Addison’s communications with Bryner “have become increasingly profane, menacing and harassing, and include veiled threats to court personnel,” and a temporary no-contact order was issued after Addison randomly showed up at the firm’s office, unannounced and uninvited.
(Want to see more of Chance Addison’s entertaining emails? We’ve got ‘em.)
Ed. note: Gaston Kroub is on vacation this week. Today’s column is written by one of his partners, Zachary Silbersher.
When my partners and I sat down to form our new law firm, I savored the opportunity to string our names together and add the letters “LLP” at their end — for so long, “LLP” has been the quiet emblem of the professionalism and studied judgment embodied in law firms throughout the country (whether that is true or not). To my chagrin, albeit for tax reasons, we decided to forego forming a limited-liability partnership in lieu of a PLLC. In structure, we would be a corporation rather than a partnership. Yet, corporate structure aside, our experiences so far have embodied the ups and downs of working together as a real partnership.
True partnership is not something that many associates, counsel or even junior partners have likely experienced at Biglaw. Be it corporate or litigation, real estate or tax, matters are typically staffed hierarchically. Having practiced litigation for several years, I have undoubtedly felt extraordinary camaraderie with the attorneys on the cases on which I have been staffed. Yet, there are always clear lines. Lines between the attorneys to whom I was delegating work, and those from whom I was assigned work. Those lines demarcate disparities in income, responsibility, work, expectation. I am not saying that the system does not work. However, except for select senior partners, the idea of working in a partnership is not typically a sentiment shared among most Biglaw attorneys.
Being part of a partnership has already changed the way I think about my work….
Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.
But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.
That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.
Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?
Let’s be honest: despite being the Biglaw version of the Titanic, the collapse of Dewey & LeBoeuf could have been worse. Even though the Dewey dissolution constituted the largest law firm collapse in history, many D&L lawyers and staff were able to find new employment. Even Steve Davis, the disgraced ex-chairman of Dewey, landed a new gig.
But not everyone emerged unscathed. Some attorneys and staffers never got back on their feet professionally. Many Dewey partners scored new positions, but not all of them took all of their people with them to their new firms.
And even some partners are still suffering. In fact, one former Dewey partner, now a partner at another major law firm, recently filed for personal bankruptcy….
* Dewey think you should’ve signed up for the partnership contribution plan? That probably would’ve been wise. One of Dewey & LeBoeuf’s ex-service partners has been forced into Chapter 7 bankruptcy thanks to a clawback suit. [Am Law Daily]
* As long as the job market for new attorneys remains laughable, law schools will continue to make moves when it comes to deep tuition cuts. Say hello to a $30K drop in sticker price, Roger Williams University Law students. [WSJ Law Blog (sub. req.)]
* Syracuse Law’s class sizes keep getting smaller, but it was “strategically managed” — just like the new law building was financially strategically managed on the backs of alumni and their tuition. [Daily Orange]
* A trial date was set for Dzhokhar Tsarnaev’s friends who allegedly tried to cover up his role in the Boston bombings. No word yet on whether any stupid girls have set up fan clubs for them. [National Law Journal]
* The curtains are finally closing on the King of Pop’s life: Lloyd’s of London settled its insurance suit with Michael Jackson’s estate, and Conrad Murray’s involuntary manslaughter conviction was upheld. [AP]
Which Biglaw firms are the best? Which Biglaw firms are the best in terms of providing quality client service? Those are two very different questions. Just because a particular law firm is classified as being one of the best does not mean it isn’t chock full of arrogant a-holes (there’s actually a ranking for that). On the other hand, just because a law firm is overflowing with arrogant a-holes does not mean that it isn’t one of the best. It can be a fairly complicated equation, and general counsel are often forced to pick the perfect sweet spot when choosing outside counsel for litigation matters.
How does your firm stack up against the others, and how can you increase the likelihood that yours will be chosen to represent some of the biggest brands in the business? Being rated as one of the “absolute best” by general counsel in terms of client service will certainly give your firm a fighting chance.
Did your firm make this year’s ranking of the Client Service 30? Take a look and find out…
Prefatory clarification: What follows isn’t addressed to your inner circle of key leaders, or to the Super Rainmakers, all of whom you presumably know intimately, and with whom you talk about what follows all the time, in ways tailored to each individual. Rather, what follows is addressed to how you deal with all the talent that’s not at the tippy-top of your firm already.
When you read about a multibillion-dollar, highly contested corporate takeover, there’s a decent chance that Wachtell Lipton is involved. The firm, which routinely tops the American Lawyer’s profits per partner rankings and Vault’s prestige rankings, is known for its expertise in mergers and acquisitions.
Charter Communications’ unsolicited $61 billion bid for Time Warner Cable? Yup, Wachtell is on the scene, representing Charter (with help from Kirkland & Ellis). If a deal goes through, count on an eight-figure fee for Wachtell.
And some of that lucre will trickle down to associates. Wachtell Lipton is known for gigantic bonuses, which can match (or even occasionally exceed) an associate’s base salary. And it pays out bonuses in lockstep fashion, without regard to hours (unlike, say, Boies Schiller, another firm famous for its generous bonuses).
How were Wachtell bonuses in 2013? Inquiring minds want to know. Alas, we don’t have the 2013 info (yet) — but here’s what we’ve heard about 2011 and 2012….
Good news: According to the Citi Private Bank Law Firm Group (and its partner, the Hildebrandt Institute), firms are looking at nice, steady profit growth in the coming year. It’s not super, but who can be choosy in the current market? And partially driving this growth is an expected uptick in demand, so that’s good.
Bad news: While the media latched on to the favorable demand projection, the report expects firms to be more profitable because they are finally taking Citi’s advice on how to become more profitable — and that doesn’t bode well for rank-and-file attorneys.
* Robert Wilkins was confirmed to the D.C. Circuit yesterday, which is significant because it marks the first time in decades that the court hasn’t had any judicial vacancies. Congrats! [Blog of Legal Times]
* Biglaw firms should be happy to hear about what the Citi Private Bank’s Law Firm Group has seen in its crystal ball: law firm profits are expected to grow by about 5 percent this year. [WSJ Law Blog]
* Unlike its stinky burger fiasco, Steptoe & Johnson managed to quietly converse with “three or four” firms about a possible merger, but the firm’s chairman refuses to kiss and tell. [National Law Journal]
* Take criminal disclosures on your law school apps seriously — after all, someone needs to worry about whether you’ll be able to pass C&F, and it won’t be your school if they just want your money. [Law Admissions Lowdown / U.S. News]
* Recent law grads working at the Chicago Justice Entrepreneurs Project might not be “rolling in money,” but they’re learning how be successful lawyers, and experience like that is worth millions. [Businessweek]
* The Alcohol and Tobacco Tax and Trade Bureau, “a regulator that protects its industry from rules it deems unfair,” wants a list of all alcohol, everywhere. Treasury Department party! [DealBook / New York Times]
* Nadya Suleman, she of the clown car uterus, was charged with welfare fraud for failure to report income from her strip club appearances and porn videos. She’s the Octomother of the year. [CBS Los Angeles]
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.