We feel like we’re taking magic Biglaw pills today and having hallucinatory flashbacks to 2006. The good news has been rolling in. Just today, we covered raises at Sheppard Mullin, and a 100% offer rate for D.C. summer associates at Latham & Watkins.
And over at Am Law Daily, Zach Lowe predicts good things for 2011. There will be more summer associate spots to go around next year, law school kiddies:
On-campus interviewing starts in two weeks at some schools, and early indications are that hiring at premier law firms will jump–in some cases by a lot–after plummeting this summer, according to sources at law schools and firms.
Cravath, Skadden, and Ropes & Gray, among others, plan to hire more warm bodies next summer than this one. This summer was dismal, after all, in terms of summer associate hiring, as demonstrated by these charts from the National Law Journal and Am Law Daily.
The upside of hiring fewer summer associates, though, is an increase in the likelihood of all of them getting hired. We’ve had more reports of 100% offer rates from a few firms today, along with fun ways of spreading the good news. Eyewitness accounts, after the jump.
We’re rolling through the Vault 2011 list of the “prestigiest” firms in the land, so that you can comment on what it’s like to actually live, work, and breathe those firms (when you’re not choking on all the prestige in the air).
We’ve covered #1-10 and #11-20. Here’s the next round-up. Now it’s time for the London-based Magic Circle firms to join in the elite fun:
I don’t believe you when you say just about anything anymore because I know that you will lie to a court any time it helps you. I know that. I saw you do it. I know you will do that. You have proven that to me beyond a reasonable doubt.
– Chief Judge James Holderman (N.D. Ill.) of Chicago, berating government lawyers — before a unanimous panel of the Seventh Circuit removed him from the case, in the middle of trial. Judge Richard Posner’s opinion cited Judge Holderman’s abuse of discretion and “unreasonable fury toward the prosecutors.”
Legal Eagle Wedding Watch, like the rest of the nuptial media, is in a state of giddy anticipation over Chelsea Clinton’s upcoming wedding, scheduled for tomorrow in Rhinebeck, NY. We’ll be gobbling up all the juicy details as they leak out, just like the lucky guests will be devouring the vegan and gluten-free fare. Yum!
Chelsea’s big day is one of the social events of the season and is estimated to have up to a $2 million pricetag. This week’s featured weddings may not quite reach that stratospheric territory, but they do have lawyers out the wazoo (unfortunately, neither Chelsea nor her fiancé has a JD; her parents, of course, have two).
The words “The Next Frontier” were added to signal that social media for attorneys is going into its next phase. To Elefant and Black, lawyers can no longer ignore the impact of social media on the law, but rather must embrace it fully. Lawyers will have to deal with this new form of communication in order to be collaborative with one another and responsive to their clients.
So what does this have to do with Biglaw? Social media is more for small firms and solos who need to use these tools to market themselves over the internet, right?
Actually, Elefant and Black believe social media can have a huge impact on Biglaw, especially in regard to its women lawyers. And law professors should read on too — it’s possible that advances in social media will render law review articles irrelevant…
As we’ve been trying to tell people, paying associates less than a $160K starting salary is just not something that Biglaw firms should be doing. Everybody got very excited in 2009 when they thought that there was an opportunity to keep profits high by squeezing entry level associates, but it turns out that pay cuts were a short-sighted move. The vast majority of the Am Law 100 firms never left the $160K scale. The few who did are slowly coming back to the light.
Such is the case with Sheppard Mullin. A couple of weeks ago, we reported that Sheppard was still mucking around in the non-competitive $145K range. Today we’ve received word that Sheppard is doing the right thing by its junior associates and restoring the $160,000 starting salary…
A week ago, we reported that Pepper Hamilton surprised its summer associates with 100% offers at a Friday lunch. Now this is a trend we hope catches on.
And maybe it will. Latham & Watkins surprised its D.C. summers during a rooftop extravaganza, yesterday. A tipster reports:
Last night (Thursday), Latham & Watkins’ D.C. office officially extended offers to 100% of its summer associates during an end-of-summer party on the rooftop of the Donovan House–one of the city’s swankiest spots. The offers came unexpectedly, as summers were under the impression that they would be waiting another week or so, until the conclusion of the programs at Latham’s other national offices, to hear about offers.
Well now, that should lighten the mood.
And Latham D.C. even provided a little extra incentive for summers who accepted their offers on the spot…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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