* Lawyers from top New York City firms like Skadden, Proskauer, Stikeman, Weil Gotshal, Kaye Scholer, and Bailey Duquette took to the ice to compete for the Lawyers’ Cup. The team with Canadian imports won, obviously. [Forbes]
* Andre Bouchard was nominated to replace Judge Leo Strine as Chancellor of the Delaware Court of Chancery. We can only hope he’ll be as outspoken as his predecessor. [WSJ Law Blog (sub. req.)]
* UNC Law has been receiving fewer applications, and perhaps that’s the reason why its acceptance rates have gone up, up, up — from 36 percent to 45 percent — in the last year alone. Yikes. [Daily Tar Heel]
* A woman alleges her Uber driver “fondled [her] legs, groin area and breasts” as she tried to give him directions. That extra customer service is what makes it cost more during peak times. [Chicago Tribune]
* A watch repairman was so pissed about this Yelp review he sicced his lawyer on the man who handed out the two-star report. Of course his lawyer’s one-paragraph demand letter barely makes sense. [Gawker]
On Friday, we asked readers to submit fun hashtags for the ABA’s commitment to provide its members with cheap wine. Or at least with cheap, personally branded wine to give clients eager to drink cut rate wine with the label of a cut rate law firm.
So some of you took to the Hashtag War format we modeled on @Midnight. Check out the finalists for this Hashtag War and see if you agree….
Bradley Cooper: a very handsome man, but sadly not a lawyer.
Seemingly random small-firm lawyers from Alabama weren’t the only legal types in attendance at the White House State Dinner on Tuesday evening. Indeed, as we’ve previously noted, numerous legal celebrities attended the festivities as well.
Sure, there were some “celebrity celebrities” at 1600 Pennsylvania Avenue that night. The guest list included such boldface names as J.J. Abrams, Stephen Colbert, Bradley Cooper, Mindy Kaling, and Julia Louis-Dreyfus.
But who cares about Hollywood? Above the Law readers are more interested in the government lawyers, federal judges, Biglaw partners and law professors who attended this major social event….
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….
Happy Monday, everyone! What better way to start a new week than to bring you more bonus news?
As it turns out, Willkie Farr and Shearman & Sterling weren’t the only firms to participate in the Friday afternoon bonus dump. Two more firms broke word of their bonus intentions before the weekend, and now the question on everyone’s minds is whether they bucked the system and beat Cravath.
We’ve got the announcements from Cadwalader and Proskauer Rose for your viewing pleasure. Did either firm have the guts to top Cravath’s market rate?
In an era when “disruption” is celebrated, the world of large law firms is one of the last redoubts of conventional wisdom. For a uniquely rule- and precedent-bound profession, this makes sense. Biglaw’s conventional wisdom has the added virtue of being reliable. For example, we can count on Cravath taking the lead — at least chronologically — on bonuses, and for DLA Piper to have the most random Third developing-world offices.
Another reflection of conventional wisdom is the way in which Biglaw lends itself to — and revels in — superlatives and rankings. There tends to be a generally acknowledged and perennially dominant player (or a few) in most practice areas: Wachtell Lipton for M&A, Weil Gotshal for Chapter 11 work, Patton Boggs for lobbying, and so forth. There’s no doubt that many worthy firms get overlooked.
Last year we took a look at which firms’ practice groups were considered “underrated” by peers in the field. Among the notable 2012 nominees: Cahill for corporate law, Arnold & Porter in litigation, and Proskauer for its bankruptcy and tax practices.
We wondered whether the same practice groups were still considered by practitioners to be unfairly underrated. Or are there other firms deserving more recognition?
As we get closer and closer to the Thanksgiving holiday, staff members and now attorneys — thanks, Patton Boggs — grow more and more worried about the possibility of their own impending doom. This week alone, we’ve seen one firm offer buyouts to employees and another firm hand out pink slips like candy.
And now, with just two weeks until Black Friday, we’ve got some news that’s sure to make employees’ lives at one firm just a little more dim.
Which Biglaw firm is offering voluntary buyouts to a significant chunk of its employees (rumored to be in the triple digits) this time around?
* Let’s get ready to rumble! Senate Democrats are threatening to go “nuclear” on existing filibuster rules if Senate Republicans decide to band together to block Patricia Millett’s nomination to the D.C. Circuit. [New York Times]
* AMR Corp. and US Airways are reportedly trying to broker a deal with the Department of Justice that would allow the airlines’ merger to go through. And this is the room full of people who care. [Wall Street Journal (sub. req.)]
* Proskauer Rose and the zombie corpse of Dewey & LeBoeuf received a Halloween treat from Judge Martin Glenn in the MF Global case. The firms will each be receiving a combined $9 million for their work. [Am Law Daily]
* Twitter is facing a $125 million fraud suit filed by two financial firms claiming that the social media giant had them organize a private sale of shares and then canceled it. #OhShiat #LawyerUp [Businessweek]
* She’s got the right to remain topless: Holly Van Voast, the photographer famous for roaming the streets of New York with breasts bared, settled a lawsuit against the city for $40,000. [New York Daily News]
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.
Near the entrance of the Calyon Building, the previous headquarters of Dewey & LeBoeuf, lies Jim Dine’s “Looking Toward the Avenue,” a triumvirate of headless statues inspired by the Venus De Milo. Where lie the visages of this homage to the prototypical form of Venus and furthermore, in the aftermath of Dewey, where have the pieces of this former empire landed?
Since May of 2012, there have been numerous articles inciting gossip and foretelling the troubles of Biglaw, but few have offered a retrospective of the overall trends in lateral moves from Dewey since the closure of the firm. The “largest winner” of the Dewey sweepstakes was Winston & Strawn, which added 23 partners (about 11% of those who moved in the final month), including Jeffrey Kessler, a titan of antitrust law who has represented every players’ union in the “big four” sports in the United States. Approximately seventy lawyers followed Kessler’s group.
Which other firms fared well in picking up Dewey lawyers?
* “There are no magic bullets here.” Caught in a “trilemma,” President Obama is up against the wall and is running out of options. He soon might be forced to choose the least unconstitutional solution to the nation’s problems. [Bloomberg]
* During the government shutdown, it certainly wouldn’t be worth it for furloughed employees to hire lawyers to fight their “essential” versus “non-essential” determinations — please, like they’ll be able to afford legal representation right now. [National Law Journal]
* It seems some partners at both Dentons and McKenna Long & Aldridge aren’t fans of a possible tie-up, so they’re heading for the hills as fast as they can. Perhaps it simply wasn’t meant to be? [Am Law Daily]
* It’s time for our favorite show, As the Weil Turns! Partners from various offices are departing for other Biglaw firms, and we can now confirm that Steven Peck is a new face at Proskauer. [Law360 (sub. req.)]
* We told you last week that Matthew Martens of Fabulous Fab fame would be leaving the SEC, but now we know where he’s landing. Congrats on your new home at WilmerHale. [WSJ Law Blog (sub. req.)]
* Ohio is the latest state to offer “hazy” abortion restrictions that skirt the very edge of Supreme Court jurisprudence in order to make women feel guilty about their own right to choose. [New York Times]
* “Without makeup she looks like the Joker in Batman.” Joan Rivers is locked in a $15 million condo catfight with a Canadian socialite who isn’t afraid to pull punches. Meow! [New York Daily News]
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.