Partners At The Top Biglaw Firms Are Making Some Nice Coin

Ed. note: Welcome to our daily feature, Trivia Question of the Day!

According to data collected by ALM for their 2020 Am Law 100 ranking, what is the average profits per equity partner at the top 25 highest grossing Biglaw firms?

Hint: There’s a sharp decline in the second 25, which come in at an average of $2.285 million, $1.603 million for firms 51 to 75, and for firms 76 to 100 $1.462 million. 

See the answer on the next page.

Hedge Fund Manager In Jail For Ponzi Scheming Won’t Get Out For Lawyer’s Horndogging

The Looming Crisis (And Opportunity) For In-House Counsel

While the pandemic has delivered immediate economic harm across industries, the next big hit for businesses may not be readily apparent. Legal departments, by and large, lack the deep understanding of their own contracts needed to maximize revenue and minimize costs and disruptions. Joe and Kathryn chat with Mark Harris, CEO of Knowable, about his recent open letter to in-house counsel laying out this threat and the importance of contract analytics tools to getting ahead of it.

Biglaw Firm Offers Students Who Didn’t Get Summer Associate Jobs The Chance To Work As ‘Virtual’ Summer Associates

We see this as an extremely valuable learning exercise for these students to well prepare them to finish out the second and or third year of law school and have on their resume a very valuable experience having worked through and lived through this simulated exercise over eight weeks.

[It will be] just like being a summer associate in a law firm.

Michael Volpe, co-chair of Venable’s labor and employment practice group, commenting on the firm’s simulated summer associate experience at a “virtual” law firm. Venable has teamed up with New York Law School to create and put on this eight-week training program in record time. “I think people recognize what this summer means to a large group of law students who otherwise will lose their summer and will lose out on tremendous opportunities,” said Anthony Crowell, dean of NYLS.


Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

OBAMAGATE: The Crime So Heinous They Haven’t Invented A Statute For It Yet

“OBAMAGATE!” the president tweets at us hourly.

“If I were a Democrat instead of a Republican, I think everybody would have been in jail a long time ago—and I’m talking with 50-year sentences,” he told Fox News’s Maria Bartiromo, who nodded sagely, murmuring, “It is the biggest political scandal we’ve ever seen.”

Asked to explain, Trump’s explanation was cogent and precise.

It’s very simple. Even before I got elected, you remember the the two lovers, right? Strzok and Page. The insurance policy. She going to win. But just in case she doesn’t, we have an insurance policy. That means that if I won, they’re going to try and take me out. That’s all it means, very simple. It’s an insurance policy. So “she’s going to win, isn’t she darling? Isn’t she going to win?”

If anything, it makes too much sense!

Later Bartiromo pivoted to asking Trump why his campaign was so amazingly successful. Because Maria Bartiromo is a very serious journalist.

Fox News is currently running wall-to-wall coverage of OBAMAGATE! after Acting DNI Ric Grenell declassified the list of government employees who requested to “unmask” the identity of the American citizen picked up on NSA Foreign Intelligence Surveillance Court wiretaps. Under this theory, the intelligence agencies got a FISA warrant to intercept the communications of foreign citizens, an unidentified American was picked up speaking to said foreign citizens, national security employees used a bog standard legal procedure employed 17,000 times in 2018 alone to determine the identity of that American citizen, and this is all somehow proof of an illegal conspiracy to target Michael Flynn.

A rational person might point out that, if they knew Michael Flynn was the American being picked on those intercepts, they wouldn’t have had to unmask him. Moreover, as Marcie Wheeler notes, the vast majority of those unmasking requests precede Flynn’s December 29 and 31 phone calls with Russian Ambassador Sergei Kislyak, when the incoming National Security Advisor promised to undo the recently imposed sanctions on the Kremlin and requested support for Israel in an upcoming vote at the UN. So whichever foreign agents Flynn got picked up kibbitzing with in the period after the elections when he was already receiving classified briefings as part of the presidential transition — likely Turkish, Emirati, and/or Saudi — it had nothing to do with the Russia investigation.

But whomever Flynn was talking to, those conversations caused a whole bunch of people to freak out. Look for Acting DNI Grenell to declassify those no doubt perfectly innocent transcripts … never.

Over at Fox, there is great sturm and drang because Vice President Biden requested to unmask Flynn’s identity regarding the Kislyak calls on January 12. This proves he was in on the conspiracy, Hannity shouts, without explaining how exactly. Biden couldn’t have leaked the details of the conversation to the Washington Post, since David Ignatius’s story detailing the call appeared the same day Biden made the unmasking request. And by the time the FBI agents came knocking on Flynn’s door on January 24, Biden and Obama were long gone.

Nevertheless, they are sure that Joe Biden is responsible for ordering the NSA to wiretap Kislyak in a devious attempt to pick up Michael Flynn promising to undermine the new sanctions regime. Similarly, Biden forced Michael Flynn to lie to the FBI agents about the call. And then he used mind control to force Trump to appoint Republican Rod Rosenstein, an obvious plant, who would trick the president into firing FBI Director James Comey. It doesn’t take a psychic to predict that Rosenstein would have a panic attack and appoint Robert Mueller Special Counsel after that. All of which is highly illegal, in ways which are very obvious to credible lawyers like “Judge” Jeanine Pirro.

Or, as Trump told the Washington Posts’s Phillip Rucker, “You know what the crime is. The crime is very obvious to everybody. All you have to do is read the newspapers, except yours.”

Case closed.

WATCH: Trump Comically Attempts to Explain ‘ObamaGate’ When Asked By Maria Bartiromo [Mediaite]


Elizabeth Dye (@5DollarFeminist) lives in Baltimore where she writes about law and politics.

Will We See A Wave Of White-Collar Litigation?

When we talk about practice areas that might actually benefit from the coronavirus pandemic and its economic fallout, bankruptcy tops the list. And this makes sense, given the big-name bankruptcies that have been filed in recent weeks, including J. Crew and Neiman Marcus.

Here’s another practice that might benefit from current events: white-collar work, both criminal and civil. The space has been a little sleepy in the past few years, as the more robust enforcement agenda of the Obama Administration gave way to a more pro-business, less aggressive approach by the Trump Administration. Just last year, Jack Newsham wrote in the New York Law Journal about a “white-collar slowdown,” fueled by a dip in white-collar criminal prosecutions to their lowest level in 33 years.

(Note: although pundits love to blame President Trump for what they view as an overly lax pursuit of white-collar criminals, it should be noted that the downward trend in white-collar prosecutions began under the Obama Administration. Federal white-collar cases peaked in 2011 under President Obama, and they’ve been declining ever since.)

In the wake of the pandemic, is white-collar work poised for a boom, or at least an increase? From a piece by Tom McParland for the New York Law Journal:

New York lawyers are bracing for a surge of white-collar criminal and civil cases stemming from market volatility caused by the COVID-19 pandemic, former prosecutors told the New York Law Journal this week….

David Miller, a partner at Greenberg Traurig and former assistant U.S. attorney in the Southern District of New York, said investigations of pandemic-related misconduct were likely already underway, but additional cases also would arise from prior acts that are just now being brought to light.

“I think you’re going to see a combination of both criminal and civil law-enforcement actions,” Miller said. “Either way, I think you’re going to see an uptick in civil and criminal enforcement work later this year.”

Growth areas could include prosecutions of False Claims Act and fraud cases related to government aid programs launched in response to the pandemic, insider trading stemming from bigger swings in the stock market, hoarding and price-gouging of personal protective equipment (PPE) under the Defense Production Act (DPA), and Foreign Corrupt Practices Act (FCPA) cases resulting from attempts to procure PPE in foreign markets.

We are already seeing increased activity on these fronts. As reported by Law 360:

U.S. Attorney General William Barr in March directed the creation of a task force to focus on COVID-19-related market manipulation, hoarding and price-gouging, to be staffed by an experienced attorney from each U.S. attorney’s office.

New York federal prosecutors made waves in recent weeks with a number of criminal cases brought against individuals as part of the nationwide crackdown, including the first-ever charges under the DPA since President Donald Trump signed an executive order invoking the law in response to the pandemic.

And it won’t be exclusively federal. State prosecutors play a significant role in pursuing white-collar crime, and defense lawyers told Law360 that they expect to see increased state prosecutions as well.

(A caveat, though: the pace of these new cases could be a bit slow. Prosecutors are working from home, agents aren’t making as many arrests as usual, and although grand juries are still meeting in some jurisdictions (like the Southern District of New York), jury trials and sentencings are generally on hold.)

What could a pickup in prosecutions mean for the market for white-collar lawyers, both firm-to-firm laterals and lawyers coming out of government, such as U.S. Attorney’s Offices and Main Justice? Once firms return to recruiting as usual, the market should be better than it has been. That might not be saying much — in 2019, the market was so challenging that even assistant U.S. attorneys from the legendary S.D.N.Y. had a tough time of it — but any improvement would be welcome.

But white-collar lawyers should keep their expectations modest, and not pop open the champagne just yet. To borrow a term from the real estate market, there’s a lot of “shadow inventory” in white collar — lawyers who aren’t on the market right now, largely because it hasn’t been a great market, but who will put themselves on the market once it improves. I predict it will still be a buyer’s market, at least for a while.

Which white-collar litigators will be best positioned to get hired? For partners looking to switch firms, the two top factors will be book of business and actual trial experience. For prosecutors looking to enter private practice, trial experience is also critical; it’s a big part of why firms hire former prosecutors, who tend to get far more trial experience than Biglaw attorneys.

Other important factors include a supervisory title and experience, since this helps in garnering clients and press coverage; expertise in the right areas, such as securities, FCA, or FCPA work (more valuable than, say, drug or gang experience); and diversity, which firms are, to their credit, focusing more on in hiring. Having worked on a famous case also helps a lot. See, e.g., the lawyers who worked on Robert Mueller’s Russia investigation, who landed at such firms as Gibson Dunn (Zainab Ahmad), Paul Weiss (Jeannie Rhee), Cooley (Andrew Goldstein and Elizabeth Prelogar), Jenner & Block (Andrew Weissmann), and WilmerHale (Bob Mueller, James Quarles, and Aaron Zebley).

If you’re a white-collar lawyer at a firm who’s thinking of a move or a government lawyer thinking of entering (or returning to) private practice, please feel free to drop me a line. I’m happy to chat with you about the market in general and what you can do to position yourself best for a move once hiring returns to normal and the white-collar market (hopefully) picks up.

Lawyers See Coming Surge in White Collar Criminal, Civil Cases Stemming From Pandemic [New York Law Journal]
COVID Crimes: White Collar Cases To Expect From The Crisis [Law360]

Ed. note: This is the latest installment in a series of posts from Lateral Link’s team of expert contributors. David Lat is a managing director in the New York office, where he focuses on placing top associates, partners and partner groups into preeminent law firms around the country.


Lateral Link is one of the top-rated international legal recruiting firms. With over 14 offices world-wide, Lateral Link specializes in placing attorneys at the most prestigious law firms and companies in the world. Managed by former practicing attorneys from top law schools, Lateral Link has a tradition of hiring lawyers to execute the lateral leaps of practicing attorneys. Click ::here:: to find out more about us.

Top 25 Law Firm Conducts Stealth Layoffs

(Image via Getty)

We knew this was going to start happening. Stealth layoffs are a Biglaw specialty and the economic upheaval surrounding COVID-19 is ripe for them. Above the Law is hearing from multiple insiders at the firm that over the last month or so, Goodwin Procter has been letting associates go. They’ve already laid off staff members, and now it seems it’s cutting some associates from its payroll. As a reminder, the firm made over a billion dollars in gross revenue last year — $1,330,176,000 to be precise — making it 22nd on the most recent Am Law 100.

Particularly prevalent during economic downturns, stealth layoffs allow firms to cut headcount without confirming that there were economic-based layoffs. Rather than signal some perceived weakness, a firm tries to cut overhead without making a splash. So, they’ll give the associates X number of months/weeks to find a new job and the firm may even couch the reductions in performance review terms, making those let go doubt their lawyering skills.

Here is what we are hearing is happening at the firm. First it starts in dribbles. (Potentially identifying information of those laid off has been edited from tipster accounts.)

I heard Goodwin is emptying certain practice groups.

Have heard that Goodwin is making stealth associates layoffs.

Hey ATL, Tip regarding stealth layoffs at Goodwin Procter. In early April, Goodwin began laying off associates.

Which, is not enough to base a story on, but it is enough to start poking around. And, the tips just continued to pour in.

Hi, this is a tip on stealth lay offs done by Goodwin Procter. We know of at least 12 associates that were laid off.

I was a Goodwin associate and can confirm that Goodwin has been conducting stealth layoffs.

Just wanted to give a tip that Goodwin recently laid off a handful of associates, but did not provide much detail regarding the layoffs, including how many associates were let go (I’m hearing at least 10-20….). The New York office had a firm-wide call where the firm…. communicated that some associates had been “counseled out” last week due to the anticipated reduction in revenue for the firm. Those let go 12 weeks severance and healthcare benefits through September. For the time being, firm leadership on the call communicated that those who had been let go have been let go, and there are no further plans to let associates go or cut salaries.

Tip: Goodwin is conducting stealth layoffs for economic reasons. They are trying to keep it under wraps by having affected associates sign confidentiality agreements. They should be listed as a firm implementing layoffs.

And then yesterday this account was posted on Reddit:

Before the firm decided to stealth me, I received consistently positive performance evaluations and was given positive informal feedback. My hours were always a healthy margin above the billable hours target and were consistent with that of my colleagues. One day, very suddenly, I was told that I had performance issues and had three months to leave. The conversation made no sense to me, and I spent a lot of time and energy trying to figure out what I had done wrong – thinking I had inadvertently offended someone or made a giant mistake – until a coworker confided in me that the same thing happened to them. Through the grapevine I was able to figure out that this is happening throughout the firm, and it wasn’t just me.

And oof, that is basically a textbook account of stealth layoffs. I have nothing but the deepest sympathy for anyone that finds themselves going through it. And let me reassure you — it isn’t you.

When reached for comment a spokesperson for the firm said:

In early April, we completed our annual mid-year review cycle for our non-partner lawyers (Goodwin operates on a September fiscal year-end.) As a matter of policy, we do not comment on our performance management process.

Which is, again, textbook.

We couldn’t report on the nitty gritty of what is going on in Biglaw firms like Goodwin without the outstanding ATL tipster network. So thank you for helping this come to light.

And remember, if your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).

If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.


headshotKathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

Video Tech Is Exhausting


Olga V. Mack is the CEO of Parley Pro, a next-generation contract management company that has pioneered online negotiation technology. Olga embraces legal innovation and had dedicated her career to improving and shaping the future of law. She is convinced that the legal profession will emerge even stronger, more resilient, and more inclusive than before by embracing technology. Olga is also an award-winning general counsel, operations professional, startup advisor, public speaker, adjunct professor, and entrepreneur. She founded the Women Serve on Boards movement that advocates for women to participate on corporate boards of Fortune 500 companies. She authored Get on Board: Earning Your Ticket to a Corporate Board Seat and Fundamentals of Smart Contract Security. You can follow Olga on Twitter @olgavmack.

Volatility Ahead: CFTC Warns Exchanges, Brokers to Prep for Wild Ride [Sponsored]

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Mega Firm Celebrates Lawyers’ ‘Sartorial Flair’

Here’s a little Fri-YAY fun.

Working in Biglaw can be a stodgy affair; very serious work, you see, and lots of long hours, no time for a laugh. Well, if that’s your impression of those who work in the biggest law firms in the world, you’re in for a treat.

Roll on Friday got their hands on a tribute video from DLA Piper whose employment partner Tim Marshall is stepping down as Joint Global Head of the firm’s employment practice. Set to the tune of “So Long, Farewell” from The Sound Of Music (extra point for the show tune), it features DLA-ers decked out in their best 1920s-inspired garb.

But the very best part is the good humor the firm displayed when Roll on Friday asked them for a comment. A DLA spokesperson said:

“Tim has had a change of role at the firm, and seeing as they couldn’t get together in person to thank him for his eight years as International Group Head, his colleagues thought they would do the next best thing and give him the gift of song”.

“We apologise unreservedly if any [] readers’ eyes or ears were damaged in the viewing of this video, but remain quietly proud of the team’s fortitude, ingenuity and sheer sartorial flair in celebrating with Tim during this lockdown period”.

Nice. Easily my favorite Biglaw statement of all time.


headshotKathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).