Partner Issues

I used to be smart.

I read cases. I ginned up clever distinctions. I examined witnesses and knew what the evidence said. I argued appeals. I wrote real, substantive articles.

I had interesting things to say about multidistrict litigation, class actions, and product liability defense.

I spoke at CLE classes — both to maintain my (and my firm’s) profile and because I had worthwhile things to say.

I coulda been a contender.

But that was then.

I’ve been in-house for nearly five years now, and I’ve become a fool. . . .

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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.

Is Bingham about to fall victim to its own strategy?

Since 1994, the firm has leapt from a regional firm that worked almost exclusively with the Bank of Boston to one of the fifty largest firms in the world. The impetus behind this expansion was a series of about ten mergers over the course of sixteen years. The firm picked up productive but possibly struggling boutiques and mid-size firms, growing from a 200-attorney firm in 1994 to an 850+ attorney firm in 2009.

How did Bingham reach its current state? Let’s look at the history.

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Litigators get away with a lot of obnoxious stuff during discovery. For better or worse, the pre-trial discovery phase of civil litigation is every lawyer’s opportunity to relive those times when parents leave kids alone for the first time: every slight, disagreement, and jealousy on a slow boil explodes into anarchic back-biting once there’s no authority figure around to enforce civility. Bring on the mean-spirited letters and smack-talking RFAs.

When it comes to depositions, it doesn’t always reach “fatboy” levels, but a federal deposition isn’t a deposition until someone threatens to call the magistrate — though never does.

Which is why this benchslap, where a federal judge levies a sanction straight out of elementary school, is so appropriate….

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Michele Roberts

Let’s be clear: I’m sure there were people that noticed I was a girl. Having said that, I frankly wanted to address that question up front whenever I spoke with any of the members of the executive committee and the union. My sense was, the only thing people cared about was my resolve.

Michele Roberts, the Skadden Arps partner who was just elected the new executive director of the NBA players’ union, commenting on whether her gender played any role in her election. (You can read more about Roberts’s background in this prior profile.)

I must have reached a certain age.

Within the last month, three different people have contacted me to say that they’re approaching retirement, so it’s time to start serving on boards of directors. These folks came to me (of all people!) to network.

By keeping my ear so close to the ground, I’ve discovered the new, new thing. And you’re in luck — I’ll share it with you!

Everyone’s getting old and thinking about retirement.

Or maybe I’ve buried the lede. Maybe hordes of baby boomers are now thinking about finding a part-time job that pays good money and keeps you entertained after you’ve stopped working full-time.

That’s not a bad strategy, really. If you’re industrious, you could serve on four or five boards, carefully analyze the board materials before each meeting, monitor the companies’ fortunes, contribute insights and ask tough questions during the meetings, and follow up after meetings in pursuit of the corporate good.

On the other hand, if you’re less industrious, you could show up for a few board and committee meetings every year, enjoy cocktails and dinner with the boys, sit like a cardboard cutout during the meetings, and pocket a few hundred grand annually for your efforts, . . .

double red triangle arrows Continue reading “Retiring Into Directorships”

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.

Of the roughly 36,000 partners in Biglaw, roughly 6,800 (18.8%) of them are within a few years of or have surpassed (and then some) the mandatory retirement age. Lawyers 55 or older make up about 1/3 of the practicing partners in the Am Law 200, a figure that will likely hold steady as the tail end of the baby boomer generation ages. Am Law 200 law firms have on average about 34 chairs, executive members, and senior partners whose 35-plus years of experience, client relationships, and leadership must be transferred to a new generation of rising stars. The process is hardly ever smooth and often involuntary.

Most partners in senior vintages begrudge the practice of mandatory retirement; some bemoan that it is an overcautious safeguard or the epitome of ageism. Some claim the practice is supported by scientific studies that link cognitive decline with advancing age — especially after 65, which is about the average for mandatory retirement. However, with advancing medical standards the idea of being forced to retire at 65 may soon seem ludicrous, but for now, how many law firms are prepared to deal with the void left by these partners?

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Bruce Stachenfeld

“Low overhead is great!” That is one of our sayings. We recite it all the time — yes, even out loud at meetings — as it is a powerful competitive advantage for a law firm. It seems pretty obvious, but if so, why doesn’t everyone get with this concept?

There is a term informally used to describe how overhead impacts a law firm called “Implied Overhead.” The “Implied Overhead” of a law firm is the cost of everything except the lawyers divided by the number of lawyers. So if you have 50 lawyers and the cost of “everything” except the lawyers is $10,000,000, then you have implied overhead of $200,000 per lawyer.

Our Implied Overhead for last year was about $165,000. Anecdotally I believe that Implied Overhead for major law firms averages about $300,000. (I admit I don’t really have this data for sure; it is just what I have heard.) If your firm has 100 lawyers and implied overhead of $200,000 and the average for major law firms is $300,000, then you have a $100,000 per lawyer competitive advantage over your major law firm competition. Multiply that by 100 lawyers and you just made $10,000,000! And this flows right to the bottom line! If there are, say, 30 partners at this firm, then each partner just got a check for $333,333!

Yikes — did I do that math right? Was that $333,333 per partner merely by reducing the implied overhead?  I just double checked and $10,000,000 divided by 30 partners does indeed equal $333,333. That’s a sizable number, so maybe you should read the rest of my article….

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Joe Francis

* The day after the Supreme Court lifted a stay on Joseph Wood’s execution, it took nearly two hours for Arizona authorities to kill him using the very drug cocktail he contested on appeal. [New York Times]

* So long, farewell, auf wiedersehen, adieu: Spencer Barasch, the lawyer at the center of some blowback due to his dealings with Ponzi schemer R. Allen Stanford, is now leaving Andrews Kurth. [Am Law Daily]

* A dead body was found inside of this West Texas law firm, and the man who was pegged as a suspect claimed he lived at the firm, along with his recently deceased friend. This seems sketchy. [KCBD 11]

* Suffolk Law is hosting a contest where students, coders, and entrepreneurs will try to figure out a way to hack the justice gap. Start by creating an app to help new lawyers earn a living wage. [BostInno]

* Donald Sterling isn’t going to let the fact that he’s already involved in one contentious lawsuit about the L.A. Clippers stop him from filing another contentious lawsuit about the L.A. Clippers. [Bloomberg]

* Joe Francis of Girls Gone Wild infamy is in some trouble with the law. He just got hit with a $5,000 per day fine until he returns two luxury cars to the pornography company’s bankruptcy estate. [WSJ Law Blog]

Juan Monteverde and Alexandra Marchuk

Marchuk v. Faruqi & Faruqi, the high-profile sexual harassment lawsuit filed by Alexandra Marchuk against her former firm and one of its most prominent partners, Juan Monteverde, rolls on. Back in January, we covered some of the salacious revelations contained in the summary judgment papers.

You know what would be even more juicy? A trial.

And that’s what we might be getting, in the wake of two blows just dealt to the defendants in this matter….

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I’ve never met you, but I assume that you’re incompetent.

I realize that sounds a bit harsh, but it’s time someone told you the truth.

Some people assume that strangers are competent. One of my colleagues in our Law Department said to me recently: “Outside counsel says we won’t have much liability in that case.”

I naturally asked, “Is he right?”

She was shocked: “He’s a partner at a well-respected firm. We hired him. I assume he’s competent.”

That got us to talking. My colleague gives strangers the benefit of the doubt; she assumes that people are competent until they prove otherwise. I’m exactly the opposite: When I meet you, my working assumption is that you’re inept. Over time, there’s a chance you’ll convince me that I’m wrong. (But probably not.)

Why do I assume that all new people I meet are incompetent?

No, that’s too easy. Here’s the better question: Why am I right to assume that everyone’s incompetent, and why is that a helpful way to go through life?

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