It’s that time of the year again: American Lawyer magazine has just released its A-List for 2011. The Am Law rankings attempt to evaluate which law firms have got the right stuff to become elite:
The A-List was created in 2003 in an effort to assess (and rank) the nation’s largest and most prominent law firms in a holistic way. It takes into account financial performance, which is represented by the inclusion of firms’ revenue per lawyer, and other important measures of law firm performance, such as attorney diversity, pro bono work, and associate satisfaction. The latter is measured by a firm’s results on our Associates Survey. Pro bono and diversity scores are also a reflection of a firm’s showing on our annual Pro Bono Survey and Diversity Scorecard.
So, which firms made the grade this year? And which firms are the true elite of the elite?
Law firm diversity matters. It matters to corporate clients, many of them public companies that want to demonstrate their commitment to diversity through their selection of vendors and service providers — which is what law firms are, at the end of the day. It matters to the law students and lawyers that firms are trying to recruit — which is the premise behind the data collection conducted by Building A Better Legal Profession.
So there should be keen interest in the latest edition of the American Lawyer’s Diversity Scorecard 2011, which the magazine just released. As Am Law explains, the Scorecard constitutes its annual ranking of large law firms by their percentage of minority attorneys and minority partners.
Let’s take a look at the top firms for diversity. Did your firm make the list?
* The GOP is right — September is a totally arbitrary deadline to re-write No Child Left Behind. Really, why would we need a new education law by the time school starts up again for the year? [Washington Post]
* Protip: if your client is suing a preschool over its TTT curriculum, you probably shouldn’t guarantee that her kid will get into an Ivy League school before she’s out of her Pull-Ups. [New York Daily News]
* “This lawsuit takes the cupcake. It’s all sprinkles and frosting until somebody files a lawsuit.” I think the title of this news story just gave me diabetes. [NBC Los Angeles]
* Deval Patrick thinks he’s going to be saving Massholes $48 million by cutting 2,000 attorney jobs. What he’s really going to be doing is bringing tears to the eyes of fourth-tier law grads — er, make that second-tier law grads — and doling out more welfare checks. [MetroWest Daily News]
* Good news, everyone! NALP says that law students are going to be slightly less f*cked when it comes to getting a job. [ABA Journal]
* Too bad Latham didn’t hire a “social media guru” sooner — maybe they would have responded to our request for comment on their new Boston office. Throw us a freakin’ tweet here. [Legal Blog Watch]
Watch out, Warner Bros. and Munger Tolles: the machete-wielding, tiger-blood-fueled Charlie Sheen is coming after you. The seemingly deranged actor, who was recently fired from the CBS hit show “Two and a Half Men,” has filed a $100 million lawsuit against Warner Bros. and Chuck Lorre, the studio and executive producer of the show, respectively.
You can read more via the links below. And in case you missed it, be sure to check out Marin’s awesomely hilarious post, “The Busy Lawyer’s Guide to Charlie Sheen’s Bitchin’ Termination Letter,” which takes a closer look at some of the issues that will likely arise in this litigation.
You don’t have to be a total bitchin’ rock star from Mars to have predicted that Warner Bros. — the company that produces Two and a Half Angry Men and, not un-coincidentally, Looney Tunes — would fire Charlie Sheen from the show. And on Monday, that’s exactly what happened. Writing on behalf of Warner Bros., Munger Tolles (specifically, partner John Spiegel) fired off an 11-page letter immediately axing Charlie from Two and a Half Laughs, Ever Men.
But even if someone wields a machete from a roof or requests a battle in the Octagon, you can’t necessarily fire him for cause just because he’s crazy. For instance, Tom Cruise jumps on couches and he has gone on to not be fired from several lackluster movies, most notably Valkyrie. Warner Bros. needs cause to fire Charlie under his $1.8 million per episode contract, and in the letter, they offer up a kitchen sink of it.
A lot rides on the outcome here: if Charlie prevails in arbitration and proves that Warner Bros did not have cause to fire him, he stands to get paid for the ten remaining episodes in the show’s ninth (!!) season. And if the reports are accurate, he also has a “Michael J. Fox” clause in his contract, which specifically permits a washed-up 80s actor to continue to draw paychecks from humorless sitcoms that remain in production after the actor has left the show to fade into obscurity – a hold over from the days when Sheen replaced Fox in Spin City and Fox continued to get paid. If Warner Bros. prevails, they may seek 10 episodes worth of lost revenue from Charlie, though admittedly it will be difficult to convince an arbitrator that anybody watches the show, must less pays to advertise on it.
In any event, down to brass tacks. Here are the various allegations Warner Bros. makes in the termination letter to assert that they have cause to fire Charlie under his contract, along with my evaluation of their merits….
* Several states are considering laws that would make it more difficult for college students and others to vote. College students fire back that they’re not going to take this lying down. But they’re going to get a little high first. [Washington Post]
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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