Accept your offers. It’s wise advice for 2Ls going through fall recruiting, and it’s wise advice for partners of the rapidly unraveling Howrey law firm, most of whom have offers to join Winston & Strawn. Last weekend, Winston made offers to a little over 75 percent of Howrey partners, with responses requested in 21 days.
Yesterday we mentioned that a Howrey partnership conference call took place on Tuesday. During that meeting, firm chairman Robert Ruyak and Winston & Strawn managing partner Thomas Fitzgerald apparently urged Howrey partners with Winston offers to accept them as soon as possible, according to The Recorder.
Many Howrey partners have already left for other firms, as chronicled in these pages. A group of eleven attorneys recently departed for Morgan Lewis, for example.
Of the 200 to 230 Howrey partners who remain, how many are likely to go with Winston?
In our last story on the trials and tribulations of Howrey, we expressed doubt that a full-on merger between Howrey and Winston & Strawn would take place. We suggested that Winston would probably wind up “picking up large chunks of Howrey, maybe even entire offices — just like Sonnenschein picked up 100 lawyers from Thacher Proffitt, during TPW’s final days.”
And that appears to be what’s happening now. According to The Recorder, Winston extended individual offers to a little over 75 percent of Howrey partners over the weekend.
And what about the remaining 25 percent? A recruiter familiar with the situation told The Recorder that they either have conflicts issues or aren’t interested in winding up at Winston.
Developments are flying fast and furious out of Howrey. Yesterday we passed along reports that Howrey’s merger talks with Winston & Strawn were off. Today we’re hearing that they might be back on (or that they never stopped in the first place).
According to the U.K.-based Legal Week (via the ABA Journal), the talks are ongoing. The parties are represented by Thomas Fitzgerald, managing partner of Winston, and Sean Boland, vice chairman of Howrey. Winston is apparently attracted to antitrust at Howrey, an area where Winston wants to expand.
Corroboration of continued Winston / Howrey discussions from a U.S. source, plus some interesting internal emails from Howrey leadership, after the jump.
When we last wrote about goings-on at Howrey, the once-strong law firm that’s now experiencing troubled times, we mentioned the possibility of partner losses in the Chicago office. The firm pushed back on this, denying knowledge of any imminent defections in the Windy City.
It now seems, however, that additional partner departures may be on the horizon — in Chicago, and elsewhere too. As reported in Crain’s Chicago Business (via WSJ Law Blog), the Chi-town powerhouse of Winston & Strawn recently discussed a possible merger with Howrey — but then decided against that approach, opting instead to pick off specific groups and partners from Howrey.
The Howrey situation is starting to look a lot like what happened to Heller Ehrman. A well-respected firm with a widely admired culture encounters business difficulties. Key partners and groups (especially IP) start leaving for greener pastures or more stable platforms. A potential white knight emerges — Mayer Brown in Heller’s case, and Winston & Strawn in Howrey’s — but then decides to order a la carte from the menu of partners, practices and offices, instead of going for the chef’s tasting menu.
A distressed employee of the firm sets up a blog to serve as a clearinghouse for updates. Heller had Heller Highwater, and Howrey had Howrey Doin’.
But now it looks like Howrey Doin’ is… done. If you surf over to http://howreydoin.wordpress.com/, the blog’s former address, you learn that “[t]he authors have deleted this blog.”
What the heck happened? We have a statement from the author of the blog, as well as a response from the firm.
We want to hear about your firm’s bonus news, even if it’s old. If we haven’t reported on it yet, we want to know about it. (Use our site search box in the upper-right-hand corner, or scroll through our Associate Bonus Watch archives, to see which announcements we’ve already covered.)
Here’s some old bonus news (literally “last year’s” news). A few weeks ago, Shearman & Sterling announced its bonuses. They essentially matched the Cravath scale, but with the caveat (also issued last year) that they are at least partly “merit-based” — i.e., adjusted up or down based on performance. The S&S bonuses are being paid out on January 14.
Some Shearman associates might be upset by the lack of upward movement on bonuses. But at least one of them probably doesn’t care that much, since he enjoyed other income in 2010.
I’ll take “Lawyers Who Have Appeared on Jeopardy” for $1000, Alex….
Now Winston has even more reason to be embarrassed by its former partner. Earlier today, Jonathan Bristol was both sued by the SEC, for aiding and abetting fraud, and arrested on federal criminal charges, for money laundering. The civil suit and criminal charges arose out of Bristol’s legal work for Kenneth Starr — no, not the former Whitewater independent counsel, but the money manager to the stars who stole money from his celebrity clients.
(Interestingly enough, Ken Starr the fraudster — he’s pleaded guilty, so no need for “alleged” here — is also a lawyer. He graduated from Brooklyn Law School.)
The indictment against Jonathan Bristol, brought by prosecutors in the Southern District of New York, has some juicy details. For example: How much did Bristol earn while at Winston?
A Supreme Court clerkship is, in the words of Adam Liptak of the New York Times, “the most coveted credential in American law.” When SCOTUS clerks leave their posts at the Court to join private law firms, they get signing bonuses of as much as $250,000 (on top of normal associate salaries and bonuses).
But typically they join their firms as associates (or maybe counsel, if they have a few extra years of practice in addition to clerking). How many clerks come in to Biglaw as partners?
As reported yesterday — by Tony Mauro in The BLT and by Marisa Kashino in Washingtonian magazine, among others — at least one Supreme Court clerk from the Term just ended, October Term 2009, is going to straight into a partnership at a major law firm.
Meet Elizabeth Papez. She clerked for Justice Clarence Thomas in OT 2009. Now she’s joining the D.C. office of Winston & Strawn, where she will practice in commercial and appellate litigation, with a focus on intellectual property and energy law, as well as government relations.
We interview Papez about her interesting career path, after the jump.
Snoopy works from home instead of going to the MetLife Building.
This morning we reported on bedbugs at Winston & Strawn’s New York office. Alas, the problem might be much larger than we initially anticipated.
That’s because Winston & Strawn is located in the iconic MetLife building, at 200 Park Avenue in Manhattan. After this morning’s post went up, a spokesperson from Winston told us that all inquires about the bed bugs were being referred to the building’s landlord, real estate giant Tishman Speyer.
Are bedbugs crawling around the whole MetLife building? We don’t know yet; Tishman Speyer hasn’t returned our phone calls.
But if bed bugs are a threat to all the tenants of the MetLife building, there are three other law firms that could be getting very itchy…
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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!