When Loeb & Loeb LLP in Los Angeles announced that Loretta Thompson and five others were elected partners, Thompson wasn’t surprised to get congratulatory messages from law school classmates, and other friends and colleagues.
But what did catch her a little off guard were the calls and e-mails from total strangers who read about her promotion and wanted to sell the new partner a variety of services,including wealth management and accounting.
“After I thought about it I concluded that is exactly what they should be doing,” said Thompson, a real estate attorney who was named partner last year. “I think it is a good business practice.”
In recent months, many law firms have elected their 2007 partner class including Gibson Dunn & Crutcher LLP, Latham & Watkins LLP, Pillsbury Winthrop Shaw Pittman LLP and Milbank Tweed Hadley & McCloy LLP.
These selections were followed by a release naming the new partners and their practice areas. It’s a significant milestone, because at many law firms the path to partnership is an eight-year track paved with more than 16,000 billable hours.
The announcements also provide solicitors of all stripes with a ready-made list of folks with sizable salaries.
Thompson received calls or e-mails from Wachovia Corp., JPMorgan Chase & Co. and several boutique wealth management and accounting companies.
Eileen Leveckis, a Wachovia spokeswoman, said she’s not directly familiar with the practice.
“We are new to the area and have to be proactive about getting business,” Leveckis said. “Everyone here has their own way of getting leads and generating new business.”
Another new partner was pitched professional sports season ticket packages.
Others said they have not received any calls. A few even felt a little left out upon hearing that other lawyers were having their new status validated by high-end solicitations.
“I haven’t received any calls,” said Daniel Perry, a litigation partner at Milbank Tweed, whose promotion was announced by the firm last month. “Overall, very little has changed, including the calls I receive.”
Thompson said most of the solicitations, especially those from the banks, fell on deaf ears.
“It so happens that I am married to a senior vice president at City National Bank,” she said.
Combs is a staff writer with the Los Angeles Business Journal.
