The folks who sell blogging platforms to lawyers say that blogging is the route to riches. But bloggers themselves are far less certain whether blogging actually generates business. What’s the truth?
Let me start with my personal experience; I’ll conclude with a thesis. The personal experience is just the facts — what I did as a blogger, how successful the blog was, and how, if at all, I profited from the experience. (I’ve previously recited parts of this story in both the print media and elsewhere. I’ll try to add a few new thoughts here.)
What did I do as a blogger? For three years — from October 2006 through December 2009 — while I was a partner at Jones Day, I co-hosted the Drug and Device Law Blog with Jim Beck, of Dechert. We wrote almost exclusively about the defense of pharmaceutical and medical device product liability cases. We affirmatively chose to have the blog co-hosted by partners at two different firms, for two reasons….
Partners are calling Kirkland & Ellis associates right now and letting them know about their 2010 bonuses. The early reports we are getting are positive — very positive. Thus far, the people we’ve heard from are getting more, often substantially more, than their class-year counterparts at Cravath.
Exactly how much more? That really depends. Kirkland has an individualized bonus structure that takes into account an associate’s seniority, hours worked, and performance rating (e.g., “with class,” “above class,” etc.). The folks we’ve heard from so far have been quite happy (although we’re guessing bonus laggards at K&E will be less quick to come forward).
While Kirkland can try to hide its generosity from public scrutiny, this is why God invented crowdsourcing. Please share your bonus numbers (or approximations thereof) over email or in the comments. We’re especially interested in hearing from people who have knowledge of the bigger picture (i.e., not just knowledge of their own individual bonuses, but the K&E bonus distribution more generally).
UPDATE: After the jump, we’ve added SEVERAL UPDATES about the overall distribution of Kirkland bonuses.
We’ll get you started with news from our tipsters…
How far are we from getting real answers about the value proposition of going to law school? Pretty far, if you read the New York Times Week in Review. An article by Jacques Steinberg illustrates that researchers don’t even really know if receiving an elite undergraduate education is worth the price.
The Times asks: Is going to an elite college worth the cost? And it comes up with this answer: “It depends.” Thanks NYT. Is mainstream, old media publishing dying a slow death? It depends on how many people want to read articles like this on their Kindles.
Oh, I kid, Grey Lady. It’s not particularly satisfying, but the article provides support for believing whatever it is you believed before you read the article. Do you think that going to the most prestigious school that will accept you is the better long-term choice for your career? Great, you’re right. Do you think that, depending on your family situation, going to a cheaper state school is the right choice for you? Great, right again. Do you think that successful people will succeed? Awesome! The Times likes circles too.
Yay, everybody made the right decision. And since most of the research was done on people who made college choices ten years ago, the ridiculous inflation in the cost of education only makes it more obvious that people should do the right thing — whatever the hell that might be….
[T]he supposed legal benefits of marriage are often illusory, and in any event they are probably more than offset by legally created burdens. Marriage confers fewer rights now, but still many obligations. The question for any mature couple then is simple: Why do it?
Smokers are not crazy. I know it seems like we’re crazy. I know what non-smokers think: “Why would you put something in your body that you know will give you cancer?” It’s not like the explanation is particularly complicated: 1) it’s a narcotic and people get addicted, and 2) some people aren’t terribly worried about dying.
Is that really so hard to understand? Not everybody wants to live “healthily.” Not everybody is desperate to live to 100. And some are prone to get addicted to drugs. That’s not crazy.
But don’t try telling that to the New York police. They arrested a man and threw him in a psychiatric ward for smoking on his window ledge. They claim they were worried that he was going to jump from the window ledge he was smoking on. The window was two stories off the ground.
Now the NYPD is getting sued, because this smoker is also a lawyer…
CHECK YOU EMAIL — for some happy bonus news. On Friday, litigation powerhouse Quinn Emanuel announced its 2010 bonus schedule. And it was good.
It’s a little more complex than the standard bonus scale at a lockstep firm. As in years past, Quinn Emanuel bonuses reflect a combination of seniority and hours worked. But one associate provides this concise summary: “Quinn matches Cravath, plus hours increments of $5K at each hour state, plus additional 50% paid in June 2011. So this raises the bar.”
Says a second source at QE: “I’m relatively pleased. So many people are billing so many hours here (we’re swimming in work) that these bonuses will be very substantial. The reason for the June payout is pretty clearly that the firm is try to retain some associates. Our turnover is massive. Anyway, enjoy!”
So, in essence, Quinn is paying 150 percent of the widely adopted Cravath bonus scale, subject to two caveats: (1) there’s an hours requirement of 2100 hours to get the Cravath-level bonus, and (2) the additional 50 percent payment will be paid in June 2011, to associates in good standing and on pace with their hours at that time. (Think of the June payment as a retention bonus of sorts.)
Let’s take a look at the memo, which contains the fine print (such as treatment of pro bono hours), and which also mentions modest bonuses for class of 2010 members — a nice touch, considering that the “stub-year bonus” is a rare thing these days….
Rack up another win for trustee Irving Picard, the partner at Baker Hostetler who’s cleaning up the Bernard Madoff mess. On Friday, Picard and Preet Bharara, the headline-making U.S. attorney for the Southern District of New York, announced a $7.2 billion settlement with the estate of Jeffry Picower (no it’s not spelled “Jeffrey”).
Picower, a successful investor and prominent philanthropist, earned billions — both real, through investing with Goldman Sachs, and fictional, through investing with Madoff — before he died in October 2009. Picower was found dead in the swimming pool of his home in Palm Beach, apparently after suffering a heart attack (a plot device familiar to viewers of Brothers & Sisters and The OC). If he had held on until January 2010, Picower would have avoided the estate tax.
Of the $7.2 billion settlement, $5 billion will go to Picard, to settle the complaint he filed against Picower in bankruptcy court, and $2.2 billion will go to the Department of Justice — the largest civil forfeiture payment in U.S. history. All of this money will eventually find its way to qualifying Madoff victims.
Based on monies collected to date, what kind of recovery might Madoff’s victims be looking at?
Here’s a nice surprise on this otherwise quiet Saturday afternoon in late December. The Senate just voted to repeal “don’t ask, don’t tell,” the legal ban on gays and lesbians serving openly in the military. The vote to repeal the law was 65-31, with eight Republicans joining the Democrats.
For additional discussion and analysis, see the links below.
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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