Sometimes, the internet seems to exist largely in order to rate things. User-generated and unverified reviews of everything from movies to cars abound. The thing with this proliferation of ratings, be they on Yelp, or Amazon, or whatever, is that we usually don’t have any idea whether or not the reviewer has any basis for his rating. (In fact, the spoof product review has become its own literary micro-genre.)
Spurious or baseless ratings are not a problem when it comes to ATL’s Insider Survey (17,300 responses and counting — thanks everyone!), in which practicing attorneys and current students evaluate their own schools or employers. Among other things, our survey asks attorneys to nominate firms with over- and underrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
Which firms do those in-the-know consider to be better (or weaker) than their reputations?
For our purposes, we split “reputation” into two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the perceived desirability of the firm as a potential employer. For some, these factors will be functionally equivalent. For others, these are less overlapping considerations.
To date, we’ve received not quite a thousand survey responses and today we share some preliminary findings. What are you telling us thus far about which firms have the strongest practices? Which firms are some of the most coveted Biglaw employers in major markets?
We’re midway through Biglaw’s second quarter, and this will be the third week in a row we’re covering law firm layoffs or buyouts of some variety. This just goes to show that no matter how well a firm does, it’s always looking to do better, and the easiest way to do so is by managing human expenses.
Sometimes the firms attempting to trim their ranks are members of the “Super Rich,” with high revenues per lawyer (at least $1 million) and even higher profits per partner (at least $2 million). Other times, these firms are rich but not super-rich — firms that generally saw “modest, hard-won gains” last year, according to the American Lawyer.
The firm we’re writing about today falls into the latter group, with relatively small financial gains in 2013. Despite this, it’s still offering “very generous” packages to inspire employees to walk away….
One of the most noteworthy deals of the new year is Google’s recently announced $3.2 billion acquisition of Nest Labs, a maker of Internet-connected devices like thermostats and smoke alarms that was founded by former Apple engineers. Orrick, a firm known for its strong roster of tech clients, is advising Nest. The Orrick team is led by the firm’s chairman, Mitchell Zuklie.
That’s not the only noteworthy news out of Orrick this week. Yesterday the firm announced its 2013 associate bonuses. How are they looking?
In addition to being dirty, they toss out annoying liberal platitudes to mask a self-absorbed worldview based around “freedom” as defined by easy access to drugs and not being hassled by regulators who aren’t cool with a commune squatting in a tenement. They’re like libertarians without showers and with the decency to pretend they care about other people.
But this federal judge hates them a lot more than the average bear. And he hates their lawyer even more…
In an era when “disruption” is celebrated, the world of large law firms is one of the last redoubts of conventional wisdom. For a uniquely rule- and precedent-bound profession, this makes sense. Biglaw’s conventional wisdom has the added virtue of being reliable. For example, we can count on Cravath taking the lead — at least chronologically — on bonuses, and for DLA Piper to have the most random Third developing-world offices.
Another reflection of conventional wisdom is the way in which Biglaw lends itself to — and revels in — superlatives and rankings. There tends to be a generally acknowledged and perennially dominant player (or a few) in most practice areas: Wachtell Lipton for M&A, Weil Gotshal for Chapter 11 work, Patton Boggs for lobbying, and so forth. There’s no doubt that many worthy firms get overlooked.
Last year we took a look at which firms’ practice groups were considered “underrated” by peers in the field. Among the notable 2012 nominees: Cahill for corporate law, Arnold & Porter in litigation, and Proskauer for its bankruptcy and tax practices.
We wondered whether the same practice groups were still considered by practitioners to be unfairly underrated. Or are there other firms deserving more recognition?
It was exactly a month ago that we first heard that Orrick was looking to join up with (read: bail out) Pillsbury. Today, the thrill is gone. Orrick and Pillsbury announced they were calling off the mega-merger saving us, our planned Very Special Episode of Legal Eagle Wedding Watch.
The ruins of a house on the outskirts of Tacloban, capital of Leyte.
Law firms and the legal profession have a long and distinguished tradition of contributing to the public interest. Earlier today, we highlighted five Biglaw firms that are pro bono all-stars.
Most pro bono cases involve clients and causes here in the United States. But in today’s increasingly global world, law firms look beyond borders when it comes to helping the needy.
Yesterday we commended Skadden for its generous support of Typhoon Haiyan relief efforts in my ancestral homeland of the Philippines. And today we recognize several other law firms that have joined in this worthy cause….
Biglaw firms have a problem. They can’t get their senior partners to retire. Or to pass along their clients to younger partners fast enough.
The reasons for this unwelcome phenomenon are straightforward. First, today’s Biglaw senior partners are making too much money. Would you retire if you were making seven figures and billing 1200 to 1500 hours a year? Of course not. Especially if you are helping to support your children. Or in this age of the 70-year-old rainmaker, a grandchild’s “education” as a communications major at the top party school in this year’s rankings.
Kidding aside, I know that many senior partners have very valid reasons for continuing to maintain their Biglaw practices. But that does not mean that what works for them at an individual level is what is good for Biglaw as a whole. In fact, I think the “sticky senior” issue is the greatest long-term threat to the continued viability of many Biglaw firms….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: