Brad Karp Heckling Shows Anger at Law Firms Hasn't Faded
It's been a difficult year for Brad Karp, chair of Wall Street law firm Paul Weiss. In January he suffered a heart attack and then, a few months later, he chose to strike a pro bono deal with the Trump administration to stave off a punitive executive order.
In a recent speech at a gala event in New York, Karp said the latter was more painful than the former. But during that speech, a fellow attorney stood up and heckled him—an indication of how raw feelings within the legal industry still are over the pro bono deals.
Bloomberg Law reporter Mike Vilensky was at the event and saw all of this go down. He joins our podcast, On The Merits, to talk about who shouted at Karp, why, and what the two had to say to each other after the event concluded.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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14:04
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14:04
McDermott Wooing Outside Investment May Portend Industry Shakeup
As Big Law looks for ways to scale up, McDermott Will & Schulte says it's looking at outside investment in the firm—a move that could set off a paradigm shift in how law firms run their businesses.
If it does sell a part of itself to investors, McDermott would be by far the largest publicly known firm to take this step. Outside investment represents a new source of capital for law firms looking to expand, but does come with myriad risks and potential roadblocks.
On this episode of our podcast, On The Merits, Bloomberg Law's Jessie Kokrda Kamens and Justin Henry talk about why McDermott is doing this now, whether they can pull it off, and how they're going to get around the ethical rules prohibiting outside ownership of firms.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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12:29
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12:29
Top In-House Lawyers Absorb More Responsibility, Much More Money
The top lawyers at the largest publicly traded companies in America are being asked to wear many hats at once—and also getting paid handsomely to do so.
That's the takeaway from a recent story by Bloomberg Law senior reporters Brian Baxter and Andrew Ramonas, who crunched data from SEC filings of S&P 500 companies and found out how much these attorneys are making. Alphabet's J. Kent Walker Jr. leads the list with a total compensation package exceeding $30 million.
On this episode of our podcast, On The Merits, Baxter and Ramonas talk about who these highly paid executives are, the new responsibilities they have, and why they don't always hold the titles of "general counsel" or "chief legal officer" at their respective companies.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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14:47
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14:47
Ropes & Gray Is Exception, Not the Rule, for Non-Equity Partners
Most of the biggest law firms in the US have a two-tier partnership model, where some partners have equity in the firm while others don't. So it was a bit of a surprise when the firm Ropes & Gray announced last month it will be sticking with its one-tier model.
Is this a sign that the trend toward non-equity partners is starting to reverse? Not according to today's guests on our podcast, On The Merits, law firm consultant Janet Stanton with Adam Smith Esq. and legal recruiter Scott Love with The Attorney Search Group.
They talk with Bloomberg Law editor Jessie Kokrda Kamens about how prevalent non-equity partnerships are, how they benefit law firms, and what firms need to avoid doing to make sure they work.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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17:10
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17:10
Firms That Did Trump Deals Forgot They Were Law Firms, Says Prof
On this episode of our podcast, On The Merits, we take another look at the reasoning behind the deals law firms struck with the Trump administration earlier this year to avoid punitive executive orders.
We previously heard from Yale Law School professor John Morley, who said these firms had no choice because an executive order could have kickstarted a devastating run on the partnership. Today's podcast guest sees it differently.
David McGowan, a professor at the University of San Diego School of Law, says the firms that settled did so because they forgot the unique role they play in the American justice system and, instead, see themselves as more of business venture.
"To me, the firms that have come to terms with the administration are signaling that, at their essence, they are financial services, financial adviser companies," he said. "I don't think that that is a given. I think that that is a choice."
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
On The Merits takes you behind the scenes of the legal world and the inner workings of law firms. This podcast offers in-depth analysis on the latest trends, challenges, and opportunities shaping the business of law and the legal industry overall. You'll gain insights into how the latest government actions, policies, and business developments are impacting the industry and hear from leading attorneys, legal scholars, industry experts, and our own team of journalists as they share their perspectives on the forces driving change.
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