As The Economist concisely explains, a verein is “a Swiss partnership that lets [law firms] maintain separate national or regional profit pools under a single brand.” For purposes of preparing its influential Am Law 100 rankings, the American Lawyer treats a verein as a single firm — a decision that some at non-verein firms object to.
Let’s hear some of the complaints — and then, interestingly enough, a defense of the vereins’ financial performance in 2013, which might have been better than Am Law suggested….
It’s not surprising that law grads from top-50 schools have better job prospects than graduates from less prestigious law schools. What’s surprising is how large the gap is.
While there are more than 200 ABA accredited law schools floating around, the employment outcomes from those beyond the first tier are embarrassing. All law schools will tell you that their education is worth the high price of tuition… but it seems that around 150 of them are lying.
Last week, Above the Law released its second annual law school rankings. We rank the top 50 law schools, using the most recent employment data (from the class of 2013). It turns out that those recent employment stats suggest that there are really only 50 schools worth going to — at least if you want to get a job after you graduate from law school.
* Boies Schiller announced it will be working with Hausfeld LLP for the limited purpose of creating a new practice group that will allow the firms to co-represent professional athletes. (Sorry, college athletes, you don’t count yet.) [Bloomberg]
* It’s highly likely that departing White House counsel Kathryn Ruemmler will return to her former stomping grounds at Latham & Watkins. Imagine how many pairs of shoes she’ll be able to buy with her Biglaw money. [Washington Post]
* Governor Andrew Cuomo is so desperate to keep the Buffalo Bills in Western New York that he recently inked a $350K deal with Foley & Lardner to convince the team’s future owners to stay put. [Buffalo News]
* The Above the Law Top 50 Law School Rankings are virtually ungameable, but Kyle McEntee of Law School Transparency proposes a novel way deans can try: by lowering tuition. GASP! [Law.com (reg. req.)]
* Marc Randazza, one of the preeminent lawyers on First Amendment rights (who happens to represent us from time to time), thinks what happened to Don Sterling was “morally wrong.” Interesting theory. [CNN]
As we noted last year when we spoke at length about law firm branding, “[a]side from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand.”
With so many law firms out there in the world, it may be difficult to figure out which one is right for a client’s specific needs. Amid recent layoffs of all kinds, even from the most respected of firms, how is one to decide which Biglaw firm to roll with?
As luck would have it, there’s a ranking to determine which firm has the strongest brand in the business — one that can withstand even the bad taste that layoffs can leave in a client’s mouth….
I’m the official “rankings hater” around here, and that hate extends even to rankings that I helped design. There is some useful consumer information in the Above the Law rankings — but it’s also important that consumers understand what is not here, what we didn’t do, and what our rankings can’t tell you.
Let’s talk about that. Let’s talk about what’s wrong with our rankings…
Back in March, we brought you news on the law schools with the most heavily indebted graduates. It was quite shocking to witness the depths to which these poor souls went to finance their legal educations. Take, for example, the average graduate from Thomas Jefferson School of Law, who has $180,665 in debt — and also has a 29 percent chance of working as an attorney nine months after graduation. That’s absolutely terrifying.
But in a world where the average class of 2013 law school graduate carries a debt load of $108,815 (up from an average of $108,293 for the class of 2012), there must be a few schools out there that won’t destroy a would-be lawyer’s financial footprint forever.
Which law school graduates have the least debt of all? U.S. News has a ranking for that…
We present the second annual ATL Top 50 Law School Rankings. Just as we did last year, we based our rankings methodology purely on outcomes, especially on the schools’ success in placing their graduates into quality jobs as lawyers. In addition to focusing exclusively on such outcomes, ours are the only rankings to incorporate the latest ABA employment data concerning the class of 2013.
We’re about to release Above the Law’s second annual ATL Law School Rankings. We’re doing it live on the Kaplan180 tonight at 8:00 p.m. Click here to watch the show, or hop on to Above the Law after 9:00 p.m., when we will reveal the full rankings.
The book that everyone’s talking about right now is Capital in the Twenty-First Century by French economist Thomas Piketty. In his bestselling, critically acclaimed, 600-page tome, Piketty documents and diagnoses the growth of income inequality in the United States and around the world.
What’s true for the global economy seems to be true for law firms as well. As we mentioned in Morning Docket, the American Lawyer just released the latest Am Law 100 rankings, the biggest rankings in the world of Biglaw. Here’s the key takeaway, captured in the magazine’s headline: “The Super Rich Get Richer.”
How rich are the “Super Rich” these days? Let’s peek at those profits per partner….
* Meow! Last week, in a rare move, Justice Sonia Sotomayor let the world see that she’s not exactly the best of friends with Chief Justice John Roberts through her fiery dissent in the Schuette affirmative action case. [National Law Journal]
* The Am Law 100 law firm rankings are out, and 2013 is being described as a “middling” year for most Biglaw firms. On the bright side, it looks like the big and rich got even bigger and richer. We’ll have more on this later. [American Lawyer]
* Secrets, secrets are no fun: The search for a new dean is on at George Washington University Law, but professors say they were “sworn to secrecy” on the candidates who’ve visited campus. [GW Hatchet]
* “It’s not about me getting the money; it’s about showing the NFL you can’t do this.” Ex-Vikings punter Chris Kluwe may sue the team after being cut for expressing positive views on gay marriage. [NBC Sports]
* Donald Sterling’s wife ain’t sayin’ V. Stiviano is a gold digger — she’s alleging V. Stiviano is a gold digger. This, plus the accusations of racism against Sterling, is a flagrant foul. [L.A. Now / Los Angeles Times]
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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.