On Monday, we noted the surprising news of a young partner leaving Wachtell Lipton to start his own boutique firm. Given the rarity of partner departures from the super-lucrative Wachtell, my colleague Staci Zaretsky described the news as “basically like seeing a unicorn.”
Why did Jeremy Goldstein, a 40-year-old partner in the firm’s executive-compensation practice, leave WLRK? The American Lawyer piece about Goldstein’s move painted a happy picture of a lawyer striking out on his own to be more entrepreneurial and to run his own business.
But we wonder if there’s more to this story than meets the eye….
Here at Above the Law, we love ourselves a good departure memo. If a great one makes its way into your inbox, please feel free to send our way.
People write departure memos so they can frame their farewells — explain why they’re leaving, provide their new contact information, and thank the people who need to be thanked. But what about if a partner — a managing partner, no less, and one involved in a summer associate scandal from a few years ago — just quits without explanation?
In that case, the remaining members of management write her departure memo for her. And oh what a departure memo….
This is as close to titillating as I’ll ever get in one of these columns: When a senior lawyer (or executive) leaves a company in December, what does that mean?
Basically, Ecclesiastes is all about changing jobs: ”To every thing there is a season.”
When a partner at a law firm moves laterally in January, that’s like leaves changing in autumn. The partner waited to receive his (or her) year-end bonus from firm A and, having pocketed the bonus, then moved on to firm B. That makes the lateral acquisition cheaper for the new firm.
The in-house world is a step slower: When an in-house lawyer (or executive) moves to a new company in March or April, that’s like snow falling in winter. The in-house person waited to receive his (or her) annual bonus in March (more or less) and, having pocketed the bonus, then moved on. That reduces the hiring cost for the new company.
But when an in-house lawyer (or executive) leaves a company in December, that’s a blizzard in May! The game is afoot! (Blogging is so good for me. I just learned that Shakespeare said that first, although I was thinking of Sherlock Holmes (who said it later) when I typed the phrase.) Quickly, Mr. Watson! What can we deduce from an out-of-season executive departure?
Last year, we covered the mystery departure of Lee Smolen — the prominent real estate lawyer, not the famed theoretical physicist — from Sidley Austin. It may have been related to the ethics charges filed against Smolen, accusing him of conversion and breach of fiduciary duty through alleged filing of false expense claims.
In order to deliver to DLA’s bottom line, Smolen will need to avoid suspension or disbarment. So he has filed a response to the Illinois ethics charges against him. What does Smolen have to say for himself, and is it persuasive?
Whenever a law dean abruptly retires over the summer, it’s suspicious. When a law dean abruptly retires and our tipsters start screaming that there’s something more going on here, it’s very suspicious.
And when the university responds to the retirement by essentially saying, “there’s nothing to see here, move along,” then it’s time to fire up the Above the Law crowd-sourcing machine…
Last September, we wrote about the mysterious departure of Lee Smolen from Sidley Austin. Smolen, former head of Sidley’s real estate practice in Chicago and a member of the firm’s executive committee, departed without comment or a known destination. When that happens, something interesting is usually afoot.
Earlier this month, the other white shoe dropped. A lawyer ethics commission in Illinois leveled charges against Smolen arising out of his time at Sidley.
What has he been accused of? And what does his new law firm have to say about it?
Today we have news of another lawyer leaving the Chicago office of Sidley. But this departure reads more like a mystery novel than a memoir. Let’s find out who’s leaving, even if we don’t yet know why….
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: firstname.lastname@example.org.
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.