Biglaw is getting less big when it comes to office space. As we recently mentioned, law firms are spending less on their real estate. They’re renting smaller spaces, often outside the central downtown areas they’ve traditionally favored. As the American Lawyer put it, “[a]s a result of tightening market conditions, some firms are gravitating to ‘unorthodox’ locations in areas right outside the central districts they usually prefer.”
Consider the move that Skadden Arps just announced for its Manhattan headquarters. It’s going to an area that is certainly “unorthodox,” perhaps downright icky….
* When asked what his favorite SCOTUS decision was during his POTUS tenure, Obama said it was the high court’s cert denials on the gay marriage cases. Well played, sir. [Wall Street Journal]
* “Leverage has started to shift away from law firms.” Despite the fact that their headcounts are rising, Biglaw firms are downsizing office space as rents keep climbing higher. [Am Law Daily]
* Schools are trying to slap lipstick on the pig that legal education has become amid an “anemic job market.” We bet your law school has some shiny new innovations too. [News Observer]
* Citing the fact that “the courts do not exist to win popularity contests,” a judge sentenced Oscar Pistorius to five years in prison. Serious question: Will he be allowed to bring his prosthetic legs? [New York Times]
* Nancy Grace and her friends have pitchforks at the ready because Jodi Arias’s penalty phase retrial begins today, and another jury will decide if she deserves to die for murdering her boyfriend. [Reuters]
Conventional wisdom says you can’t compare apples to oranges. That’s stupid. Of course you can. Oranges are better. An orange is a delicious treat, while an apple is a healthy “snack” for people too embarrassed to have another bag of Doritos. Orange juice is also clearly superior to apple juice. The only people who truly prefer apples are those without the patience or dexterity to peel an orange.
Lots of people rank law firms. We even did it. And you can dice up law firm rankings in so many ways: most prestigious firm, safest firm, elite-est-ist firms, best firms in inter-coastal lowland regions.
That’s all great, but if you are going to work in a Biglaw firm, you are going to be working in a specific office. And not all offices are created equal, even within the same firm. There are firms that aren’t thought of very highly overall, but a specific office of their operation might be doing great work and be the place for your kind of thing.
And let’s drop the artifice that every graduating law student has a burning desire to work in New York or L.A. or Dallas. Some do. Some just want to work at the “best” firm they can, and they don’t really care which stop they have to take on the Acela. You think anybody wants to live in New Haven for three years? Come on. They go to Yale because it’s the best. And they’ll go to San Francisco or Chicago if there’s a better offer on the table out there than in New York City.
As usual, Above the Law wants to help you. So let’s look at some of the more interesting office disparities, and then look at our full list…
Today’s Lawyerly Lairs column is about a Skadden associate’s search for a home (other than 4 Times Square, where he surely spends most of his waking hours). The firm requires sacrifices of its lawyers, but it also offers rich rewards, including generous pay and ample prestige. There’s a reason that Skadden is a top 10 firm in our new law firm rankings.
Working at Skadden gives you the ability to buy a Manhattan apartment while you’re still in your early 30s. The home we’re about to view is not a lavish lawyerly lair, but it’s a perfectly respectable starter apartment.
This is a continuation of the past three articles I published in ATL over the past month or so. My first article argued that Profits Per Partner is a great servant for a law firm but a bad master. In my second article, I set forth our Profits Per Partner Emancipation Plan as an alternative. In my third article, I set forth what I believe is the highest level in law firm profitability analysis, which is to “embrace” the volatility inherent in the practice of law. In this final article, I will give some thoughts on how a law firm could indeed Embrace Volatility.
Before getting to that, I will mention as an aside that I wrote a few weeks ago in this column an article entitled “Are Lawyers Only Happy When They’re Miserable?” That article largely dealt with how an individual might in fact Embrace Volatility. This article is directed not at individuals but at law firms.
If you have been reading my past articles, you may be open to at least considering how Embracing Volatility might be a good thing for a law firm. But is this whole concept just a fantasy, like it would be nice to not be afraid of snakes but you can’t help it and just reciting “I am not afraid of snakes” isn’t going to work? I don’t think so. I think the following simple steps would do it quite nicely:
* Dickstein Shapiro’s IP practice was raided by Manatt Phelps & Phillips, and now the struggling firm is down one practice group coleader thanks to its partner defections. [Am Law Daily]
* Contrary to popular belief, O’Melveny & Myers is not opening a Portland office. Instead, the firm is setting up a temporary shop to work on a local patent trial. [Portland Business Journal]
* You can turn an IPO into a gold mine for your firm using this one weird trick. Discover how you can turn that one deal into your future. Prepare to be shocked. [Law360 (sub. req.)]
* Now isn’t the best time to enroll in law school. It’s also not the best time to rank law schools as “top” schools based on enrollment alone. Seriously, have you even heard of all of these law schools? [Birmingham Business Journal]
* Thanks to this Georgia appellate ruling, parents may now be held responsible for what their silly little children who weren’t supposed to be on Facebook are posting on Facebook. Dislike. [WSJ Law Blog]
* John Grisham says not all consumers of child pornography are pedophiles. Here’s a story about one of his law school pals: “He shouldn’t ‘a done it. It was stupid, but it wasn’t 10-year-old boys.” [The Telegraph]
The rise and fall of Melvyn Weiss is one of the most dramatic stories within the legal profession. The Bronx-born Weiss, a graduate of NYU Law School, founded Milberg Weiss, which went on to become the nation’s top class-action securities firm. Weiss and his partners became millionaires many times over.
But it turned out that the firm rested on shaky ground. In 2008, Mel Weiss pleaded guilty to participating in a kickback scheme that helped him get clients and cases. Weiss got sentenced to two and a half years in federal prison and had to pay more than $10 million in forfeitures and fines. Milberg Weiss itself had to pay $75 million to settle charges relating to the racketeering conspiracy.
Too bad Weiss had to do prison time. House arrest would have been pretty sweet in his waterfront mansion on Long Island’s Gold Coast, now on the market for $18.8 million….
Earlier this year, when we mentioned lawyers’ love lives (or the lack thereof), we wrote that “[l]awyers may not lead the most luxurious of lifestyles, but if you’re single and looking, it’s still a profession that will make prospective dates ooh and aah.” In fact, “[m]ost people in the average dating pool think being a lawyer is a road to riches, thus making these eligible bachelors even more appealing.”
Some lawyers, though, really do have the full package — they’re handsome, well-educated, and filthy rich. To that end, Gotham Magazine is currently running its Most Eligible Bachelors competition, and as luck would have it, some influential attorneys made the list.
Feast your eyes upon some of Biglaw’s best and brightest, and then vote for your favorite…
I know Lat usually does the Lawyerly Lairs. Lat likes to see how fabulous people live. I’m less interested in that. My thing is more about mocking those less fortunate than me.
When the tip came in — “please help this poor public defender unload this real estate” — you can guess which one of us was more interested. PD real estate? Is it a Lincoln Continental? Is it a houseboat floating just off of Riker’s?
Sadly, for comedic purposes, the tipster has a legitimate house. Plumbing and doors and furniture that isn’t made of cardboard. Turns out the tipster is a federal public defender instead of a local, cannon-fodder PD. But, if you look really closely, you can see the signs of a person who works for clients who can’t afford anybody else…
This is a continuation of the past two articles that I published in ATL over the past month. My first article gave my view that the profitability metric of Profits Per Partner is a good servant but a bad master and, as a master, it is a root cause of serious problems for Biglaw. In my second article, I put forth a Profits Per Partner Emancipation Plan as a different way of doing business that I hope will eventually be adopted. Now, here I am giving my theory on what I think is a higher level of law firm profitability analysis, which is to “Embrace Volatility.”
Let me start by asking you: what is it that we all crave in our hearts? I mean, we all want money and power and fame and to be cool and good-looking and talented at sports or music or acting — but in addition to that — I think it is one of the basest human emotions to crave:
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: