Back in March, we wrote the following about Zachary Warren, the young lawyer hit with criminal charges arising out of his post-college, pre-law-school employment at Dewey & LeBoeuf: “we’ve heard rumors that in the coming weeks the DA’s office will show more of its hand — in ways that could materially affect our perception of Zach Warren. We reserve the right to change our opinion of him after additional facts emerge.”
Now some additional facts (or at least allegations) have emerged. As we noted in Morning Docket, the Manhattan District Attorney’s office just laid more of its cards on the table, in opposing Warren’s motion to have his trial severed from that of his more notorious co-defendants.
We have a copy of the government’s opposition. What revelations does it contain?
* The shaming of Professor Rene Reich-Graefe continues, with Steven Harper weighing in. Law professors… so many people are onto your game of creating rosy scenarios to dupe prospective law students. Maybe you could spend more time trying to fix the problem in legal education, and a little less time trying to hide it? [Belly of the Beast]
For a while, interest in the Dewey drama seemed to be flagging (at least according to our traffic statistics). But lately it has revived, thanks to the recent criminal charges against the firm’s former leaders, plus the arrival on the scene of Zachary Warren — a total Dewey & LaBoeuf-Cake.
Interest in Zach Warren has been keen — and not just because of his good looks. His tale seems to resonate with Above the Law readers because, as Matt Kaiser recently noted, “he seems like one of us.” Although Above the Law’s readership is expanding, with more than a million unique visitors a month, it’s still fair to say that a young lawyer, recently graduated from a top law school, is within ATL’s demographic sweet spot.
Over the past few days, we’ve learned more about Zachary Warren. Dewey want to share this knowledge with you? Of course we do….
At a roulette wheel in Vegas, you know the odds. The folks with all their money on red have a less than 50 percent chance of winning (47.37 percent, to get technical). There will be highs and there will be lows, but over the long haul, those poor saps swizzling their comped drinks will come out on the losing end.
On the other hand, you put all your money on black because the guy on your flight told you to. Intellectually, you recognize you have the same odds of pulling out a victory as the overmatched retirees from Kansas City betting on red, but you’re absolutely positive you’re going to win.
Welcome to the positive expectation bias. Rational thought flies out the window as you ignore facts you know (or at least strongly believe) to be true, instead placing blind faith in the proposition that everything’s going to turn out well for you.
Law firm managing partners are expected to be a little more risk-averse compared to other chief executives, but it turns out law firm managing partners are not immune to a little irrational gambling from time to time….
I recently participated in an excellent symposium about the future of legal education that was sponsored by the Seton Hall Law Review. Congratulations to the law review editors on putting on a great event, and thanks to them for inviting me to be a part of it.
Most of the presentations took the form of detailed papers that will be published in the law school’s symposium issue. But there were a few moments of levity, represented by the following seven notable quotations (comments that I found either amusing or interesting):
The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)
Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)
Last week, we focused a lot on a controversial study about the economic value of going to law school. Today, I want to look at some more useful approaches to the question.
Looking at the lifetime earnings of of J.D. holders compared to people with undergraduate-only education based on historical data about J.D. earnings couldn’t have less to do with the current decisions facing prospective law students. Prospective law students are looking at a shifting market for legal employment, and they are dealing with skyrocketing tuition. Are there any studies that are looking at the economic value for them?
In fact, there are… and while the outlook doesn’t paint the rosy picture some law professors seem really invested in, there are rational arguments available for those who want to convince people to go to law school…
Alas, the nickname is less funny in the wake of yesterday’s big layoff news. The firm announced it will be cutting 60 associates and 110 staffers from the payroll. Despite the generous six-month severance for associates, some probably feel like their legal careers have been mangled. The firm also plans to reduce the compensation of about 10 percent of its partners (roughly 30 out of 300, some income and some equity partners).
Let’s take a closer look at the layoffs and try to make sense of them….
We have partner profits on the brain here at Above the Law. Earlier today, we wrote about a law firm that instituted a 20 percent holdback on partner pay — a move that was met with anger by some.
In that story, we noted the “continued expansion in the gap in power and pay between what we’d call ‘super-partners’ — partners in firm management and major rainmakers, who are often one and the same — and rank-and-file partners.” You can see this yawning chasm in the disparities in partner pay that exist within the same firm. As partner turned pundit Steven Harper has argued, partners aren’t true “partners” when they are paid and treated so differently.
New information from the American Lawyer shows how extreme some of these gaps between partners have gotten….
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: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.