Let us give thanks to all the talented attorneys who leave Biglaw partnerships to serve as federal judges. First, this type of public service, often made at significant financial sacrifice, is in the legal profession’s finest traditions. Second, by throwing their hats into the federal judicial ring, these nominees let us ogle their personal finances — a subject of keen interest, and one that’s less than perfectly transparent.
Last month we used a pair of Ninth Circuit nominations to gain insight into partner pay at Munger Tolles & Olson. Today we use a D.C. district court nomination as a vehicle for looking at profits per partner at two other elite law firms, Baker Botts and Covington & Burling….
* The Supreme Court might have dismissed the Oklahoma abortion case as improvidently granted, but not to worry, because the high court may yet get the chance to abort a woman’s right to choose in this new case from Texas. [New York Times]
* Wherein Justice Scalia seems highly concerned about toupees: yesterday, Supreme Court justices put their fashion sense to the test when trying to determine what ought to count as clothing under the Fair Labor Standards Act. [WSJ Law Blog (sub. req.)]
* The Senate is forging ahead with the Employment Non-Discrimination Act, but the bill will likely fail in the House because discrimination on the basis of sexual orientation is still cool with John Boehner. [CBS News]
* Bill de Blasio, the Democratic candidate in the NYC mayoral race, apparently has “deep ties” to Gibson Dunn, the firm behind Citizens United. Gather round, conspiracy theorists. [International Business Times]
* An InfiLaw school is changing its name to Arizona Summit Law. How kind to tip law students off to the fact that even if they climb all the way to the top, there’s nowhere to go but down. [National Law Journal]
Certain firms are, in my opinion, routinely underrated in the Vault 100 rankings of law firm prestige. One of them is Williams & Connolly, currently #16, which strikes me as a top 10 firm. Another is Munger Tolles & Olson, which is all the way down at #34.
Munger is an amazing firm. Its attorneys work on major matters, including great pro bono cases, and its lawyers boast incredible pedigrees, with more Supreme Court clerks than you can shake a gavel at (wooed by $300,000 signing bonuses). At the same time, MTO gets top scores for diversity. These commitments to diversity and pro bono helped propel Munger to the #1 spot in the American Lawyer’s A-List rankings, which measure overall firm fabulosity (based on revenue per lawyer, pro bono work, attorney diversity, and associate satisfaction).
In light of all this, I’m still wondering why Munger doesn’t fare better in the Vault rankings (for whatever the Vault rankings are worth, and you’re free to argue about that). Perhaps MTO is hurt by its relatively small size and tight geographic focus, with offices in just two cities, Los Angeles and San Francisco. Or perhaps prestige is tied partly to partner profit, and Munger doesn’t hunger enough for money.
How much do MTO partners earn? Financial disclosures for two younger Munger partners, both nominated to the Ninth Circuit, shed a little light on this question….
Last month we wrote about a Biglaw firm that’s in big trouble. The firm in question: Dow Lohnes, a former Am Law 200 firm that has been hemorrhaging lawyers and clients (and lost two more partners last week, to Venable). In our story about Dow Lohnes, we noted that “[i]t seems possible that the firm could merge out of existence — if it’s lucky enough to find a partner.”
Fortunately for the remaining lawyers and staff at Dow Lohnes, the sinking ship has located some lifeboats. A larger and stronger firm, a member of the Am Law 50 and Vault 100, will be picking up many (but not all) of Dow Lohnes’s lawyers.
Who’s the white knight riding to the rescue of Dow Lohnes?
We recently learned that Justice Antonin Scalia is not a fan of women cursing. What would he make of partners at a leading law firm cursing?
And not just garden-variety cursing, but rather colorful deployment of highly profane language. As Hamilton Nolan of Gawker puts it, “The biggest law firm collapse in history began with ‘f**kwad’ emails.”
Which former Dewey & LeBoeuf partner referred to various former partners as “pathetic,” “little prick,” and “f**kwad”? Let’s take a look at James Stewart’s New Yorker magazine article on what caused Dewey’s demise….
If the Houston office of Weil Gotshal & Manges ends up shutting down in the wake of the recent partnerdefections, management in New York might not shed a tear. In fact, it might have been part of their master plan.
As one Weil source told us, the Houston litigation defections were “not a surprise,” since the June layoffs “took away all but one assistant and all of the associates. The associates that were allowed to stay were switched to contract positions and have since left. Basically, it was an elimination by New York of the Houston group from the bottom up.”
Dallas, however, is a different story. It’s more of a standalone office, with a more diversified mix of practices, and it makes a bigger contribution to the firm’s bottom line.
But the latest partner departures do raise serious questions about its future. Which Dallas partners just left, and where are they going?
For all the talk of layoffs and worries over an unstable legal economy, Biglaw just keeps getting bigger. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. The view from the top is simple: as we learned from the 2013 Am Law 100, slow and steady does win the race, because Biglaw is at the biggest it’s been in years, and partners’ profits are headed up, up, up.
Now that we’re on the long road to recovery following the recession and collapse of the U.S. financial markets, there are some lessons to be learned from the past five years. Some firms were able to cash in modestly on their success, while other firms buckled under the pressure and were forced to close their doors for good. The game of musical chairs in the top 10 of the Global 100 reflects this economic uncertainty.
DLA Piper is the new top dog in terms of total revenue. Which firms are the leaders of the pack in other metrics, such as profits per partner and attorney headcount?
Okay, “drove out” is probably not the right phrasing here, for reasons we’ll explain below. But there’s no denying that people are keenly interested in the drama surrounding the departure of eight Weil partners to Sidley Austin in Dallas.
Let’s take a closer look at the situation, shall we?
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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: firstname.lastname@example.org.
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