* Now that Barack Obama has secured his seat as a two-term president, in-house counsel in the financial sector can kiss their dreams of Dodd-Frank being repealed goodbye. Here are some issues to think about in light of its new footing. [Corporate Counsel]
* “We’re in the early innings of adjusting what value means.” And these days, it looks like “value” is synonymous with “making less money.” Given the results of this third quarter analysis, it’s quite clear that flat is still the new up for Biglaw. [WSJ Law Blog]
* Blow my whistle, baby? A DLA Piper partner filed a $4M suit against the Office of the Comptroller of the Currency on claims he was maliciously prosecuted as revenge for whistleblowing. [Daily Business Review]
* From Biglaw to Midlaw: Morrison Cohen, a midsize firm, managed to poach a partner from Willkie Farr. But how? Apparently this guy was no longer interested in billing “$900-plus” per hour. [New York Law Journal]
* Former Congresswoman Gabrielle Giffords will be present at Jared Lee Loughner’s sentencing hearing today, though it is unknown if she herself will speak. His expected sentence is life without parole. [ABC News]
Truth be told, I’m not a fan of law firms giving offers to 100 percent of their summer associates. Whatever happened to selectivity? Given how perfunctory the hiring process is, there has to be at least one mistake in any summer class of decent size, right?
A commenter on our last post about offer rates put it well: “[A] 100% offer rate is not always a good thing. If we don’t want to work with the little weirdo who managed to slip through by pretending he was normal in 20-minute increments in callbacks, there’s a good chance the other SAs don’t either. Firms shouldn’t be so captured by the desire to have 100% offer rates that they give offers to people with serious social issues or work product problems, particularly in small offices where their general offensiveness will really have an opportunity to shine.”
Another reason I don’t like 100 percent offer rates is that I enjoy hearing funny stories of summer associate misbehavior, which often culminate in a no offer or a cold offer. You can share such stories with us by email or by text message (646-820-8477; texts only, not a voice line).
Alas, Biglaw firms are not obliging me. Let’s find out which firms are indiscriminately doling out offers to their summers….
Major law firms like to tout their dedication to furthering women’s success in the law, but if you look more closely, you’ll find that many Biglaw firm talk a big game, but have little proof back up their words. Take, for example, the fact that according to a recent survey conducted by the National Law Journal, the percentage of women lawyers in partnership positions has increased only 2.8 percent since 2003. In the meantime, the National Association of Women Lawyers says that the percentage of women in equity partnership positions has been “fixed” at just 15 percent for the past 20 years.
Well, whoop-dee-doo at all of these wonderful statistics that we’ve been choking down for the past decade. Women are apparently supposed to be happy about this kind of painfully slow progress. But what about the firms that have actually honored their commitments to women lawyers?
It’s interesting to see how the pace of the Dewey story is shifting. We’re moving from the breathless breaking of news into a period of longer pieces focused on analysis and narrative. This makes sense, given that most of the major events have already transpired (with the exception of formalities that will be big news if and when they do occur — e.g., an official vote of dissolution, a filing of bankruptcy, etc.).
So let’s do a more comprehensive review of the latest Dewey stories from around the web. We bring you more theories of blame, more partner departures, and more revelations about the personal life of former chairman Steven H. Davis….
As we recently mentioned, our view is “better late than never” when it comes to bonus news. With this in mind, we are pleased to bring you the bonus announcement of Willkie Farr — which came out in December.
Given Willkie Farr’s status as a top New York law firm, you can probably guess what they did in terms of bonuses….
But it’s not an entirely bad thing. Instead of losing talent to a rival law firm, Willkie is losing talent to a top client. Bloomberg LP has decided to beef up its in-house presence, and it’s doing it with a boatload of Willkie attorneys.
Is this a good thing for Willkie? The firm will remain Bloomberg’s outside counsel, but there could be much less work coming from the client.
And Willkie did feel the need to send an email to all their people to make sure nobody freaked out….
Earlier this week, two more partners announced their imminent departures from OMM: Ilan Nissan, former firmwide co-chair of the firm’s M&A and private equity practice, and Christian Nugent, also an M&A partner. Like several of the other O’Melveny defectors, Nissan and Nugent arrived at OMM’s New York office via O’Sullivan Graev & Karabell, the highly regarded corporate boutique that O’Melveny absorbed in 2002, in an effort to build its NYC transactional practice.
Nissan and Nugent will be joining the New York office of Dewey & LeBoeuf. A spokesperson for Dewey confirmed the news to ATL. (A spokesperson for O’Melveny declined to comment.)
In addition, readers brought to our attention two O’Melveny partner departures from this year that didn’t appear in our earlier list. Let’s take a look….
LEWW is back, plus one more adorable kid and minus a lot of sleep. Prime wedding season is nearly upon us, but today our task is to get you caught up on some of the nuptial fabulosity that occurred in our absence.
(And by the way, if you missed the NYT’s December feature on the bride and groom who met at their kids’ nursery school and left their spouses to be together — and the whole should-we-celebrate-infidelity uproar that ensued — get your fill here. Good stuff.)
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.
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.
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.