* Elizabeth Edwards has passed away, R.I.P. (Wait, John and Rielle — too soon, too soon.) [WRAL]
* During the New York Attorney General Debate, I predicted that Eric Dinallo would make a good partner at Debevoise & Plimpton. He just seemed so “nice.” Well, turns out I was spot on: Dinallo and Debevoise are a match made in nice people heaven. [Am Law Daily]
* Now that Charlie Rangel has been told he’s a naughty boy, can we get back to the whackjob known as Maxine Waters? [Dealbreaker]
* What it’s like to be addicted to M&A transactions, from the perspective of a retired Skadden partner. [Deal Journal]
* No Drama Obama gets a little bit feisty when defending his decision to extend the Bush tax cuts. In the words of Nice Guy Eddie: “You beat on this prick enough, he’ll tell you he started the Chicago fire. That don’t necessarily make it f**kin’ so.” [Business Insider]
* Back in the day, video could help the wrongly accused, just like DNA helps now. [DNAinfo]
Bonuses have just been announced at Skadden. The following memo went out earlier today to all Skadden partners, from executive partner Eric Friedman:
To All Partners:
The attached memo announcing a year end discretionary bonus will be sent to associates in North America on a class by class basis today. Bonuses will range from $7,500 to $35,000 and will be issued in mid-December. While the same bonus schedule will be applied in all offices, communication to our international offices is being handled on an office by office basis. Counsel bonuses will be announced next week.
Bonuses are announced by class, but the range of $7,500 to $35,000 strongly suggests that Skadden is simply matching the Cravath bonus scale for 2010.
The form memo to associates that just went out, plus confirmations of bonus amounts for specific class years, after the jump.
Those of you who have been in the legal profession long enough remember the tale of Jonas Blank. While working as a summer associate at Skadden, he inadvertently sent an irreverent email, intended for a single friend, to the firm’s entire underwriting group (partners included). Whoops.
But the firm was forgiving of young Jonas. He received a full-time offer at Skadden, and he worked there for several years before moving on to Richards, Kibbe & Orbe, a well-regarded boutique (where he still works).
It makes sense that Skadden forgave Jonas. Partners in glass towers should not throw stones….
And this year, there’s a new name at the top. Baker & McKenzie leapfrogged a number of firms to become the top-grossing law firm in the world (based on 2009 revenue numbers). Baker narrowly edged out Skadden for this honor.
Of course, Skadden people shouldn’t be ashamed of their second-place finish. Baker & McKenzie is huge: it leads the Am Law list of most lawyers by more than a thousand over its nearest rival, Clifford Chance. Skadden ranks #9 on the “most lawyers” list, with an attorney headcount that is almost doubled by Baker & McKenzie. Skadden gets to #2 in the revenue rankings by having a much higher revenue-per-lawyer figure.
Let’s take a look at the top ten in terms of revenue, and drool over these billion-dollar businesses…
The news has been all over the place over the past 20 hours, but it seems like a lot of people want to talk about the passing of Greg Giraldo. The comedian died yesterday. TMZ reported that he died of an apparent drug overdose.
UPDATE: Lat here. Giraldo also graduated from my alma mater, Regis High School. I’ve heard from a number of fellow Regians who knew him at Regis and/or Columbia; they describe him as a great guy. (Speaking of Regis, I hope to see some of you at the Regis Bar Association reception next month, on October 19.)
Apparently this biographical information has surprised many people, to the point that we’ve received a number of emails asking us if it’s true. Is it that hard to believe that an HLS grad and Skadden associate decided to do something radically different with his life?
I knew about Giraldo’s past, even though he never really talked about it…
We feel like we’re taking magic Biglaw pills today and having hallucinatory flashbacks to 2006. The good news has been rolling in. Just today, we covered raises at Sheppard Mullin, and a 100% offer rate for D.C. summer associates at Latham & Watkins.
And over at Am Law Daily, Zach Lowe predicts good things for 2011. There will be more summer associate spots to go around next year, law school kiddies:
On-campus interviewing starts in two weeks at some schools, and early indications are that hiring at premier law firms will jump–in some cases by a lot–after plummeting this summer, according to sources at law schools and firms.
Cravath, Skadden, and Ropes & Gray, among others, plan to hire more warm bodies next summer than this one. This summer was dismal, after all, in terms of summer associate hiring, as demonstrated by these charts from the National Law Journal and Am Law Daily.
The upside of hiring fewer summer associates, though, is an increase in the likelihood of all of them getting hired. We’ve had more reports of 100% offer rates from a few firms today, along with fun ways of spreading the good news. Eyewitness accounts, after the jump.
Over on Am Law, The Careerist has been doing a series of interviews with hiring partners at Biglaw firms. They are fun reads, at least if you like to see the extreme hubris exhibited by hiring partners during this buyers’ market for fresh associate talent. A month ago, Jones Day’s hiring partner gave a really good interview, one that sounded much more badass before JD popped its layoff cherry.
No, not thatCityCenter. We’re talking about D.C., not Las Vegas.
The Washington office of Skadden might be moving. The Washington Business Journal reports:
The Skadden law firm is on the verge of agreeing to lease space at the new CityCenter D.C. project, kick-starting the first phase of the old convention center site after nearly two years of delay.
The firm signed a letter of intent to lease 350,000 square feet at the downtown project, but the nonexclusive letter is contingent upon the developer, Hines/Archstone, obtaining financing to begin construction….
But it’s not yet a done deal. What other options is Skadden considering?
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?
Over a year ago, Skadden announced its Sidebar Plus program. Skadden gave associates the option to take a one-year deferral, for one-third of their Skadden salary.
All indications suggest that the program was a huge success. Skadden received so many volunteers that it had to turn some people away. Skadden associates received varied and interesting experiences during their year off. And the program was heralded in the mainstream media.
Skadden associates are set to return to the firm in May. After being away from the firm for a year, what status will these returning Sidebar associates have upon their return?
Watch to find out what some of our subscribers received in their May box!
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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 email@example.com 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.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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