Partner Issues

As the old saying goes, the best defense is a good offense. The exceedingly prestigious and profitable Kirkland & Ellis, which has seen some partner defections in the past few months, seems to be taking that lesson to heart.

Kirkland recently launched in the hot legal market of Houston — by poaching a promising young partner from a competitor. Which super-elite firm did K&E just raid for talent?

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

It’s that time of year folks: the dust has settled, the remainder of last year’s major moves have been executed, and it is time to vote for the Biglaw All-Stars of 2014.

To save you trouble, I have already assembled two teams, which we divide between a Western and Eastern Conference — brace yourself for a plethora of mixed metaphors.

With a lot of research, personal experiences, and a smidgen of subjectivity, I have compiled two teams of five lawyers with spots for two corporate lawyers, one intellectual property lawyer, one real estate lawyer, and one litigation lawyer. These lawyers lead significant groups at their respective firms.

Each team will represent one fictional company together: a massive mega-conglomerate high-tech real estate company that would make Mr. Heller and Ms. Erhman shiver in their boots. This fictional mega-conglomerate company requires the representation of five “starting” lawyers: two corporate, one IP, one litigation, and one real estate…

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Over the past year or so, we’ve heard a steady trickle of negative news out of Dickstein Shapiro. The trickle has turned into a stream, so it’s now time to share what we’ve learned.

Let’s start with the numbers — grim numbers. Yesterday the Legal Times reported on what it described as Dickstein’s “worst year in more than a decade.” Revenue fell by 20 percent in 2013, and net income dropped even more sharply, by 35 percent. According to the Legal Times, the firm’s 2013 net income of $36 million is the lowest the firm has seen since before 1998, its first year on the Am Law 200.

Chairman James Kelly tried to spin this performance as “restructuring” and “investment,” as the firm focuses on its core practice areas. According to Kelly, “We made a strategic commitment to be a market-leading specialty firm. We decided we’re not going to be everything to everyone.”

“Everything” would appear to include “employer.” Let’s hear about the firm’s headcount cuts — affecting partners, associates, and staff — and check out the severance agreement that one source leaked to us….

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(Plus a leaked severance agreement.)”

Is the grass greener at another law firm?

I had the pleasure of spending much of last week in Seattle, for the 2014 Annual Education Conference of the Association for Legal Career Professionals (aka NALP). On Thursday afternoon, my colleague Brian Dalton and I, along with Guy Alvarez of Good2bSocial, gave a well-attended presentation on new media strategies that work.

I unfortunately had to leave the conference early to speak at another symposium (the Marquette Law conference on law clerks). But while at NALP, I did attend a number of informative panels, centered around two topics: (1) lateral hiring at law firms and (2) federal judicial clerkships.

Here are some themes that emerged from the three lateral hiring panels I attended:

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Passover is a time for family. Judaism has holidays galore, but Passover stands unique in its family-centric nature. The highlight of the holiday, the seder (literally “order,” due to the specific program of the evening), is by its very nature a family meal writ large. And on Passover, the definition of family is an expansive one for Jews, with the unfortunate or downtrodden as welcome and entitled to sit at the seder table as one’s immediate relatives. The seder itself commemorates the biblical paschal offering, which was by design intended to be consumed in a communal setting, amongst family.

Just last week, I was speaking to a client about Passover, and despite our differences in both age and observance level, we easily agreed that some of our strongest personal memories are anchored in our childhood seder experiences. In my case, the fact that my childhood seders were fortunate enough to have included my grandparents was a special blessing. Especially since they themselves (together with my parents, who were young children at the time) were forced to flee Egypt as refugees, leaving family and possessions behind. Thankfully, they all ended up (my Dad by way of France, hence my name) in this wonderful free country, where opportunity is open to all who are willing to invest in creating it for themselves. For me, the most fulfilling part of making partner in 2009 was being able to share that recognition with my grandfather, who was in the final stages of a heroic decade-long battle with cancer at the time. His courage in leaving the place of his birth, locked in the bathroom of a passenger ship to Italy to avoid detection, paved the way for our family’s rebirth on these shores. Many have similar stories, and those stories make holidays more meaningful, no matter what holiday is being celebrated.

While I was in Biglaw, holidays presented some of the few opportunities I had for uninterrupted family time. I was always grateful to have worked with people who respected my religious observances, and tried my best to minimize the disruption caused by my unavailability….

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Over the course of the past two months, we’ve been able to allow only one week to pass without the mention of a layoff or buyout of some sort, whether it be from a law firm or a law school.

These layoffs haven’t affected only handfuls of people — with about 20 people here, and more than 50 people there, hordes of law firm and law school personnel have been thrust into the unemployment line in recent weeks. Today, we’ve got word on yet another double-digit law firm layoff, this time coming amid the “surreptitious firing” of associates and the defection of several partners.

Which firm is the source of this unfortunate action?

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Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. Ed Wisneski is a Director with Lateral Link, a full-service, multinational legal recruiting firm. Ed’s practice focuses on: (1) working with law firm partners who wish to make successful lateral moves that are personally beneficial, maximizes their profitability and best meets the needs of their existing clients; (2) working with law firm associates who wish to make lateral moves that will enable them to meet their career goals; (3) working with top-level government attorneys who wish to make successful transitions into (or back to) private practice; and (4) working with corporate general counsel to attract and acquire top tier attorneys for important in-house positions. Prior to joining Lateral Link, Ed was a partner and an associate at Patton Boggs LLP, a premier international law firm. Over a 20 year career, Ed developed an ability to work closely with colleagues and clients to successfully navigate complex civil litigation matters. Ed strongly believes that his many years on the “inside” of a top law firm provided him with unique perspectives into the legal marketplace and what it takes to make a successful lateral move. Ed holds a B.S. in Communications from the University of Delaware, and a J.D. from the University of Maryland School of Law, where he graduated cum laude.

If you are a partner in a medium to large law firm, part of your week involves fielding multiple calls from legal recruiters. I know this because for many years prior becoming a Director at Lateral Link, I was a partner at a large international law firm. Towards the end of my tenure, I would receive calls from as many as six legal recruiters in a week, each with an earnest promise that they would find me the perfect job.

Did I take every call? No. But I did take many. Why? Because in today’s highly competitive legal market, it makes sense to know your options.

In a sea of legal recruiters, how can you determine which recruiter is right for you? How can that recruiter help you make a prudent lateral move? How can that recruiter help you test your marketability without causing a distraction to your busy work schedule?

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Welcome to the firm.

There’s evidence to suggest that lateral partner hiring doesn’t always turn out well for the law firms that engage in it. Sometimes firms overpay for talent. Sometimes the talent isn’t as talented as they claimed. Sometimes firms fail to integrate lateral partners well. There are many ways for the process to go wrong.

But what about for the lateral partners themselves? Are they more satisfied with the process and their new professional homes?

Survey says….

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Thumbs up, managing partners!

April Fools’ Day is a terrible day to be in this business. Every tip that comes in requires an extra layer of scrutiny because even longstanding, trusted sources are trying to troll. It’s really not all that funny to make up false but entirely believable stories and pass them off as real. That’s why the Daily Currant isn’t funny.

Which is why when Citi Private Bank issued its First Quarter report on the confidence of managing partners across the legal landscape and declared that managing partners have a rosy outlook, it earned a double take on this end. After all, wasn’t it just a few months ago that managing partners were telling the American Lawyer that it was all gloom and doom on the horizon?

So is this result real? It is, but the headline isn’t the end of the story….

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* Maybe things are getting better. Per the latest Law Watch Managing Partner Confidence Index, Biglaw partners have shown an uptick in confidence in the first quarter of 2014. [Am Law Daily]

* Thanks to this ruling, Chevron can sue Patton Boggs over claims it engaged in fraud during the Ecuador case. Don’t worry, we’re sure the merger with Squire Sanders will be just fine. [Reuters]

* Dewey know how much the latest clawback suit seeks from this failed firm’s ex-COO? About $9.3 million, for his “astronomically generous” employment contract. [WSJ Law Blog (sub. req.)]

* No more “unfounded” filings for this unfound plane: A firm’s attempts to get documents from Malaysian Air to file a possible lawsuit have been thwarted by a judge, with the possibility of sanctions. [Bloomberg]

* When your “concerned uncle” is writing to a pre-law adviser about your future when you haven’t even gone to college yet, you know you’re probably destined to be a gunner. [Law Admissions Lowdown / U.S. News]

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