* 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….
Remember Steven Simkin, the prominent Paul Weiss partner who sued his ex-wife for a better divorce deal? Simkin argued that even though he negotiated for and obtained the couple’s investment account with one Bernard Madoff as part of their 2006 separation agreement, his former wife should now pay him more money — since it was subsequently revealed, years later, that Madoff was running a huge Ponzi scheme.
As you may recall, I was not terribly sympathetic to Simkin. In my view, an expert negotiator like Simkin — the head of PW’s real estate practice, who was also represented by separate counsel in the divorce — should be required to live with the bargain he struck. In negotiating for and taking on the Madoff account, he also took on the risks associated with that investment.
An intermediate appeals court sided with Simkin. But now New York’s highest court, the Court of Appeals, has spoken….
* Vedel Browne has been charged in the machete robbery of Supreme Court Justice Stephen Breyer. He faces up to 20 years if convicted, and with that sentence, we’re betting he wishes he got away with more than $1,000. [CNN]
* ¡Viva México! These days, Mexico’s got more than just drug cartels, violence, and prison riots. More and more U.S. and international law firms (like DLA Piper) are crossing the border to set up shop. [Wall Street Journal]
* Jury selection in the Tyler Clementi case is under way. Dharun Ravi, the Rutgers student who allegedly spied on his roommate, faces up to ten years in prison. Should’ve taken the plea bargain, bro. [New York Post]
* Katherine Darmer, a Chapman University law professor, passed away after falling from a building last week. Her death is now being probed as a possible suicide. Rest in peace, professor. [Los Angeles Times]
The Cleary scale provides for (1) prorated bonuses for class of 2011 members and (2) a top payment of $42,500 for the most-senior lawyers (class of 2003 on up). We’re calling it the “Cleary scale” because some firms that pay a stub bonus to the class of 2011 top out at $37,500 (e.g., Milbank), and some firms that go all the way up to $42,500 don’t pay stub bonuses (e.g., Sullivan & Cromwell and Simpson Thacher).
(These are some pretty fine — and minor — distinctions. As Elie just grumpily remarked to me, “Remember when setting the market involved making it rain instead of figuring out if any pee got on the toilet seat?”)
In any event, it’s nice that Paul Weiss is taking care of its people at both the top and bottom of the seniority scale. Let’s look at the memo….
Not surprisingly, we’ve noticed a sharp uptick in same-sex weddings in the NYT since New York legalized gay marriage this summer. If you’re planning your own same-sex celebration, don’t miss this article on “Dressing Two Grooms.” Apparently lesbians are on their own.
Although we don’t have any gay finalists this week, we’ve unintentionally chosen a slate of opposite-sex finalists that looks like a United Colors of Benetton ad campaign. Here are our fabulously diverse contestants:
Ebony and ivory, billing together in perfect harmony.
We’ve talked a lot in these pages about the value of diversity. It’s important to clients, it’s important to law firms, and it’s important to the legal profession as a whole.
Given the significance of diversity, it’s not surprising that several organizations and news outlets focus on it, especially with respect to large law firms. In the past few weeks, we’ve discussed diversity data from Building A Better Legal Profession and from the American Lawyer, for example.
Today brings news of more diversity rankings, this time from the ranking gurus over at Vault. They’ve compiled a list of 25 best law firms for diversity.
Which firms made the cut? Is your firm on the list?
* News Corp. has hired Paul Weiss attorney Mark Mendelsohn, a Foreign Corrupt Practices Act expert, to advise them. In related news, Chuck Norris has hired Wendi Deng Murdoch to advise him. [WSJ Law Blog]
* Utah’s goofy liquor laws are examined in this New York Times article. The restrictive laws clearly came out of Joseph Smith’s attempt to monopolize visions emanating from the bottom of hats. [New York Times]
* President Obama’s evolving views on gay marriage have led him to back an attempt to repeal DOMA. I’m no Frank Lutz, but I see a messaging problem on gay issues if he keeps up this whole “leading from behind” shtick. [Los Angeles Times]
* Kramer Levin is “client-focused” and looking for someone who is “entrepreneurial” and the “total package.” Words! [The Careerist]
* Pittsburgh Steelers running back Rashard Mendenhall is suing Hanesbrands, parent company of the Champion sports apparel maker, for dropping him after some dumb tweets. Dude said some pretty stupid stuff about 9/11, but the true jewel of his collection was buried deep in this story. In a tweet aimed at women who don’t perform oral sex, Rashard said “It’s either gonna be you, OR some other chick.” Hahahaha. Oh, Rashard. [ESPN]
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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