There’s no denying all the good news over at Sidley Austin. The firm just named 28 new partners, up from 15 last year. It recently snagged three leading litigators from Howrey: Gary Bendinger, who served as co-chair of litigation at Howrey, and two of his partners, Gregory Ballard and Kevin Burke.
And as we reported yesterday, Sidley paid out bonuses that made some of its associates very, very happy. Some associates received bonuses that were twice the Cravath scale.
But not all Sidley associates were quite this fortunate — and we have since heard from some of them. We also have the full Sidley memo.
A more balanced view of the Sidley Austin bonuses, plus the full memo, after the jump.
With so many top firms already matching Cravath — including several in the Vault’s top ten for prestige, such as Skadden, Davis Polk, and Weil Gotshal — is it less likely that Sullivan & Cromwell will try to beat Cravath, since “peer firms” are already signaling that they’d like to just stick with the CSM scale? Or is it maybe more likely, since it would make S&C look that much better in the eyes of prospective hires to trounce multiple rivals in the compensation department?
When you heard this news (it broke a week ago; I work full-time, cut me some slack), you were probably as shocked and outraged as I was that such a wholesome young starlet could betray her fans by doing illegal drugs. But just about as you were about to un-follow her on Twitter, “a source connected with Miley” — i.e., her GENIUS publicist — saved the day, announcing that Miley’s activities were perfectly benign: “According to a source connected with Miley … the smoke filling the bong is a natural herb called salvia which has psychedelic qualities.”
PHEW. Because when you work in Hollywood, you tell all the coke dealers to scram and buy fake drugs instead.
Late last night, Congress passed a compromise tax bill that will, among other things, cap the estate tax at 35% (with a $5 million exemption). If not for this compromise, the estate tax would have returned in 2011, at rates as high as 55 percent (with a $1 million exemption).
Hallelujah. Anytime you can save wealthy dead people millions of dollars during a time of crushing federal deficits, that’s something you just have to do. Way to go, Obama. When I voted for you in 2008, really I was just trying to vote for four more years of Bush’s ruinous fiscal policies.
Obama isn’t just saving money for all the dauphins eager to get their hands on their inheritances; he could be saving lives. Duke Law professor Richard Schmalbeck apparently thinks that rich old people might have killed themselves in droves over the next two weeks. Schmalbeck suggests that after spending a lifetime working hard and earning money, hundreds “or even a few thousand” of the aging rich might have committed suicide in the waning days of 2010, in order to pass on as much of their money to their children as they can before the estate tax returns in 2011.
I shudder to think that somebody would commodify their own life in such a way. But then again, I’m not rich. Maybe you only get rich in this country by being the kind of person who would gladly kill yourself if the price is right…
This experience has been both profound and humbling. I have been able to reflect on my relationship with the universe and despite the physical incarceration of the past year, it has been incredibly emancipating for all other aspects of my being. Everything I have learned, seen, and lived I regard as invaluable in the journey of my life. I embrace this entire experience as a necessary one in the fulfillment of my future and destiny.
If we were to hold a contest for “Law Firm Whose Name Sounds Most Like That of a Drag Queen,” the clear winner would be Kaye Scholer. Just drop that first “e” to form “Kay Scholer” — doesn’t she sound fierce? Scroll through this list of drag queen names. Wouldn’t Kay Scholer fit right in?
(Hey — this sounds like a fun idea for a post. If you have an idea for a law firm whose name could inspire a drag name — e.g., Morgan Lewis, Proskauer Rose (“Rose Proskauer”), Saxena White — please put in the comments or email us, subject line “Drag Name.” If we get enough submissions, we’ll hold a contest.)
Sorry, where were we? Ah yes, Kaye Scholer. Earlier this week, the firm announced its 2010 bonus schedule.
For the most part, it’s the Cravath scale, with an hours requirement (1950 hours, 1800 billable). But associates who go over 2400 hours (2250 billable) will find something extra in their stockings this year….
Now Winston has even more reason to be embarrassed by its former partner. Earlier today, Jonathan Bristol was both sued by the SEC, for aiding and abetting fraud, and arrested on federal criminal charges, for money laundering. The civil suit and criminal charges arose out of Bristol’s legal work for Kenneth Starr — no, not the former Whitewater independent counsel, but the money manager to the stars who stole money from his celebrity clients.
(Interestingly enough, Ken Starr the fraudster — he’s pleaded guilty, so no need for “alleged” here — is also a lawyer. He graduated from Brooklyn Law School.)
The indictment against Jonathan Bristol, brought by prosecutors in the Southern District of New York, has some juicy details. For example: How much did Bristol earn while at Winston?
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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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.
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