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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.