Quantcast
Icon

A Daily Record blog devoted to Legal Affairs

Equity or non-equity? They won’t tell.

By:

Firms are extremely sensitive about publicly differentiating between equity and non-equity partners. NALP decided to start collecting that data from firms, but the firms resisted and NALP has now dropped the effort, the AmLaw Daily reports:

NALP’s [James] Leipold says most firms cited privacy concerns for not divulging the details of their partnership arrangements. Because some firm offices are quite small, firms indicated they were concerned that nonequity partners would be easily identified and stigmatized, says Leipold.

A professor quoted in the article says the firms really want to protect their billing rates, not their nonequity partners. If clients don’t know the breakdown between equity and non, firms can charge high rates for all partners, she says.

Groups representing female and minority lawyers are especially peeved at the firms’ refusal to share their data. They want to know, basically, what proportion of a firm’s “partners” have a real stake in the firm and share in the profits, and what proportion are partners in name only, in actuality just employees with fancy titles.

It’s the difference between having real power and the semblance of power, says Fernande Duffly, a judge on the Massachusetts Appeals Court and a former president of the National Association of Women Judges. Duffly, an advocate for achieving greater diversity in the profession, had pushed NALP to collect the information for the last two years. “If you’re making a career selection, you want a place where you have opportunity for real leadership; I think law students want to be full partners,” Duffly says in explaining why the breakdown is important. She adds that she has a personal stake in the issue: “Law firm partners are part of the pipeline for our judiciary.”

For what it’s worth, The Daily Record also faced major resistance when we solicited information about equity versus non-equity partners for our Money Issue last year. A lot of firms refused to fill out our survey on revenue, profits and other money questions, but many also declined to break down their partnership ranks by equity and non-equity.

Category: law, minorities

Law school buys naming rights to stadium

By:

In a very unusual promotional deal, a law school in Michigan has bought the naming rights to a minor league ballpark. The Lansing Lugnuts (goofiest-sounding team name ever) will now play at Cooley Law School Stadium.

Quoting Cooley President Don LeDuc, The National Law Journal writes:

“It’s a little bit unique, but this is just one example of how we do marketing to get our name out there,” LeDuc said.

Cooley has long taken a different approach to marketing than do most law schools — it has advertised on billboards and sponsored television and radio programs, for example.

“People like to pretend that education isn’t competitive, but it is,” LeDuc said. “You’ll probably see more things like this in the future.”

With 3,600 students at campuses in Lansing, Grand Rapids, Auburn Hills and Ann Arbor, Mich., Cooley is the largest law school in the country and attracts a large number of part-time students. Cooley has been expanding steadily, but just keeping the student body at its present level requires getting its name out into the public, LeDuc said.

Can you see anything like this ever happening with either of the two law schools in Maryland? I’m thinking no. However, if UB Law ever does decide it wants Oriole Park at Camden Yards to be known as “University of Baltimore School of Law Oriole Park at Camden Yards” (or something like that), perhaps its most prominent alumnus can float a discount.

Category: Advertising, Angelos, Baseball, law, law school, University of Baltimore

Email Alerts

Sign up for free email alerts from The Daily Record

Enter your e-mail address:
Morning News Update
TDR Auction Notices
Real Estate Weekly
In-House Counsel Monthly