* When it comes to billing rates, starting at the junior level, female law firm partners are still lagging behind their male counterparts by an average of 10 percent less. Boo. [Wall Street Journal (sub. req.)]
* Just in time for the graduation of one of the largest law school classes in history, the Bureau of Labor Statistics says the legal sector is shedding jobs. That sucks. Sorry Class of 2014. [Am Law Daily]
* Law school deans are dropping like flies. Since last week, at least three have announced their intention to leave their positions. We know of one more that we may discuss later. [National Law Journal]
* If you want to work as an attorney, your odds are better if you go to a Top 50 law school. Seventy-five percent of Top 50 grads are working as lawyers, compared to 50% of all others. [WSJ Law Blog (sub. req.)]
* The verdict is in on the latest Apple v. Samsung patent case, and Apple is probably pretty miffed it was awarded only $120M this time, since lawyers for the company requested billions in damages. [Reuters]
* Laura LaPlante, a 3L who was set to graduate from U. Chicago Law on June 16, RIP. [Chicago Tribune]
* Justice Elena Kagan is looking forward to hunting a new kind of game next year with Justice Antonin Scalia. Gobble gobble, bitches. They’re going after wild turkeys, and not the whiskey. [Legal Times]
* If you’ve been wondering why Morrison & Foerster is referred to as MoFo, the backstory isn’t as cool as we were led to believe. It was the firm’s teletype address. [Capital Business / Washington Post]
* Don’t worry, law profs, your precious tenure protections aren’t going anywhere yet. The ABA has officially given up on its quest to remove tenure as an accreditation requirement. [National Law Journal]
* If you’ve been waitlisted, send a letter of continuing interest. Convince them you’ll be employed within 10 months of graduation, and watch the acceptance letters roll on in. [Law Admissions Lowdown / U.S. News]
The good people at Morrison & Foerster could abbreviate their name to “Morrison” or “Foerster” or even “M&F.” That’s what most Biglaw firms would do. But Morrison & Foerster morphs into “MoFo,” and these MoFo-ers just embrace it. They recruit with it. For a group of lawyers, they’re positively laid-back.
But we didn’t know that they were this laid-back. Tucked away in the otherwise mind-numbingly boring “Financial Services Report: Spring 2014″ are two full paragraphs of weed jokes. Drug talk! In a quarterly report! What the hell is going on with these motherf***ers?
Ed. note: Please welcome Above the Law’s new poet-in-residence, Qui Tam. You can read his inaugural column (and poem) over here.
On-campus interviews: the topic of this week’s Qui Tam observational “poem.” I can’t imagine a more dehumanizing job-related experience, unless of course you were one of those students who didn’t get any….
Meet Michael Graffagna, who’s one impressive MoFo… partner. The Harvard Law School graduate, admitted to practice in New York, California, and Japan, heads up the project finance practice at Morrison & Foerster.
Graffagna is now resident in the firm’s Tokyo office. So he and his wife, Midori Graffagna, recently sold their Manhattan pied-à-terre. And oh what a pied-à-terre it was — larger than most Manhattanites’ primary residences.
How large are we talking? How much did the Graffagnas get for it? And which celebrity lives upstairs?
* Morrison & Foerster just snagged a major government player for its global anti-corruption practice. Congrats to the firm on adding Charles Duross, formerly of the DOJ’s FCPA program, as a partner. [Washington Post]
* General counsel are keeping more and more work in-house, “presumably in order to minimize outside counsel spend.” In the alternative, it could be because the lawyers from the firms are too arrogant. [Corporate Counsel]
* If you dare to reject the Facebook friend request of the judge who’s presiding over your divorce case, then you can count on some retaliation in court. You can also count on the judge getting removed. [WSJ Law Blog]
* If you postponed applying to law school, please think long and hard about why you stopped applying the first time. Only take this advice if anything’s actually changed — like your grades, your LSAT score, or the job market. [Law Admissions Lowdown / U.S. News & World Report]
* “This is a case to restore faith in the old-fashioned idea that divorce is something that lasts forever.” Steven A. Cohen is getting off when it comes to his ex-wife’s RICO claims, but not much else. [Reuters]
Which Biglaw firms are the best? Which Biglaw firms are the best in terms of providing quality client service? Those are two very different questions. Just because a particular law firm is classified as being one of the best does not mean it isn’t chock full of arrogant a-holes (there’s actually a ranking for that). On the other hand, just because a law firm is overflowing with arrogant a-holes does not mean that it isn’t one of the best. It can be a fairly complicated equation, and general counsel are often forced to pick the perfect sweet spot when choosing outside counsel for litigation matters.
How does your firm stack up against the others, and how can you increase the likelihood that yours will be chosen to represent some of the biggest brands in the business? Being rated as one of the “absolute best” by general counsel in terms of client service will certainly give your firm a fighting chance.
Did your firm make this year’s ranking of the Client Service 30? Take a look and find out…
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
With Christmas and New Year’s Day falling on Wednesdays in 2013, it felt like the holiday season lasted forever. Not that we’re complaining — we enjoyed two weeks of relative quiet, and we suspect many of you did as well — but now it’s back to work, as we kick off the first full week of the new year.
One story that kept people engaged over the holiday lull was our fifth annual holiday card contest. Voter participation ran high, with more than 7,688 votes cast for the eight worthy finalists.
Which law firm’s card prevailed? Here’s a hint: it’s the most interesting Biglaw holiday card in the world….
The past few months have been good ones for Morrison & Foerster. The firm, which secured an impressive victory for longtime client Apple in the smartphone wars, could end up getting part of its $60 million in fees paid by the losing party, Samsung. MoFo has also been adding new talent at a good clip, including D.C. securities partners Martin Dunn and Scott Lesmes (formerly of O’Melveny & Myers), London restructuring partner Howard Morris (formerly of SNR Denton), and a slew of partners (formerly of Hogan Lovells) who opened MoFo’s new Berlin office.
So the news about lateral partners at Morrison & Foerster is exciting. Can the same be said about associate bonuses in the New York office, the first MoFo outpost to announce?
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.