We were facing increasing financial pressure. So we undertook a substantial restructuring, and that restructuring put us on a solid economic and financial footing, allowing us to do a combination to meet our strategic needs.
Many if not most of the U.S.-based law firms in the 350 to 600 or 700 lawyer-range are feeling a great deal of financial pressure. We felt it more than many because we had a number of very large cases—totaling, at the end of the day, nearly $80 million of a $330 million budget—settle and wind up through normal course. That dramatic decline in revenue exacerbated the pressure on us, but the financial pressure on all law firms today are very significant.
Woo, Biglaw! Being a summer associate is the best!
Summer associate class sizes may be smaller than they were back in the good old days, but Biglaw firms seem to have used the shrinking summer pool as an excuse to throw events that were overflowing with an abundance of awesomeness. Offers are still being tossed out like Mardi Gras beads, and life was very, very good for this summer’s crop of Biglaw initiates.
But just how good are we talking here? We think the fact that we received an overwhelming number of nominations for this year’s summer associate event contest speaks volumes. We managed to whittle down the list of 20+ gushing nominations we received to just eight of the most amazing. Some were cultural extravaganzas, others were athletic outings, but all were fun and absolutely fabulous. Thanks to everyone who submitted a nomination.
Did your firm make the cut this year? Take a look to find out…
* Dewey think Joel Sanders and Steve DiCarmine, former head honchos of the failed firm D&L, have a friend in the District Attorney’s office? Even their opponents in their criminal case want their civil case stayed. [WSJ Law Blog]
* “They’re literally dancing in the streets in Cleveland.” Frederick Nance, Cleveland-based regional managing partner of Squire Patton Boggs and lawyer to King LeBron, couldn’t be more thrilled that his client is returning to the Cleveland Cavaliers. Hooray for hometown billables. [Am Law Daily]
* Tracy Morgan filed a lawsuit against Walmart over the fatal car wreck that killed his friend and left him with numerous broken bones. We suppose his injuries will prevent him from getting girls pregnant. [CNN]
* The NYLS grad who founded an imperiled cupcakery dropped enough Crumbs to lead investors to her rescue. Now the bakeshop has enough cash to make it through bankruptcy. [DealBook / New York Times]
* Fabulicious? Teresa Giudice, the Real Housewife of New Jersey who pleaded guilty to fraud charges last year, is awaiting sentencing of up to 27 months, but isn’t sure she regrets what she did. [New York Post]
* Squire Patton Boggs has announced the new leadership structure of its lobbying and public policy practice. It’s really no surprise that the head honchos of the group hail from the Patton Boggs side of the recent merger. [Politico]
* “It’s funny how the Supreme Court reaches down and picks this case.” The most important digital privacy case of our time just happened to be filed by Stanford Law’s SCOTUS Litigation Clinic. Awesome. [San Jose Mercury News]
* If you’re caught on camera sleeping during a Yankees/Red Sox game, you can probably expect abuse from ESPN announcers. If you call someone an “unintelligent fatty” as an announcer, you can probably expect a $10M defamation suit. [New York Post]
* “They aren’t required to hear it, but this is the major social issue of the day.” The Supreme Court will likely hear a gay marriage case soon, and it’ll obviously be a vehement 5-4 opinion. [NBC News]
* But is SCOTUS really so bitterly divided now? Here’s a fun fact: The justices agreed unanimously in 66 percent of this term’s cases, and the last time that happened was in 1940. [New York Times]
* A partner has left the luxuries of earning up to $4.8 million per year at Wachtell Lipton to start his own executive compensation boutique, which we understand is basically like seeing a unicorn. [Am Law Daily]
* The post-merger world at Squire Patton Boggs is similar to the pre-merger world in that partners are still being churned in and out of the firm every other day. Check out the latest ins and outs. [WSJ Law Blog]
* The Fourth of July is coming up, and you know you want to light up some fireworks. Sure, it’s illegal to sell them in your state, but here’s where you can travel to go to buy some to celebrate freedom. [Yahoo!]
* “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]
* The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]
* Mary Jo White of the SEC promised to dust off an often ignored — but “potentially  very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]
* We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]
* If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.