* Maybe you weren’t excited about Hofstra Law School, but did you hear they now have bean bag chairs in the library? Well, that changes everything! [Virtual Library Cat's Eye View]
* An interview with Peter Kalis on the future of Biglaw, in which he states, “I cross bridges and burn them behind me.” Flame on! [Forbes]
* This essay sums up so much about the state of America through the lens of the killing of Michael Brown. [The Concourse]
* While we focused on the tale of Judge Mark Fuller, who spent some time in jail on a domestic violence accusation, he may be part of a trend — Judge Lance Mason was charged with felonious assault after allegedly punching and biting his wife while they were driving. Biting? [Cleveland Plain Dealer]
* Have you ever wondered how every law school can give its students “excellent” educations? [The Legal Watchdog]
* Failed Mississippi candidate Chris McDaniel is challenging a bunch of votes. Including his own lawyer’s. [Wonkette]
* Tim Corcoran, President of the Legal Marketing Association, chides state bar associations for meddling with the evolution of the legal profession. Video after the jump…. [Mimesis Law]
Biglaw reporting season continues. But this year we have an interesting twist: K&L Gates decided to share (covered by Lat and Bruce MacEwen, among others). Thankfully, the sharing is not of the “we overstated our revenue by a couple hundred million, and owe a bunch of old and retired partners way more than that anyway” variety. Rather, the firm released financial information that goes a little beyond what you see in your typical Biglaw firm reports (which I previously discussed).
While I have seen the firm hailed as courageous in some quarters, I am reluctant to declare this a huge leap forward towards Biglaw financial transparency. For one, there are other firms that put out even more complete “annual reports,” like Allen & Overy (thanks to an ATL commenter for that reminder), a firm that seems to be hanging on to a lockstep compensation model for partners. Second, as Lat pointed out, there are even internal sources within K&L Gates asking the types of questions that the firm’s “enhanced” report does not answer.
Personally I find a few things about this whole to-do interesting and a bit frustrating….
As we mentioned this morning, preliminary reports suggest that profits and revenue at large law firms were up in 2012. As we noted yesterday, some firms — e.g., litigation powerhouse Quinn Emanuel — enjoyed double-digit increases in gross revenue and net profit.
Of course, these firm financial reports, reported to and compiled by the American Lawyer magazine, are not as detailed as they could be. They certainly aren’t as detailed as the quarterly and annual reports filed by publicly traded companies, even though a fair number of Biglaw firms have revenues and profits that exceed those of public companies.
And they probably never will be, at least as long as U.S. law firms are private partnerships rather than publicly traded companies. But at least one firm is opening the door a crack and letting more light in….
* Law School Transparency? Nay, Biglaw Transparency! Peter Kalis, global managing partner of K&L Gates, just opened the kimono wide on his firm’s financial performance in an “unusually detailed” fashion. [Wall Street Journal (sub. req.)]
* Talk about a pain in the pocketbook: although profits per partner and revenues are up overall, one firm saw shrinkage of 16 percent in PPP. [Thomson Reuters News & Insight]
* The ABA is just now thinking of trying to find someone who will audit the graduate employment data that law schools release each year. Gee, it only took 15 fraud lawsuits to get the ball rolling. [National Law Journal]
* Oh my God, you guys, carrying six figures of law school debt on your shoulders is “unsustainable” in the long run, especially when your salary sucks. This is new information that no one’s heard before. [News-Gazette]
* Former U.S. Attorney Jim Letten is now Tulane Law’s new assistant dean for experiential learning. For the school’s sake, hopefully he’ll be able to control his students better than he did his AUSAs. [Tulane Hullabaloo]
* “You’re a cold-blooded murderer and I’ll stare you down until I die.” Drew Peterson was sentenced to 38 years in prison for the murder of his third wife. A sequel to the Lifetime movie is likely forthcoming. [Reuters]
As we head into the weekend, we’re happy to bring you additional commentary from Peter Kalis, the chairman and global managing partner of K&L Gates. Earlier this week, the colorful Kalis was unanimously reelected to his leadership role by the 60 voting members of the Management Committee.
The delightfully opinionated Kalis recently gave an interview to Am Law Daily, in which he shed additional light on the state of K&L Gates. His remarks weren’t as forceful as the beatdown he administered to the firm’s anonymous detractors last week, but they are interesting….
Much like the similarly named Kelis, his milkshake brings all the boys (and girls) to the yard. Peter Kalis, the chairman and global managing partner of K&L Gates, just won a fifth consecutive term at the helm of the global mega-firm. As noted in the firm’s press release, which we received here at Above the Law, the 60 voting members of the Management Committee supported Kalis unanimously.
Kalis assumed leadership of the firm in 1997, back when it was called Kirkpatrick & Lockhart. On Kalis’s watch, the firm conducted eight mergers, including the combination with Preston Gates & Ellis that resulted in the “K&L Gates” moniker. When Kalis took the helm, Kirkpatrick & Lockhart was a regional firm with six offices, all in the Eastern time zone of the United States. Now K&L Gates boasts almost 2,000 lawyers in 41 offices on four continents.
But growth brings with it growing pains. Let’s discuss those, and get some information about partner capital contributions at the firm….
Now this is how you handle negative rumors about your firm.
As we mentioned last night, in the past week or so we’ve seen media reports of possible trouble at K&L Gates. Stories in Law360 and Crain’s Chicago Business speculated about “an alarming rate” of partner departures and “attorneys increasingly los[ing] faith in the firm’s leadership and strict compensation policies.”
The chairman and global managing partner of K&L Gates, Peter J. Kalis, isn’t taking all this sitting down. Very early this morning, the famously outspoken Kalis sent around a firm-wide memo that powerfully refutes some of the claims made about the firm.
If you’re at all involved in law firm management, you should read it. The Kalis email offers a master class in how to thoroughly respond to negative rumors….
On multiple days over the past week or so, one of the top ten search terms bringing visitors to Above the Law has been K&L Gates. For whatever reason, people seem keenly interested in what’s going on right now at this major international law firm.
(But maybe we shouldn’t read too much into such queries. Also in the top ten search engine terms: “pictures of tacos.”)
So what is going on at K&L Gates? A significant amount of partner attrition, as various news outlets have recently pointed out….
We’ve previously discussed the trend of partners leaving Biglaw to launch their own firms. We’ve seen a lot of this action in New York and D.C., home to such well-regarded boutiques as MoloLamken, started by former Shearman & Sterling and Baker Botts partners, and BuckleySandler, started by former Skadden partners.
It’s happening out on the West Coast, too. In the fair city of Seattle — one of my favorite places in the entire United States, especially when it’s not raining — about half a dozen partners are leaving K&L Gates to start their own shop. One Queen Emerald City tipster described this news as “the most exciting thing that has happened here since Kurt Cobain died.”
UPDATE (4/5/11): The official press release about the new firm, Pacifica Law Group, appears after the jump.
Who are the lawyers that are leaving, and why? Let’s find out….
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!