For all the talk of layoffs and worries over an unstable legal economy, Biglaw just keeps getting bigger. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. The view from the top is simple: as we learned from the 2013 Am Law 100, slow and steady does win the race, because Biglaw is at the biggest it’s been in years, and partners’ profits are headed up, up, up.
Now that we’re on the long road to recovery following the recession and collapse of the U.S. financial markets, there are some lessons to be learned from the past five years. Some firms were able to cash in modestly on their success, while other firms buckled under the pressure and were forced to close their doors for good. The game of musical chairs in the top 10 of the Global 100 reflects this economic uncertainty.
DLA Piper is the new top dog in terms of total revenue. Which firms are the leaders of the pack in other metrics, such as profits per partner and attorney headcount?
If you’re working in-house and dealing with bet-the-company litigation, you want the very best litigators in the world to be on your side. You want a firm with litigators so strong that it will make opponents gasp in fear at the very mention of its name. You want a firm that is known internationally for “go[ing] for the jugular” and coming out on top.
But how can you ensure that you’ve picked the right firm? BTI Consulting Group just made it a little easier with the release of its annual ranking of the firms “most likely to trigger dread” in opposing counsel, as determined by a poll of about 300 in-house attorneys. After reviewing all responses, BTI named the “Fearsome Foursome,” the most-feared litigation firms in the country.
Which firms returned to this year’s list and which firms dropped off of it? Check out the latest rankings…
* Earlier this week, Verizon faced off against the Federal Communications Commission in a net neutrality battle royal before the D.C. Circuit. Next time, make FiOS work before trying to get a do-over on the way the internet runs. [New York Times]
* “I see my job as an air traffic controller. And I see an unending line of airplanes.” Federal judges are buckling under the heavy weight of their caseloads, and from the sound of it, they’re not at all happy about the situation. [National Law Journal (sub. req.)]
* Which Biglaw firms strike the most fear into the hearts of their opponents when it comes to litigation? One firm got the boot from last year’s list, and we’ll have more on this later today. [Law360 (sub. req.)]
* Duane Morris is the first U.S. firm to open an office in Myanmar on some prime real estate. Be jealous of their associates as they bask in the splendor of its beautiful architecture. [Philadelphia Business Journal]
* A trio of Quinn Emanuel partners, including John Quinn himself, teamed up to open a high-class sushi joint in L.A. If he waits tables, he’ll definitely need someone to break a hundred. [Am Law Daily (sub. req.)]
* The Sixth Circuit affirmed the dismissal of a former student’s suit against Thomas M. Cooley Law School, and now he’ll have to live with shame for all eternity after being branded a cheater. [Law360 (sub. req.)]
* Strippers aren’t independent contractors, they’re employees entitled to minimum wage, says a judge. Taking off their clothes for only $7.25 an hour will do wonders for their self-esteem. [New York Daily News]
* Lady Gaga is being taken to trial over the wage-and-hour lawsuit filed by her former personal assistant. We wonder if the pop star will be as foul-mouthed on the stand as she was in her deposition. [ABC News]
As was vividly demonstrated by our recent infographic, Biglaw’s summer associate classes have undergone a major and seemingly permanent contraction. For the most part, large — arguably bloated — summer associate classes are a thing of the past. Among the Am Law 50, only eight firms are bucking this downward trend, with actual increases in the size of their summer classes since 2007. These firms are a collection of Wall Street’s oldest and most elite white shoe mainstays: Sullivan & Cromwell, Cravath, Davis Polk, and their ilk. On average, these firms were founded 112 years ago (i.e., during the McKinley Administration). The outlier here is the relative upstart litigation powerhouse Quinn Emanuel, founded only back in 1987.
Besides the durability and strength that comes with such a refined pedigree, what other trends are apparent in this great downsizing of Biglaw’s summer associate classes?
When it comes to the deposition process, it can get painfully boring for everyone involved. That’s why we love it when deponents spice things up by telling attorneys to “suck [their] dick,” or by accusing counsel of asking “stupid-ass questions.”
Sometimes, even the lawyers get involved in the fun, by drawing pictures of male genitalia or asking probing questions like, “So, your jurisprudential hymen is being ruptured?” We thought that we’d seen it all when it came to deposition antics, but it seems that we were incredibly mistaken.
Has a naked man ever interrupted one of your depositions?
Ed. note: This is the latest installment in a new 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.
From Q3 2012 through Q2 2013, we have seen approximately 7,500 lateral moves at the top 200 law firms. Approximately 4,500 (60%) were associates; 1,900 (25%) were partners; and perhaps most surprisingly, 1,100 (15%) of the lateral movement consisted of “counsel” or “of counsel” positions.
To clarify, some firms promote their senior associates to a “counsel” position based on seniority, but even excluding this pool of associates, that still leaves a significant number of counsel-level laterals finding opportunities within new law firms. From April 2012 to the end of the second quarter this year, Gordon & Rees had the largest number of lateral counsel transitions, with 34 (in large part due to the fact they opened seven offices in 2012 alone). Seyfarth Shaw, Greenberg Traurig, and Wilson, Elser, Moskowitz, Edelman & Dicker followed closely with 26, 23, and 22 counsel placements, respectively. Notably, Quinn Emanuel Urquhart & Sullivan had 11 counsel transitions in that same timeframe, 8 of them from a group of more than 15 Skadden Arps product liability attorneys who followed colleagues Sheila Birnbaum and Mark Cheffo, two heavyweights in the product liability world….
In our recent offer rate round-up, we suggested that the summer associates of 2013 might be a bit… boring. Based on the dearth of juicy summer associate stories, the outgoing SAs don’t sound very fun.
That doesn’t mean, however, that they didn’t have fun this summer. They probably did — because as we know from prior years, Biglaw firms know how to put on great summer programs (which bear little resemblance to what life as an associate is like; you all know the old joke about summer programs).
This takes us to today’s topic: which law firm put on the best summer associate event of 2013?
* Judges on the Third Circuit bench must really ♥ boobies. Breast cancer awareness bracelets can’t be banned by public schools if they aren’t lewd and if they comment on social issues. [Legal Intelligencer]
* A bevy of Biglaw firms were involved as advisers in the sale of the Boston Globe, Newsweek, and the Washington Post, including Cleary Gottlieb, Cravath, and Morgan Lewis, among others. [Am Law Daily]
* After surviving a motion for disqualification, Quinn Emanuel will continue to represent Snapchat. A short video of John Quinn laughing his ass off will be available for the next 10 seconds. [TechCrunch]
* Alex Rodriguez, the only MLB player who will be appealing his drug-related suspension, has hired Reed Smith and Gordon & Rees to hit it out of the park during arbitration proceedings. [Am Law Daily]
* Don’t say we never did you any favors: Here are the top 5 mistakes new in-house counsel make from the perspective of outside counsel. Take a look before you make them yourselves. [Texas Lawyer]
* We saw this coming back in June (seventh item), but now it’s official. Prenda Law has dissolved after posting six figures in bonds for various ethical sanctions. Next step, bankruptcy? [National Law Journal]
After hearing rumors of no mid-year bonuses at QE, we reached out to the firm for comment. Founding partner John Quinn confirmed the reports, correctly noting that the market has not paid spring or summer bonuses this year.
John Quinn also denied various other rumors about Quinn Emanuel, to which we now turn….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: