Orrick

Dewey Have Anyone Left To Turn Out the Lights?
(Plus an actual lawsuit, a possible lawsuit, and a partner’s theory of blame.)

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That’s the question the WSJ Law Blog just asked about the [pick your favorite adjective: beleaguered / collapsing / flailing / troubled] law firm of Dewey & LeBoeuf. Today brings big, bad news for Dewey: bankruptcy superstar Martin Bienenstock is taking his practice to Proskauer Rose. He’s moving with five other partners — Philip Abelson, Irena Goldstein, Timothy Karcher, Michael Kessler, Judy Liu — and nine associates.

Dewey’s loss is Proskauer’s gain. “He is absolutely the crown jewel over there, a fantastic lawyer who will be a great partner,” a current Proskauer partner told us. “This is going to vault us into the company of Kirkland and Weil, giving us one of the top bankruptcy practices in the country. We are really thrilled.”

As you may recall, Bienenstock was a member of the five-person Office of the Chairman at Dewey. As my colleague Staci Zaretsky wondered earlier today, “Dewey seriously have one chairman again?” With Bienenstock to Proskauer, Jeffrey Kessler to Winston & Strawn, Richard Shutran to O’Melveny & Myers, and Steve Davis off to who knows where, only Charles Landgraf remains in the chairman’s office. (Note that Landgraf’s bio is still on the Dewey website.)

Bienenstock’s departure doesn’t mark the end of Dewey’s difficulties. Let’s review the latest news….

Of course we’ve added UPDATES, after the jump.

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(Plus an actual lawsuit, a possible lawsuit, and a partner’s theory of blame.)”

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Moscow and the Middle East: Dewey Have A Problem?
(Plus more about Dewey’s loan covenants.)

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About two weeks ago, we covered reports about Dewey & LeBoeuf possibly shedding some of its overseas offices. We noted at the time, however, that the reports were vague, and we added that some D&L sources denied the existence of plans for closing any specific foreign office.

Well, the reports are getting increasingly detailed. Word on the street is that D&L might shutter three of its offices in the Middle East. And the firm’s Moscow office is reportedly being courted by other major U.S. law firms.

Which offices are being considered for closure? And who are Dewey’s suitors in Moscow?

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(Plus more about Dewey’s loan covenants.)”

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Associate Bonus Watch: Orrick’s Merit-Based Matrix Continues to Be the Most Transparent

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The firm of Orrick, Herrington & Sutcliffe has been a leader in instituting a merit-based compensation system. Two aspects of their system make Orrick’s commitment to merit-based seem genuine:

1. Partners put in significant time so that merit evaluations are more than just hours cut-offs.
2. Orrick is transparent about how many people get paid.

You can’t run a merit-based system with a Jones Day-like approach to transparency without everybody feeling like they are secretly getting screwed. If you do it out in the open, at least the low-hanging fruit will know that other, better work paid off for others in their class.

So let’s look at the memo. While Orrick generally does a good job of looking at associate productivity instead of mere man-hours, make no mistake, the firm still wants you to bill, and in a timely fashion….

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Keeping Up With the Cravathians: The Ten Most Generous (or Foolish?) Law Firms

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This morning’s news that Boies Schiller is making a mockery of the Cravath bonus scale simply reinforces the prevailing view (pace David Lat) around here that the 2011 Cravath bonus scale is fundamentally unfair.

Agreeing on this point is former Kirkland & Ellis partner Steven Harper (whose apparent pro-associate stance may make him a sort of Biglaw apostate). As Harper points out, “equity partner profit trees have resumed their growth to the sky. As the economy struggled, Cravath’s average partner profits increased to $2.7 million in 2009 and to $3.17 million in 2010 … That’s not ‘treading water.’ It’s returning to 2007 profit levels — the height of ‘amazing’ boom years that most observers had declared gone forever. Watch for 2011 profits to be even higher.”

And yet associate bonuses remain stagnant at 2009 levels. Furthermore, as ATL commenter “The Cravath Cut” is so fond of noting, when viewed as a percentage of profits, bonuses appear especially measly, at least from the associate p.o.v. (The current $7,500 market rate for first-years is just 0.23% of Cravath’s profits per partner. Back in 2007, first-year bonuses equalled 1.36%.) Despite these numbers, if history has taught us anything, it is that you can kill anyone Biglaw’s rank and file will follow Cravath’s lead.

Cravath is among the most profitable firms in the world. We thought it would be interesting to see what the implications of matching Cravath are for those firms with much lower profit margins. Which firms’ partners willingly take the biggest hit by keeping up? Are these firms arguably more “generous”? After the jump, check out those firms that pay the largest percentage of PPP in bonuses.

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Career Center Survey Results: Top Partners to Work For – California (Part 1)

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Welcome to the West Coast edition of the Career Center’s Top Partners to Work For. For the past few weeks, we have revealed the best partners to work for in New York and Washington, D.C., as nominated by you, our readers.

Now we make our way across the country to present you with the first set of California partners who hail from the prestigious firms of Sidley Austin, Sedgwick, DLA Piper, Orrick, Arent Fox, and Sullivan & Cromwell.

Let’s find out why these six partners are truly stellar….

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Morning Docket: 10.24.11

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Stop sexually harassing me.

* Now trending on the Election 2012 campaign trail for Republicans: attacks on the federal court system. Be prepared for SCOTUS term limits and other ridiculous propositions. [New York Times]

* After some bratty behavior from MGA Entertainment, Orrick was allowed to withdraw as counsel. Maybe they’re using the unpaid $3.85M in legal fees to buy noses for their dolls. [WSJ Law Blog]

* Paul Ceglia’s latest lawyer, Dean Boylan, is used to working with fabricated evidence. He was just ordered to pay $300K in damages for creating some fake kiddie porn. [Bloomberg]

* Cate Edwards got married this weekend. Was daddy sporting another $400 haircut when he walked her down the aisle? [Hollywood Reporter]

* Who wins the prize for being the number one deadbeat taxpayer in New York’s Upper West Side? A lawyer with $1.2M in tax liens, that’s who. [New York Post]

* “It would be better if you didn’t wear any underwear to work.” The trials and tribulations of being a female bartender in Manhattan, now brought to you in lawsuit form. [New York Daily News]

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Musical Chairs: Orrick Assembles an Impressive Team of Finance and High-Yield Lawyers

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The law firm of Orrick, Herrington & Sutcliffe continues to do battle with its former client, MGA Entertainment. It seems that the maker of Bratz dolls is still acting in bratty fashion, by not paying its legal bills, and Orrick has moved to withdraw from representing MGA. (This is not the first time that Orrick has tried to fire its difficult client.)

Fortunately, things are happier on the transactional side for Orrick. The firm just announced that it’s picking up five bank finance and high-yield partners, for its New York office.

The new arrivals come from four different places, including three firms whose names you will definitely recognize….

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Non-Sequiturs: 09.14.11

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Judge Vanessa Gilmore

* Lincoln Caplan writes about Bill Stuntz — “America’s leading thinker on criminal justice, and its hardest to categorize” — in a review of Stuntz’s posthumously published book, The Collapse of American Criminal Justice (affiliate link). [Democracy: A Journal of Ideas]

* Ben Kerschberg identifies eight great law and technology resources — including Above the Law’s tech section, natch. [Forbes]

* Andrew Cohen calls out Judge Vanessa Gilmore for “dubious behavior” in a death penalty case. Judicial diva is as judicial diva does? [The Atlantic]

* Professor Eugene Volokh comes to the defense of “dissental” and “concurral,” two new words coined by his former boss, Chief Judge Alex Kozinski. [Volokh Conspiracy]

Turtle as deadly weapon?

* Don’t let Stephen McDaniel or Bruce Reilly anywhere near a turtle. [Lowering the Bar]

* Check out Orrick’s excellent “It Gets Better” video. Orrick, MoFo and Shearman are the three large law firms we’re aware of that have made such videos; if you know of others, please let us know. [It Gets Better]

* If you are free on November 4th and will be in New York that night, consider attending the Black and White Masquerade Ball of the Dave Nee Foundation, a non-profit committed to fighting depression and preventing suicide. [The Dave Nee Foundation]

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Quote of the Day: For The Times They Are A-Changin’

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Stephen Venuto

People came in wanting to work, which is a shift. Students’ primary goal three or four years ago was to ensure they had a terrific social experience. They short-changed themselves a little.

– Stephen Venuto, head of on-campus recruiting for Biglaw firm Orrick Herrington & Sutcliffe, commenting on the new environment of summer associate programs during the legal recession.

This year, Orrick made offers of full-time employment to 47 of 52 summer associates. The firm’s 90 percent offer rate was at the lower end of the spectrum of the 17 national firms surveyed by Am Law.

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Quote of the Day: Making It Rain Makes No Common Cents

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There was no rational foundation to do [the spring bonuses]. It was not as if suddenly all the law firms in The Am Law 100 were minting money.

— Ralph Baxter, longtime chairman and CEO of Orrick (shortly before he was overheard screaming at the Wheeling career associates to mint more money).

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