Skadden

Want your name on a law school? Just pony up $50 million.

* Voters in Scotland just said no to independence from the United Kingdom (although it might not have been a big deal for the legal profession if the vote had gone the other way). [New York Times]

* Congratulations to Drexel Law on a whopping $50 million gift — and its new name, the Thomas R. Kline School of Law. [Philadelphia Inquirer via WSJ Law Blog]

* The latest chapter in the “cautionary tale” of David Lola: dismissal of the contract attorney’s lawsuit against Skadden and Tower Legal. [American Lawyer]

* An office renovation for Baker Botts in Houston strips junior associates of window offices. [ABA Journal]

* How could Watson transform the practice of patent law? [Corporate Counsel]

* Are we seeing a reversal in the trend of declining prison populations? [Washington Post]

* The chorus of voices calling for Judge Mark Fuller to resign in the wake of domestic violence charges against him continues to grow. [New York Times]

There’s no Biglaw intercity rivalry which can match that of London’s venerable Magic Circle and New York’s elite white shoe firms. Both groups of firms are the clear alpha dogs in their markets, attracting the top talent and most lucrative clients. However, there are some significant differences between the two groups in how they operate. For example, U.K. firms tend to follow a lockstep (rather than “eat what you kill”) compensation model. Last month, friend of ATL Bruce MacEwen took a deep dive into the question of the relative performance over the last several years between the Magic Circle and their New York cousins. The piece is highly recommended: it’s chock-full of data and its findings suggest the groups are moving in different directions.

Using publicly reported data for the years 2008—2013, Bruce focused on such metrics as headcount, percentage of equity partners, PPP, RPL, and profit margin. The Magic Circle firms—Allen & Overy, Clifford Chance, Freshfields, and Linklaters—are of course a well-defined group (Slaughter and May, the only member firm without a New York office, was excluded). For New York, these firms were selected as the comparison group on the basis of “historical roots, geographic footprints, and business models”:

Cleary Gottlieb
Davis Polk
Paul Weiss
Simpson Thacher
Sullivan & Cromwell, and
Weil Gotshal

One could query the absence of Cravath, Wachtell, Skadden, etc., and we refer you to Bruce’s piece for a fuller articulation of these choices. The U.S. market for the highest end legal services is much more fragmented and diffuse than its U.K. counterpart, and which precise group of firms is the closest equivalent to the Magic Circle is endlessly debatable. But for the purposes of this comparison this group will certainly serve.

So when we look at numbers, what do we find?

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Having a job is so awesome!

It’s the first week of August, and it seems that Biglaw firms are still handing out offers to their summer associates like candy. Don’t worry if you haven’t received one yet, because some firms are still daring enough to wait until their summer associates are back in school before they welcome their new crop of future associates.

Sure, summer associate classes are smaller than they were before the Great Lathaming and Dewey’s Demise, but now that things are starting to look up, offer rates seem stronger than ever.

Following up on Tuesday’s story, here are more firms that have given offers to all of their summers:

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Once again, we’ve had a slow summer in terms of summer associate gossip. Thanks to the plight of recent law school graduates and their ever-lasting joblessness, it’s a “buyer’s market for law firms” out there, and they’re using it to their advantage.

Summer associates have worked harder than ever before, and they’ve been on their best behavior. Trust us when we say we would have already heard about it if they weren’t, and the only sounds we’re heard have been the chirping of crickets.

We long for the days of lesbianic liplocks and helicopter hijinks, but we suppose we’ll have to settle for what the new normal has given us, which has been nothing short of boatloads of boring.

Given all goody-two-shoes summer associates this year, we’d like to think that offer rates will be absolutely awesome. Let’s find out which firms are rocking the 100 percent offer rate — information that rising 2Ls will want to know as the new on-campus interviewing season starts up…

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Michele Roberts

Let’s be clear: I’m sure there were people that noticed I was a girl. Having said that, I frankly wanted to address that question up front whenever I spoke with any of the members of the executive committee and the union. My sense was, the only thing people cared about was my resolve.

Michele Roberts, the Skadden Arps partner who was just elected the new executive director of the NBA players’ union, commenting on whether her gender played any role in her election. (You can read more about Roberts’s background in this prior profile.)

Earlier this month, we launched the ATL Law Firm Reputation Survey, asking those of you working in Biglaw to rate your peers and competitors. (Take five minutes and take our survey here.)

For our purposes, we split “reputation” into two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the perceived desirability of the firm as a potential employer. For some, these factors will be functionally equivalent. For others, these are less overlapping considerations.

To date, we’ve received not quite a thousand survey responses and today we share some preliminary findings. What are you telling us thus far about which firms have the strongest practices? Which firms are some of the most coveted Biglaw employers in major markets?

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John Farren and Mary Farren

When we last checked in on John Michael Farren, the former general counsel to Xerox and deputy White House counsel under President George W. Bush, things were not going well for him. Back in December, a jury found him liable for assault and battery against his former wife, Mary Margaret Farren. The jury awarded Mary Farren some $28.6 million in damages — an amount that reflected the brain injury and emotional trauma suffered by Mrs. Farren, who went from a lucrative job at Skadden to unemployment.

Criminal charges against Mike Farren remained pending at the time of the civil verdict. On Friday, the criminal case got resolved — and not in a manner favorable to Mike Farren….

double red triangle arrows Continue reading “Ex-White House Lawyer And Fortune 500 General Counsel Gets Convicted Of Attempted Murder”

Hop in the DeLorean and travel back in time with us.

Earlier this week, the good folks over at Vault released their annual list of the nation’s 100 most prestigious law firms. As we noted in our analysis of the list, the top 15 for this year don’t look very different from the top 15 from last year.

Wachtell Lipton topped the list for the 12th year in a row. But as Vault noted, Cravath isn’t far behind — and could retake the crown that it relinquished to Wachtell back in 2004.

Yes, that’s right — Wachtell hasn’t always been #1. On this “Flashback Friday,” let’s look back at the Vault rankings from 2008 and 1998 and see how things looked in the past….

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It pains me to say this, given my own predilection for prestige worship, but here’s a question: does prestige matter as much as it used to? In an era of greater access to information, a law firm’s overall prestige arguably matters less than it once did.

If a client is looking for an excellent firm in a particular practice area, it can now easily access information about which firms, and even which individual lawyers, excel in which niches. It no longer has to rely on a firm’s brand name as a proxy for a specific strength. And other factors matter to the public as well. Is a firm a good place to work? How stable is its partnership, in this era of increased lateral movement? Is the firm growing or declining?

But make no mistake: prestige is still hugely important. Which is why the Vault law firm rankings are so eagerly anticipated each year.

The latest rankings from Vault of the country’s 100 most prestigious law firms just came out. How do they look?

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Now that Patton Boggs is safely in the hands of Squire Sanders — minus a few notable defectors, such as Ben Ginsberg’s high-profile election-law team, which is leaving for Jones Day — observers of Biglaw are looking around for other possible trouble spots. And some of them are focusing on Bingham McCutchen.

Back in February, we covered some less-than-positive developments at Bingham: “tumbling profits, partner departures, and unfortunately timed staff layoffs.” What has happened since then?

As we mentioned earlier today, partner departures continue at the firm. Who are the latest partners to leave Bingham, and where are they going?

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