When you read about a multibillion-dollar, highly contested corporate takeover, there’s a decent chance that Wachtell Lipton is involved. The firm, which routinely tops the American Lawyer’s profits per partner rankings and Vault’s prestige rankings, is known for its expertise in mergers and acquisitions.
Charter Communications’ unsolicited $61 billion bid for Time Warner Cable? Yup, Wachtell is on the scene, representing Charter (with help from Kirkland & Ellis). If a deal goes through, count on an eight-figure fee for Wachtell.
And some of that lucre will trickle down to associates. Wachtell Lipton is known for gigantic bonuses, which can match (or even occasionally exceed) an associate’s base salary. And it pays out bonuses in lockstep fashion, without regard to hours (unlike, say, Boies Schiller, another firm famous for its generous bonuses).
How were Wachtell bonuses in 2013? Inquiring minds want to know. Alas, we don’t have the 2013 info (yet) — but here’s what we’ve heard about 2011 and 2012….
The firm has a long and distinguished history of pro bono work. And it’s a leader in the area of government service. Many of its lawyers used to work at the Justice Department, the White House, and other top governmental entities. And many high-ranking government lawyers, such as solicitor general Donald Verrilli Jr., used to work at Jenner.
But what if you’re less interested in public service and more interested in debt service — specifically, retiring your own substantial law school loans? Is Jenner the best place to work?
As we recently mentioned, 2012 was a banner year for O’Melveny & Myers, in terms of legal work performed and the resulting financial rewards. According to Am Law, “the firm set new records in profits per partner and revenue per lawyer, with the former surging 19.4 percent, to $2.06 million, and the latter rising nearly 10 percent, to $1.1 million.”
O’Melveny’s gross revenue grew by 5.1 percent, to $818.5 million. It’s great to see a law firm with top-line growth. Many firms these days can’t grow total revenue or revenue per lawyer; they just try to cut expenses, resorting to layoffs and similar tactics, to improve profits per partner.
Did OMM’s improved PPP trickle down to associates, in the form of bonuses? Here’s what sources report….
“We recently made a whole slew of people partner,” said a source. “Looks like our biggest class in a few years and includes several home-grown talents.”
One happy camper even wrote in to rave about the D.C.’s office celebration of Black History Month this past Monday, which featured a conversation between Congressman John Lewis (D-GA), an icon of the civil rights movement, and Congressman Steny Hoyer (D-MD), the House Minority Whip.
“The event was fantastic,” this tipster told us. “Congressman Lewis stayed to chat with MoFo attorneys and staff until 9 p.m.”
But happiness is not universal at Morrison & Foerster. On the subject of associate bonuses, we’ve heard from a few angry MoFos….
We’re in the middle of what we previously referred to as the second wave of law firm bonus announcements. Later today, for example, we’ll write about the Latham & Watkins announcement from yesterday. (So far we’re hearing mixed things; if you’re at Latham and would like to opine on the bonuses, feel free to email us or text us (646-820-8477).)
Right now we’re going to discuss the bonuses announced at Goodwin Procter (which actually just hired a partner, Brynn Peltz, away from Latham). The Goodwin bonus announcement came out on Tuesday of this week.
So what do 2012 bonuses at Goodwin Procter look like?
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.