ABA Section of Business Law
ABA Section of Business Law
Business Law Today
March / April 2000
Snap judgments
TV stardom? No thanks
The masses may be tuning in at record numbers, but from their ivory towers, the would-be stars of the Court TV craze are turning up their noses at potential stardom.
According to a recent survey by legal staffing firm The Affiliates, 59 percent of lawyers say televised trials are having a negative effect on the legal profession.
"Many attorneys believe that trial lawyers may handle a case differently if it is broadcast and that jurors and witnesses may be influenced by its high-profile nature," says Affiliates Executive Director Kathleen Call.
In fact, the survey showed that while 21 percent of the lawyers thought showing trials on TV had no influence, only 14 percent of lawyers thought airing court proceedings had a positive impact.
Clearly they forgot to include Johnny Cochran in their survey.
Litigiousness as a growth industry
With the stock market soaring, some in the legal profession are looking to take the bull by the horns and sell stock in their law firms, the Boston Herald reports.
While the idea of law-firm IPOs is still in the formative stages, a few corporate lawyers are already looking to broker deals that would land them on Wall Street.
Richard Testa, the founder of Boston’s Testa Hurwitz & Thibault is among those waiting for the opening bell to ring.
But the former president of the Massachusetts Bar Association, Michael Grecco, worries that law-firm IPOs may pose conflicts of interest.
"The lawyer is there to protect the best interests of the client," Grecco told the Herald. "And there are times when that may conflict with the profit motive of investors."
Fortunately for those with an eye on the bottom line, Grecco’s philosophical dilemma isn’t putting a damper on people who hope to some day stock up on shares of their favorite firms.
"It’s a growth business and stocks in growth industries generally do well," one Boston analyst told the Herald. "We’re in a litigious society."
Net-income envy
For anyone worried that the economic boom might not be benefiting lawyers, you can rest easy tonight knowing that a recent survey of law firm financial statements shows that the stars of the The Practice aren’t the only lawyers bringing in the big bucks.
According to James M. Sawma, who worked on the Citibank Private Bank’s annual survey, "1998 was definitely a banner year for firms of all sizes. ... We’re seeing anecdotally that 1999 will be another strong year."
The study, which looked at 253 law firms, based its findings on gross revenue per lawyer, net income per partner and net income per equity partner.
Not including firms in New York, the average net income per partner nationwide, the survey found, was $436,000. In New York, that number could go as high as $896,000.
Perhaps Dylan McDermott should reconsider his day job.
Show up the neighbors
If you want to be the first on your block to file a class-action suit, you’d better act fast.
According to Catherine Hagen, an employment discrimination lawyer and partner with L.A.’s O’Melveny & Myers, class-action suits are on the rise, the Portland, Ore., Business Journal recently reported.
And if you really want to keep up with the Joneses, make that a work-related class-action suit.
"Class-action lawsuits are being filed in record numbers to address the discrimination practices in the workplace, particularly sexual harassment and alleged illegal wage and hour practices," Hagen told The Business Journal.
But it’s not just the traditional worker dispute cases that are hot right now, the Journal reported. Nowadays, employees are also alleging invasion of privacy or even suing for defamation when information from their personnel file is given to a prospective employer.
Of course, if you don’t feel like going in for a little class action, you could always show up the neighbors by signing up for that satellite TV service. Although it’s not clear which choice would involve the least paperwork.
Take this firm and . . .
If you can’t stand the heat, then get out of the firm. According to The Business Journal in Milwaukee, that’s just what a growing number of young lawyers are doing.
In a recent article, the Journal cited long hours and emphasis on the bottom line as factors that are driving many away from the firms they joined after law school.
In fact, the National Association for Law Placement found a 68 percent attrition rate over six years at firms nationwide.
Another reason for the exodus is the down-and-dirty nature of the legal profession. "It’s become overly adversarial," said former lawyer Paul Katzman. "There’s so many lawyers out there doing whatever it takes to be a success."
Is your specialty hot?
While those with an eye toward this spring’s fashions are nervously waiting to see if GAP stores across the country will again be deluged with those oh-so-unflattering capri pants, we can all breathe a little easier on the professional front now that The Affiliates staffing service has brought us a list of what’s hot and what’s not in the legal profession.
According a recent survey they conducted, 58 percent of lawyers cited intellectual property law as the hottest legal specialty. That number is up from 49 percent in 1997.
"Technology is having a significant impact on IP law," said The Affiliates. "As greater numbers of new products and services are introduced and more information is made available on the Internet, intellectual property has become critical for both companies and individuals."
The rapid growth of the high-tech industry has created an increased demand to protect patents, trademarks and copyrights. Now, if we could just find out who holds the patent on those calf-length pants, we’re sure the IP law boom would become even greater.
— Heather Brewer
Is your lawyer a jock?
For lawyers facing a possible courtroom showdown with Los Angeles lawyer John Quinn, better dig out the Kryptonite because if a press release from Quinn Emanuel Urquhart & Hedges is correct, then Quinn can do nothing less than leap tall buildings in a single bound.
It seems that Quinn, a Harvard alum who started his own firm 10 years ago, was geared up for the 1999 Ironman Triathalon Championship in Kona, Hawaii — no small feat for a man whose litany of legal successes is detailed in the firm’s press release.
But if Lois Lane wasn’t swooning when she heard her hero had defeated the evil Volkswagen and secured a $1.1 billion settlement for poor, helpless General Motors, the PR folks down at the firm were bound to get her blood pumping with a vivid description of the life of an Ironman.
"The event is made up of a 2.4 mile swimming segment, a 112-mile bike race, and a full 26-mile marathon. With average temperatures during the race that range from 82 to 95 degrees, humidity hovering around 90 percent and crosswinds on portions of the bike course gusting as high as 60 mph, it is no wonder that the race is limited to the best athletes in the world," the press release said.
We just hope there were enough phone booths in Hawaii to help Quinn stay on course as the legal man of steel.
