Last week, we discussed the effort by Dewey & LeBoeuf to hold on to departing partners by enforcing its 60-day notice requirement. Partners that leave without complying with the requirement can miss out on profit distributions.
Alas, the response of many partners seems to be, “So what?” Yesterday brought word of about eight partners leaving Dewey. And since our story this morning about Dewey’s tax-time troubles, even more defections have been announced.
So who are the latest lawyers to leave, and where are they going?
It’s getting hard to keep track of all the partner departures from Dewey & LeBoeuf. Thankfully, over at Am Law Daily, Sara Randazzo and Nate Raymond have this handy round-up. The bottom line is that the firm has 53 fewer partners than it did in January: one retired, one left for personal reasons, one went in-house, and fifty (50!) jumped over to rival law firms. You can review the biggest beneficiaries of Dewey defections over here.
So what Dewey do about the problem of fleeing partners? We get medieval on the cowards….
Who is to blame for the recent troubles afflicting Dewey & LeBoeuf, the global mega-firm created from the 2007 merger of Dewey Ballantine and LeBoeuf Lamb? In our recent reader poll, we offered four options: the legacy Dewey side, the legacy LeBoeuf side, both sides, or neither side.
Prominent M&A and private equity lawyer John Altorelli, who recently left Dewey to become a partner at DLA Piper, has some opinions on this issue. In a recent interview with Am Law Daily, he offered a candid diagnosis of what brought D&L to where it stands today, as well as an assessment of its future prospects.
Altorelli was less forthcoming when the New York Post contacted him over the weekend about his alleged love affair with a beautiful Russian spy (her picture after the jump)….
Litigation against law firms: it’s all the rage right now. Earlier this week, Sara Randazzo of Am Law Daily did a round-up of over a dozen lawsuits in which law firms have been named as defendants.
Such lawsuits come, and such lawsuits go. Let’s look at the “going” side of the ledger. A federal judge just dismissed the high-profile lawsuit filed by Yolanda Young — a pundit, published memoirist (affiliate link), and Georgetown-trained lawyer, as noted on her website bio — against the elite D.C. law firm of Covington & Burling….
Many former partners at major law firms spend their post-Biglaw years living large — as well they should. After all, they worked very hard, for many years, to amass seven-figure, eight-figure, or even nine-figure fortunes. After leaving behind the life of billing 2000+ hours a year, they finally have time to enjoy the fruits of their labor.
But not all ex-partners find themselves on Easy Street. Take, for example, these two ex-partners in California — one whose civil suit against her former firm isn’t going so well, and one who might be going from Biglaw to the Big House….
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 seven years. You can reach them by email: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
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