I am not willing to bet against Cravath Swaine & Moore, are you?  In fact their strategic decision in creating an insolvency practice may be cause for additional respect rather than cheap shots.

The Wall Street Journal in a post called:  The Horror! The Horror! Cravath Starts a Bankruptcy Practice is quite hard on Cravath by referring to its new practice area as "declasse" and by asking whether " the ultimate white-shoe firm, has decided to scuff up its oxfords a bit".

But before deciding that the recruiting of former Skadden partner Richard Levin,  "one of the authors of the 1978 U.S. Bankruptcy Code" might be in some way negative, think about this. 

Perhaps the brilliant minds at Cravath have peered into their crystal ball and decided that $4.00 per gallon fuel, an expensive war, continuing low interest rates, a sliding dollar and a rapidly deteriorating housing market mean that many significant businesses are on a collision course with insolvency.

PUNCHLINE:  It will be interesting to see what the hindsight analysis on this event is two years from now when my speculation is that  Cravath Swaine & Moore and the word "ultimate" will be used in the same sentence without any reference to scuffing up its oxfords.

The Complete Lawyer tag line is: Tools and insights on professional development and quality of life and career issues that impact every lawyer’s success and satisfaction.

Is this a resource that may be helpful to some of your lawyers (if not all)?

Thank you to friend and Complete Lawyer contributor Stephanie West Allen (of Idealawg) for updating me about this.


This is the most significant development impacting the legal profession in 50 years and hardly anyone is noticing except Bruce MacEwen at Adam Smith Esq.  This is not a red herring.  If you are a Managing Partner you will look back and think you should have paid very close attention to this.  Give Bruce’s post a good read:  Publicly Traded Law Firms in the US? Georgetown Law Symposium


Thank you to the Curaçao firm of VanEps Kunneman VanDoorne for inviting me to present to their own personnel and guests, and for the amazing hospitality I was shown by one and all..  Those in attendance are invited to download the materials.   Please download my presentation which requires the password provided to me at the session.  (Email me if you are not sure).


Thank you to Law.com and to Bruce MacEwen’s Adam Smith Esquire for referencing our Edge International Most-Admired Law Firm Leaders

We have released a survey in which top law firm managing partners identify their most admired peers.

Over 60 law firm managing partners responded to the Edge survey, which asked them to identify which law firm leaders, from firms other than their own, they admired the most for their management and leadership competence. They were also asked what qualities made their selections admirable.

The survey concluded that Robert M. Dell, chairman and managing partner of the law firm Latham & Watkins LLP, is the most admired law firm leader, receiving 13% of the respondents’ total votes.

Regina M. Pisa, chair and managing partner of the law firm Goodwin Proctor LLP and Lee I. Miller, Firm joint chief executive officer of DLA Piper US LLP, tied for second place for respondent votes in the poll. Other firm leaders who rounded out the top ten most admired law firm leaders include: Ben F. Johnson III, of Alston & Bird LLP; Cesar L. Alvarez, of Greenberg Traurig, LLP; Bob Odle, of Hogan & Hartson LLP; Patrick McCartan of Jones Day; Ralph H. Baxter, Jr., of Orrick and Herrington & Sutcliffe LLP; T. Kennedy Helm III of Stites & Harbision, PLLC; and Keith W. Vaughan of Womble Carlyle Sandridge & Rice LLP.

It is notable that Odle and McCartan were selected by those surveyed, as both have retired from their respective firms.

When asked what leadership and management qualities made their selection admirable, the most common responses included: a willingness to make change, promote ambitious agendas, the ability to handle tough issues and get people within the firm aligned, and a commitment to maintaining the core values of the firm.

According to Patrick McKenna, my Edge International partner who initiated the survey: “One of the interesting developments was that we heard from another dozen or so firm leaders, who took the time to send us e-mails apologizing that ‘they were not familiar with other managing partners’ or ‘didn’t know enough to identify anyone specific.’ I guess our profession is not yet rife with numerous well-recognized management role models, but this survey shows that we’re evolving.”

 

I found a treasure and I want to share it.   Bruce MacEwen’s piece on Arnie Jacobs in his Adam Smith, Esq blog today contains riches beyond even Bruce’s expectations and it is my pleasure to highlight a few of them.

The treasure I discovered is the truth that lies at the heart of our profession, extracted from Proskauer’s Arnie Jacobs by Bruce MacEwen with surgical precision .  When you read this piece you will learn (or be reminded) that Law is a profession and its future lies in the hands of the lawyers who love it.

Here is my evidence in the form of excerpts from Bruce’s fine work today:

"…over the last 15 years a grand total of two partners (lateral and home-grown) have left [Proskauer] for another law firm

"What, then, keeps a firm cohesive?, [Bruce asks].  ‘It’s a conjunction of two things:  (1) partners who are great lawyers; and (2) knowing that they’re not going to leave."  If you have those two things, you know you can cross-sell your partners’ expertise to your clients, that they’ll perform, and that they won’t try to walk out with the client.

"It’s ironic, but laterals such as me treasure our high ‘collegiality quotient’ even more than the home-grown partners do:  They’ve experienced the unhappy alternative.

"How does Proskauer maintain this?  ‘We reject the 800-pound gorillas; that’s a lot of it." Even those with a big book of business? "Especially those, if their personalities won’t mesh."

"What advice would he or does he give to associates?  "Oh, my, the law is a wonderful profession.  As I was riding down Fifth Avenue in a cab this morning on the way to work, looking at Central Park, I had the thought—which I have 3 days a week out of 5—that I’m one of the most fortunate people alive to be able to do what I’m doing.  People think this is hokey, but there’s a real intellectual challenge to it; that’s tremendously attractive to me.  

"And another thing:  In how many professions can one be truly creative at a young age?  Maybe investment banking, certainly research, maybe some doctors, but there are very few.  Lawyers have that opportunity.  

"I ask Arnie for his perspective on how law firms build themselves and grow, since every strategic plan of the AmLaw 100 places that objective front and center.

"Build on your strengths."   Don’t try to work on your weaknesses?  "No—build on your strengths."  Moral:  Concentrate on your strengths; don’t try to build something from the ground up just because it’s sexy and everybody else seems to be doing it.

"The most obvious change has been the emergence of full-time law firm CEO’s, who do not practice at all.

"Will we ever see a non-lawyer CEO of a law firm?"

"No.

"First of all, the CEO needs respect from the partners.  He or she must be not only a lawyer, but a practitioner they can respect.   Second, a non-lawyer would lack the knowledge base indispensable to actually understanding a law firm.  Sure, you might get somebody who was familiar with professional service firms in general, but there’s nothing more horizontal than a law firm’s structure.

"So could we ever see it?  Sure, it’s possible we could, but I’d wager it would serve as a cautionary tale for other firms not to emulate.

Punchline:  The wisdom that surfaces in Bruce MacEwens masterpiece with Arnie Jacobs provides the highest definition of what the legal profession is.  The noisy distractions of those who are trying to figure out how to manage a law firm like a fast food restaurant or a department store or products company that sells detergent just don’t get it.  The legal profession can learn and adopt principles and lessons from other industries and professions but to prosper it must remain exactly what it is – a profession (the way Arnie Jacobs sees it)  Read the entire post and get a bonus – Bruce leads us to a book authored by Arnie’s son (a book that resided on the New York Best Sellers List for a while).

"Buyouts alone accounted for 277 transactions worth $121billion in Asia last year" according to The Financial Express China is most popular destination for new law firms

"The economic boom coaxed US firms such as Orrick, Milbank Tweed Hadley & McCloy LLP, Cleary Gottlieb Steen & Hamilton LLP, Morgan & Finnegan LLP, and Thelen Reid & Priest LLP to open offices, while New York-based Shearman & Sterling LLP and Sullivan & Cromwell LLP applied for licenses. London-based Eversheds, Norton Rose and Clyde and Co, and French firms Bignon Lebray & Associes and Gide Loyrette Nouel also expanded into China and Hong Kong in 2006…"

Punchline:  Maybe the chatter about China not being profitable is simply not true.  However, the question is "if you’re not doing the big deals, can China be profitable" and my view is that anecdotal information about governmental intereference and difficulty in enforcing payment of fees makes practicing law in China risky business for midsized firms. 

Your thoughts?


I am honoured to be included in the Law Firm Mastery Summit on Life Career and Business Practice which is taking place between 26-30 March 2007.

Already registrations are coming in for this exciting global event. This is your opportunity to get inspired by some of the best in the business simply by listening in live on the phone or downloading the presentations in MP3 format and listening to them whenever you like.

Why not join me, along with Larry Bodine, Simon Tupman, Ed Poll, Lisa Martin, Gina Sauer, Jo Romano, Phyliss Weiss Haserot, Arnie Herz, and J.Kim Wright as we present strategies for a better practice and a better life as a 21st century lawyer?

The presentations are taking place between 1 pm and 3:45 pm Eastern time. But if that time is not convenient for you, you can still download the presentations and listen to them at any time you like. (Platinum registrants will also receive the recordings on CD as well as written transcripts).

Full details including registration can be found by clicking here.

According to The Wall Street Journal, "Mayer, Brown, Rowe & Maw LLP, on Friday said that 45 partners have been asked to leave or accept other positions there as part of a restructuring".

According to thier own web site, Mayer, Brown, Rowe & Maw LLP is among the largest law practices in the world, with more than 1,500 lawyers operating in 14 major cities worldwide including London, Frankfurt, Paris, Chicago, New York, Washington D.C. and Hong Kong.

Punchline:  I am not shocked that a law firm would cull its herd of partners but most do so discretely offering assistance to those affected to keep organic appearances.  This sudden and public move sends a message that is less than positive.  Why?

The story requires a subscription: Mayer Fires, Demotes 45 Partners