* Dewey know how much it costs to keep this failed firm on life support while its remaining partners try to collect D&L’s unpaid bills? A little more than $2M a month, according to the latest reports. [WSJ Law Blog]
* Former Missouri senators — including two Am Law 200 partners — are asking begging Rep. Todd Akin to step aside so the Republicans’ chances of securing the Senate seat aren’t legitimately raped. [Am Law Daily]
* Howrey going to explain this one to the judge? The defunct firm is blaming a deadly forklift accident at a document-storage warehouse for hindering its wind-down process. [Bankruptcy Beat / Wall Street Journal]
* “No matter what they said, it’s not material? Is that what you’re alleging?” It figures that a Skadden partner argued that employment statistics were irrelevant in the fraud class action suit against Brooklyn Law School, but at least the judge attempted to set him straight. [National Law Journal]
* Alaska is suing to overturn federal oversight of its elections, because the portions of the VRA aimed at protecting African Americans aren’t applicable if you can see Russia from your house. [Chicago Tribune]
* An official at ICE is suing because his boss, a woman, allegedly “created a frat house-type atmosphere that is targeted to humiliate and intimidate male employees.” Pledging totally sucks, bro. [New York Times]
* Psst, we think we know what Victoria’s secret is, and she’s no angel. According to police, she’s got a very bad temper, and if you deny her money for booze, she may strangle you to death with her bra. [Daily Mail]
Contrary to popular belief, many lawyers who toil in Biglaw actually enjoy what they do. This is especially true of partners (as opposed to associates who just pass through on their way to in-house or government opportunities). Some partners enjoy their work so much that they’d do it for free — or at least for much less than the millions they typically receive.
Of course, even if you find fulfillment in the work you do as a law firm partner, you can’t deny that the other benefits are nice. Being a Biglaw partner certainly allows you to provide an upscale lifestyle for your family. And it might permit you to enjoy an early retirement for yourself.
When you earn millions of dollars a year in partner profits, with lucrative retirement benefits on top of that (assuming your firm doesn’t do a Dewey), you don’t need to work until you’re 65 or 70. Instead, you can get an early start on your golden years, pursuing all of the hobbies and interests that you never had the chance to explore while billing 2000-plus hours a year.
That’s exactly what a retired Skadden corporate partner, James Freund, has been doing. Freund, who is now 77, retired from SASMF back in 1996, around the age of 61 (a little early, but not hugely so).
A few years ago, Freund scaled back his lifestyle. He traded in his $5 million townhouse for an apartment — one that cost a mere $3 million. Being a retired Skadden M&A partner is a tough life, but somebody’s got to live it….
As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.
In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.
Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.
It’s time for celebration of a different sort — time to celebrate, and congratulate, the latest class of Skadden Fellows. The winners of these prestigious public interest fellowships were just announced, as they are every December.
As explained in the Skadden Fellowship Foundation’s press release, the 28 new fellows are graduating law students or judicial law clerks who are devoting their careers to public interest work. They’ll be working for organizations located in nine states and the District of Columbia, “focusing on issues ranging from the health and safety of low-wage immigrant workers in California to representing Russian-speaking victims of domestic violence and sex trafficking in New York.”
(Baby Jesus would be proud of what they do. Unless they work for the ACLU and try to ruin his birthday.)
Who are the Skadden fellows for 2012? Which law schools produced the most fellows? And what’s different about this year’s program compared to past years?
Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.
There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.
Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….
‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year.
These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve previously observed, “Partnership decisions often shed light on the current state of a firm, its prospects for the future, and its priorities. How many new partners did a firm make? How does the number of new partners this year compare to past years? In which practice areas did it make new partners? How many of the new partners are women or minorities?”
After the jump, we look at new partner news from ten top firms — perhaps you know some of these law firm superstars (and soon-to-be millionaires)? — and we invite you to discuss the new partners at your firm….
Biglaw isn’t all about high-stakes mergers and bet-the-company litigation. Many Biglaw firms take their commitment to pro bono very seriously. Obviously, these firms need to pay the bills, first and foremost. But when they can, many firms do try to give back.
As many of you already know, Skadden takes that commitment quite a bit further, with its Skadden Fellows program. We highlight this worthy program every year. The Skadden Fellowships are for law school graduates who want to devote their lives to public service, and the firm makes a major financial commitment to its fellows. From the Skadden Fellows website:
Fellowships are awarded for two years. Skadden provides each Fellow with a salary and pays all fringe benefits to which an employee of the sponsoring organization would be entitled. For those Fellows not covered by a law school low income protection plan, the firm will pay a Fellow’s law school debt service for the tuition part of the loan for the duration of the fellowship. The 2011 class of Fellows brings to 620 the number of academically outstanding law school graduates and judicial clerks the firm has funded to work full-time for legal and advocacy organizations.
It’s a sweet gig if you can get it.
And if you take a look at the list of Fellows — perhaps you know some of them? — you’ll notice that quite a few of them attend the top law schools in the country….
You can access the various charts via this portal page. Aric Press and Greg Mulligan summarize the results:
It could have been worse. That’s the best that can be said for the performance last year of The Am Law 100, the top-grossing law firms in the nation. Three of the four key categories we’ve measured for 25 years — gross revenue, head count, and revenue per lawyer — fell, while profits per equity partner (PPP) barely increased by 0.3 percent, or $3,463, to $1.26 million.
So PPP was basically stable in 2009 — not a bad result given the continuing economic weakness last year. Perhaps law firm partners are better business managers than they get credit for?
The Skadden Fellowship Foundation, described as “a legal Peace Corps” by The Los Angeles Times, was established in 1988 to commemorate the firm’s 40th anniversary, in recognition of the dire need for greater funding for graduating law students who wish to devote their professional lives to providing legal services to the poor (including the working poor), the elderly, the homeless and the disabled, as well as those deprived of their civil or human rights. The aim of the foundation is to give Fellows the freedom to pursue public interest work; thus, the Fellows create their own projects at public interest organizations with at least two lawyers on staff before they apply.
Fellowships are awarded for two years. Skadden provides each Fellow with a salary and pays all fringe benefits to which an employee of the sponsoring organization would be entitled. For those Fellows not covered by a law school low income protection plan, the firm will pay a Fellow’s law school debt service for the tuition part of the loan for the duration of the fellowship. The 2010 class of Fellows brings to 591 the number of academically outstanding law school graduates and judicial clerks the firm has funded to work full-time for legal and advocacy organizations.
The 2010 class of Skadden Fellows was just announced. Congratulations to the 27 winners, selected from 20 different law schools. Yale had four, Berkeley (aka Boalt Hall) had three, and Stanford and Fordham had two each.
Check out their names, law schools, and sponsoring organizations — maybe you know some of them? — after the jump.
What does it mean to be “newly admitted?” To us, it means endless possibilities!
We recognize that you already possess the ability and intelligence to succeed in a variety of legal professions. Our job is to expose you to various practice areas in a way that ensures those very attributes are successfully applied. Our seasoned and successful faculty present unique programs that provide an approachable and practical understanding of the avenues of achievement available as you launch a fruitful, enjoyable and promising career.
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After physically attending a full weekend, you will receive:
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Date: Saturday, June 8 and Sunday, June 9, 2013 Time: 9:00 a.m. – 4:35 p.m. (EST) Location:
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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