Profits Per Partner
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Bankruptcy, Biglaw, Billable Hours, Books, Job Searches, Lateral Moves, Law Schools, Money, Partner Issues, Partner Profits
An Interview with Steven Harper, Former Kirkland Partner and Author of 'The Lawyer Bubble'
Should you go to law school? Is working in Biglaw still worth it? A former Kirkland & Ellis partner shares his thoughts. -
Attorney Misconduct, Bankruptcy, Biglaw, Constitutional Law, Facebook, Federal Judges, Guns / Firearms, Insider Trading, Morning Docket, Partner Issues, Partner Profits, SCOTUS, Supreme Court
Morning Docket: 03.22.13
* 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 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 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.)]
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American Bar Association / ABA, Biglaw, Law Schools, Money, Morning Docket, Murder, Partner Issues, Partner Profits
Morning Docket: 02.22.13
* 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: according to American Lawyer, profits per partner and revenues are slowly swirling down the drain at several Biglaw firms, with shrinkage of 16 percent in PPP at one firm. [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]
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Biglaw, Defamation, Education / Schools, Gender, Job Searches, Law Schools, Money, Morning Docket, Murder, Partner Issues, Partner Profits, Ridiculousness, SCOTUS, Sexism, Sonia Sotomayor, Supreme Court, Texas, Women's Issues
Morning Docket: 02.04.13
* 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]
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Biglaw, Deaths, Law School Deans, Law Schools, Lindsay Lohan, Money, Morning Docket, Partner Profits, Securities Law
Morning Docket: 02.01.13
* 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]
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Biglaw, Drugs, Immigration, Law School Deans, Law Schools, Marijuana, Money, Morning Docket, Murder, Paralegals, Partner Profits, Technology
Morning Docket: 01.29.13
* “[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]
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Biglaw, Layoffs, Partner Issues, Partner Profits
Nationwide Layoff Watch: Partners in Peril
Associates and staff have borne the brunt of law firm layoffs over the past few years. But, according to some recent surveys, partners are far from immune.... -
Biglaw, Eric Holder, Facebook, Health Care / Medicine, Insurance, Midsize Firms / Regional Firms, Money, Morning Docket, Partner Issues, Partner Profits
Morning Docket: 11.09.12
* 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]
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Biglaw, Crime, Department of Justice, Election 2012, Election Law, Gay Marriage, Law School Deans, Morning Docket, Partner Issues, Partner Profits, SCOTUS, Supreme Court, Violence
Morning Docket: 09.25.12
* Will the members of the Supreme Court announce which gay marriage issues they’ll be hearing this term any time soon? With Proppsition 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]
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Bankruptcy, Biglaw, Dewey & LeBoeuf, Dissolution, Money, Partner Issues, Partner Profits
Dewey Know Which Partners Signed On To The Partnership Contribution Plan? Yes -- And How Much They'll Pay, Too
Which high-profile ex-partners of Dewey & LeBoeuf have signed up for the global settlement, and how much are they paying? -
Biglaw, Citigroup, Dewey & LeBoeuf, Dissolution, Partner Issues, Partner Profits, Wells Fargo
Dewey Know Who's Next? (Reprise)
Which major law firm might follow in the footsteps of Dewey and LeBoeuf? Let's discuss.... -
Biglaw, Citigroup, Dewey & LeBoeuf, Money, Partner Issues, Partner Profits
Dewey Collude With Citi To Screw Individual Partners?
A former Dewey partner alleges that the firm and Citibank worked together to improve the firm's cash position at the expense of individual partners. -
Biglaw, In-House Counsel, Partner Issues, Partner Profits
Inside Straight: Do Law Firms Undervalue Good Lawyering?
A partner at a major law firm shares his thoughts on business development with one of our in-house columnists, Mark Herrmann.
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Biglaw, Heller Ehrman, Jack Abramoff, Money, Partner Issues, Partner Profits
Commendable Candor from Greenberg Traurig
Greenberg Traurig's CEO opens up on a variety of subjects, ranging from the firm's recent capital call to the measures it has taken to respond to prior scandals. -
Bankruptcy, Biglaw, Dewey & LeBoeuf, Dissolution, Money, Partner Issues, Partner Profits
Dewey Have Data on How Much Partners Got Paid? Yes -- Thanks to the Partner Contribution Plan
Here are spreadsheets showing how much Dewey's 109 most highly compensated partners earned in 2011 and 2012, along with how much they are being asked to contribute in "clawbacks" under the "Partnership Contribution Plan." Enjoy! -
Biglaw, In-House Counsel, Minority Issues, Money, Partner Issues, Partner Profits, Women's Issues
Inside Straight: Analyzing 'Black-Box' Compensation
What are the advantages and disadvantages of a "black box" compensation system, in which nobody knows how much anyone else is earning? -
Biglaw, David Boies, General Counsel, In-House Counsel, Lateral Moves, Litigators, Musical Chairs, Partner Issues, Partner Profits
Musical Chairs: Star Litigator David Bernick Joins Boies Schiller
A closer look at Boies Schiller's hiring of David Bernick, former general counsel of Philip Morris and former Kirkland & Ellis partner. -
Biglaw, Money, Partner Issues, Partner Profits
Some Comments on Capital Calls (and a Closer Look at Greenberg Traurig's)
Why is Greenberg Traurig issuing a capital call to its partners? And are any other firms following in its footsteps? -
Biglaw, Lateral Moves, Media and Journalism, Money, Partner Issues, Partner Profits, Rankings
Buying In: The 'Watershed'
The launch of the American Lawyer magazine had a profound effect upon the world of large law firms, according to one fairly senior partner. And it wasn't necessarily a positive effect.... -
Bankruptcy, Biglaw, Blind Item, Dewey & LeBoeuf, Dissolution, Money, Nauseating Things, Partner Issues, Partner Profits
Biglaw Blind Item: The $6 Million Men(Plus additional tidbits about Dewey partner compensation.)
Who are the two Dewey & LeBoeuf partners who earned more than $6 million in the year leading up to the firm's bankruptcy filing?