Hop in the DeLorean and travel back in time with us.
In our two most recent FlashbackFriday posts, we looked at associate compensation in the 1990s. Today we’ll take a break from that topic and mix it up a bit. (We’ll return to cover associate comp in the remaining batch of legal markets at some point in the future.)
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.
As long as it has been around, the Am Law 200 list has been seen as what separates the best from the rest. It seems simple, transparent, and concise with each firm ranked in ascending order. However, many misconstrue Am Law ranks to mean overall value and assume that the firms at the top of the list are indubitably the best.
Some partners with books of business larger than War & Peace assume that the biggest firm will be the one with the best platform and financial flexibility to absorb their practice. In reality, many firms towards the middle of the Am Law 200 can better accommodate these lawyers (although many just as likely cannot).
When looking at the compensation average for partners, the gross profits of a firm are a relatively poor predictor compared to the other available metrics. Among the best indicators of firm health and the compensation is the profitability index…
If you watched The Wonder Years when you were younger, Winnie Cooper was probably one of your first crushes. If you’re too young to remember that much about this television show, think of Topanga Lawrence from Boy Meets World. If you’re too young to remember that television show, then we’re dating ourselves, but sorry, but we can’t help you. Google it!
It seems that Danica McKellar, the actress who played Winnie Cooper many moons ago, is still a heartbreaker. Yesterday afternoon, she announced to the world that she was engaged to a very handsome Biglaw partner.
According to Black’s Law Dictionary (affiliate link), a judicial diva is “a particularly confident, skilled, and physically attractive female judge.” By this definition, Chief Judge Loretta Preska (S.D.N.Y.) is a judicial diva. She is highly regarded, as both a judge and an administrator, and she never looks anything short of fabulous.
I’ve been fascinated by Judge Preska for years. I had this to say about her back in 2004 at my first website, Underneath Their Robes: “Magnificent. Tall, thin, elegant. Great bone structure, perfectly coiffed silver hair. Note to self: nominate for superhotties contest next year?”
This gorgeous judge now owns a gorgeous apartment. Chief Judge Preska and her husband, a partner at one of the nation’s most profitable law firms, just paid almost $9 million for a penthouse apartment on the Upper East Side….
Insider trading is one of those activities that you should avoid. If you’re a lawyer, it’s an activity you should definitely avoid. It’s not really all that hard to steer clear of insider trading either. Obviously there are some murky cases, but it’s wise to err on the side of caution.
On the other hand, there are also cases where the SEC says a close friend of a company’s executive is emailing you and telling you which days to buy because “[e]arnings are being released on the 30th along with some good news,” and “[l]ooking forward to getting paid back. Good luck…. SHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!” Those are the cases where you probably should walk away.
Put aside the insider trading: what lawyer is using email to have these conversations?
Germany has won the World Cup. The final game was a low-scoring 1-0, but nonetheless a thrilling hair-puller of missed opportunities on both sides. The single goal, in minute 113, was an elegant, technically perfect two-touch volley — all the more impressive because it was delivered by a 22-year-old substitute who did not join the game until the second half.
The game was also a contrast of different playing styles. Argentina built its offence around a star striker, Lionel Messi, who was expected to execute a well-timed stroke of veritable futbol magic that would hopefully usher his country to its third World Cup victory. Backing him was a deep-sitting defense that repeatedly stifled German goal-scoring attempts, but was nevertheless not expected to score absent some Messi magic. By contrast, Germany lacked a superstar of the world-renown of Messi. Instead, its playing style prioritized short, deft, technical passing among the team as a whole. The victorious Germans carefully worked the ball through various mid-field channels until, eventually, it reached the back of the opponent’s net.
I am not an avid soccer fan, but like many Americans, I tune into the World Cup every four years. Who was I rooting for?
* Congrats to William Voge, who was elected as the new chairman of Latham & Watkins. He succeeds Robert Dell in this position, who is one of the Am Law 100’s longest-serving leaders. [Am Law Daily]
* Dewey’s former execs filed a motion to dismiss their criminal charges, lamenting the fact that the Manhattan DA made them “scapegoats” for the total failure of their firm. [DealBook / New York Times]
* A judge banned the Washington Redskins name from his court, proclaiming that the offensively monikered team shall be known only as “the Washington Team” in documents submitted. [WSJ Law Blog]
* Senate Majority Leader Harry Reid thinks that if it were up to Judge Judy, House Speaker John Boehner’s “show trial” suit against President Obama would be thrown out in “half a second.” Well then. [ABC News]
* A Michigan attorney was arraigned yesterday on a felony charge of homicide-solicitation of murder. It seems that the hired hitman warned his target. He’s not getting a good Yelp review. [UpNorthLive.com]
* If you’re an international student with a foreign law degree trying to get a law degree in the U.S., why the hell would you waste your money on a J.D.? Just get an LL.M. [Law Admissions Lowdown / U.S. News]
* Oh baby8: Nadya Suleman (formally doing business as Octomom) pleaded no contest to welfare fraud charges after she failed to report income from all of her public appearances and porn videos. [Reuters]
The average high temperature for Houston in July is a scorching 94 degrees. It’s one hot legal market.
Figuratively as well as literally. Back in April, for example, we talked about Kirkland & Ellis opening a Houston office — and prying away partners with $5 million pay packages. You don’t need to be a high-powered partner to get in on the fun; even junior to midlevel associates are getting offered signing bonuses when they lateral.
And this hot market is only getting hotter. Who’s the latest major law firm to land in Space City?
How the cupcake crumbles: the once-successful venture of an NYLS grad and her husband needs a rescue.
* “Duke University is not and never has been in the business of producing, marketing, distributing, or selling alcohol.” Some bros down in Durham disagree. [ABA Journal]
* If you see something… sue someone? The ACLU and Asian American civil rights groups, together with some help from Bingham McCutchen, have filed a legal challenge to the Suspicious Activity Reporting database. [New York Times]
* Congrats to David Hashmall, the incoming chair of Goodwin Procter — and congrats to outgoing chair Regina Pisa, the first woman ever to lead an Am Law 100 firm, on her long and successful leadership. [American Lawyer]
* A group of investors might end up devouring Crumbs, the cupcake-store chain founded by New York Law School grad Mia Bauer that suddenly shut down this week amid talk of a bankruptcy filing. [Wall Street Journal (sub. req.)]
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: