Partner Profits

American Bar Association / ABA

Morning Docket: 02.22.13

* Law School Transparency? Nay, Biglaw Transparency! Peter Kalis, global managing partner of K&L Gates, just opened the kimono wide on his firm’s financial performance in an “unusually detailed” fashion. [Wall Street Journal (sub. req.)] * Talk about a pain in the pocketbook: according to American Lawyer, profits per partner and revenues are slowly swirling down the drain at several Biglaw firms, with shrinkage of 16 percent in PPP at one firm. [Thomson Reuters News & Insight] * The ABA is just now thinking of trying to find someone who will audit the graduate employment data that law schools release each year. Gee, it only took 15 fraud lawsuits to get the ball rolling. [National Law Journal] * Oh my God, you guys, carrying six figures of law school debt on your shoulders is “unsustainable” in the long run, especially when your salary sucks. This is new information that no one’s heard before. [News-Gazette] * Former U.S. Attorney Jim Letten is now Tulane Law’s new assistant dean for experiential learning. For the school’s sake, hopefully he’ll be able to control his students better than he did his AUSAs. [Tulane Hullabaloo] * “You’re a cold-blooded murderer and I’ll stare you down until I die.” Drew Peterson was sentenced to 38 years in prison for the murder of his third wife. A sequel to the Lifetime movie is likely forthcoming. [Reuters]

By Staci Zaretsky
Biglaw

Morning Docket: 02.06.13

* Oh my God, Debevoise & Plimpton is dropping its entire trusts and estates practice. Was the economy the cause? What about the eight newly unemployed lawyers? And most importantly, what would Josh Lyman’s father think?! [DealBook / New York Times] * Major props go out to everyone at O’Melveny & Myers for hitting an all-time high in terms of both profits per partner ($2.06 million) and revenues per lawyer ($1.1 million). Here’s hoping the bonus situation reflected those incredible numbers. [Am Law Daily] * We probably should’ve known when Pepper Hamilton acquired the Freeh Group back in August that exciting things would happen. Say hello to Louis Freeh, the firm’s new chair. [Thomson Reuters News & Insight] * Are we supposed to be surprised that the Millennials who are considering applying to law school are more self-confident than those who preceded them? They’re all special little snowflakes! [National Law Journal] * If you’re taking the LSAT on Saturday, here are some tricks to keep yourself focused. But don’t worry, it’s only one of the most important tests you’ll ever take. [Law Admissions Lowdown / U.S. News & World Report] * Sorry, George Zimmerman, but even though you’re poor, your trial isn’t going to be delayed. Perhaps Judge Nelson made this announcement to serve as a poetic birthday present for Trayvon Martin. [Orlando Sentinel]

By Staci Zaretsky
Biglaw

Morning Docket: 02.04.13

* Aside from writing powerful opinions that will last the ages, being a mentor “is the most valuable thing” this Supreme Court justice can do. Sonia Sotomayor: motivational speaker? [New York Times] * Aww, poor Biglaw partners. You want bigger cuts of your firm’s profits, but according to the latest Peer Monitor report, expectations like that are incredibly “unrealistic.” [WSJ Law Blog (sub. req.)] * This actually isn’t something women like to shop for: the $200 million class action suit over the Greenberg Traurig “boys club” is currently being held up in two federal courts by arbitration and forum shopping issues. [Am Law Daily] * With news that the legal industry is shedding jobs faster than the ABA can accredit more unnecessary law schools, career services officers must be hanging their heads in shame. [Thomson Reuters News & Insight] * Dear law schools, your crappy business model is making us take a look at all crappy higher education business models, and we don’t like what we’re seeing here. Pls hndle thx. XOXO, Moody’s. [Washington Post] * This is justice, Texas style: District Attorney Mike McLelland says the reward fund for tips in the brutal slaying of ADA Mark Hasse will grow to an “astronomical amount” until the killers are found. [Dallas Morning News] * This lawyer allegedly had a fling with his sister-in-law out of the goodness of his heart, and in return, she accused him of sexual assault. Now he’s suing her for $7 million. You can’t make this sh*t up. [New York Post] * In trying to get $700 in tickets dismissed, this lawyer says the U.S. Postal Service is immune from state and local traffic regulations. Other USPS immunities include not losing my mail on a regular basis. [USA Today]

By Staci Zaretsky
Biglaw

Morning Docket: 02.01.13

* Congratulations to Cadwalader Wickersham & Taft! The firm saw its first revenue increase in three years, with profits per partner jumping up 11.6 percent, yet they didn’t top Cravath’s bonuses. Rude. [Am Law Daily] * Thanks to the firm’s association with Ponzi schemer Nevin Shapiro, Shook Hardy & Bacon was accused of aiding and abetting in securities law violations and is facing a multimillion-dollar suit. [Miami Herald] * Lawyer glut? What lawyer glut? Let’s open some new law schools, yayyyy!!! Despite the fact that applications are at their lowest in a decade, new schools are still throwing their doors open wide. [Wall Street Journal] * With the dean of Seattle University School of Law stepping down, Annette Clark, she of the most epic St. Louis University Law resignation letter, may get a second bite at the proverbial deanship apple. [National Law Journal] * “Flattery doesn’t get you anywhere in this court.” Wooing the judge won’t work, so Lindsay Lohan’s new lawyer has a tough row to hoe — he had to pick up Shawn Holley’s pieces AND deal with his client. [Fox News] * Ed Koch, former mayor of New York City and judge of “The People’s Court,” RIP. [New York Times]

By Staci Zaretsky