Earlier this month, we wrote about the departure of over a dozen partners from White & Case to Latham & Watkins (which is once again in expansion mode). These defections took place mainly in London and the Middle East, outside our usual geographic focus; but they were sizable and dramatic, and therefore worth covering.
Am Law Daily described Latham’s poaching of White & Case lawyers as “among the more spectacular lateral raids of recent years.” As reporter Richard Lloyd breathlessly wrote, the moves “raise serious questions about White & Case’s London finance practice, its position in the Middle East market, and its relationships with such important clients as Deutsche Bank and Saudi Aramco, Saudi Arabia’s national oil company.” In other words: the ship be sinking?
Well, not so fast. White & Case is rearranging the deck chairs taking decisive steps to beef up the offices that lost all that talent.
Our coverage of the London legal market tends to be episodic. We tried offering more regular coverage for a while, with our Letter from London column, but we put the feature on hold to focus on domestic developments. (We might revive the London column if we can find a sponsor for it.)
We will, however, cover major news out of London — such as last week’s massive defections from White & Case to Latham & Watkins.
Let’s finish off the prestigious Vault 20. Here we have some firms on the rise, and some firms that are … not.
Here is the next batch of firms:
16. WilmerHale 17. Latham & Watkins 18. Arnold & Porter 19. Jones Day 20. White & Case
Okay, before we discuss Latham and White & Case, let’s give a good cheer for WilmerHale (up one spot from last year), Arnold & Porter (up two spots from last year), and Jones Day (up four spots from last year).
The Jones Day surge is particularly impressive. You’ll remember that the firm slammed its competitors earlier this month. But it seems like the firm is walking the walk as well as talking the talk.
After the jump, you know what happens next.
Which New York law firm, having already completed two rounds of layoffs, has hired the Five O’Clock Club to help it carry out additional layoffs (in August, October, and November)?
After we ran the item, several firms came forward to declare they’re not the firm in question. And now they’re joined by one more: Morgan, Lewis & Bockius.
A spokesperson for Morgan Lewis contacted ATL to say that it isn’t the firm with layoffs in the works. In fact, Morgan Lewis claims that it shouldn’t even be on the shortlist of contenders.
Read why — and check out the list of the Five O’Clock Club’s clients, including some very prestigious law firms that haven’t publicly admitted to layoffs — after the jump.
On Monday, we tossed out a blind item about future layoffs at a Manhattan law firm, mentioned in the Washington Post as a client of the Five O’Clock Club, an outplacement firm. On Tuesday, with the help of Law Shucks, we narrowed down the list of suspects.
We’re happy to report that we can advance the ball on this. Three firms should be cleared of suspicion:
1. Dewey & LeBoeuf: A spokesperson from D&L stated that it is not the firm in question and has no layoff plans.
2. Schulte Roth & Zabel: A spokesperson from SRZ stated that it is not the firm in question and has not hired a layoff consultant or outplacement consultant.
3. White & Case: A reader pointed out to us that White & Case is listed as a Five O’Clock Club client (PDF). [Update: Looks like the client list has been removed, but we downloaded it; check it out here.]
This caused us to wonder if White & Case might be the firm at issue. But White & Case denies it.
There are times when Biglaw seems to speak with one voice. One Ring to rule them all, One Ring to find them, One Ring to bring them all and in the darkness bind them
This week appears to be one of those times.
Current summer associates all across the land are learning that any cherished hope of starting work in 2010 was a fool’s hope. Coming into this week Skadden, Cravath, Orrick and Ropes & Gray had deferred current summer associates (lucky enough to receive offers) to 2011 or beyond. But this week we’ve seen Hogan & Hartson, Morgan Lewis, and Weil Gotshal defer some of their current summer classes as well. White & Case is the latest firm to join the list.
Read the full memo after the jump.
As we mentioned last night, there is an interesting debate over what White & Case should have done in response to the adulterous sex scandal involving its associate, “Miami White.” The Daily Business Review takes a look at some of the competing theories for crisis management:
For White & Case, the unwanted publicity raises a question all law firm managers and public relations professionals should consider: If an employee’s dirty laundry gets a public airing, how can a law firm respond to minimize the damage?
When asked about the matter, White & Case spokesman William Sancho in Miami offered a brusque “no comment.”
Hours later, an official firm statement came out: “This is a personal matter for the individual involved, and we cannot comment on it.”
It wasn’t really surprising when White & Case declined to respond to the affairs of SexyLexus. But I wonder if Miami White was told by the firm that he couldn’t comment in the press? Cuckolded in Canada said his piece, SexyLexus called in, but multiple phone calls and emails to Miami White have not been returned.
Regardless of the particular plight of Miami White, should White & Case have gone in a different direction? Let’s get into it after the jump.
Yesterday, we told you about a bizarre love triangle — or perhaps pentagon — between a husband, a wife, and an associate in the Miami office of White & Case. Today, the wife (a.k.a. “SexyLexus”) called us to explain her side of the story and her relationship with her husband (a.k.a. “Cuckolded in Canada”) and the White & Case attorney (a.k.a. “Miami White”). We once again ask that commenters refrain from using real names in the comments.
SexyLexus called to make one thing clear. She told us, in no uncertain terms, “I am not a whore.”
In his email to Miami White’s colleagues at White & Case, Cuckolded in Canada claimed that SexyLexus was a porn star. She disagrees with that characterization:
It’s a camera-site. That is all it is. I am not in contact with anybody, there is no contact between me and anybody on that camera-site.
In fact, SexyLexus claims that not only did Cuckolded in Canada know about her online presence, but that he encouraged her to do it in order to make money for the family:
He told me to get back on the camera-site. I was out of the business, but Cuckolded in Canada told me to get back on to make money for the family … I think it turned him on, me doing it. … He loved it.
Despite her showing off the goods on camera and pursuing liaisons of late, SexyLexus was vehement about the paternity of her children not being in doubt:
Yes, the kids are Cuckolded in Canada’s. They are all his.
Above the Law once again reached out to Cuckolded in Canada and Miami White, but neither responded to our multiple inquires. But SexyLexus has more information on both of those guys, which she shares with Above the Law after the jump.
As noted even in the New York Times, the global mega-firm of White & Case has been hit hard by the recession. But allegedly one of the firm’s associates has been hitting it up — with another man’s wife.
The supposedly cuckolded husband has no intention of allowing this White & Case attorney to get away with an affair. The husband sent two accusatory emails to dozens of recipients who know him and / or the White & Case attorney. The emails have bounced around White & Case’s Miami office — and beyond. Due to their wide circulation, many of you have probably seen them already.
We’ve replaced the names of the participants with pseudonyms, but you’ll get the gist. Here is the initial email sent out on Sunday afternoon from “Cuckolded in Canada,” addressed to (1) his wife, “SexyLexus” (the origin of that name will become clear later); (2) the White & Case associate she was allegedly cheating with, hereinafter “Miami White”; and (3) dozens of third parties:
From: Cuckolded in Canada Subject: When [Miami White] from White & Case Cheated with my Wife [SexyLexus] in May and June 2009
Families, wives, young children are valuable things. I work hard to take care of my family – a wife, 4 small children under the age of 6. It is the most valuable thing in the world to me.
When you decided to start sleeping with my wife while I was out of town over the last few weeks (May 27 – June 7 2009), you threatened my way of life, and you really hurt a lot of people – most notably the lives of my 4 very young children.
You are a securities lawyer at White & Case, so you know how to do due diligence. Perhaps you thought it was clever or fun, but attending a school recital with my wife who you’ve just met and started sleeping with over the last few weeks is extremely poor judgement. Sleeping with other mens wives, is alone, perhaps the poorest taste and the worst judgement all on its own. It implies a very low moral character. Perhaps you wish to plead ignorance, but a simple search on my name on the internet would indicate that I take a great deal of pride in my family. But after reviewing the text messages between you and my wife it would appear that you did the due diligence, that you knew she was spending the summer with me in Canada starting last week, and that we had small children and you were jeopardizing my family with your actions.
I have tried to contact you numerous times this week to address the situation and ask you to step aside… to let me address the issues now faced in our house. I have contacted your mobile at [Redacted] and your house at [Redacted] but you are too much of a coward to answer. You need to be made aware of your actions and the consequences they bear.
Miami White, and SexyLexus… what follows below are the text messages of your affair over the last few weeks as it unfolds. I would like to especially thank those at [my kids' school] that watched this unfold at the school concert last week, and did nothing to alert me or defend my family. That is certainly a church and a school I want my children to grow up learning from. You have all seen me drop my kids off and pick them up there every single day for the last year. Did you think to mention anything when I showed up there last Monday June 8 at my kids ceremonies? You know how important they are to me.
And for all of you that think running around with other mens wives or husbands behind their spouses backs is acceptable behaviour – recognize that there are consequences and that many of us that will fight for our families and ferociously defend our home and children.
How’s that for an opening salvo? Wait until Cuckolded starts revealing the text messages between his wife and her purported paramours, after the jump.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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