* When Dewey tell the world that we’re dead, but not yet buried? The firm filed a notice with the New York State Department of Labor listing its closing date as yesterday. And what’s their reason for doing so? “Economic.” [Am Law Daily (sub. req.)]
* Dewey have anyone left in the Office of the Chairman? Apparently not: Charles Landgraf has moved on to greener pastures. There is no longer a captain at the wheel of the S.S. Dewey. [The Hill]
* “The continuing loss of revenue-generating partners and Dewey’s debt load has culminated in the imminent demise of Dewey.” Damn, the PBGC certainly doesn’t mince words. Meet the firm’s latest lawsuit. [Reuters]
* A judge reinstated Le-Nature’s $500M case against K&L Gates for failure to detect fraud. Hope the firm has a half-billion lying around — they haven’t been doing too well with the whole honesty thing lately. [Businessweek]
* You stay classy, DSK! Your aggravated pimp hand is strong! Dominique Strauss-Kahn filed a $1M countersuit against Nafissatou Diallo because she “ruined his life, personally and professionally.” [Wall Street Journal]
* Conspiring to price fix? There’s an app for that! A federal judge denied Apple’s and several book publishers’ motions to dismiss a consumer class-action lawsuit about e-book pricing. [Media Decoder / New York Times]
* Like FernGully in reverse? A judge refused to dismiss Chevron’s racketeering and fraud lawsuit against New York attorney Steven Donziger for his work done in Ecuador. [New York Law Journal]
* Thomas Jefferson Law will be the site of the next solo incubator. This is a great way to keep your grads from suing you (not to mention a great way to increase your employed-at-nine-months rate). [National Law Journal]
President Barack Obama now supports marriage equality. And so do many major law firms, it seems. More than 30 top firms provide the “tax offset for domestic partner health benefits” or the “tax equalization for same-sex health benefits.” (If you’re not familiar with this benefit, also known as the “gay gross-up,” see this explanation.)
Since our last discussion of which Biglaw firms offer the tax offset, a few more names have jumped on the bandwagon. Let’s find out which ones, shall we?
We have previously discussed the subject of pensions at the deeply troubled law firm of Dewey & LeBoeuf. Right now it’s looking quite likely that the firm will wind up in dissolution or bankruptcy. If the firm does go down that path, what will happen to the retirement benefits of current and former employees?
Today we have some news on that front — plus UPDATES on other Dewey stories, of course….
This past Friday, we broke the news of the troubled Dewey & LeBoeuf law firm issuing WARN Act notice to its employees. This federal law generally requires an employer “to provide notice 60 days in advance of covered plant closings and covered mass layoffs.”
That was Friday, May 4. Earlier this week, Dewey informed many support staff members that their last day of work would be this Friday, May 11. It then informed many associates that their last day of work will be this coming Tuesday, May 15. Both staffers and associates will be paid through the 15th and will have health insurance through May 31st.
My math skills have atrophied from disuse, but I am still capable of counting to 60. And it seems to me that Dewey did not provide its employees with 60 days notice of its mass layoffs.
Billable-hour requirements are generally like the price of gas: they just keep going up. A law professor might compare it to a one-way ratchet. As law firms try to increase their profitability — by doing more work with less manpower, thanks to recessionary layoffs that haven’t been completely reversed — they ask more and more of their lawyers. Right?
Well, not necessarily. One Biglaw firm recently lowered its hours requirement — and instituted some other perks worth noting.
The real estate isn’t bad either. Many Biglaw partners own million-dollar homes, which we lovingly cover in Lawyerly Lairs. And law firm offices are paragons of elegance and comfort — which they ought to be, considering how much time the partners spend in them. (In New York, I’m particularly fond of Proskauer’s premises and Davis Polk’s digs.)
Partners with sufficient seniority enjoy coveted corner offices. Right?
Not necessarily. That brings us to our latest Biglaw blind item….
It’s been a while since we did a perk watch that didn’t involve things getting better for gays and lesbians. Ever since the recession, Biglaw has acted like having a job also counts as a fringe benefit.
But benefits haven’t been frozen in time since 2007. We have extensively reported on the “gay gross up” (or “tax equalization for same-sex health benefits”) trend. But there have been some interesting health benefit trends happening at law firms beyond extending basic fairness to same-sex couples.
Adam Okun has done a round-up of Biglaw perks on the blog Frenkely Speaking. It’s not going to come as a galloping shock that Biglaw is punishing to families….
It’s late October, so Biglaw bonus news could drop any day now. In 2010, Cravath didn’t kick off the season until November 22. But back in 2009, Cravath announced bonuses on November 2. And in 2007 — yes, the glory days, before the Great Recession — Cravath announced bonuses, regular and “special,” on October 29.
In light of the economic gloom and doom, including the possibility of a double-dip recession, it wouldn’t be shocking if bonuses are modest this year. Better to conserve the cash and avoid layoffs, right? Or maybe repeat what happened in 2010 and save some money for spring bonuses in a few months, when firms might have a better idea of the direction of the economy?
Regardless of how bonuses turn out, there are other pockets of good news in the world of large law firms — even news requiring law firms to open their wallets. Check out the growing number of firms that offer the perk we’ve dubbed the gay gross-up….
We have been tracking — as have other news outlets, such as the New York Times — which leading law firms offer the perk we’ve nicknamed the gay gross-up. If you’re inclined towards formality, you can call it the “tax offset for domestic partner health benefits.” For an explanation of what this perk is all about, read this prior post.
Since our last round-up, additional prominent law firms have adopted this policy. Let’s check out the latest list….
UPDATE (9/7/11, 12:30 PM): We’ve added to our list since it went up yesterday.
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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.