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Articles by Partner Issues
Which Biglaw Firms Are Using 'Golden Handcuffs' To Keep Partners From Making Lateral Moves?
Ed. note: Welcome to our daily feature, Quote of the Day. [They] think by holding on to your money (assuming they have an agreement that says they keep it if you leave before it gets paid out) that that will trap you in the firm. It is not a common approach, and frankly those firms tend to have other problems they aren’t dealing with, hence they think they need golden handcuffs to keep people there.
Biglaw Partners Aren't Going To Move Until They Know How Much Money They're Going To Make
Ed. note: Welcome to our daily feature, Quote of the Day. Lawyers are waiting to see what they’re going to be compensated. So I think this is the lull before the storm. — Kay Hoppe, a legal recruiter based in Chicago, in comments given to Bloomberg Law, on one of the reasons 2025’s lateral hiring may be off to a slow start. Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011.
Some Biglaw Firms Are Holding Partner Bonuses Hostage To Keep Them From Leaving
Ed. note: Welcome to our daily feature, Quote of the Day. There are firms out there who say, ‘Here’s your bonus. We’re going to spread it out over one, two, maybe even three-quarters.’ In large part, it’s, one, for cash flow reasons, and two, it’s sort of like a golden handcuff. If you leave, you may not get the money.
Laterals Aren't Loving This Biglaw Firm
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to a study of Am Law 100 firms by Pirical, which Biglaw firm had the lowest retention rate of lateral partner hires between 2020 and 2023? Hint: Technically, Shearman & Sterling had lower retention (60%), but that firm has since merged into A&O Shearman. See the answer on the next page. Topics Biglaw, Lateral Moves, Partner Issues, Trivia Question of the Day
Should We Be Expecting A 'Wave' Of Biglaw Partner De-Equitizations In 2025?
Ed. note: Welcome to our daily feature, Quote of the Day. This trend isn’t over. I think it will continue, at least in a trickle, if not a wave. It’s a way for firms to save a lot of money. 2025 is shaping up to likely be a busy year at firms, [but] even given that, firms will forever try to protect their profit per equity partner, and so I don’t think we’re done with partners losing their equity if their books have shrunk or they’re billing fewer hours.
Biglaw's 2025 Outlook Is So Bright Partners Need To Wear Shades
Ed. note: Welcome to our daily feature, Quote of the Day. We also anticipate the return of M&A, corporate and transactional work broadly across all segments, as interest rates continue to fall and market conditions improve. We expect that 2025 will be a very good year for law firms. — An excerpt from the 2025 Citi Hildebrandt Client Advisory, which details the legal industry’s strong footing as 2024 draws to a close, with even higher hopes for what 2025 will look like.
Do These Practice Areas Boost Your Chances Of Making Partner?
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to American Lawyer’s analysis of Am Law 100 firms that announced their new partner class by Nov. 25, continuing the trend over the last few years, what are the most popular practice areas for promotions, making up 22% of new Biglaw partners? Hint: Overall, the 2024 Biglaw partnership class was down 4% over last year. See the answer on the next page. Biglaw, Partner Issues, Trivia Question of the Day
Former Biglaw Partner Suspended Following Accusations Of 'Inappropriate And Unwanted' Conduct
Back in June, the UK’s Solicitors Regulation Authority (SRA) referred Nicholas Williams, a former Freshfields partner, to its Solicitors Disciplinary Tribunal (SDT) in the wake of allegations of inappropriate conduct that took place in December 2017. Williams left the Magic Circle firm in December 2019 following an internal investigation into his behavior. As noted by the Global Legal Post, the SDT has reached a disciplinary decision.
The Biglaw Firms With The Highest Hourly Rates (2024)
* Law firm data breach implicates 300,000 patients. [Forbes] * Rudy Giuliani’s defamation lawyers want out, claiming their client is “taking action with which the lawyer has a fundamental disagreement.” Like, maybe, trying to defame the plaintiffs again? [Axios] * While Matt Gaetz received the highest legal appointment around, Trump also announced his pick for White House Counsel, tapping a Jones Day lawyer because of course.
Cravath Announces Its New Partnership Class
On Wednesday, Cravath announced some major news — but no, it wasn’t the firm’s 2024 year-end bonus scale. Instead, the elite firm announced that it promoted seven attorneys to its partnership ranks. This year’s Cravath partner class is larger than that of 2023, by nearly double, and is quite corporate heavy.
Non-Equity Partners Are 'Partners' For Covering Firm Costs But Not Partners For Pay
When I wrote “Repeat After Me, ‘Partnership Without Equity Is Not A Partnership’” back in 2019, my complaint with the growing and shady effort to recast what were once senior associates and counsel as non-equity “partners” was that it was a dubious title trading short-term vanity for cheap. Little did I realize there was an even cheaper way to sell out.
Biglaw Lateral Partner Compensation Guarantees Are All The Rage Again
Everything old is new again. That’s more than some cliche thrown at you by an aging millennial lamenting the return of low rise jeans. It’s also descriptive of Biglaw’s stance on lateral partner compensation. Law.com has an article explaining that multiyear guarantees — whether in guaranteed points, shares, or specific amounts — are back again for partners they’re hoping to lure to the firm.
Biglaw Partners Are Making Bank, 'Very Satisfied' With Their Pay
Ed. note: Welcome to our daily feature, Quote of the Day. It’s definitely a good time to be a law firm partner. And law firm partners seem to agree, since they’re fairly satisfied with their compensation. — Louis Ramos, a managing director for Major, Lindsey & Africa, in comments given to the American Lawyer concerning the recruiting firm’s most recent partner compensation survey, based on 2023 figures.
Biglaw Firm Revamps Its Lockstep Partner Comp System To Offer Huge Paydays To Top Talent
Biglaw firms across the world are taking the time to reevaluate their partnership structures to make sure they reflect the current state of the market. Whether they’re shying away from all-equity partnerships and creating non-equity partnership tiers, or modifying their lockstep pay plans, the largest law firms want to make sure they look attractive enough to entice laterals and retain their most talented attorneys.
Partners In This Practice Area Are Doing Exceptionally Well
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to Major, Lindsey & Africa’s most recent partner compensation survey, the average partner compensation increased the most in which practice area since the last survey two years ago? Hint: Partners in this practice area were the second highest paid overall, averaging $1.66 million — a 44.35% bump. See the answer on the next page. Biglaw, Partner Issues, Trivia Question of the Day
Biglaw Partner Isn't The Constant Money Party You Think It Is
Making partner at a Biglaw firm seems like the brass ring of the legal world. And while the work itself doesn’t get easier, most people probably assume at least their financial well-being is secured. After all, the well-publicized profits per partner at the top firms are impressive. But new reporting suggests it’s not that straightforward. As reported by American Lawyer, anywhere between 10% to 30% of partners get a compensation haircut from year to year.
Ex-Biglaw Partner Sentenced To Time Behind Bars After Pleading Guilty To Tax Crimes
Back in May, a former Biglaw partner pleaded guilty to two misdemeanor counts of failing to pay his income taxes in 2016 and 2020, and it was likely that he could face time in federal prison. Earlier this week, his sentence was handed down. Eric Lenzen, 44, who formerly worked as a partner at Husch Blackwell, where he led the firm’s financial services and capital markets group, and later lateraled to Dykema Gossett.
Looking Ahead To 2025: Reining In Partners' Compensation Expectations
Ed. note: Welcome to our daily feature, Quote of the Day. There’s a difference from what they tell their partners and what they expect. A lot of managing partners want to be conservative. — Blane Prescott, a managing partner and law firm consultant at MesaFive, in comments given to the American Lawyer on what law firm leaders are doing to manage expectations for partner compensation and budgets going into 2025.
Top 50 Biglaw Firm Creates Nonequity Partnership Tier To Create More 'Promotion And Development' Opportunities For Attorney Talent
Biglaw firms with single partnership tiers are now few and far between, with more big-name firms showing that they’re ready, willing, and able to welcome nonequity partners to their ranks. Cravath was one of the first longtime holdouts to cut bait and create a “salaried partner tier” (i.e., nonequity partners) back in November 2023.
Want An Elite Senior Partner On Your Case? Be Ready To Pay $3000 An Hour.
One thing is certain about Biglaw billable rates — they’re always going up. Despite that maximum, it’s still news in the industry. It was more than a decade ago that partner billing rates first hit $1,000/hour, but it wasn’t much longer before we hit the $2K mark. Now, according to data from Valeo Partners, we’ve approached the $3,000/hr line. Thanks to the disclosures required in bankruptcy fee filings, Law.com was already able to suss out some of the firms nearing the $3K threshold.
Biglaw Firm's Co-Managing Partner Passes Away After Lengthy Illness
We have some sad news to report out of Washington, D.C., where a Biglaw firm’s co-managing partner recently passed away following a lengthy illness. Larry Gesner, 66, who served as co-managing partner of Am Law 100 firm Venable, had worked at the firm for more than 20 years, and served as its one of its leaders since 2016.
Biglaw Firm Bucks Tradition To Try And Reverse 20 Percent Revenue Slump
The last three years haven’t been great for Cahill, Gordon & Reindel. The New York mainstay saw its revenue take a 20% dive over that period, thanks to the decline in the high-yield and leveraged loans markets. But the problem went deeper than a decline in billables — they also lost ~12 partners to the lateral market.
Folks Are Big Mad Over Biglaw Firm's Recent Cuts
Last week came news that the newly merged A&O Shearman was making some big cuts. Ten percent of the equity partnership, the firm’s Johannesburg office, and their consulting business were all put out to pasture as part of a “difficult but necessary step forward.” As you might imagine, folks aren’t happy about being axed, but the blow back to closing the Johannesburg office has been particularly fierce.
Biglaw Firm's Managing Partner Passes Away After Battle Against Cancer
We have some sad news to report out of California, where a Biglaw firm’s managing partner recently passed away following a battle with cancer. John Alessio, who served as managing partner of Am Law 200 firm Procopio, Cory, Hargreaves & Savitch, fought courageously against his cancer diagnosis for almost as long as he served as the firm’s leader.
Ten Percent Of Equity Partnership Being Cut At A&O Shearman
The newly merged A&O Shearman is experiencing some growing pains. Today the firm announced that between now and April 2025, 10 percent of its equity partnership will be axed. According to sources, the partners impacted have already been notified. But those aren’t the only cuts they’re making — the firm’s Johannesburg, South Africa office, which opened in 2014, will be shuttered by the end of the year and the 32 attorneys and ~48 staff in the office will be out of a job.
The Biglaw Firm Cornering The Lateral Partner Market
Ed. Note: Welcome to our daily feature Trivia Question of the Day! Which Biglaw firm hired the most U.S.-based lateral partners through July of this year? Hint: According to reporting by Bloomberg Law, this firm has hired 71 partners so far this year. See the answer on the next page. Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her.
The Pro Mid-Market 50: Ranking The Top Law Firms Just Outside The Am Law 200
We know how Biglaw fared in 2023, but what about the law firms that fall just outside of the Am Law 200? How did they do? Law.com recently released its second annual Pro Mid-Market 50 law firm rankings, a list of the midsize yet still elite law firms that represent the very best of what the legal profession has to offer.
What Biglaw Really Needs Is More Nonequity Partners
(Image via Getty) Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to Citi Global Wealth at Work law firm group, how much is income partner headcount growth up in the first half of 2024? Hint: While income partner headcount is up this year, Citi tracked a decline in equity partner head count. See the answer on the next page.
What Biglaw Really Needs Is More Nonequity Partners
* Citi says the Am Law 50 enjoyed much higher demand than the competition over the first half of 2024. Other indicators had the same sector way behind after Q1 so this would be a monster Q2. [American Lawyer] * Fifth Circuit rules that employers can ignore minimum wage if employees do any amount of work that might possibly get a tip. [Law360] * Elon Musk sending subpoenas to public interest groups as part of his “iT sHOuld Be UnlEgAl nOt tO adVerTiSe wITh mE” gambit.
Biglaw Partners Can, Will Make Associates Do Whatever They Want: Industry Expert
Ed. note: Welcome to our daily feature, Quote of the Day. If the partners want associates to be in the office four days a week, or wear funny hats, or bill 2,400 hours three years in a row until they burn out and leave, that’s their prerogative. Every year, there’s a new crop of associates, many willing to do whatever it takes to succeed.
Top 50 Biglaw Firm Creates Nonequity Partnership Tier To 'Attract, Promote, And Retain' Talent
Biglaw firms with single partnership tiers are now few and far between, with more big-name firms showing that they’re ready, willing, and able to welcome nonequity partners to their ranks. Cravath was one of the first longtime holdouts to cut bait and create a “salaried partner tier” (i.e., nonequity partners) back in November 2023.
The Equity Partnership At This Biglaw Firm Has More Women Than Most
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to Law360 Pulse’s 2024 Women In Law Report, which Biglaw firm, with 601+ lawyers, has the highest percentage of women equity partners? Hint: Overall, women make up 26% of equity partners at law firms, but at this firm 38% of the equity partnership is women. See the answer on the next page. Topics Biglaw, Law360, Partner Issues, Trivia Question of the Day
Renowned Biglaw Partner Among The Missing After The Sinking Of Tech Billionaire's Superyacht
We have some disturbing news to report from Europe, where a distinguished Biglaw partner was recently reported missing in the wake of the sinking of his client’s luxury superyacht off the coast of Sicily, Italy. Prominent Clifford Chance partner Christopher J. Morvillo — of the revered Morvillo family of lawyers behind the Morvillo Abramowitz firm — is said to be among the six people missing from the ship.
The Surge In Biglaw Partner Lateral Moves
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to data from the first half of 2024 at top 50 Biglaw and Magic Circle firms collected by legal recruiting company Macrae, overall, how much has lateral partner movement increased since the same period last year? Hint: The increase in lateral partner moves is even more stark (up 17%) if you look only at corporate partners. See the answer on the next page.
Biglaw Partnership Is Just Less Appealing Than It Used To Be
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to a survey by Major, Lindsey & Africa, as of last year, what percentage of associates say they want to make partner at their firm? Hint: The percentage of millennial lawyers that want to make partner has increased as they’ve progressed further into their careers, but the brass ring of partnership is less appealing than it was for the Baby Boomer generation. See the answer on the next page.
Biglaw Partner Leaves Firm After Drunk Driving
A London-based partner at the newly merged A&O Shearman was driving his Porsche Cayenne through New Forest in England when his career took a decided turn for the worst. The unnamed partner was pulled over by police and it turns out his blood alcohol was three times the legal limit. No bueno. As reported by RollOnFriday, the partner recently pleaded guilty to the “drink-driving” charge. He had his license suspended and was fined £1,000. He’s also out of a job.
A $25 To $30 Million Payday? Biglaw Partner Comp Keeps Climbing Higher And Higher
Ed. note: Welcome to our daily feature, Quote of the Day. I don’t believe we’re seeing a bubble with respect to partner compensation. Demand for legal services is up, billing rates seem stable, and given interest rates and the state of the capital markets, the market isn’t even moving near full speed.
Weil Gotshal Opening Up Not One, But Two New California Offices
The big in Biglaw keep getting bigger. Weil Gotshal — the firm that took in $1,829,486,000 in gross revenue last year, making it #26 on the Am Law 100 — recently announced they were opening two new California offices, in Los Angeles and San Francisco. Both offices will be led by new private equity lateral partners scooped up from Latham, Tana Ryan in the LA office and Navneeta Rekhi in SF.
Wow, That's A Lot Of Money! M&A Or NBA?
Lawyers know that some of their colleagues are raking in the big bucks. Partners in high demand are looking at compensation deals upwards of $20M at the least. But just hearing the numbers can numb you to how much money somebody is making — after a while, it just feels like the Dr. Evil ransom scene. When that happens, metaphors and comparison make understanding an easy layup. No, seriously: these people are making cash like NBA stars.
Is The Partner Compensation System Killing Mental Health In Biglaw? Original
Ed. note: Welcome to our daily feature, Quote of the Day. Eat what you kill means you have no leeway to stop killing—no matter how bad you feel. — A anonymous lawyer’s response to the American Lawyer’s 2024 Mental Health Survey, suggesting that the law firm compensation system for partners needs to change to help improve mental health for those working in the legal profession.
Biglaw Partner Gets Real About Mentorship
Dive into the latest episode of The Jabot Podcast with special guest Jane Arnold, partner at Polsinelli. Discover Jane’s unconventional path to law and her insights on mentoring, flexible work hours, and the future of diversity in Biglaw. Listen for inspiring advice and a peek into the evolving legal landscape. Highlights Jane Arnold’s career path and flexibility in plans. Working in DC vs. District Offices. Mentorship and its impact on career growth.
Biglaw Hourly Rate Increases Aren't Going To Slow Down Any Time Soon
Ed. note: Welcome to our daily feature, Quote of the Day. The issue I see is that, today, a $1,500-an-hour rate is not that uncommon. [At the top of the legal industry,] there is no downward pressure on rates. The greatest miracle existing is that of compound interest. And what happens is, rate increases over time that are slightly above inflation tend to make for very high rates.
Former Biglaw Partner Faces Accusations Of 'Inappropriate And Unwanted' Conduct
The UK’s Solicitors Regulation Authority (SRA) has referred Nicholas Williams, a former Freshfields partner, to its Solicitors Disciplinary Tribunal in the wake of allegations of inappropriate conduct that took place while he still worked at the firm, in December 2017. Law.com International has additional details: In its decision, announced on Monday, the SRA said that Williams engaged in conduct towards an individual known only as ‘person A’ which it says was “inappropriate and unwanted”.
Not All Equity Partners Are Paid The Same
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to data collected by American Lawyer, in 2023, what was the average equity partner pay spread in the Am Law 100?
Massive Partner Paydays Are The New Hotness In Biglaw
There really seems to be a breakaway moment that’s happening. There are industry leaders who are separating themselves in a positive way from their peers. —Michael McKenney, senior client adviser in Citi’s Global Wealth at Work Law Firm Group, tells Bloomberg Law about the move at top Biglaw firms to pay big bucks to their top performing partners. Increasingly Biglaw firms are paying rainmakers $20 million a year — even if it means revamping the partner compensation structure.
Ex-Biglaw Partner Pleads Guilty To Tax Crimes, May Serve Time Behind Bars
Earlier this week, a former Biglaw partner pleaded guilty to two misdemeanor counts of failing to pay his income taxes in 2016 and 2020, and he now may be facing time in federal prison. Eric Lenzen, 44, who formerly worked as a partner at Husch Blackwell, where he led the firm’s financial services and capital markets group, and later lateraled to Dykema Gossett, offered his plea on May 22. He owes more than $3.9 million in unpaid taxes, including interest and accrued penalties.
Leader Of Elite Biglaw Firm Shares The Secret For Keeping Partners From Lateraling To Competitors
Ed. note: Welcome to our daily feature, Quote of the Day. If you can’t match the profitability of some peer firms, frankly the cultural glue that you are able to create is what is going to be the adhesive that keeps your partners at your firm. — Brad Karp, chair of Paul Weiss, in comments given during a panel hosted by the International Bar Association earlier this week. When speaking of partner departures, Karp said, “It hurts every time that we lose a partner to a competitor.
Partner Profits Took A Big Hit At This Biglaw Firm
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to 2023 data collected by American Lawyer, which top 100 Biglaw firm had the biggest decline in profits per equity partner (PEP)? Hint: There was a 26.09% dip in PEP at the firm. See the answer on the next page.
When These Biglaw Firms Say You're A Partner, They Mean It
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to data collected by American Lawyer, which Biglaw firms in the Am Law 100 only have equity partners? Hint: There are 16 firms in the top 100 with only one class of partner. See the answer on the next page.
This Biglaw Firm Is Larded Up On Non-Equity Partners
Ed. Note: Welcome to our daily feature Trivia Question of the Day! According to data collected by American Lawyer in connection with the 2024 Am Law 100 ranking, which firm in the top 100 has the highest percentage of non-equity partners? Hint: A whopping 89.2% of partners at this Biglaw firm are of the non-equity variety. See the answer on the next page.
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