The news of the K&L Gates / Middletons merger, which looks a lot like the acquisition of Middletons by K&L Gates, got us thinking about the value of law firms. It’s quite apropos given that Middletons is based in Australia, home of the world’s first publicly traded law firm.
As we mentioned in yesterday’s Morning Docket, the American Lawyer recently set out to determine the world’s most valuable law firms. How did Am Law go about doing this, and which leading law firms sit atop their rankings?
When it comes to its associates, Paul Weiss has a few “crazy ones.” But when it comes to its associate bonuses, the firm is extremely rational.
Last night, around the time the Skadden bonuses came in, Paul Weiss also announced its 2012 bonus scale. Just as it did last year, the firm matched Cravath. PW will pay bonuses on December 21, the same date as Cravath and Skadden.
Was there ever any doubt that Paul Weiss would match?
Looking for an epigraph for your departure memo? This man can help.
Writing your law firm departure memo: there’s an app for that? Well, not yet. (But you can certainly download the Above the Law app and read past farewell memos for inspiration.)
For now, the closest you can get is by starting your departure memo with a quotation from the late, great Steve Jobs. Like this one: “Here’s to the crazy ones. The misfits. The rebels. The troublemakers….”
Yes, that’s how one fairly senior associate at a top law firm began his good-bye email. We received it from a few tipsters, one of whom called it “the best departure memo ever.”
The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
As a reminder, I will be out of the office starting this Wednesday 8/29, returning on Monday 9/24. I am gone for my wedding in Maine, followed by my honeymoon. I will be checking my blackberry very infrequently, as that is the only remaining grounds for at-fault divorce under Maine law.
– an anonymous Paul Weiss associate’s out of office reminder this week. Go get ‘em, tiger!
We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.
One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.
So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….
Major law firms like to tout their dedication to furthering women’s success in the law, but if you look more closely, you’ll find that many Biglaw firm talk a big game, but have little proof back up their words. Take, for example, the fact that according to a recent survey conducted by the National Law Journal, the percentage of women lawyers in partnership positions has increased only 2.8 percent since 2003. In the meantime, the National Association of Women Lawyers says that the percentage of women in equity partnership positions has been “fixed” at just 15 percent for the past 20 years.
Well, whoop-dee-doo at all of these wonderful statistics that we’ve been choking down for the past decade. Women are apparently supposed to be happy about this kind of painfully slow progress. But what about the firms that have actually honored their commitments to women lawyers?
* Dewey need to send them a wedding present? Because to be honest, we really can’t afford one. Fifty of the firm’s European lawyers jumped ship to tie the knot with Greenberg Traurig in Poland. [WSJ Law Blog]
* “I don’t think there’s enough space in the legal market to absorb all the Dewey lawyers that aren’t prepackaged in a group.” When Dewey get on the unemployment line in New York City? [New York Law Journal]
* Ropes & Gray is expanding its Chinese private equity practice with plans to double its Asian-based lawyers by the end of the year. For now, the firm’s just poaching partners from Norton Rose and Paul Weiss. [Bloomberg]
* John Edwards’s legal team began his defense, and they still don’t know if he’ll be taking the stand. Not to worry, because he’ll be torturing his daughter, Cate Edwards, instead. [CNN]
* Remember the Catholic school that fired someone for getting IVF? They’re asserting the “ministerial exception” against Emily Herx — an unordained woman who doesn’t teach religion. [Washington Post]
* Apparently this only matters when top-tier schools do it, but like UC Hastings, George Washington Law will be reducing its class size in the hope of keeping new student enrollment below 450. [National Law Journal]
The federal judiciary recently lost two of its most distinguished members. One was a trial judge on the East Coast, and one was an appellate judge on the West Coast (as well as the nation’s longest-serving federal appellate judge).
Both were leading lights of the Article III judiciary. They will be deeply missed by their courts; their clerks, current and former; and their colleagues….
In the nascent spirit of positivity aroundhere, let’s take a look at where, according to our research, Biglaw’s happiest troopers can be found.
To be sure, lawyers are a notoriously depressive lot. Various studies — and presumably Will Meyerhofer — suggest that the characteristics that make a good lawyer actually correlate with clinical depression. Combine these alleged traits with crushing debt, an oversaturated job market, and an uncertain future, and the industry seems mired in malaise.
But what about those fortunate ones who’ve managed to snag a coveted Biglaw gig? Why, not only are they employed, but they have a realistic chance to pay off their loans. Are they any more upbeat than the industry’s rank-and-file? Our own survey data strongly suggests the answer is definitely maybe.
Respondents to our ongoing ATL School & Firm Insider Survey give their “firm morale” a mean rating of 6.81 out of 10. (By the way, if you haven’t yet, please take the survey here.) For context, lawyers rate morale a bit higher than “hours” (6.55) and bit lower than “training” (6.88). So, generally speaking, firm morale is not conspicuously singled out by lawyers as a negative.
But which are the happiest firms? And the unhappiest? Let’s have a look at the Biglaw shops getting top marks for esprit de corps….
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.