Reinventing The Law Business: Where Is The Legal Profession Heading? (Part 3)
Managing partner Bruce Stachenfeld notes that if you look at the most profitable law firms in recent years, a good chunk of them are "pure play" firms.
Managing partner Bruce Stachenfeld notes that if you look at the most profitable law firms in recent years, a good chunk of them are "pure play" firms.
The Am Law 51-100 firms still have plenty of life left in them.
As federal borrowing caps tighten financing options for law students, one organization is stepping in to negotiate the terms they can't secure alone.
Who's the new top firm by gross revenue, and what obscene new high did Wachtell Lipton profits hit last year?
The most important lesson you can learn before working in a firm is how a firm makes its money.
What is "zero-based budgeting," and how can this concept be useful to law firms? Columnist Gaston Kroub explains.
Given your partner compensation, would you seriously consider a general counsel job? Maybe you should.
How a former insurance agent built a Houston injury practice around systems, empathy, and disciplined advocacy.
Partners, you better make sure you do your homework at this firm.
* Last week in court, a murder suspect in Louisiana apparently pooped his pants during a case status hearing, wiped said poop all over his face, and muttered to himself that "life is like a box of chocolates." Sorry about that crappy candy, dude. [New Orleans Advocate] * According to early Am Law 100 data, New York's most elite and prestigious firms have once again broken away from the rest of the pack when it comes to both revenue and partner profits. Biglaw's best may be back to models and bottles. [Am Law Daily] * Michelle Lee, the first woman to ever serve as director of the USPTO, was sworn in on stage at SXSW Interactive. Michelle Lee, who worked with the Girl Scouts to issue a patent patch (instead of more makeup and sewing patches), is pretty damn awesome. [Mashable] * The federal judiciary has plans to decrease the word limit of appellate briefs from 14,000 to 12,500, and lawyers are pissed. Lawyers from Brown Rudnick say it could result in more acronyms, confusing construction, and less "punctilious citation,” oh my! [WSJ Law Blog] * Lee Smolen, the ex-Sidley Austin partner who faked $69,000 in travel expenses while at the firm (and possibly $379K more), has been suspended from practice for one year and will have to undergo psychiatric treatment. [Legal Profession Blog via ABA Journal] * Taking New York's lead, California is considering requiring all would-be attorneys in the state to complete 50 hours of pro bono work within one year of being admitted. Leave it to people who don't know what they're doing yet to close the justice gap. [Los Angeles Times]
Last year was a very good year for Latham. How good are we talking?
* Today's inspirational human being: An ordained minister in Alabama was arrested after offering to perform a same-sex marriage inside a probate judge's office. She says she'll do it again, even though she knows she'll likely be rearrested for doing so. [USA Today] * Meanwhile, Judge Callie V.S. Granade will hear arguments on whether she must order Alabama judges to issue marriage license to gay couples. Granade is the one who ruled the state's ban was unconstitutional in the first place. [New York Times] * Per Major Lindsey & Africa's 2014 Partner Compensation Survey, women partners have finally beaten men when it comes to law firm compensation. Wait, no, that's not true, it's just an "anomaly," and "[t]hese women might be outliers." [The Careerist] * Blank Rome's ex-chairman donated $5M to Villanova Law to establish an ethics and compliance center. You're a few years too late, pal. The school could've used an ethics and compliance center to avert its admissions scandal. [Philadelphia Inquirer] * "The legal profession can benefit from more diversity. Should those students only attend low-ranked law schools? Absolutely not." As we mentioned previously, law school diversity has improved, but only at the bottom. [National Law Journal]
Leveraging agentic AI to triage, prioritize, and automate the law department inbox.
Is this the year that some Biglaw firms will admit they can't keep up with the rest? Thoughts from in-house columnist Mark Herrmann.
* When we first reported on this former law school dean's arrest for prostitution, we weren't sure if he was the alleged john. Now we know: SMU Law's John Attanasio allegedly offered to pay an undercover officer $100 for "specific sexual acts." [Dallas Morning News] * It seems that a lawyer in Nebraska lost his "special pen" at the courthouse, and he'd really like it to be returned to him. It's not just any pen -- it's a $500 Montblanc Meisterstück. Help this man get his prestigious pen back. [Omaha World-Herald] * The early numbers on Cadwalader's ranking in the Am Law 100 seems to indicate that would-be chair James Woolery got the hell out while the getting was still good. The firm's profits per partner dropped by 15.3 percent in 2014. Ouch. [Am Law Daily] * "Being in the law school business looked like a good idea. Those days are over." Enrollment continues to decline at law schools across the country, and in Virginia, class sizes are about 20 percent smaller than they were in 2011. [Roanoke Times] * When it comes to the recent murder-suicide of two Tulane Law students, "[p]eople are really surprised and baffled about what happened" because they say there were no warning signs. If you’re depressed, please seek help. [New Orleans Advocate] * Given the fact that children's vaccinations have become a topic presidential candidates are debating, you should know that almost half the states allow anti-vaxxer parents to opt-out. Thanks for the measles, everyone! [WSJ Law Blog]
In-house columnist Mark Herrmann looks back on the predictions he made for 2014, which turned out to be correct, and makes new predictions for 2015.
How is "superstar" culture changing the landscape of Biglaw?
If you're doing any of these things, you're doing it wrong.