As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
It’s spring, and lovers everywhere are flocking to the altar (or huppah, etc.). Not even the federal judiciary is immune to wedding fever! Last month, Lat wrote about the marriage epidemic breaking out among Seventh Circuit judges. (Note the multiple updates added to the story after publication, which contain details about the two new judicial spouses and the one judicial fiancée.)
We’ll pray nightly for the Easterbrook wedding be featured in the Times, but meanwhile, let’s get caught up on a few of the notable weddings from the chillier months. Here are a few that caught our eye:
Go ahead and queue up the Luther Vandross, because we’ve reached the thrilling conclusion of our annual ATL March Madness.
Our newly expanded tournament pitted 32 teams in the hunt to be declared the law firm with the brightest future. After a string of close calls and upsets, it came down to second-seeded Paul, Weiss against fourth-seeded Gibson Dunn, the spunky underdog who’d knocked off the overall top seed Wachtell.
The basketball tournament may be over, but ATL March Madness still has one more round of voting. It all comes down to this. After four rounds of voting, we finally have our finals set. And it’s not the matchup I would have predicted.
Negotiating the harsh realities of a challenging economy is a tall order, and our readers think the two firms in the finals are the best equipped to come out on top.
No word yet on whether the partners of either firm in the finals have decided to get inked up if they win.
Poor Wichita State, huh? The team was robbed of a finals appearance by a terrible held-ball call. The terrible call would have been more palatable if it weren’t for the fact that the NCAA should have known better than to put Karl Hess on that officiating crew. Hess made a team go the wrong way and shoot baskets for the opposing team earlier THIS SEASON. So color me unsurprised when Hess botched a call to end the game. So much drama.
Meanwhile, in the ATL March Madness bracket, we finally got some drama with some big upsets and close calls….
Well, the tournament has been a “shocker,” right? I know folks from Wichita State and they are psyched to flash inappropriate gestures on national TV for another round.
Sadly, Oregon got bounced out of the Sweet Sixteen, which made me a little sad, though not as sad as my whole bracket getting bounced when Indiana lost by double digits. I’d finally put my faith in the Big Ten and they repaid me with that?!?
In any event, the ATL bracket finally got some action too, with a couple of upsets. Including my beloved Cleary…
* Based on the justices’ reactions during oral arguments in Windsor v. U.S., there was no defending the Defense of Marriage Act. Not even Paul Clement, the patron saint of conservative causes, could save the day. [New York Times]
* Alas, the David Boies and Ted Olson Dream Team stole much of the spotlight from Roberta Kaplan, the Paul Weiss partner who argued on behalf of Edith Windsor in an effort to overturn DOMA. Seriously, you go girl! [WSJ Law Blog (sub. req.)]
* Dude, you’re getting a Dell! Alston & Bird and Kirkland & Ellis are the latest firms to join the Biglaw sharks (including Ho-Love, Debevoise, Wachtell, SullCrom, and Simpson Thacher) circling this major tech buyout. [Am Law Daily]
* It looks like it’s time for JPMorgan to face the music for its investments in Lehman Brothers, because a federal judge just ruled that the bank cannot “dispatch plaintiff’s claims to the waste bin.” [Reuters]
* An alleged killer’s sense of mortality: James Holmes, the suspect in the Colorado movie theater shooting, offered to plead guilty and spend life in prison in order to avoid the death penalty. [CNN]
Last week my NCAA bracket soared to the lead in our office bracket pool. And then crashed to reality when my New Mexico Final Four pick got cut down by Harvard. It was a bitter pill to swallow when I have to talk to Harvard grads daily.
At least the Ducks are still in the tournament.
Meanwhile, the ATL March Madness bracket rolls into the Sweet Sixteen. At least so far, you all love the chalk….
Continuing our annual tradition honoring March Madness, Above the Law is running a law-related bracket, advancing law firms or law schools based on the outcome of reader polls. If you’ve been around for a while, you know the drill. But remember, I’m the new guy, so I’ve made a couple changes to the format this year.
This year, it’s time to talk about law firms. Specifically, your collective editors pose this question: Which law firm has the brightest future? The economy is still fragile and people are writing books with scary titles like The Lawyer Bubble: A Profession in Crisis (affiliate link). The firms in our competition may look healthy today, but we all could have said the same thing at one time about Howrey, Brobeck, Heller, or Dewey.
What firm’s future is so bright their senior partners gotta wear shades?
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 firstname.lastname@example.org 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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