Weil Gotshal & Manges

Congratulations to Weil Gotshal on securing a significant role in the big Grupo Corporativo Ono / Vodafone deal. The firm is representing Ono’s principal shareholders, a group of private equity firms, in the $10 billion transaction. This comes not long after news of Weil’s representation of Facebook in the company’s $16 billion acquisition of WhatsApp.

At the same time as it handles eleven-figure deals, Weil Gotshal continues to lose partners. Are these defections wanted or unwanted by Weil? If the latter, how significant are they?

Let’s find out which partners are leaving, and where they’re going….

(Please note the UPDATE added to the end of this post.)

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We’ve all been so transfixed by the Patton Boggs meltdown that we’ve temporarily lost track of some other law firms that are facing challenges right now. The most prestigious name on the list: Weil Gotshal & Manges.

After last summer’s layoffs and partner pay cuts, WGM experienced a rash of partner defections. Some of these were true losses for the firm, but others were chalked up to Weil’s strategy of becoming leaner, more capital-markets-centric, and ultimately more profitable.

Has this revamping of the firm manifested itself in the form of higher partner profits? Not yet. In fact, in 2013, revenues and profits at Weil fell….

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“But otherwise you’re good to serve on this jury, right?”

* What’s a good excuse for getting out of jury duty? Apparently not “having a heart attack RIGHT NOW!” [Lowering the Bar]

* The hits from the CATO amicus brief keep on coming. They commit a footnote to mocking Chief Justice Roberts. [Election Law Blog]

* The Attractive Convict is suing over the use of her mugshot in banner ads. Your redemption is coming, Scumbag Steve! [IT-Lex]

* David Healey, formerly of Weil Gotshal and currently of Fish & Richardson, is filming a movie based on his earlier book. And it stars Sean Young! That’ll work well. [Times of Sicily]

* Does a public-school donor’s request to thank God in an inscription constitute an Establishment Clause violation? [Chronicle of Higher Education]

* Supreme Court will hear the case of the NC Dental Board’s efforts to limit the teeth-whitening industry to dentists. Will this ruling spell trouble for state bar associations applying a death grip to all legal services? [WRAL]

Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).

In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?

Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….

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Partnership: Biglaw’s ultimate brass ring.

Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.

But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.

That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.

Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?

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The guy in today’s story didn’t dress up like Gumby, but it’s still an amazingly stupid disguise.

* Man tried to rob a convenience store so he could go back to prison. And he almost screwed that up… [KMOV]

* The CIA’s former lawyer explains how torture came to be a go-to national policy. According to John Rizzo, author of the forthcoming Company Man (affiliate link), George W. Bush basically had no conception of what was going on, which makes a lot of sense anyway. [The New Yorker]

* Brooklyn Law’s Dean Nick Allard makes predictions for law schools in 2014. “[P]eople will look back at 2014 and say it marked the start of the new world of law: a renaissance where the respect and reputation of lawyers and law schools began to rise by measurable benchmarks.” Go ahead and laugh, I’ll wait. [TaxProf Blog]

* Paul, Weiss picks up tax partner Scott Sontag from Weil Gotshal. (Congrats to both firms, by the way, on tying for the #9 spot in our list of top-ranked law firms for 2013.) [Paul, Weiss]

* Nooooooooooooo! Judge Richard Kopf is ending his blog. [Hercules and the Umpire]

* And the hits keep on coming. Professor Kyle Graham is also leaving the blogosphere. [Non Curat Lex]

* The Ninth Circuit will start streaming all of its oral arguments next week. If you want to help them out, tune in. No promises that the panel will excoriate any prosecutors this time. [Ninth Circuit]

As 2013 draws to a close, let’s look back at the 10 biggest stories in the legal profession over the past year. This is an annual tradition here at Above the Law, which we’ve done in 2012, 2011, 2010, and 2009. We’ll fire up the old Google Analytics machine to get data on our most popular posts, based on pageviews, and share the results with you.

Before turning to specific stories, let’s look at the top general discussion topics here at ATL. For 2013, our most trafficked category page was Biglaw, which bumped Law Schools out of the top spot — a spot that Law Schools held from 2010 through 2012. Now that the word is out about the perils of getting a law degree, leading to plummeting applications, perhaps it’s time to move on from the “don’t go to law school” narrative.

After Biglaw and Law Schools, our third most-popular category page was, as usual, Bonuses. This wasn’t a terribly exciting year for bonuses — there were no spring bonuses, and Cravath and its many followers paid out the same bonuses as last year — but people still want to know the score.

Our fourth most-popular category page was small law firms. Small firms, including boutiques, are an area of increasing focus and readership for us — and also where many of the job opportunities are these days.

Moving on from the topic pages, what were the 10 most popular individual posts at Above the Law in 2013?

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As we’ve chronicled in these pages, the powerhouse firm of Weil Gotshal has been experiencing some upheaval. The big summer layoffs have been followed by a steady stream of partner departures, mainly from offices outside the power center of New York.

Many of the defections have taken place in Texas, but Weil’s Washington outpost has also been hard hit. Last month, that office lost three IP litigators to Greenberg Traurig. Said one of our sources, “IP was one of Weil D.C.’s most profitable practice groups. Expect downsizing or partner acquisition from another firm to compensate for loss.” And that wasn’t all. Earlier this month, BuckleySandler snagged Walter Zalenski, a prominent player in financial services regulatory law, from Weil.

Today brings news of another departure from Weil in Washington. Who is leaving now, and where is he going?

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Another day, another round of Biglaw bonuses. Today is Hump Day, so why not pair our bonus news with some exciting lateral partner moves?

Earlier this week, Ropes & Gray announced its 2013 year-end bonus scale. It’s no Boies Schiller $300K bonus, that’s for sure, but it’s a tad more interesting than your run-of-the-mill Cravath match.

Keep reading for all of the details on the Ropes & Gray bonus, news on the firm’s latest partner class, and the announcement of a very recent lateral pick-up from a firm that’s bleeding partners….

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* Stan Stallworth, the Sidley partner accused of sexual assault, has hired a prominent criminal defense attorney to represent him in the case while the firm stands by its man. [Am Law Daily]

* Wall Street regulators are considering approval of a formidable version of the Volcker Rule that would ban banks from proprietary trading. Voting occurs later today. [DealBook / New York Times]

* Skadden Arps has asked a judge to toss an FLSA lawsuit filed against the firm by one of its document reviewers. Aww, silly contract attorney — there’s no way you’re getting overtime pay. [Law360 (sub. req.)]

* Weil Gotshal is still leaking like a sieve. This time, Bruce Colbath, a partner from the firm’s New York office, defected to the Antitrust and Trade Regulation practice group at Sheppard Mullin. [Market Wired]

* Lawyerly Lairs, China Edition: Raymond Li, chair of the Greater China practice at Paul Hastings, just purchased a townhouse for about $95 million — and paid “mostly in cash,” homie. [Wall Street Journal]

* They’re extremely tardy to the party, but if the ABA Section of Legal Education and Admissions to the Bar gets its way, law schools will be subject to random audits of their employment stats. [ABA Journal]

* It’s a tough job that “can really beat you down,” but an organization called Gideon’s Promise just made it a whole lot easier for law students to secure jobs as public defenders in the South. [National Law Journal]

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