Retirement

Surprisingly this lawyer isn’t named “Captain Obvious.”

He’s James Kidney, an SEC Enforcement lawyer who joined the agency in 1986 and served there ever since with a four-year detour to work at Aetna. At his well-attended (about 70 people) retirement party, he fulfilled the dream of every retiring employee and called out the B.S. he’d witnessed in his years on the job. And at the SEC, that B.S. dealt mostly with a revolving door culture of fearful superiors more interested in harassing low-level offenders while turning a blind eye to anyone with responsibility on Wall Street.

This must have been an awesome party.

What else did he say?

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I recently had dinner with the dean of a law school. To give you a sense of this person’s perspective, I’ll say that he (or she, but I’ll use the masculine) is responsible for a law school that U.S. News ranks somewhere between 50 and 100. His school has thus been hammered by the Great Recession and the decrease in applications to law school, but the school is not (yet) thinking of turning out the lights.

I didn’t actually pry into what was happening at his school. He simply volunteered that his life was far different now than it had been a very few years ago. I guess that’s no surprise, given the tumult of the times.

Anyway, what are law school deans doing these days?

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The legal profession is not what it once was. It seems like every week, we’re writing about the same topics, over and over again: tumbling profits, partner departures, and layoffs. Biglaw’s focus on the bottom line is even sharper than in years past, and that means that when firms are hurting for cash, the first thing they’ll cut is “excess” personnel.

For a firm that sank like a stone in the most recent Fortune “Best Companies to Work For” rankings, sliding from #62 to #81 in just a year’s time, reducing ranks is sure to earn it another demotion.

Not so fast, though, because to our knowledge, this leading law firm isn’t desperately seeking dollars, and it’s not conducting layoffs just yet, either — instead, generous buyout packages are being offered…

(Please note the UPDATES to this post below.)

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When a Biglaw firm gets a new chairman, you can be relatively sure that things are going to change, especially if the firm is in the middle of the pack in terms of size and profitability.

Sure, the firm might have been happy being in its Goldilocks position before, but this is the New Normal. Maybe being not too big, but not too small just isn’t going to work anymore.

This firm may have the urge to merge — it’s already spoken to “three or four” potential partners. As we know, with mergers come reductions in redundancies, and it seems like this firm is looking to slim down to be a more attractive mate.

Which firm are we talking about, and how many heads are expected to roll with its planned cuts?

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD suggests five New Year’s Resolutions for every associate’s wallet.

Being financially conscious requires a disciplined mind and willpower similar to what you would need to succeed at losing weight. You’re not going to lose those 10 pounds by carving out an exception, for say, your daily caramel latte from Starbucks. No ifs, ands. or buts when it comes to meeting financial goals. If you’re ready for the challenge, here are some ideas for New Year’s resolutions that you can tailor to your personal financial needs.

1. Aim for quarterly progress in paying down your law school loans.

Continue reading at the ATL Career Center…

The media has toppled a barrel of digital ink on the issue of Justice Ginsburg’s insistence on retaining her seat on the Supreme Court. Above the Law has even mentioned it once or twice or thrice. Like any other conventional wisdom story emanating from inside the Beltway, someone raised the issue, Justice Ginsburg said “no,” and then scores of pages were written explaining how she was wrong. And now, as that’s played itself out, scores of pages are going to be written taking the stance that maybe Justice Ginsburg… isn’t wrong?

Well, she is wrong, and bucking the trend of conventional wisdom makes for fun thought experiments, but isn’t as helpful when it comes to discrete, short-term decision-making. The thinking is all too clever by half and should be heaved onto the bonfire of civil liberties Scalia has cooking in his mind….

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Retiring to a stately manor in the countryside and spending your remaining days drinking scotch and smoking cigars. A quaint life away from it all, secluded from the hustle and bustle of all those people in the big city. That sounds like a lovely retirement plan. Or the ambition of an Austen protagonist. In any event, one young lawyer out there wants this retirement to become his reality, and he’s taken to the Internet seeking donations to fund his early retirement. He’s only seeking $5 million. That’s some expensive scotch.

If you want to help out this lawyer with a small donation, I guess there’s just one more tidbit of pertinent information you should know:

He has kinda run a designated hate group before….

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As we get closer and closer to the Thanksgiving holiday, staff members and now attorneys — thanks, Patton Boggs — grow more and more worried about the possibility of their own impending doom. This week alone, we’ve seen one firm offer buyouts to employees and another firm hand out pink slips like candy.

And now, with just two weeks until Black Friday, we’ve got some news that’s sure to make employees’ lives at one firm just a little more dim.

Which Biglaw firm is offering voluntary buyouts to a significant chunk of its employees (rumored to be in the triple digits) this time around?

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Hot on the heels of the layoffs at Fried Frank, we’ve got the details on yet another Biglaw firm that’s tightening its belt. Perhaps Fried Frank’s layoffs can be excused by the fact that its profits per partner dropped by 16.8 percent year over year, according to the latest Am Law 100 rankings. The latest firm has no such excuse — its profits per partner increased by 7.8 percent from 2011 to 2012.

But apparently that increase was a little too modest, because the firm is now opting to kick its older employees to the curb in favor of the latest technological advances (just like every other firm).

Which one is offering voluntary buyouts to its employees in order to welcome our new computer overlords?

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When CBS told Judge Joe Brown that he was getting canceled in March, it seemed as though the world would lose its second-favorite celebu-judge.

Thankfully, Judge Brown has not become a stranger. Hitting the town the other night, Judge Joe Brown allowed himself to be taped in an impromptu interview with other revelers. And what interview is complete without some young hotties draped around the subject?

No, the Judge has not gone gently into that good night.

He may have stumbled though…

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