Profits Per Partner

Casey Anthony: Paralegal?

* “[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]

During the Great Recession, it felt like associates were being laid off in droves. In the past year or so, the big trend has been staff layoffs (often fueled by sending staff functions to an outside service provider).

Associates, staff — what about partners? Well, it seems that their time has come, at least according to some new surveys….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Partners in Peril”

‘Should I stay or should I go now?’

* Since Obamacare’s here to stay, states are scurrying to meet the health care law’s deadlines. Better hurry up, they’ve only got a week left to make a decision on insurance exchanges. [New York Times]

* “It’s been an interesting and tough four years. I just really don’t know. I don’t know at this point.” Two days after the election, it looks like Barack Obama may have to replace Eric Holder after all. [Blog of Legal Times]

* Managing partners at midsize firms are feeling good about about business in the coming fiscal year, and they’re even projecting higher profits per partner. And unicorns, too! [National Law Journal (reg. req.)]

* Where did a portion of the money behind Harvard Law professor and Senator-elect Elizabeth Warren’s Massachusetts race come from? Biglaw firms like Nixon Peabody and Mintz Levin. [Corporate Counsel]

* Apparently a convicted abortion doctor killer is trying to intervene in Paul Ceglia’s ownership case against Facebook via kooky letter. Sorry pal, but there can be only one Jonathan Lee Riches. [Wall Street Journal]

* Will the members of the Supreme Court announce which gay marriage issues they’ll be hearing this term any time soon? With Proposition 8 appeal and several DOMA appeals on hand, there’s certainly a lot for them to choose from. [CNN]

* It’s beginning to look a lot like Biglaw, everywhere you go: lawyers are miserable, clients are unhappy, and apparently profits per partner are all to blame. Gee, thanks for those rankings, Am Law, they were really helpful. [DealBook / New York Times]

* Instead of arguing over font size, the Department of Justice argued law yesterday during closing arguments in its attempts to convince a three-judge panel to strike down South Carolina’s voter ID statute. [National Law Journal]

* Unlike Elizabeth Warren, he’s no “Fauxcahontas”: Kevin Washburn, the dean of the University of New Mexico Law School, has been confirmed by the Senate to oversee the Bureau of Indian Affairs. [Washington Post]

* If you’re going to allegedly slash someone’s face in an attempt to defend your honor, at least do it with class like this Columbia Law grad, and use a broken champagne flute as your weapon of choice. [New York Post]

Last month, we provided you with detailed information about how much various former partners of Dewey & LeBoeuf earned in the last two years of the firm’s existence. We also reported on how much these partners were each being asked to pay into the “Partner Contribution Plan,” a global settlement that would provide these partners with releases from future Dewey-related liability.

At the time of that report, we didn’t know which partners decided to sign up for the PCP and which ones declined the offer. But now we do, thanks to a recent bankruptcy court filing by Dewey.

Dewey want to know the skinny? Of course we do….

double red triangle arrows Continue reading “Dewey Know Which Partners Signed On To The Partnership Contribution Plan? Yes — And How Much They’ll Pay, Too”

The Dewey & LeBoeuf drama continues to unfold. As we mentioned in Morning Docket, there have been a few notable recent developments. Citibank just filed a vigorous response to allegations by Steven Otillar, a former Dewey partner, that Citi colluded with Dewey to take advantage of individual partners. Meanwhile, three former leaders of the firm — former chairman Steven Davis, former executive director Stephen DiCarmine, and former CFO Joel Sanders — have filed objections to the global settlement with former partners.

It’s not a pretty picture. And here’s what we’re wondering: Could it happen to another major law firm, sometime in the next twelve months?

double red triangle arrows Continue reading “Dewey Know Who’s Next? (Reprise)”

As we mentioned in the Labor Day edition of Morning Docket, there’s some interesting news on the Dewey & LeBoeuf front. The one former Dewey partner being sued by Citibank for allegedly defaulting on a capital loan — energy lawyer Steven Otillar, now a partner in the Houston office of Akin Gump — is opposing Citi’s attempt to collect on the debt, by arguing that he was “fraudulently induced” to borrow the money in question.

How much are we talking about? How does the debt compare to Otillar’s compensation while at Dewey? And what are Otillar’s specific allegations about “fraudulent inducement”?

double red triangle arrows Continue reading “Dewey Collude With Citi To Screw Individual Partners?”

Last year, one of my columns explained how I went about developing a new practice at a large law firm. Now that ABA Publishing has repackaged some of my old columns as a book, I’m hearing new reactions to some of those older columns. One of my recent correspondents — a partner at an AmLaw 100 firm — raised a good issue about my column on business development. He gave me permission to crib from (and slightly revise) his long e-mail (without attribution to him), so that’s what I’m doing here:

“In your case study of business development, you ask whether the business development game is worth the candle. But you seem to presuppose that the game is really worth playing in the first place. My problem isn’t with the premise that if you want to develop business you must work hard at it and be lucky. My problem is with the assumption that the only goal worth achieving in law is success in business development. I think you are correct in saying that law firms under-appreciate business development efforts and over-appreciate business development successes. But I think they over-appreciate both compared to good lawyering . . .

double red triangle arrows Continue reading “Inside Straight: Do Law Firms Undervalue Good Lawyering?”

The current CEO of Greenberg Traurig, Richard Rosenbaum, recently gave an interview to the Daily Business Review in which he discussed the firm’s recent capital call (among other subjects). We mentioned the interview in Morning Docket, but because it contains a lot of grist for the mill, it merits a second look.

The subtext of the interview — and, at one point, the explicit text of the interview — could be summarized as, “Look, we are not like Dewey!” The bad news is that such statements should even be necessary. The good news is that they seem to be true (at least based on the information currently available).

Let’s hear what Richard Rosenbaum had to say….

double red triangle arrows Continue reading “Commendable Candor from Greenberg Traurig”

Today at 5 p.m. is the deadline for former partners of the bankrupt Dewey & LeBoeuf law firm to sign up for the “Partner Contribution Plan.” Under the terms of the Plan, which in its latest iteration seeks $90.4 million in “clawbacks” from ex-partners, participating partners would contribute specified amounts to the Dewey bankruptcy estate in exchange for releases from future liability (to the Dewey estate, to other participating partners, and to Dewey lenders, thanks to recent revisions to the PCP).

When talk of the Plan first surfaced, I opined that “[s]uch a deal sounds reasonable in principle.” I later observed that even if the PCP might not be perfect, “[i]f you’re a productive partner, happily ensconced at a new and stable firm, and just want to forget the D&L debacle and return to serving your clients, this deal may Dewey the trick.”

But now, after numerous revisions to the Plan, seemingly endless extensions of the deadline to join, and a still-insufficient amount of participation, I’m beginning to think that maybe it just won’t fly — and Dewey should just be allowed to die, i.e., slip into a straight-up liquidation. Perhaps Dewey’s bankruptcy advisers should stop trying to flog a product that nobody seems interested in buying.

UPDATE (4:35 PM): It looks like the Dewey estate’s perseverance has paid off. The $50 million participation threshold has been reached.

Here’s one good thing about the Partner Contribution Plan: thanks to the PCP, we now have detailed information about how much each of Dewey’s partners received from the firm in 2011 and 2012. And yes, we’re willing to share the data for the top earners with you, in spreadsheet form.

Some people are big believers in the virtues of black-box compensation. But here at Above the Law, we’re all about transparency….

double red triangle arrows Continue reading “Dewey Have Data on How Much Partners Got Paid? Yes — Thanks to the Partner Contribution Plan”

Page 4 of 812345678