Skadden Arps

Morning Docket: 09.24.12

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‘I never look at those rankings.’

* Hey, “regular students” with “regular backgrounds,” you may be able to get a job as a SCOTUS clerk, because Justice Clarence Thomas is the Supreme Court’s honey badger in that he doesn’t give a sh*t about rankings. [Seattle Post-Intelligencer]

* Because $1.05 bill wasn’t quite enough, Apple is asking for additional damages in its patent war lawsuit against Samsung. Ohh, come on, Judge Koh, it’s just an extra $535 million. Everyone else is doing it, come on. Just give us the money. [Bloomberg]

* The D.C. Circuit suit about White House visitor logs is kind of like a recurring issue we see with law schools, in that transparency here means “[w]e will disclose what records we want you to see.” [National Law Journal]

* Skadden is teaming up with local legal aid groups to start a pro bono initiative in D.C. We hear they’ll be handing out gift cards as a show of appreciation to those who sign up. [Capital Business / Washington Post]

* Sumner Redstone recently donated $18M to BU Law. Will his successor be as charitable? From Columbia Law to Shearman & Sterling to media mogul: meet Philippe Dauman, CEO of Viacom. [New York Times]

* “The employment statistics really are the collective impact of individual choices.” And one of them was attending law school anyway, despite all of the negative media attention they’ve received. [Cincinnati Enquirer]

* Remember the Harvard Law student who ran for Student Government President and pledged to resign after rewriting the organization’s constitution? Well, he graduated, but at least he got a draft in. [Harvard Crimson]

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Obama Leads Romney In Terms Of Lawyer Fundraising

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Money. Politics. Corruption. HORSE RACE!

Between now and the election, there are going to be a ton of stories about who is up and who is down. Barack Obama is enjoying a modest convention bounce, and with daily tracing polls, the media will have plenty of opportunities to tell us who’s winning while we wait for America to actually vote.

But there are other ways to pick winners and losers. Taking a look at fundraising is a good way to look at who is going to be able to “blitz” the airwaves with a mind-numbing array of ads. Money raised also gives us a way to look at the “enthusiasm” the candidates enjoy among their key constituents. And as we all know, “blitzing” airwaves makes people “enthusiastic” about “moving to Canada.”

I mean, I find it hard to believe that there are people who haven’t yet made up their mind as to who they are going to vote for. Mitt Romney has been running for president for eight years. Obama has been the president for four. The two parties support wildly different platforms. If last minute ads are going to influence your vote, you’ve got the mental capacity of a goldfish.

Of course, there are a few Biglaw firms who have contributed a lot of money to the candidates, they probably know just how stupid the American public can be….

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Which Biglaw Firms Are The Most Feared In Litigation?

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Biglaw litigators are to be feared in general, but certain Biglaw litigation departments strike fear into the hearts of their opponents like no others. BTI Consulting Group recently polled 240 in-house lawyers to determine which Biglaw firms they dread “see[ing] as lead opposing counsel in a litigation case.” Each year, after culling through all of the survey results, BTI names the “Fearsome Foursome” — the most-feared litigation firms in the country.

This year, while two litigation powerhouses remained on the list, two prominent Biglaw firms were edged out by other worthy victors. Another 15 firms were honored as “Awesome Opponents.”

So which Biglaw firms are the most feared when it comes to litigation? Let’s check out the latest rankings….

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Who Is the Biggest Biglaw Behemoth?

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Who is the Godzilla of law firms?

A few weeks from now — in October, to be more precise — the American Lawyer will announce the Global 100. This is Am Law’s list of the world’s 100 largest law firms, ranked by total revenue.

As a teaser of sorts, the magazine just revealed which firm will sit atop the 2012 rankings. Can you guess which one?

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Morning Docket: 08.22.12

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Killer cups?

* 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]

* Jerome Richter, former Blank Rome litigation department chairman, RIP. [Philadelphia Inquirer]

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Lawyerly Lairs: Retired Skadden Partner ‘Downsizes’ to $3 Million Penthouse

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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….

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The 2012 Am Law 100: Revenue and Profits Continue To Climb

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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.

Let’s look at the numbers, shall we?

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ATL Survey Update: Great Unmet Expectations

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... to take a survey.

Yesterday, David Lat took a detailed look at the National Law Journal’s newly released list of “go-to” law schools — the ones placing the highest percentage of their 2011 graduates in Biglaw. Of course congratulations are due to Penn and Northwestern and the other schools whose graduates are still landing associate positions. But the real news is how seriously discouraging the NLJ data is. We all know the legal job market is tough, yet Bruce MacEwen’s observation that 85% of law schools give students a worse than 10% chance of getting a job in Biglaw still manages to startle.

Our ongoing ATL School & Firm Insider Survey (take it here!), asks current law students, among other things, “What do you expect to do after you graduate?” A whopping 71% tell us that they expect to work for a firm. (This percentage was consistent across class years.) That this proportion is so high, and so at odds with the NLJ findings, can mean some combination of two things:

  • The ATL student readership skews heavily toward that minority of students who will actually snag Biglaw gigs.
  • Many (if not most) expectations of law firm employment will be dashed against the reality of a contracting job market. In other words, a majority of students think they are in the fortunate minority

After the jump, we’ll look at how wide the gap between student expectation and market reality is, even at the “go-to” schools:

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Best Law Schools for Getting a Biglaw Job (2012)

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Which law school helped her land a fabulous Biglaw job?

The general economy started to turn around last year, but the legal job market remains sluggish. In 2011, many top law schools sent fewer graduates into first-year associate jobs at the nation’s largest 250 law firms than they did in 2010. That’s the bottom-line finding of the National Law Journal’s annual survey of which schools the NLJ 250 firms relied on most heavily when filling first-year associate classes.

The results of the survey should be interesting to current law students and law firm attorneys. And they’re of possible practical import to prospective law students who are now choosing between law schools (or deciding whether to go to law school at all, based on a cost-benefit analysis that pits tuition and student loans against post-graduate job prospects).

So let’s look at the top 10 law schools, ranked by the percentage of their 2011 juris doctor graduates who landed jobs at NLJ 250 firms (i.e., “Biglaw”)….

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Morning Docket: 02.13.12

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Sidney Spies

* Justice Ruth Bader Ginsburg thinks Roe v. Wade was a mistimed ruling, saying things would be different today if the court had been more “restrained.” Well, wire hanger sales would be up, that’s for sure. [CBS News]

* Bait and switch of the day: personal injury firms are enticing plaintiffs to sue with promises of free iPads, but they may never see them. Blame England for this one. At least it’s not happening in America… yet. [Daily Mail]

* Netflix is settling its nationwide video privacy lawsuit for $9M. It’s embarrassing enough that you know you watched the Twilight saga so many times. Netflix doesn’t need to keep your shame on record. [paidContent]

* Remember Sidney Spies, the sexy First Amendment freedom fighter? Her final yearbook photo submission was rejected, and now her family wants to file a complaint — because nobody’s gonna tell their daughter that she can’t look like a skank. [ABC News]

* Roger Aaron, one of Skadden’s most prominent mergers-and-acquisitions partners, RIP. [WSJ Law Blog]

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