Ed. note: Stat of the Week is a new feature that pulls data points from ATL Research as well as noteworthy sources across the web.
Rumors of a Bingham McCutchen/Morgan Lewis merger were confirmed this week when news broke that the two firms had reached an agreement to combine. The firms have a lot in common in terms of financial metrics: for 2013, Bingham came in at $1.48 million for profits per partner and $960,000 for revenue per lawyer, while Morgan Lewis posted similar numbers, $1.57 million and $945,000, in those categories (according to Am Law).
Something the two firms don’t have in common? The direction they’ve been heading in….
‘Out of balance’ is a type of balance, when you think about it.
ATL reader opinion was sharply divided over that recent law firm partner “Hang in There Baby/This Too Shall Pass” email. You’ll recall that the partner was seeking to reassure her younger colleagues who face the challenge of balancing the demands of the Biglaw grind against those of motherhood. Her message: eventually things will be better.
Only a few years ago, when the author was a new mother, she found herself “in the fetal position (ed. note: see what she did there?) on the kitchen floor so completely spent that honest to God I did know how I could get through another day.” Things improved; now the partner can promise her younger counterparts that “one day in the future,” when the kids1 can talk and brush their own teeth, “you will bake a pie and wear clean pants.” In between all-nighters prepping for trial, of course. While some found solace in this message, others found it to be cold comfort at best.
Let’s put aside whether one thinks the partner’s advice is uplifting or risible. For the sake of argument, if the legal profession — specifically law firms — is truly trying to foster the advancement of women attorneys, we can all stipulate that the effort is thus far a failure. What is going on when a fit of despair on the kitchen floor is such a “relatable” thing?
Today, the American Lawyer released its Am Law 200 law firm rankings — a closely watched list of the law firms that are rich and prestigious, but not quite rich and prestigious enough to become a member of the elite and influential Am Law 100. If this were law school rankings, you could think of the “Second Hundred” as the institutions that came in just a step below the lauded T14.
As we noted when the Am Law 100 rankings came out in late April, the key takeaway was that the super rich were continuing to get richer. When it comes to the Am Law 200, flat performance is still very much the new up. There were some outstanding performances, though, and 20 firms out of the Second Hundred were designated as “super rich,” just like their Am Law 100 cousins.
While some firms came out on top, others were merely surviving. How did the Am Law 200 stack up?
* When it comes to the U.S. Congress — especially the current one, said to be the least productive and least popular in history — and federal lawmaking, “action isn’t the same as accomplishment.” [Boston Globe]
* The Department of Justice won’t seek the death penalty against Edward Snowden, but only because the crime he’s charged with doesn’t carry that kind of punishment as an option. But oh, Eric Holder can wish. [CNN]
* Sorry to burst your bubble, but Biglaw as we know it is on a respirator, so be prepared to recite its last rites. The New Republic’s Noam Scheiber responds to the critics of last week’s hard-hitting piece. [New Republic]
* The grass isn’t greener on the other side right now. Revenue per lawyer rose at Biglaw firms in 2012 (up 8.5 percent), but small firms struggled (with RPL down 8.1 percent). Ouch. [National Law Journal]
* Let me Google that for you: Hot new technology startups have been looking to lawyers who hail from the innovative internet company’s ranks when staffing their own legal departments. [The Recorder]
* If you’re wondering why more financial crimes haven’t been prosecuted since the Wall Street meltdown of 2008, it’s probably because they’re too just difficult for most juries to understand. Comforting. [NPR]
* In a recent interview having to do with all of the problems that law schools are currently facing, from shrinkage to joblessness, Professor Paul Campos sat down to politely say, “Told ya so.” [Denver Post]
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.
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: