LawJobsPipeline.com/blog – The Law Jobs Blog – The WSJ Law Blog’s Peter Lattman reports on a very rare occurrence – a lateral appointment to the legendary Watchtel Lipton – one of New York’s top-rated law practices.
For only the third time in 42 years, Wachtel’s have taken on a lateral partner, this one being Michael Seagal from Paul Weiss. If you want to find out more about this firm and its high-profile deals and goings on (because you won’t find much from it’s very authoritative but staid website) check the profile in the UK Lawyer story.
The firm founder Marty Lipton, a contemporary of that other Wall Street lawyer legend Joe Flom from Skadden Arps, makes some interesting observations, including:
“The firm operates in a collegial manner. The firm is not a business. There is no partnership agreement — only a handshake among friends.”
“Partner compensation is on an absolute lockstep basis. All partners in the same age group are equal.”
“Clients are firm clients, not those of individuals.”
“The firm does not invest with or in clients. No partner or associate may serve as a director of a business corporation.”