* With fewer and fewer students applying to law school, acceptance rates have skyrocketed. Some, like GW Law, have even been accused of “laundering [their] credentials” by padding their enrollment numbers with transfers. [GW Hatchet]
* “People don’t graduate from law school understanding the business of law.” That’s just one of the reasons recent grads are having such a tough time getting jobs as associates. Suffolk Law thinks it can help change that. [Boston Business Journal]
* “This is an example of the system working as intended”: Hundreds of thousands of dollars are due to successful plaintiffs in same-sex marriage cases, and millions of dollars in attorneys’ fees for that work is racking up interest. [National Law Journal]
* James Risen, the New York Times reporter who refused to out his source as part of a CIA investigation, has won the right to keep his journalistic integrity intact after a long legal battle. Prosecutors have officially dropped him as a witness. [Bloomberg]
* After much talk about partners heading for the exits before, during, and after the Patton Boggs and Squire Sanders merger, and Bob Luskin has finally left the building for Paul Hastings. We hope his parting wasn’t “painful” for him. [WSJ Law Blog]
My father is a military man. Accordingly, all things in life, from mundane trips to the grocery store to complex life decisions like planning for and choosing a college, was subject to careful, deliberate planning. Digesting evidence and facts was a far better road than the proverbial “crossing of fingers” and trusting that “it will all work out for the best.” Former NYC mayor Rudolph Guiliani said it best when he announced that “Hope is not a strategy.”
I was reminded of this adage when reading a few industry reports compiling data points about corporate legal departments and the ever –increasing complexity of the regulatory environment. Here are some shockers:
* George Zimmerman was arrested for aggravated assault and domestic violence with a weapon. His lawyer said his client “has not been lucky with the ladies.” He hasn’t been lucky with being a decent human being, either. [USA Today]
* Lawrence McCreery, the Hawaii lawyer who licked a client’s ear and inspired the judge on his case to call him a “dirty old man,” has had his harassment conviction upheld on appeal. Get excited, he’s still got a law license, ladies. [Associated Press]
* We may soon see same-sex marriage bans in three states struck down, as the Fifth Circuit “appeared poised” to do so after oral arguments on Friday. Roberta Kaplan, our 2013 Lawyer of the Year, delivered a standout performance in arguing against Mississippi’s ban. [BuzzFeed]
* What do Sidley Austin, Baker & McKenzie, Reed Smith, Hogan Lovells, and Skadden Arps have in common? Their names were used in phishing emails to scam people out of their money. Some might say that’s business as usual. [Crain’s Chicago Business]
* An arrest was made in the forcible rape of a woman — presumably a law student — that took place in the stacks of the Southern University Law Center’s library last semester. The accused rapist is currently behind held without bond. [WBRZ]
Shall we start with the good news, or the bad news?
* Per New York City’s gossip rag of record, an alleged “bed-pooping, cokehead” banker and his “alcoholic” wife were called out by the judge in their divorce case for involving their kids in a “horrible fiasco.” [New York Post]
* For time infinitum, the structure of Wachtell Lipton’s billing was “cloaked in mystery.” Thanks to an errant fee agreement, however, we have an idea of what the prestigious firm charges for its “distinctive service.” [Am Law Daily]
* Hey guys, Valentine’s Day is right around the corner, and there’s a newly single Bachelorette on the prowl. The lovely Andi Dorfman called off her reality TV stunt engagement. Perhaps the ADA will return to prosecuting cases? [E! Online via TODAY]
* “We are in the end game on the freedom to marry for same-sex couples.” Later today, we may find out whether the Supreme Court intends to take up any of the same-sex marriage disputes that have been presented to it this Term. [Bloomberg]
* It looks like the UNLV William S. Boyd School of Law is starting an LL.M. program in gambling law. Step right up, because we’re now taking bets to see whether this degree will be advantageous for its graduates in the job market. [National Law Journal]
* California’s foie gras ban was recently struck down by a judge as an illegal encroachment upon the federal government’s regulatory domain. Please remember that while it’s delicious… it’s supposedly only “for assholes.” [San Francisco Chronicle]
Good news for associates at Orrick — and firms that consider themselves Orrick’s peers.
The emergence of litigation finance has enabled CFOs to better manage and finance a once dormant asset – potential litigations.
Some partners are getting closer and closer to a $2,000 per hour rate. Which firms do they come from?
* At the annual Association of American Law Schools meeting, Justice Ruth Bader Ginsburg handed out a delightful piece of marriage advice that she sometimes uses when dealing with her colleagues on the Supreme Court: “It helps to sometimes be a little deaf.” [National Law Journal]
* Thomas Gilbert Jr., the man accused of killing his father — who just so happened to be the founder of the Wainscott Capital hedge fund — allegedly shot him to death over a $200 cut in his monthly allowance. This is why rich people can’t have nicer things. [New York Post]
* Litigants on both sides of a First Amendment issue headed to SCOTUS are using a law review article penned by none other than Justice Elena Kagan in an attempt to influence all of the justices. See, people do read law review articles. [New York Times]
* Musical chairs, dean-poaching edition: Fordham Law just named Matthew Diller as its new dean, but he’s still going to remain as dean at Cardozo until the end of the year. Let’s see how he tackles the school’s enrollment decline. [New York Law Journal]
* Per a study conducted by the Institute for the Advancement of the American Legal System, law school graduates who participated in a practice-ready program fared better as attorneys than those who did not. Whoa, nice going. [WSJ Law Blog]
* Per recent reports, human rights attorney Amal Clooney was threatened with arrest after she pointed out major issues with the Egyptian justice system in a paper sponsored by the International Bar Association. She was able to escape because officials feared the wrath of George Clooney. [The Telegraph]
* Uh oh! It looks like Alan Dershowitz got himself mixed up in a lawsuit involving a salacious underage sex scandal. In his own defense, the famed Havard Law prof said, “It’s a completely, totally fabricated, made-up story. I’m an innocent victim of an extortion conspiracy.” [WSJ Law Blog]
* The price of the billable hour may have risen by more than 10 percent over the course of the last four years, but according to the chairman of one Biglaw firm, “[t]he question is: Is anybody paying that?” Hahaha, yeah right. [National Law Journal]
* That was quick. The Bitcoin Foundation hired a global policy counsel who lasted there for less than a year. It seems the policy and regulation aspects of the digital currency’s existence were viewed as a “distraction.” [DealBook / New York Times]
* Chicago Biglaw and midsized firms are brushing up on their Mandarin language skills because Chinese investment in the Windy City hit more than $3 billion last year. FYI, senior associates, these firms may have a job for you. [Crain’s Chicago Business]
* Did she get SLC punk’d? Another woman was just nabbed for allegedly pretending to be a lawyer. It seems that Utah resident Karla Carbo reportedly impersonated a member of the bar at least three times in the past six months. [New York Daily News]
Gibson Dunn does right by its associates outside New York.