* The federal judiciary is hiring for staff and public defender positions lost during the government’s sequestration throughout the better part of last year. Ready, aim, fire those résumés! [Legal Times]
* New York Biglaw firms always manage to find their way to the top of the Am Law 100 rankings. When all’s said and done, being so close to Wall Street definitely has its perks. [Bloomberg Businessweek]
* Absolutely no one should be alarmed about the fact that Kasowitz Benson’s profits per partner have dropped by 15 percent — well, no one but the equity partners, that is. Have fun with that. [Am Law Daily]
* The managing partner of Jacoby & Meyers is worried people will think his personal injury firm is going under, not Jacoby & Meyers Bankruptcy. Either way, those commercials won’t die. [New York Law Journal]
* A professor at George Mason University Law was pepper sprayed IN THE FAAAAAACE by an unknown assailant in his classroom yesterday afternoon. We’ll obvious have more on this story later. [ARLNow]
* La Verne is the first law school to offer flat-rate tuition. There will be no scholarships and no discounts. Students will pay $25K/year, nothing more, nothing less. This is, dare we say, wise. [National Law Journal]
* “Passion over pension.” Mekka Don, the Weil Gotshal corporate lit attorney turned rapper, just released his first CD, and it’s all about leaving Biglaw to follow his dreams. Go buy it here (affiliate link). [MTV]
* According to the latest Citi report, the Am Law 50 outperformed the rest of their ilk in terms of net profits and profits per equity partner. As for the rest, ha ha ha, enjoy all of your “modest” returns. [Am Law Daily]
* The ABA’s Standards Review Committee is close to a decision on its bar-exam passage standard for accreditation. It’s tough to protect students and law schools at the same time. [National Law Journal]
* Oh my! Professors at Albany Law are incredibly pissed the school would dare imply they suggested lowering academic standards to put asses in seats and stave off faculty layoffs. [New York Law Journal]
* Wendy Davis has left her position at Cantey Hanger, one of Fort Worth’s largest law firms, to dedicate herself fully to her bid to become Texas’ Next Top Governor. You stand, girl! [Fort Worth Star-Telegram]
* Yuna, a Malaysian pop star with a law degree who’s worked with artists like Pharrell, doesn’t think she’ll be able to fall back on her J.D. now that she’s in America. Funny, because many Americans feel exactly the same way. [Pittsburgh City Paper]
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
* The Supreme Court might have dismissed the Oklahoma abortion case as improvidently granted, but not to worry, because the high court may yet get the chance to abort a woman’s right to choose in this new case from Texas. [New York Times]
* Wherein Justice Scalia seems highly concerned about toupees: yesterday, Supreme Court justices put their fashion sense to the test when trying to determine what ought to count as clothing under the Fair Labor Standards Act. [WSJ Law Blog (sub. req.)]
* The Senate is forging ahead with the Employment Non-Discrimination Act, but the bill will likely fail in the House because discrimination on the basis of sexual orientation is still cool with John Boehner. [CBS News]
* Bill de Blasio, the Democratic candidate in the NYC mayoral race, apparently has “deep ties” to Gibson Dunn, the firm behind Citizens United. Gather round, conspiracy theorists. [International Business Times]
* An InfiLaw school is changing its name to Arizona Summit Law. How kind to tip law students off to the fact that even if they climb all the way to the top, there’s nowhere to go but down. [National Law Journal]
* If you’re looking for an easy résumé line, then consider joining the Supreme Court bar, an elite organization that doesn’t check to see if its members are still alive. All you need is three years of practice, two signatures, and $200. [Associated Press]
* Stanley Chesley, the master of disaster himself, was disbarred for his “shocking and reprehensible” conduct in a fen-phen case. His wife, U.S. District Court Judge Susan Dlott of the Southern District of Ohio, must be oh so pleased. [Courier-Journal]
* Howrey like dem apples now? Some of Howrey’s former partners, including ex-chairman Robert Ryuak, all lined up to make deals to delay lawsuits from the firm’s bankruptcy trustee, Allan Diamond. [WSJ Law Blog (sub. req.)]
* This Biglaw firm’s future was just a little bit dimmer in 2012, with a 4.9 percent dip in profits per equity partner. This is unexpected from Milbank, a number 3 seed in our March Madness competition. [Am Law Daily]
* The NRA’s New York affiliate filed suit challenging the state’s new gun laws, claiming that a ban on assault weapons violates the Second Amendment — because this is clearly what the founders intended. [Reuters]
* Raj Rajaratnam’s younger brother, Rengan Rajaratnam, was indicted yesterday in a federal insider-trading scheme tied to the Galleon case. You can’t fault the guy, he was just trying to keep it in the family. [Bloomberg]
* Sorry, Dean Boland, but you’re not going anywhere. A judge denied the attorney’s request to withdraw from Paul Ceglia’s Facebook case. He must be wishing there were a dislike button now. [Law 360 (sub. req.)]
* 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]
* Oh my God, Debevoise & Plimpton is dropping its entire trusts and estates practice. Was the economy the cause? What about the eight soon-to-be-unemployed lawyers? And most importantly, what would Josh Lyman’s father think?! [DealBook / New York Times]
* Major props go out to everyone at O’Melveny & Myers for hitting an all-time high in terms of both profits per partner ($2.06 million) and revenues per lawyer ($1.1 million). Here’s hoping the bonus situation reflected those incredible numbers. [Am Law Daily]
* Are we supposed to be surprised that the Millennials who are considering applying to law school are more self-confident than those who preceded them? They’re all special little snowflakes! [National Law Journal]
* Sorry, George Zimmerman, but even though you’re poor, your trial isn’t going to be delayed. Perhaps Judge Nelson made this announcement to serve as a poetic birthday present for Trayvon Martin. [Orlando Sentinel]
* Aside from writing powerful opinions that will last the ages, being a mentor “is the most valuable thing” this Supreme Court justice can do. Sonia Sotomayor: motivational speaker? [New York Times]
* Aww, poor Biglaw partners. You want bigger cuts of your firm’s profits, but according to the latest Peer Monitor report, expectations like that are incredibly “unrealistic.” [WSJ Law Blog (sub. req.)]
* This actually isn’t something women like to shop for: the $200 million class action suit over the Greenberg Traurig “boys club” is currently being held up in two federal courts by arbitration and forum shopping issues. [Am Law Daily]
* With news that the legal industry is shedding jobs faster than the ABA can accredit more unnecessary law schools, career services officers must be hanging their heads in shame. [Thomson Reuters News & Insight]
* Dear law schools, your crappy business model is making us take a look at all crappy higher education business models, and we don’t like what we’re seeing here. Pls hndle thx. XOXO, Moody’s. [Washington Post]
* This is justice, Texas style: District Attorney Mike McLelland says the reward fund for tips in the brutal slaying of ADA Mark Hasse will grow to an “astronomical amount” until the killers are found. [Dallas Morning News]
* This lawyer allegedly had a fling with his sister-in-law out of the goodness of his heart, and in return, she accused him of sexual assault. Now he’s suing her for $7 million. You can’t make this sh*t up. [New York Post]
* In trying to get $700 in tickets dismissed, this lawyer says the U.S. Postal Service is immune from state and local traffic regulations. Other USPS immunities include not losing my mail on a regular basis. [USA Today]
* Congratulations to Cadwalader Wickersham & Taft! The firm saw its first revenue increase in three years, with profits per partner jumping up 11.6 percent, yet they didn’t top Cravath’s bonuses. Rude. [Am Law Daily]
* Thanks to the firm’s association with Ponzi schemer Nevin Shapiro, Shook Hardy & Bacon was accused of aiding and abetting in securities law violations and is facing a multimillion-dollar suit. [Miami Herald]
* Lawyer glut? What lawyer glut? Let’s open some new law schools, yayyyy!!! Despite the fact that applications are at their lowest in a decade, new schools are still throwing their doors open wide. [Wall Street Journal]
* With the dean of Seattle University School of Law stepping down, Annette Clark, she of the most epic St. Louis University Law resignation letter, may get a second bite at the proverbial deanship apple. [National Law Journal]
* “Flattery doesn’t get you anywhere in this court.” Wooing the judge won’t work, so Lindsay Lohan’s new lawyer has a tough row to hoe — he had to pick up Shawn Holley’s pieces AND deal with his client. [Fox News]
* Ed Koch, former mayor of New York City and judge of “The People’s Court,” RIP. [New York Times]
* “[W]e cannot continue as a nation with 11 million people residing in the shadows.” And we especially can’t have all those people in the shadows without hundreds and hundreds of drones in place. Civil liberties be damned! [Huffington Post]
* According to this Wells Fargo survey, Biglaw did quite well in terms of revenues last year. Given that PPP was up nearly five percent, it’s now appropriate to bitch about why your bonuses weren’t even bigger than they were. [WSJ Law Blog (sub. req.)]
* “Being a lawyer is a damn good profession.” To be fair, it could be an even better profession if things in legal education were subjected to some serious change, and Hofstra Law’s new dean seems to understand that. [New York Law Journal]
* Stoners everywhere would like to know when the federal government is going to legalize marijuana, but to be frank, they should thank their Lucky Charms they’re not getting prosecuted in states where it is legal. [TIME]
* Russia is officially trying to prosecute a dead man — a dead lawyer, no less. That said, we’re pretty sure it’s safe to say that not even Yakov Smirnoff himself could come up with a reversal for this one. [New York Times]
* Oh my god, some of Lat’s pop culture prophecies are coming true: Casey Anthony wants to become a paralegal. Nancy Grace is in the process of birthing a herd of cows over Tot Mom’s ambitions. [ABC News]
* The grand jury in the JonBenet Ramsey murder case thought there was enough evidence to indict the Ramseys on child abuse charges. This would’ve been a great thing to be outraged about in 1999. [CBS News]
* I’ll be tweeting from the LegalTech show today. Follow me on Twitter to get all the latest updates. [Twitter]
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…