Partners

goodbye farewell Ill miss you“Beware the serial lateral partner.” That’s conventional wisdom in some circles of the legal profession. Here’s a pattern you often see: someone who gets poached by one firm, presumably lured by a big pay package, then laterals to another firm after the period of guaranteed compensation runs out, to enjoy another few years of guaranteed comp.

Today’s lateral partner story is a bit different. This high-profile partner is leaving his new firm after less than a year there (surely to the great disappointment of any recruiter who might have been involved in his original move).

It’s a strange story. What could be going on here?

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She doesn’t needed to be educated about rap music.

* “Operas can get pretty gory. I should have put that in my brief.” In the upcoming Supreme Court term, it looks like law clerks will have to educate their justices about the intricacies of rap music’s sometimes violent lyrics. [National Law Journal]

* The pay gap between equity and non-equity Biglaw partners is growing wider and wider. According to recent survey, on average, equity partners are bringing home $633K more than non-equity partners each year. [Am Law Daily]

* Hackers are targeting Biglaw firms to acquire their clients’ important secrets. Unfortunately, no one is brave enough to step up to the plate and say their firm’s been hit — admitting that “could be an extinction-level event.” [Tribune-Review]

* Which Biglaw firms had the most satisfied summer associates this year? There was a big rankings shake-up at the top of the list this time around, and we’ll have more on this later today. [Am Law Daily]

* In the wake of the Ray Rice scandal, Adrian Peterson screwed up many of your fantasy football teams after he was indicted for hurting his child “with criminal negligence.” He’s now out on $15,000 bail. [CNN]

Earlier this month, we asked: What’s Going On At Kirkland & Ellis? Some observers wondered whether K&E, arguably the nation’s best overall law firm, was experiencing an unusually high number of prominent partner departures.

We received some interesting responses from Kirkland sources, some defending the firm and some more critical. Let’s hear what these readers had to share with us….

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Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).

In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?

Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….

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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….

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Is thirteen an unlucky number? Apparently not at Quinn Emanuel, the high-powered litigation firm that just went for a baker’s dozen in naming new partners.

This past weekend, the Quinn partnership gathered in California for their partner retreat. Agenda items included selecting new partners and setting the bonus scale.

Does a large partner class bode well for bonuses? Because this is the biggest partner class Quinn has named in several years….

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Blink and it is October. The last quarter of the Biglaw year is officially in play. Unfortunately, there is no indication that this fourth quarter will see the flurry of pre-tax-law-changes deal activity that salvaged 2012 for a lot of Biglaw firms. So firm leaders will actually have to manage, over the next few months, (1) the usual expectations from the partnership regarding end-of-year bonuses and distributions; (2) the lateral activity “silly season” we’re now in, especially if the firm is recruiting laterals for the purposes of adding talent and not just a short-term revenue boost; (3) the broken associate system at many Biglaw firms, where attrition is celebrated with a fervor that used to welcome the huge Biglaw first-year classes of yore with their promise of profit-driving leverage; and (4) the decision on whether to invite any of their surviving counsels and associates into the partnership. Yes, Biglaw firms will continue to make new partners. The smarter non-lockstep one-tier shops will make as many as they can. Or at least should.

And people who are gunning for partner in today’s Biglaw should be more vocal about making the business case for their candidacy. If they can’t, they have their answer. But if they can and don’t, then they are actually proving that they are not yet partner material. Because for most Biglaw firms, more partners, especially younger ones, are essential. And trying to buy that young core on the lateral market is a difficult and expensive task.

Why should Biglaw firms be thinking of minting more rather than fewer partners?

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi interviews a fifth-year associate at a Biglaw firm who has some advice for summer associates.

If this is your 2L summer at a Biglaw firm, then you’re probably reveling in a copious number of three-hour lunches and nightly open bars, courtesy of the firm’s unofficial summer wallet. However, as a summer associate, this is also your time to make a lasting impression on the firm where you’ll most likely settle down for the next several years of your legal career.

I’ve conducted an unofficial interview with “Lady G,” a fifth-year associate at a certain Biglaw firm in Manhattan. She has kindly offered tips on how to be a stellar summer associate, based on her experience serving as an assignment coordinator for the summer associate program and working with summers in general.

How big is the summer associate program at your firm?

Pretty big, I would say 100+ associates divided into six teams. Each summer gets matched with an associate mentor and a partner mentor.

Could you describe your role as an assignment coordinator for your firm’s 2011 program?

Continue reading at the ATL Career Center…

Just sit right back and you’ll hear a tale,
A tale of an expensive trip
That started from the Mediterranean
Aboard this gigantic ship.

Biglaw partners have to get together somewhere to hash over the business. Usually they meet in the lavish home office or rent out a hotel somewhere. In good times, that might be a luxury hotel in an island paradise. But I’ll bet no one would dare risk the PR blowback of holding a partner circle-jerk in a tropical resort in this economy, right?

One firm decided to see that bet and raise it. They’ve rented one of the most luxurious vessels in the world for a Mediterranean cruise. The ship be… sailing?

Let’s see whose partners are going on a “three-hour tour,” shall we….

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Yesterday, we brought you the story of Garrett Waltzer. The former Skadden partner sent around a thrilling departure memo explaining to his colleagues that he was leaving the firm to help the music career of his wife, R&B artist and near-reality show star TaQuita Thorns. If you missed yesterday’s story, I’ll wait here while you catch up.

Yeah, that happened.

So when I say former Skadden partner, boy do I mean “former.” Skadden has already removed his bio from their website. That firm doesn’t play.

But Waltzer is still talking. After yesterday’s story, he opened up a little bit about his personal life to Vivia Chen of The Careerist.

Oh, and I did I mention we’ve got a clip of TaQuita Thorns on her reality show?

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