Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.
But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.
That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.
Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?
Lawyers John Michael Farren and Mary Margaret Farren were once a storybook couple. If Above the Law had been around in the nineties, they might have made the pages of Legal Eagle Wedding Watch. Mary Farren practiced energy law at the high-powered firm of Skadden Arps, where she attained the rank of counsel, and John Farren’s résumé was even more impressive: he served as general counsel to Xerox, a Fortune 500 company, before going on to serve as deputy White House counsel under President George W. Bush.
Their success transcended their impressive job titles. She earned $500,000 a year at Skadden; he made millions as GC of Xerox. They had ample material wealth — $3 million in cash here, a $4.6 million mansion there — and two lovely daughters.
And then things went wrong. Horribly, terribly wrong….
Skadden’s most famous contribution to the world of public interest law is surely the Skadden Fellowship program, which has been described as “a legal Peace Corps.” It was established in 1988, in honor of Skadden’s 40th anniversary as a law firm, and it supports graduating law students committed to public interest work as they embark upon specific projects at sponsoring organizations.
How many fellowships were awarded this year? Which law schools do the fellows come from?
* Stan Stallworth, the Sidley partner accused of sexual assault, has hired a prominent criminal defense attorney to represent him in the case while the firm stands by its man. [Am Law Daily]
* Wall Street regulators are considering approval of a formidable version of the Volcker Rule that would ban banks from proprietary trading. Voting occurs later today. [DealBook / New York Times]
* Skadden Arps has asked a judge to toss an FLSA lawsuit filed against the firm by one of its document reviewers. Aww, silly contract attorney — there’s no way you’re getting overtime pay. [Law360 (sub. req.)]
* Weil Gotshal is still leaking like a sieve. This time, Bruce Colbath, a partner from the firm’s New York office, defected to the Antitrust and Trade Regulation practice group at Sheppard Mullin. [Market Wired]
* Lawyerly Lairs, China Edition: Raymond Li, chair of the Greater China practice at Paul Hastings, just purchased a townhouse for about $95 million — and paid “mostly in cash,” homie. [Wall Street Journal]
* They’re extremely tardy to the party, but if the ABA Section of Legal Education and Admissions to the Bar gets its way, law schools will be subject to random audits of their employment stats. [ABA Journal]
* It’s a tough job that “can really beat you down,” but an organization called Gideon’s Promise just made it a whole lot easier for law students to secure jobs as public defenders in the South. [National Law Journal]
Not many firms try to trump Cravath, the traditional market leader when it comes to year-end bonuses. Most major firms are followers.
There are a few exceptions, and one of the exceptions is Skadden Arps. Back in 2008, Skadden announced bonuses before Cravath, and those Skadden bonuses turned out to be much higher than Cravath’s. When most other firms subsequently followed Cravath instead of Skadden, my colleague Elie Mystal mocked these firms for their “Half-Skadden” bonuses.
Skadden just announced its 2013 year-end bonuses. Did it beat the Cravath bonuses, or did it join them?
The ruins of a house on the outskirts of Tacloban, capital of Leyte.
Law firms and the legal profession have a long and distinguished tradition of contributing to the public interest. Earlier today, we highlighted five Biglaw firms that are pro bono all-stars.
Most pro bono cases involve clients and causes here in the United States. But in today’s increasingly global world, law firms look beyond borders when it comes to helping the needy.
Yesterday we commended Skadden for its generous support of Typhoon Haiyan relief efforts in my ancestral homeland of the Philippines. And today we recognize several other law firms that have joined in this worthy cause….
The Empire State Building, lit up with the colors of the Philippine flag to show support for Typhoon Haiyan victims. (Photo courtesy of Natalie Navarrete.)
When disaster strikes, lawyers are there (and not just to hand out their business cards). Lawyers and their law firms have responded swiftly and generously in the wake of natural disasters, giving of their time and treasure to help the victims of calamities around the world.
Lawyers and their law firms, especially Biglaw firms, have come to the aid of people affected by Hurricane Sandy, the Japanese earthquake and tsunami, and earthquakes in Haiti and China. We have chronicled and commended these efforts in Above the Law over the years.
In light of this track record, it should come as no surprise that one of the world’s top law firms is giving generously to support relief efforts in the Philippines, my ancestral homeland, where thousands have died due to Typhoon Haiyan (local name Yolanda). Which firm, and how much is it giving?
Would you rather be a great lawyer or be perceived as being a great lawyer?
For many people, I think the answer to that question varies over time: At age 30, you’d rather be a great lawyer. At age 60, you’d rather be perceived as being a great lawyer.
Because, over time, your reputation may come to track reality. If you’re perceived as great when you’re 30, but you’re actually no good, that truth may out over time. As you age, your reputation may catch up with you.
By the time you’re 60, your professional horizon will have shortened, and it’s less likely that the world will unearth your incompetence. If you’re perceived as being a great lawyer when you’re 60, you may well make it to retirement unscathed.
What of law firms? Would you rather that your firm be great or be perceived as being great?
Biglaw branding sounds painful, but thankfully, associates at the highest and mightiest of firms don’t have to sear their flesh with their firms’ logos. Biglaw branding is more about the image firms want clients to see when making hiring decisions, and partners are likely equally as worried about their reputations in the marketplace as their year-end profits.
The last time we spoke about law firm branding, we found out that Skadden had the most recognizable brand in the country. But we, loving rankings as we do, wondered which law firm had the best brand in the world. Luckily for us, hot on the heels of the release of the Am Law Global 100, Acritas published its 2013 Sharplegal Global Elite Brand Index.
Who’s got the best Biglaw brand on the planet? Let’s find out…
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.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.