But this has started to change over the past few years, as managing partner Thomas Reid discussed in an August 2011 interview with Am Law Daily. In the August 2010 to August 2011 period, DPW hired a half-dozen prominent lateral partners.
And the lateral hiring spree continues (although not without the occasionalsnag). Let’s hear about Davis Polk’s latest high-profile hire, a new lateral partner at Paul Hastings, and an addition to the leadership of Orrick….
Sorry, folks — we couldn’t make it two full weeks without a story about law firm layoffs. We continue to hear reports about them, which we publish as we get sufficient corroboration for each one. If you have information to share, please email us or text us (646-820-8477; texts only, not a voice line).
Thus far, layoffs have hit support staff the hardest. Junior staffers often bear the brunt, since some of the layoffs are seniority-based.
But senior people, including law firm management, are not immune to the cuts. One law firm recently laid off two executives, along with about twenty staffers…
Here’s the thing about these “onshore,” “insourcing” operations: they are successful. Ridiculously successful. In an article in the Pittsburgh Post-Gazette, Orrick chairman Ralph Baxter called the decision to open the Wheeling center “one of the smartest decisions we’ve ever made for the firm and our clients.” And that’s coming from a man who made the smart decision not to merge with Dewey Ballantine.
That’s why every Biglaw managing partner, and every law student thinking of taking out hundreds of thousands of dollars to go to law school, should pay attention to what’s going on in Wheeling…
* Global agribusiness group Monsanto Co was awarded $1 billion in a patent infringement case against DuPont for improperly duplicating some kind of crazy seed technology. [New York Times]
* For particularly thick-headed employers who don’t understand it’s a bad idea to ask employees for Facebook passwords, now Illinois will fine them $200 for doing so. [Chicago Tribune]
* A federal judge in Washington sanctioned well-known plaintiff’s attorney Joy Ann Bull for filing grossly inflated fee statements. She was consequently asked to resign her partnership at Robbins Geller Rudman & Dowd. Welcome to the breadline! [LegalNewsline]
* Should a trial judge who is a Brooklyn Law grad recuse himself from a case against Brooklyn Law filed by Brooklyn Law alumni? Meh… [National Law Journal]
* As Ralph Baxter nears retirement, who will be chosen to lead Orrick, Herrington & Sutcliffe? [Am Law Daily]
* The Ninth Circuit already issued an injunction against Arizona’s new late-term abortion ban. Like they say, it’s all about shakin’ hands and killing kissin’ babies. [Thomson Reuters News & Insight]
* The psychiatrist James Holmes was seeing at the University of Colorado was so alarmed by his behavior sometime before his alleged shooting spree that she notified the school’s “threat assessment team,” but apparently nothing was done. Looks like someone missed the assessment boat, by like, and ocean or two. [Denver Post]
You'd smile too if you got home in time for dinner.
Today’s New York Times has a front-page story by Catherine Rampell entitled At Well-Paying Law Firms, a Low-Paid Corner. The article focuses on the phenomenon of “career associates” or “permanent associates” at large law firms. These lawyers are not eligible for partnership consideration and earn less than traditional associates, but they do enjoy a better “lifestyle,” in terms of more-reasonable hours and greater control over their schedules.
These positions generally pay around $60,000, significantly lower than the $160,000 that’s standard at top Biglaw shops. They are typically located not in New York or Chicago or L.A., but in more out-of-the-way places — such as Wheeling, West Virginia, where Orrick has its back-office operations, or Dayton, Ohio, where WilmerHale has “in-sourced” much of its work.
We mentioned the Times article earlier today. Morning Dockette was not impressed: “Career associates get to have ‘lifestyle’ jobs at Biglaw firms — but really, what kind of a lifestyle is it when you have to live in a crappy city with an even crappier salary?” Elie has also criticized these positions, characterizing them as “barely legal” jobs.
But such criticism might be overly harsh. Let’s look on the bright side….
Well, that was fast. Last week we learned of preliminary merger discussions taking place between Akin Gump and Orrick. But this morning, spokespersons for each firm released the following joint statement (which differed only in which firm’s name came first):
[The firms] have mutually agreed to conclude preliminary discussions regarding the possibility of a merger. The firms appreciated the opportunity to have the discussions, which confirmed their mutual respect for one another. However, the firms have determined not to proceed.
For an assessment of the pros and cons of an Akin / Orrick union, see here.
Yesterday we discussed the merger talks that are currently taking place between Akin Gump and Orrick. We solicited your views on a possible combination, and we received some interesting feedback (in the comments and by other means).
Let’s start with the happy stuff. Here are some positive takes on an Orrick / Akin merger, from the comments (yes, positivity in the comments — it happens):
“I have been at both firms and I believe it would be a good fit both geographically and practice-wise. Orrick is almost all about finance, and finance is one key area that Akin lacks real depth.” [FN1]
“#1 Vacuum company in America + #1 brand of cocktail shrimp = unstoppable legal force.”
But it’s not all vacuums and cocktail shrimp, sunshine and puppies. Insiders with knowledge of both firms also identified downsides to a possible Orrick / Akin merger….
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
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