Julian Assange looks way too much like Julian Sands.
* A Spanish woman has claimed ownership of the sun. Similarly, my father would womanize, he would drink. He would make outrageous claims like he invented the question mark. [Daily Mail]
* Yesterday, Eric Holder said that the Justice Department was conducting a “very serious” investigation into insider trading on Wall Street. Rachael Ray’s going down. [Bloomberg]
* The Justice Department is also investigating whether WikiLeaks founder Julian Assange violated the Espionage Act. The Espionage Act is, of course, a euphemism for “two Swedish ladies.” [Washington Post]
* Critics say the arrest of Mohamed Osman Mohamud was the result of entrapment. The government, however, says Mohamud was given several opportunities to scrap his War on Christmas Trees. [New York Times]
* Greenpeace has accused two chemical companies of corporate espionage. Make up your own joke. I don’t care about the environment. [WSJ Law Blog]
* A mortgage-fraud trial will be in recess next week so that a lawyer can attend his grandson’s bris. Hey circumcision warriors…you mad? [New York Post]
Martin Luther dropped out of law school -- and so can you.
Lat and I have already had a spirited debate about whether or not a 2L should drop out of law school. Predictably, Lat argued that the 2L should stick with it, while I extolled the virtues of running away and quitting. And the readers weighed in too: 66% of you said that the 2L should hang in there and finish law school.
Well, what if the student is a 1L? What if the student is just in his first semester of 1L year and can get out before incurring even another semester’s worth of debt? Does that change your opinion?
As I said earlier this month, I’m done worrying about the soon-to-be-failed careers of many prospective law students. If you won’t research basic employment information before you commit three years and $100K, nobody can help you.
But I guess I still have a soft spot for people who have to physically see law school for themselves before they realize the gravity of their choices. It’s taken this 1L less than four months to realize that law school / the legal profession presents a challenging value proposition.
Now that he has this information, albeit late, what should he do?
* Lest you think xenophobia was a purely American invention, Switzerland moves to automatically banish foreigners who commit crimes. [Legal Blog Watch]
* Do you want to be a judge? Are you sure? It’s one of ten high-paying jobs that doesn’t have a future. [Money Watch via ABA Journal]
* Michael Vick’s second chance seems to be going quite well. Put me down as a “no” vote on the “should dog killers be allowed to re-enter polite society” referendum. Of course, reasonable people will disagree with my marginally hypocritical overreaction. [Simple Justice]
* In a matter of time, the legal battle about whether two men can marry will be concluded, and three men whom you’ve never met will try to offer you an explanation as to the constitutional validity of gay marriage. For my part, I’ve done as much as I can do to bring the truth to light. And the truth is this: gay marriage is only an open question because good people haven’t been strong enough to stand up for equal rights. Always, Lieutenant Colonel Matthew Andrew Mystal. [WSJ Law Blog]
Which lawyers are important at large law firms? Let’s set aside for a moment the guy who controls the tickets to the loge at the Lakers’ games, and think more generally. Who matters at law firms?
First, partners with big clients. Those folks have power. They influence decisions within the firm, have the capacity to push new people into the partnership, and have work to share with others, which keeps the others busy.
Partners with clients count. Who else counts?
Great lawyers. Sometimes, you just need a really smart person to help you solve a problem for a client. Good lawyers are generally adept at identifying great lawyers. If you’re a great lawyer, your colleagues at a big firm will come to you for advice.
(Sometimes, the lawyers with big clients are also great lawyers; sometimes, not. That should be self-evident. It is, in any event, grist for some other mill.)
A small law-firm bonus, or a small-law-firm bonus?
While Biglaw types may or may not have had something to be thankful for over the holiday weekend, many small firm lawyers were feeling the Thanksgiving love via the SoloSez list serve.
There were numerous magnanimous emails coming through about what small firm lawyers are thankful for. I found myself wondering whether these warm-and-fuzzy feelings resulted from pure happiness — or whether they might reflect cold hard cash, in the form of small-firm bonuses.
So let’s gather some data about bonuses at small law firms….
There was a time in this country where the holiday season was a time to be rewarded for a good year of work. People received bonuses. People received pay raises, so their salaries could keep pace with their growing experience and maturity (or at least keep up with inflation).
The America where that kind of stuff happened now only exists in memory. In post-recession (or mid-double-dip-recession) America, the holidays are a time when the people at the top jealously guard their wealth, while everybody else tries to figure out how to make “sacrifices” for the greater good.
Usually, this type of thing can be seen most clearly in the private sector (click here for Above the Law’s coverage of bonus season). But today the Obama administration is getting into the holiday spirit by freezing salaries on federal employees for two years.
So, if you’re a J.D. holder who joined the Department of Justice or another federal agency to escape the Biglaw recession, the pay cut you thought you were signing up for just got bigger.
And it probably also means that a few federal attorneys will be trying to get back into the private sector — which will be great, because it’s not like the market for attorneys is oversaturated or anything….
The latest firm to announce that it’s matching the market — which, at the current time, is embodied in the Cravath bonus scale — is Weil Gotshal. According to the memo, from executive partner Barry Wolf, Weil associates “will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms.”
We assume this is Weil-speak for Cravath bonuses — or higher, if another “peer firm” decides to best Cravath. The Weil bonuses will be paid on December 23.
The full memo — available after the jump, along with reactions from Weil sources — contains good news, and bad news….
It’s time for a brief postscript on one of this month’s juicier (and well-trafficked) stories: the dismissal of three women associates from litigation powerhouse Boies Schiller. We have a few additional tidbits that we can share with you.
But this is probably the last story we’ll be doing on this drama, since we don’t expect anything else to emerge. One piece of information we’ve received is that the associates were offered severance pay — “very generous” severance, in the words of one source — but had to release any claims against the firm in exchange. All three took the deal, including the expectant mother. So don’t expect any “Aaron Charney for pregnant women”-type lawsuits.
What other details can we reveal about the situation?
Welcome back from your long weekend. I trust everybody is ready to put in a lot of hard work through the holiday season in order to finish the year off strong.
Ah, what’s the point? Based on the early bonus news, it seems that Biglaw managers are going to go with stingy bonus payments for the second year in a row. And while we’ve reported that hours appear to be up this year over last year, hours aren’t back to 2007 levels.
If firms are going to keep bonuses at 2009 levels until their profits get back to 2007 levels, well, then maybe it’s time to kick back and do some shopping on Cyber Monday…
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.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!