From Debra Cassens Weiss at ABA Journal:
Legal blogger David Lat, founding editor of Above the Law, says there may be good reason for lawyers to panic, but they will ultimately survive.
Speaking to law students at the University of California at Berkeley, Lat admitted news of layoffs and other job woes at Above the Law can be anxiety-inducing, according to the Legal Pad blog. But there’s a good reason, he said. “If people are panicked, it’s because there are reasons to panic.”
Lat managed to be “both depressing and extremely jovial at the same time,” according to Legal Pad’s account of his talk. Lat said BigLaw salaries will be decreasing, lockstep promotions are on the way out, and the golden age of the legal profession is likely ending.
Yet the legal profession and lawyers will survive, at least in some form, Lat said. “At the end of the day, lawyers, we are like cockroaches. You can’t kill us.”
Tampilkan postingan dengan label Law. Tampilkan semua postingan
Tampilkan postingan dengan label Law. Tampilkan semua postingan
Jumat, 10 April 2009
Sabtu, 28 Maret 2009
Law Partner Pay Cuts
From the online ABA Journal of the American Bar Association:
Associates and staff were low-hanging fruit waiting to be cut in law firm layoffs. Start dates for new attorneys have been delayed, salaries have been frozen and benefits formerly taken for granted have been axed. At least one well-known law firm has even reduced the coffee service offered at its Chicago headquarters.
But now BigLaw partnerships seeking to stabilize their finances amidst a global economic free fall are getting down to the nitty-gritty. A growing number of major firms are reducing partner pay, Bloomberg reports.
Cuts in partner compensation have recently been announced at Allen & Overy, Dewey & LeBoeuf and DLA Piper, and could well be quietly under way at other major international firms, too, according to the news agency.
“It’s hard to get rid of a partner, so cutting pay is a simple way of sending a message that maybe people ought to think about moving toward the door,” says attorney Bruce MacEwen, a New York City-based legal consultant.
Partners at a number of top London-based international law firms have been warned to expect their compensation to drop as much as one-third this year, compared to 2008, the Evening Standard reported in January.
Associates and staff were low-hanging fruit waiting to be cut in law firm layoffs. Start dates for new attorneys have been delayed, salaries have been frozen and benefits formerly taken for granted have been axed. At least one well-known law firm has even reduced the coffee service offered at its Chicago headquarters.
But now BigLaw partnerships seeking to stabilize their finances amidst a global economic free fall are getting down to the nitty-gritty. A growing number of major firms are reducing partner pay, Bloomberg reports.
Cuts in partner compensation have recently been announced at Allen & Overy, Dewey & LeBoeuf and DLA Piper, and could well be quietly under way at other major international firms, too, according to the news agency.
“It’s hard to get rid of a partner, so cutting pay is a simple way of sending a message that maybe people ought to think about moving toward the door,” says attorney Bruce MacEwen, a New York City-based legal consultant.
Partners at a number of top London-based international law firms have been warned to expect their compensation to drop as much as one-third this year, compared to 2008, the Evening Standard reported in January.
Selasa, 24 Maret 2009
WolfBlock Dissolves
Philadelphia is losing one of its great law firms, Wolf Block. The firm is going out of business: dead, nada, kaput.Here's a statement from Sayde Ladov, Chancellor of the Philadelphia Bar Association on the dissolution of this storied firm:
“This is a sad day for Philadelphia. Our hearts and thoughts go out to our friends and colleagues at Wolf Block.
“Philadelphia is a city brimming with history, and as a century-old institution, Wolf Block is an important part of that tradition. Wolf Block lawyers have been at the forefront of litigation that has changed the face of Philadelphia. In addition, Wolf Block has been an outstanding corporate citizen that has contributed to the common good, producing judges of state and federal courts, former city officials, chancellors of the Philadelphia Bar Association and the Pennsylvania Bar Association and even a president of the American Bar Association.
“This is a difficult day for Philadelphia’s lawyers, reminding us that no one is immune to current economic challenges. Despite the loss of this venerable law firm, however, we remain confident that Philadelphia’s legal community will weather this storm and emerge stronger as a result.”
“As Philadelphia lawyers, we have a responsibility to ensure continued access to justice.
“Philadelphia is a city brimming with history, and as a century-old institution, Wolf Block is an important part of that tradition. Wolf Block lawyers have been at the forefront of litigation that has changed the face of Philadelphia. In addition, Wolf Block has been an outstanding corporate citizen that has contributed to the common good, producing judges of state and federal courts, former city officials, chancellors of the Philadelphia Bar Association and the Pennsylvania Bar Association and even a president of the American Bar Association.
“This is a difficult day for Philadelphia’s lawyers, reminding us that no one is immune to current economic challenges. Despite the loss of this venerable law firm, however, we remain confident that Philadelphia’s legal community will weather this storm and emerge stronger as a result.”
“As Philadelphia lawyers, we have a responsibility to ensure continued access to justice.
“For more than 200 years, the Philadelphia Bar Association has fought to protect legal rights, advocate due process and ensure the rule of law. We have survived a civil war, two World Wars and a Great Depression.
“I want to assure citizens that Philadelphia’s legal community will survive this economic crisis, too, and that the Philadelphia Bar Association will continue on its mission of promoting access to justice.”
“I want to assure citizens that Philadelphia’s legal community will survive this economic crisis, too, and that the Philadelphia Bar Association will continue on its mission of promoting access to justice.”
BTW: I don't know who came up with the term "unwind" to describe the liquidation (or dissolution) of Wolf Block but it's a bad term. It's false, artificial. It's like calling layoffs "downsizing" or terming tax increases "revenue enhancements" or calling civilian war deaths "collateral damage."
Maybe these terms came from Bradford Hildebrandt which was brought in to oversee the Wolf Block dissolution. Here's how it was announced:
The partners of WolfBlock LLP have voted to commence an orderly unwinding of the firm's business.
WolfBlock will remain in the practice of law for several months to protect the interests of its clients, employees and creditors. The decision to unwind was reached in view of a confluence of unfavorable factors: the economic recession, especially in the firm's core real estate practice; the constriction of credit occasioned by the ongoing banking crisis; and the intended and anticipated departure of significant partners and practices.
WolfBlock will remain in the practice of law for several months to protect the interests of its clients, employees and creditors. The decision to unwind was reached in view of a confluence of unfavorable factors: the economic recession, especially in the firm's core real estate practice; the constriction of credit occasioned by the ongoing banking crisis; and the intended and anticipated departure of significant partners and practices.
These dreadful, stagnant and hopelessly phony words and phrases stink. They don't fool anyone. They're insulting, dumb and depersonalizing.
I will use this pompous "announcement" in my corporate communications classes as I teach my student's how NOT to announce bad news.
Barney: Scalia A Homophobe
From the Associated Press:
Massachusetts Rep. Barney Frank called Supreme Court Justice Antonin Scalia a "homophobe" in a recent interview with the gay news Web site 365gay.com.
The Democratic lawmaker, who is gay, was discussing gay marriage and his expectation that the high court would some day be called upon to decide whether the Constitution allows the federal government to deny recognition to same-sex marriages.
"I wouldn't want it to go to the United States Supreme Court now because that homophobe Antonin Scalia has too many votes on this current court," said Frank. The video of the interview is available online.
Frank's office did not respond to a request Monday to expand on his remark. Scalia also had no comment.
Scalia dissented from the court's ruling in 2003 that struck down state laws banning consensual sodomy. He has complained about judges, rather than elected officials, deciding questions of morality about which the Constitution is silent.
Controversial topics like gay rights and abortion should not be in the hands of judges, he has said, calling on people to persuade their legislatures or amend the Constitution.
Massachusetts Rep. Barney Frank called Supreme Court Justice Antonin Scalia a "homophobe" in a recent interview with the gay news Web site 365gay.com.
The Democratic lawmaker, who is gay, was discussing gay marriage and his expectation that the high court would some day be called upon to decide whether the Constitution allows the federal government to deny recognition to same-sex marriages.
"I wouldn't want it to go to the United States Supreme Court now because that homophobe Antonin Scalia has too many votes on this current court," said Frank. The video of the interview is available online.
Frank's office did not respond to a request Monday to expand on his remark. Scalia also had no comment.
Scalia dissented from the court's ruling in 2003 that struck down state laws banning consensual sodomy. He has complained about judges, rather than elected officials, deciding questions of morality about which the Constitution is silent.
Controversial topics like gay rights and abortion should not be in the hands of judges, he has said, calling on people to persuade their legislatures or amend the Constitution.
Senin, 16 Maret 2009
Other People's Money
From the Philadelphia Daily News:Powerful state Sen. Vince Fumo [shown leaving court with girlfriend Carolyn Zinni] lived like a prince on Other People's Money, the government charged in its corruption indictment against him.
Today, the Other People spoke: Guilty on all counts.
A federal jury, after five days of deliberations, found Fumo guilty of 137 counts of defrauding taxpayers, diverting money for his personal use from a non-profit he ran and obstruction of justice. Co-defendant Ruth Arnao, who once headed the non-profit, Citizens Alliance for Better Neighborhoods, was also found guilty of all 45 counts against her.
U.S. District Judge Ronald L. Buckwalter scheduled a bail hearing for 2 p.m. when he will decided whether Fumo should be subject to electronic monitoring and house arrest while he awaits sentencing.
Fumo, 65, could get at least 10 in jail.
Today, the Other People spoke: Guilty on all counts.
A federal jury, after five days of deliberations, found Fumo guilty of 137 counts of defrauding taxpayers, diverting money for his personal use from a non-profit he ran and obstruction of justice. Co-defendant Ruth Arnao, who once headed the non-profit, Citizens Alliance for Better Neighborhoods, was also found guilty of all 45 counts against her.
U.S. District Judge Ronald L. Buckwalter scheduled a bail hearing for 2 p.m. when he will decided whether Fumo should be subject to electronic monitoring and house arrest while he awaits sentencing.
Fumo, 65, could get at least 10 in jail.
Photo: Tom Gralish/Inquirer
Three New Podcasts!
I've just conducted three new podcast interviews as part of the "Hot Interviews With Very Cool People" series for the Philadelphia Bar Association.
In one, Renowned Philadelphia Museum of Art curator Joe Rishel talks about the Museum's big, new "Cezanne and Beyond" exhibit, the role of Cezanne in the birth of modern art and Cezanne's enduring influence into the 21st century.
In another, Philadelphia Common Pleas Court President Judge Pamela Dembe discusses the challenges now facing the courts as well as what led her to her present position and her plans for the future.
Plus, in a candid discussion focusing on "the rest of your life" Philadelphia Bar Association Chancellor Sayde Ladov talks about her many interests beyond the practice of law and stresses the need for balance in your life.
You can also listen to Marlene Olshan, chief executive officer of Big Brothers Big Sisters Southeastern Pennsylvania, and Shanin Specter, an attorney and Big Brother, on how to get involved with Big Brothers Big Sisters.
To link to any of these podcasts click here and then choose the podcasts.
Go, listen!
And BTW: Thanks to the Philadelphia Bar Association for its continuing support of this podcast series.
In one, Renowned Philadelphia Museum of Art curator Joe Rishel talks about the Museum's big, new "Cezanne and Beyond" exhibit, the role of Cezanne in the birth of modern art and Cezanne's enduring influence into the 21st century.
In another, Philadelphia Common Pleas Court President Judge Pamela Dembe discusses the challenges now facing the courts as well as what led her to her present position and her plans for the future.
Plus, in a candid discussion focusing on "the rest of your life" Philadelphia Bar Association Chancellor Sayde Ladov talks about her many interests beyond the practice of law and stresses the need for balance in your life.
You can also listen to Marlene Olshan, chief executive officer of Big Brothers Big Sisters Southeastern Pennsylvania, and Shanin Specter, an attorney and Big Brother, on how to get involved with Big Brothers Big Sisters.
To link to any of these podcasts click here and then choose the podcasts.
Go, listen!
And BTW: Thanks to the Philadelphia Bar Association for its continuing support of this podcast series.
Jumat, 13 Maret 2009
Court Vacancy Ahead?
From Melissa Trujillo at Associated Press:
Justice Ruth Bader Ginsburg told law students there could be an opening on the Supreme Court soon but didn't hint at who might be leaving.
Ginsburg spoke Friday at New England Law's annual "Law Day."
In a question-and-answer session, she said the nine justices only take pictures together when a new member is added. She said: "We haven't had any of those for some time, but surely we will soon."
She declined to take questions from reporters at the event.
The 75-year-old justice had surgery last month for pancreatic cancer but returned to the bench without missing a day of work. She said advice from fellow cancer survivor Sandra Day O'Connor on when to schedule chemotherapy has helped her to keep up with the court's pace.
Justice Ruth Bader Ginsburg told law students there could be an opening on the Supreme Court soon but didn't hint at who might be leaving.
Ginsburg spoke Friday at New England Law's annual "Law Day."
In a question-and-answer session, she said the nine justices only take pictures together when a new member is added. She said: "We haven't had any of those for some time, but surely we will soon."
She declined to take questions from reporters at the event.
The 75-year-old justice had surgery last month for pancreatic cancer but returned to the bench without missing a day of work. She said advice from fellow cancer survivor Sandra Day O'Connor on when to schedule chemotherapy has helped her to keep up with the court's pace.
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