Partner Issues

‘Out of balance’ is a type of balance, when you think about it.

ATL reader opinion was sharply divided over that recent law firm partner “Hang in There Baby/This Too Shall Pass” email. You’ll recall that the partner was seeking to reassure her younger colleagues who face the challenge of balancing the demands of the Biglaw grind against those of motherhood. Her message: eventually things will be better.

Only a few years ago, when the author was a new mother, she found herself “in the fetal position (ed. note: see what she did there?) on the kitchen floor so completely spent that honest to God I did know how I could get through another day.” Things improved; now the partner can promise her younger counterparts that “one day in the future,” when the kids1 can talk and brush their own teeth, “you will bake a pie and wear clean pants.” In between all-nighters prepping for trial, of course. While some found solace in this message, others found it to be cold comfort at best.

Let’s put aside whether one thinks the partner’s advice is uplifting or risible. For the sake of argument, if the legal profession — specifically law firms — is truly trying to foster the advancement of women attorneys, we can all stipulate that the effort is thus far a failure. What is going on when a fit of despair on the kitchen floor is such a “relatable” thing?

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To quote a recent headline, Midyear Bonus Bonanza Unlikely In 2014. We’d agree with that, at least as a general matter. Midyear bonuses are so “unlikely,” in fact, that we haven’t received any emails from anxious associates asking us about the possibility of midyear bonuses.[1]

But there are exceptions to every rule. Which highly profitable, finance-focused law firm just announced bonuses for both lawyers and staff?

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Bruce Stachenfeld

I give credit for the inspiration of this article to a writer named Seth Godin who wrote a book called The Purple Cow (affiliate link). My law firm benefited hugely from this book.

The theory of the Purple Cow in a nutshell is that you should try to STAND OUT like a purple cow would stand out from the other mere brown cows. If you don’t STAND OUT, then you just blend in, and you are nothing at all.

Okay, so that is a good point – as if you didn’t know that already. But it is not that simple. And here is why. Our instincts and everything we learn every day – our emotions, our colleagues, and our loved ones – all lead us in the safe (and wrong) direction.

And the reason for this is very simple:

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After attending a “meet and greet” dinner put on by our primary outside counsel recently, I was inspired to reflect on that sometimes tricky relationship.

There needs to be trust, but there needs to be distance too. A client perspective after the jump, but I’ve been on both sides, and I think it goes both ways. To all you outside counsel: enjoy your freedoms….

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This is the future. You need to titillate both ends, if you catch my drift. Don’t put the economic imperative right in my face. It’s all about the je ne sais quoi.

– a 61-year-old derivatives lawyer from Manhattan, gushing about Bliss Bistro, an underground, invite-only strip club/brothel. The cover charge is $40, and it costs $200 for 20 minutes to rent a private area, plus whatever the women charge for their “services.” One woman recently charged $400 for oral sex.

It is funny how our kids can reawaken old interests for us. As I mentioned a few weeks ago, my eldest son started playing organized roller hockey this year. Aside from becoming a quite loud vocal presence at his games, I was also inspired to buy some gear and start practicing with him. I have already addressed the interplay between the Biglaw and boutique “lifestyle” regarding the latter. This week, I want to address another “side effect” of my rekindled interest in hockey. Because you are forced to confront where you stand when something happens in your current reality that sparks memories of an earlier time.

So after a long-hiatus, I have been watching a fair amount of playoff hockey lately. Especially Rangers games, like a good number of my fellow New Yorkers. And when the Rangers made the Stanley Cup by beating the Canadiens a few nights ago, my thought process went like this: “Wow, the Rangers made the Cup!” followed by “This is great, if they win it will be their first Cup since ‘94!” followed by “Hey, I remember senior year in high school when the Rangers winning the Cup was a huge deal” followed by “No way, I graduated high school TWENTY years ago!”

That feels like a very long time. But despite the passage of time, I can also remember certain things from back then as if they just happened….

double red triangle arrows Continue reading “Beyond Biglaw: 20 And Counting….”

Now that Patton Boggs is safely in the hands of Squire Sanders — minus a few notable defectors, such as Ben Ginsberg’s high-profile election-law team, which is leaving for Jones Day — observers of Biglaw are looking around for other possible trouble spots. And some of them are focusing on Bingham McCutchen.

Back in February, we covered some less-than-positive developments at Bingham: “tumbling profits, partner departures, and unfortunately timed staff layoffs.” What has happened since then?

As we mentioned earlier today, partner departures continue at the firm. Who are the latest partners to leave Bingham, and where are they going?

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Ambrose Bierce once said: “War is God’s way of teaching Americans geography.

Ambrose Bierce, Esq., would have said: “‘Business-friendly legal advice’ means telling the client that it can do illegal stuff.”

Bierce, Esq., would have been funny, but wrong.

It’s important for lawyers to give useful advice. But many lawyers, both in-house and out, don’t seem to understand this. I’ve recently seen (or heard about from others) senior folks in businesses or in-house law departments ask not to receive advice from certain lawyers: “Don’t go to her! She’ll just tell me that everything is illegal!”

Or: “Don’t go to that firm! They’ll give us some theoretical answer that we can’t possibly use, and we’ll end up having to figure out a solution for ourselves anyway.”

Those reactions (and those words) make sense to business people and in-house lawyers; clients need real advice, not self-defensive crap. But some lawyers — typically at firms, but occasionally in-house, too — don’t understand this. To help those folks, here are illustrations of what “business-friendly” (or the opposite; shall we call it “business-hostile”?) advice sounds like . . . .

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If you plan to work in Biglaw, you know it’s likely you’ll be able to command a very high hourly rate. Just how high we’re talking, though, depends on the area of law in which you choose to practice.

We already knew that litigators handling bet-the-company cases collected nice fees — in some instances up to $1,500 per hour — but there are other practice groups that rake in crazy cash, too.

Keep reading to find out where you’ll be able to make the most bank in Biglaw…

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Fighting over the Lawyerly Lair.

Law firms are relatively secretive institutions. Since they’re not public companies — at least not here in the United States, in the year 2014 — they aren’t required to reveal that much about their internal workings. Here at Above the Law, we do what we can to shed light on how law firms work, but there’s only so much we can do.

Every now and then, public filings disclose information about law firm operations — including information about one of the most sensitive subjects, partner pay. Sometimes we learn about partner compensation when a partner files for bankruptcy. Sometimes we hear about it when a partner goes through an ugly divorce.

That’s once again the case today. A complicated divorce, complicated enough to spawn ancillary litigation in the form of contempt proceedings, sheds light on how one white-shoe law firm pays its partners….

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