Real Estate

Bruce Stachenfeld

There – I always wanted to write an article that had such a strange title that people would look at it and wonder what I was talking about. So here goes….

Everyone just loves to beat up on the big law firms. I keep reading articles everywhere that say:

They are overpriced.

They are inefficient.

Their partnerships destroy innovation.

They are terrible places to work – sweatshops – associates are worked to death until they quit.

Their business model is broken.

There was even a book that came out a year or so ago with a great title, The Lawyer Bubble: A Profession in Crisis (affiliate link). To me the book described the law business as part of a dying profession that is enmeshed in a conspiracy to ruin the lives of all in it — except the fat-cat senior partners at the top of the pyramid. I admit I read it a while ago and it is a bit hazy in my mind, but the author, a former Kirkland & Ellis partner, clearly is not a fan of the current state of Biglaw….

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* In this summer’s Biglaw lawsuitpalooza, real estate and conflicts took the lead as headliners. Poor Boies Schiller had double the trouble when it came to ethics complaints. Ouch. [Am Law Daily]

* New Jersey taxpayers owe Gibson Dunn & Crutcher about $6.5 million thanks to Governor Chris Christie’s Bridgegate scandal. Thanks for the pain in our pocketbooks, chief. [Daily Report (reg. req.)]

* “It’s been a minor inconvenience to us, but of course I don’t like somebody hijacking my name and using it to hurt someone else.” Two Florida law firms are investigating why someone sent out 42 anonymous state bar complaints against one firm using the other firm’s mailing address. [Orlando Sentinel]

* Charleston School of Law is starting a new academic year with even more confusion than it was in last year, considering that its InfiLaw buyout is in a state of flux. Maybe that’s a good thing. [Post and Courier]

* Three ex-Lingerie Football League players have filed class action suits against the club, alleging minimum wage law violations. Come on, pay these half-naked athletes a living wage. [National Law Journal]

* Robert Manfred Jr., formerly a partner of Morgan Lewis & Bockius, is now the commissioner of Major League Baseball, and he beat out another former Biglaw buddy from Kelley Drye & Warren to snag the job. [Am Law Daily]

* “My past is littered with the bones of men who were foolish enough to think I was someone they could sleep on.” Michele Roberts is the first lady to lead the NBAPU, and you don’t want to mess with her. [New York Times]

* In case you haven’t heard by now, Governor Rick Perry was indicted on Friday on felony charges of abusing his power in office. Aww, poor guy. Not for nothing, but we can’t wait to see his mug shot. [New York Times]

* Quinnipiac Law has a new building that cost $50 million, and it’s designed to hold between 400 and 500 students. With only 292 students currently enrolled, that’s a lot of wishful thinking. [New Haven Register]

* “This is a lawsuit against the lawyers for being lawyers, for doing what lawyers do.” It also seems to be a lawsuit that’s allegedly about sex, lies, illegal video tapes… and Waffle House. [Daily Report (reg. req.)]

In today’s Lawyerly Lairs column, we’ll step inside the beautiful home of a Biglaw partner — a name partner at an Am Law and Vault 100 firm, in fact. There aren’t many of those folks still around, since most of the nation’s largest and most prestigious firms are so old. Paul Cravath died in 1940, in case you’re wondering.

But there are a few Biglaw name partners around — at (relatively) young, super-profitable firms, like Wachtell Lipton, Quinn Emanuel, and Boies Schiller. And these lawyers own some fabulous real estate.

Which they sometimes put on the market. Let’s look at the next item up for bids: the D.C. home of a leading litigator, on the market for $4.85 million….

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Make fun of the University of Chicago Law School’s law-and-economics focus all you want. Their graduates make good use of the training, enjoying tremendous success in the business world. Some of them go on to become billionaires — and then make eight-figure gifts to their alma mater.

The legal eagle featured in today’s Lawyerly Lairs coverage isn’t a billionaire, but he has done very, very well for himself, in both business and politics. And real estate: he just sold his urban mansion for more than $11 million.

You’ll feel pangs of envy when you find out how little he paid for it — and when you see what a beautiful property it is….

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

For senior associates up for partner, firms have become increasingly focused on business potential and less so on an associate’s ability to outclass others in the courtroom or at the negotiating table.

In the days of yore, the partner track in Biglaw was oftentimes a reward for consistent competence and professionalism. In an era of PPP and RPL, most firms (other than the Cravath, Quinn, or Simpson Thacher types) are less likely to promote associates unless they see real revenue-generating potential.

If you find yourself in your fifth to tenth year and are unsure whether you will make partner, here are four steps to help you steer your career…

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Bruce Stachenfeld

I am famous for a saying. Actually I am not really famous, but I have a saying that I have been, well, saying for years, as follows:

“Lawyers are only happy when they’re miserable.”

What I mean is this: You are working round-the-clock so much you haven’t even been home for a full day and hardly at all for a month on a doozie of a deal. You are completely sick of it. All you can think of is when the deal will be “over.” You are clearly “miserable.” If only you could have your personal life back! Then, finally, the deal closes — at last. Your client is wiring out the funds. As the transfer of funds is happening, a (terrible) thought races through your mind. You hate yourself for the thought — you try not to have the thought — but you simply can’t help it… and the thought is that you are kind of worried because you have nothing to do now and that is disquieting… gee, what if work has really slowed… at some point this will be a real problem. You’ve had your personal life back for maybe a second — you haven’t even taken a shower — and you are worrying where your next deal will come from.

Or the other way around. Work has been slow — very slow — for a couple of months. You have enjoyed some rounds of golf and gone out to a bunch of dinners and lunches, but you really would like a nice tricky and challenging deal to sink your teeth into. And of course you are mindful of the fact that like it or not lawyers just have to bill hours. That is how we make a living, and you just aren’t billing hours. Not a good thing. You are edgy — if only you could have a big deal to work on….

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University of Colorado Law School — Ranked in the Top 10

We rank everything else about law schools, so why not their buildings?

A quality building may not be more important than a school capable of getting you a job, but there are advantages to nice buildings. If you’re going to law school, you will have to spend significant time there, so it may as well be nice. If you’re an alum, it’s always nice to see your donation to the school went to something nice.

So did your law school make the list of the top 50 best law school buildings in the world?

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285 Central Park West

Lawyers and their real estate transactions continue to make the news. Last weekend’s New York Times, for example, chronicled the hunt of a former Cahill Gordon associate and her husband for an apartment large enough for themselves and their three children. Boji Wong and Benjamin Berkman ultimately found what they were looking for, paying just a shade under $3.8 million for a 2,200-square-foot, three-bedroom co-op in tony Tribeca.

For our latest Lawyerly Lairs column, though, we’re going to take a trip uptown. We’ll check out the beautiful pre-war apartment that a noted entertainment lawyer and his wife, a high-profile journalist and writer, recently sold for a tidy sum — $5.3 million, to be more precise….

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Julius Towers

Our latest Lawyerly Lairs column is about a gay Filipino lawyer’s hunt for a new home on the island of Manhattan. (No, it’s not about me; I’m quite happy where I am, and I don’t own any dogs.)

Julius Towers, a 36-year-old intellectual property lawyer for Colgate-Palmolive, recently relocated from Queens to Manhattan. His search was complicated by a couple of canines: Felix, a Shiba Inu, and Athena, a golden retriever-poodle cross.

What was Towers’s budget, and where exactly did he wind up?

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