“Thank God” Britain didn’t join the Euro, said U.K. chancellor George Osborne last month, as the debt crisis in Greece began to spread to the much larger economies of Italy and Spain. But with the fortunes of the U.K. tightly bound to the rest of Europe (its biggest trading partner), the reality is that we’ll be hit almost as hard as our single currency-sharing neighbours if, as many expect, the crisis worsens.
Last week, as I did the rounds of the U.S. law firms in London in preparation for the commencement of these regular installments from across the pond, I asked various managing partners what European debt contagion would mean for large law firms in the U.K. And, predictably, they reeled off the standard recession line about law firms being “well placed to handle the anticipated wave of restructuring work.”
Doubtless there’s some truth to this. Indeed, Skadden and Linklaters are already riding the wave, with the pair currently advising on the merger between Greece’s second- and third-largest banks. Such are the demands of the deal that much of Skadden’s relatively small London office has apparently been required to temporarily decamp to Athens.
The worry is what happens after the restructuring is complete, with experts predicting that Eurozone sovereign debt defaults could precipitate a decade-long depression. This would be especially bad for the legal profession….
* Do you need to teach your wife a lesson? Allegedly, there’s an app for that. [Fox News]
* K&L Gates provides a soft landing place for David DeNinno, the former Reed Smith partner who was called out in JoEllen Lyons Dillon’s sex discrimination lawsuit. [Pittsburgh Post-Gazette]
* Delaware Chancellor William Chandler has decided to cash his chips in with Wilson Sonsini. [WSJ Law Blog]
* Can’t a girl date a drug dealer and prosecute the men accused of trying to kill him without everybody getting all worked up about it? [Philadelphia Inquiry]
* Can the Canadian government tax poker winnings? Then why can’t Canadian poker players write off poker losses as tax deductions? [Canadian Lawyer Mag]
* Sounds like the D.C. Medical Examiner’s Office needs Bones, or Dana Delany or something. [Underdog]
* Hey, Republicans, can you actually come up with a presidential candidate who was actually against Obamacare before a Democrat got it passed? It’ll make your protestations against the law seem less intellectually dishonest. [Huffington Post]
Back in December, we covered a gender discrimination lawsuit filed by JoEllen Lyons Dillon, a comely corporate partner at Reed Smith, against the firm (where she still worked at the time). Dillon’s allegations were salacious. She claimed, for example, that “work was diverted … to female attorneys who were willing to engage in sexual relations with members of management” — and that her refusal to engage in such relations hurt her at Reed Smith.
Dillon’s case was filed by Samuel J. Cordes, a prominent Pittsburgh employment lawyer. Despite his somewhat cheesy law firm motto, Cordes is well-regarded and seen as “only tak[ing] good cases,” according to one ATL tipster. Cordes promised that his client would, over the course of the litigation, produce specific examples of sexual quid pro quos at Reed Smith. Delicious!
Alas, today brings word that JoEllen Dillon has dropped her case. What happened?
* Elie here: Remember yesterday when I said that it was a prick move by the cop to issue that ticket on the mother of that comatose 13-year-old girl, and then all those commenters said the cops had no choice because issuing the ticket was an important matter in terms of the civil liability of the driver? Yeah, well, I stand by my initial analysis that the cop was a jerkhat. [New York Personal Injury Law Blog]
* How can lawyers dress to impress in 2011? [Lawyerist]
* So let me get this straight, it’s not okay for me to drink Four Loko and drive, but it’s okay for my car to do it? What’s up with that? [Alt Transport]
* Were passports biased against gays? Well, now they won’t be. [Huffington Post]
* If you’ve been following along with the most important news of today — which is obviously that the study showing that a crying woman is a total buzzkill — here’s an important counterpoint. Crying might be nature’s way of saying: “Stop beating on your wife you freaking a**hole. [Newsweek]
Pennsylvania legal circles are buzzing over a discriminationlawsuit filed yesterday in federal district court by a partner in the Pittsburgh office of Reed Smith. One source who informed us of the suit referred to “some really interesting allegations” against the firm.
A corporate and energy law partner at Reed Smith, JoEllen Lyons Dillon, alleges that her firm pays and promotes women less than men. Yawn; that’s definitely not “really interesting.” While unfortunate — or even outrage-inducing — if true, one could say the same thing about dozens, if not hundreds, of large law firms.
Far more interesting is Dillon’s claim that “work was diverted … to female attorneys who were willing to engage in sexual relations with members of [Reed Smith] management or with whom members of [Reed Smith] management had sought to engage in such relations.” Dillon alleges that because she “did not engage in such relations,” she was professionally penalized.
Dillon decided instead to have “relations” with her husband, resulting in the birth of twins. After she took time off to take care of the two tots, “her total compensation decreased, by almost half,” according to the complaint. Dillon claims that when she objected to this pay cut, partner David DeNinno, former chair of the Business & Finance Department at RS, asked if she was “done having babies yet.”
That’s just for starters. Dillon claims to have more dirt on her firm….
Earlier this week, I had the chance to sit down with David Tanenholz, one of the co-founders and partners at Hardinger & Tanenholz LLP (H&T), which is one of the few firms — if not the first — to promote itself solely as “discovery counsel.” And with their experience as Biglaw alumni, the two founders may represent a glimpse into the future of how lawyers can carve out a niche by fusing technology and project management.
So what is it that puts them ahead of the curve? Let’s find out….
* Why your job is making you depressed. Maybe because it sucks? [CNN]
* Women of Biglaw: think you have it bad? Your sisters on Wall Street may be even worse off. [The Careerist]
* Speaking of women in the legal profession, nominations are now being accepted for InsideCounsel’s Transformative Leadership Awards, which “honor women general counsel and law firm partners who have demonstrated a commitment to advancing the empowerment of women in corporate law.” [SuperConference]
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
* Musical chairs: Charles “Chuck” Greenberg — former head of Pepper Hamilton’s sports law practice, and the new managing partner and CEO of the Texas Rangers — is taking his team of sports lawyers to Reed Smith. [Am Law Daily]
* Crowell & Moring gets embroiled in litigation over legal fees and settlement money from a lawsuit arising out of the 1986 hijacking of Pan Am Flight 73 in Pakistan. [ABA Journal]
The New York Times has a nice survey piece about all the salary cuts imposed upon American workers. It’s a story that anybody holding down a job through this recession is probably aware of:
Local and state governments, as well as some companies, are squeezing their employees to work the same amount for less money in cost-saving measures that are often described as a last-ditch effort to avoid layoffs.
Yeah, we know, things are crappy.
But in its zeal to show that things are difficult for almost all workers, the Times seems to lump Biglaw in with the group of companies that are trying to cut costs by slashing salaries. As regular readers of Above the Law know, that might have been true in 2009. But in 2010, most Biglaw firms are not cutting associate salaries….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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