Partner Issues

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 . . . .

double red triangle arrows Continue reading “On Ambrose Bierce And Business-Hostile Legal Advice”

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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Today, the American Lawyer released its Am Law 200 law firm rankings — a closely watched list of the law firms that are rich and prestigious, but not quite rich and prestigious enough to become a member of the elite and influential Am Law 100. If this were law school rankings, you could think of the “Second Hundred” as the institutions that came in just a step below the lauded T14.

As we noted when the Am Law 100 rankings came out in late April, the key takeaway was that the super rich were continuing to get richer. When it comes to the Am Law 200, flat performance is still very much the new up. There were some outstanding performances, though, and 20 firms out of the Second Hundred were designated as “super rich,” just like their Am Law 100 cousins.

While some firms came out on top, others were merely surviving. How did the Am Law 200 stack up?

double red triangle arrows Continue reading “The 2014 Am Law 200: Survival Of The Fittest”

Mindy Kaling

* Barnes & Thornburg’s managing partner is planning to step down after almost two decades in the firm’s top leadership role. His tenure ends on a high note: 2013′s gross revenue was up by 12% and PPP was up by 8.2%. [Am Law Daily]

* “To terminate Jones Day at that point is an incredibly bad idea. I hope the mayor hears me.” Judge Steven Rhodes politely called Detroit’s mayor a moron after the city official declared he’d fire Jones Day in September. [Detroit Free Press]

* “When you’re giving anything to a judge, you try to be careful about it.” In 2012, law schools paid federal judges almost $2M to teach and lecture. A useful way to spend tuition dollars? [National Law Journal]

* San Diego Law School, a branch of San Francisco Law School, is open for business. It’s being marketed as a “fresh start” — if you failed out at another law school, come join the party here! [Daily Transcript]

* If you weren’t aware, Mindy Kaling gave a commencement speech at Harvard Law this week. She praised the graduates’ dedication to tedium, and kindly reminded some that they were truly evil. [Boston.com]

Astute Biglaw associates, and their fellow associates at boutiques and smaller firms, share an understanding with Tyrion Lannister. For those who don’t watch Game of Thrones, nor read the books upon which the popular series is based, Tyrion (played by the Emmy-winning actor Peter Dinklage) is the proverbial “second son,” whose father serves as the de facto ruler of the kingdom. His sister is the Queen Regent whose taste for wine matches only her disdain for her younger brother.

At this point in the series (spoiler alert — skip down two paragraphs if you are not up to date with the show), Tyrion stands on trial for alleged regicide. Rightfully skeptical of his chances of exoneration by the tribunal standing in judgment of him, Tyrion elects for “trial by combat” as a means of proving his innocence. While a smart choice, Tyrion is far from capable of physically defeating the literal “Mountain” man that his sister and accuser has selected to represent the “State” in Westeros v. Lannister. He needs a champion.

And he finds one, in the form of a visiting Prince who nurses a longstanding grudge against both Tyrion’s family members, and the man who will be his co-combatant — lucky for Tyrion, as his previous attempts to recruit others to stand as his champion had failed. When we see him at his moment of salvation, he is a desperate man, jailed, facing capital punishment at the hands of a blood-starved beast who disembowels malnourished slaves for sport. The appearance of a champion may not improve his situation all that much. But it gives him hope, and with hope comes the will to carry on.

Law firm associates may not have it quite as bad as Tyrion, but they share in common with him the need for a champion to secure their future….

double red triangle arrows Continue reading “Beyond Biglaw: A Champion Arises….”

Usually Friday afternoon news dumps before holiday weekends are reserved for embarrassing news — a disgraced government official resigning to “spend more time with his family,” for example. But this latest news is happy rather than embarrassing (for the most part).

After a brief suspension of the voting, the partnership of Squire Sanders voted today to approve the proposed merger with troubled Patton Boggs. Not surprisingly, the Patton Boggs partnership had approved the merger days ago, on Monday. When a lifeboat pulls up, you don’t play hard to get.

So what’s the embarrassing part of this deal?

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