David Lat is the founder and managing editor of Above the Law. His writing has also appeared in the New York Times, the Wall Street Journal, the Washington Post, New York magazine, Washingtonian magazine, and the New York Observer. Prior to ATL, he launched Underneath Their Robes, a blog about federal judges. Before entering the journalism world, he worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz, in New York; and a law clerk to Judge Diarmuid F. O'Scannlain, of the U.S. Court of Appeals for the Ninth Circuit. David graduated from Harvard College and Yale Law School, where he served as an editor of the Yale Law Journal. He has received several awards for his work on ATL, including recognition as one of the American Lawyer’s Top 50 Big Law Innovators of the Last 50 Years; one of the ABA Journal’s Legal Rebels, a group of pioneers within the legal profession; and one of the Fastcase 50, "the fifty most interesting, provocative, and courageous leaders in the world of law, scholarship, and legal technology." His first book, Supreme Ambitions: A Novel, will be published in 2015. You can connect with David on Twitter and Facebook.
The various comments added to our last post, stating that Cleary Gottlieb has joined the elite ranks of law firms paying $50,000 clerkship bonuses, are correct. Here’s the email, from CGSH partner David Leinwand:
From: David LEINWAND Time: 2:01 pm
I am very pleased to announce that the firm will be increasing its judicial clerkship bonus for U.S. associates who complete one or more clerkships to $50,000. The increased bonus will be paid to associates who accept an offer to join the firm or complete a clerkship after January 1, 2007.
Please do not hesitate to contact me or Norma Cirincione if you have any questions.
David Leinwand, on behalf of the Recruiting Committee
So who’s next? By conventional prestige standrads, we’d say Davis Polk. By profits per partner, it would be Cadwalader. According to the just-released AmLaw 100 rankings, Cadwalader is the most profitable NYC-based firm — excluding Wachtell Lipton, which pays no clerkship bonus, but compensates with a ridiculous year-end bonus — that has not yet joined the $50K club.
But don’t hold your breath for Cadwalader. Based on Anthony Lin’s fascinating profile of the firm, published back in February, it seems that CWT isn’t a big fan of “clerky” types:
Whereas [rival] firms lavish attention on Ivy League law graduates with prestigious judicial clerkships, [Cadwalader Chairman Robert] Link wants lawyers who want to be in the business and want to work hard in it. He said his ideal candidate would probably be someone slightly older with previous work experience, maybe on Wall Street.
He has no use for Yale Law School.
“I don’t think we even recruit there anymore,” he said of the law school often regarded as the nation’s most intellectual. “They don’t seem to produce the kind of lawyer we want.”
Ouch. And Yale, which sends a sizable percentage of graduates directly into judicial clerkships each year, is the most “clerky” of law schools. Does the Future Belong To Cadwalader? [New York Law Journal]
Today brings more happy tidings for law clerks, emanating from The Death Star.
Check out the Cravath website (navigate through Career Information: Law Students, Life at Cravath, and Associate Life):
Incoming associates, in fall 2007, who have completed a U.S. Federal district court, Federal appellate court, or state highest court clerkship receive a bonus of $50,000 and credit for a one-year clerkship.
What about for two clerkships or two years of clerking? Or clerkships that don’t fit one of the foregoing categories?
Those associates who complete a clerkship of two years or two one-year clerkships will receive (in lieu of the $50,000 bonus described previously) a bonus of $70,000 and class credit for each year of a clerkship, up to two years. Credit and bonuses for a magistrate, a state lower court or a clerkship outside of the U.S. are reviewed on a case-by-case basis.
Good stuff. We commend Cravath for its transparency with respect to these matters. And we congratulate them on joining Weil Gotshal at the top of the bonus market for two clerkships: $70,000. (More on Weil in a later post.)
So now the $50K Club has five members (in order of their joining): Sullivan & Cromwell, Simpson Thacher, Paul Weiss, Weil Gotshal, and Cravath. Correction: The paragraph below, which now appears in strikethrough text, was based on erroneous information. We were previously advised that Cravath paid different clerkship bonuses for district and circuit court clerkships. That was incorrect. The old Cravath clerkship bonus structure was $15K across the board, up to a maximum of $30K. One other observation on the Cravath news. It removes the firm’s former two-tier system with respect to clerkship bonuses ($15K for district court clerkships, $35K for circuit court clerkships). This makes sense to us. While circuit court clerks may have, on the whole or as a general matter, more impressive credentials than district court clerks, a district court clerkship is usually a more educational experience (at least viewed from the perspective of a future litigator).
Frivolous litigation: it’s an international epidemic. Yesterday, the Canadians; today the Japanese.
From the AP:
A group of Japanese magicians sued TV broadcasters on Tuesday for revealing closely guarded secrets behind a series of coin tricks, a news report said.
Forty-nine magicians are seeking $16,000 in damages from Nippon Television Network Corp. and TV Asahi Corp. for airing shows last year that revealed how magicians perform tricks involving coins…
Personally we have our doubts about these “magicians.” If they’re truly so magical, why must they resort to judicial process?
Why not just cast spells? Like a tongue-shutting curse, which could have stopped the secrets from being divulged in the first place? Magicians Sue Over Revealed Tricks [Associated Press via Drudge]
The good news just keeps on coming for Aaron Charney, the former Sullivan & Cromwell associate who is now suing his former employer, alleging anti-gay discrimination and retaliation.
Yesterday Justice Bernard Fried handed down twodecisions that were, on the whole, quite positive for the plaintiff. And now we learn of Charney’s alma mater, Columbia Law School, giving a shout-out to their 2003 graduate:
This may not be that unusual this year, but the final exam in Prof. Elizabeth Emens’s Employment Discrimination class at Columbia included as its issue spotter a closeted gay associate named Adam Cross, who worked at a law firm Sampson & Goliath (abbreviated S&G).
Among the mishaps that happened to our pal AC was an older male partner who told him to bend over and pick something up, stop “prancing around the office,” and handed him a document he wiped his “sneeze” with and said “I’m sure you’d like that.” Another partner accused him of having a relationship with another male associate that was “not natural.”
(We’ve heard of some pretty weird stuff in our day — but who gets off on bacteria-drenched mucus? Gives new meaning to the term “golden shower.”)
Our source concludes:
Most law school alums have to wait years before being memorialized by their alma mater.* But CLS has already honored Aaron Charney!
Does this mean that ABC will no longer feel the need to endow a professorship at CLS in gay legal studies, after prevailing in (or settling) his litigation with S&C?
In any event, our congratulations to Aaron Charney on this latest honor!
* So, so true. Unless you win a million dollars on TV, like our fabulous former schoolmate, Yul Kwon. Earlier: Prior ATL coverage of Aaron Charney (scroll down)
In late March, we made a special shout-out to Squire Sanders & Dempsey. It hadn’t participated in the latest round of associate pay raises, and several of you had complained about that to us. So we highlighted their presence on the LIST OF SHAME.
Weeks and weeks passed. But now, after taking its sweet time about it, the firm has followed suit. From a tipster:
Squire Sanders raised salaries last Friday. In Miami, they joined Holland & Knight, among others, at $130k for first years (a $15k raise). They raised senior associates by $20k.
All associates in Miami are still well behind Weil Gotshal and Boies Schiller (at $160k), somewhat behind Hunton & Williams and McDermott Will (at $145k), and just behind Greenberg Traurig (at $135k). Apparently, they’re content to be third-to-fourth tier. But something is something.
No idea how the raises shook out at other offices, but I do know that they occurred.
We’re having one of those days — computer problems, email troubles, etc. We never should have returned from vacation.
It’s a bad time for us to be so distracted, because there’s breaking news in the Aaron Charney and Sullivan & Cromwell litigation — twodecisions from Justice Bernard Fried. A tipster sums them up:
FYI – Two written decisions were posted to the NY State Supreme Court Reporter website today. One is Charney v. S&C; the other is S&C v. Charney.
The first dismisses Charney’s suit, but with leave to replead. The second grants S&C a preliminary injunction, dismisses the first cause of action by S&C against Charney (breach of fiduciary duty), and directs Charney to answer the remaining causes of action.
False arrests: they’re not just an American phenomenon. From ABC News (via Drudge, of course):
An Afghan tribesman with an uncanny resemblance to Osama bin Laden has now been arrested twice, both times following reported sightings and massive manhunts for the al Qaeda leader, Pakistani intelligence officials tell ABC News.
Over six feet tall and with the same angular nose as bin Laden, Sher Akbar comes from an Afghan village, Bagh e Metal, in an area where U.S. officials believe bin Laden has been hiding.
Best part of the article:
[A Pakistani intelligence] official said an extensive investigation involving Pakistani and U.S. intelligence officers found that the look-alike has no connection to bin Laden, but that local residents had tried to collect rewards based on Akhbar’s resemblance to bin Laden.
Back in August, we named Judge Deborah Tyner our ATL Judge of the Day. The Honorable Debbie ditched her judicial duties to go shopping, which struck us as absolutely fabulous.
Now Judge Tyner has a kindred spirit. Meet Cynthia Garris, a Virginia defense lawyer. From the Virginian Pilot:
A local lawyer has been disciplined by the Virginia State Bar for telling a judge she had to postpone a case because of a commitment in another court when in fact she went shopping instead.
Defense attorney Cynthia D. Garris received a public reprimand from the State Bar, according to an announcement Friday. The reprimand does not affect her law license.
Garris, whose office is at 132 W. Olney Road, told a Norfolk Circuit Court judge last summer that she had to postpone a case because of a court commitment in Williamsburg.
The judge later found out she had gone on a shopping excursion instead. The judge found Garris in contempt and fined her $250.
Here’s a first — A U.S. Supreme Court decision issued today has its own accompanying video: Talk about multimedia rulings! The Court’s opinion today in Scott v. Harris, No. 05-1631 — a dispute about the lawfulness of a high-speed police chase captured on video — appears online at the Supreme Court’s web site with this 91.7 MB RealPlayer video file. No word yet from the Court on whether the volume of U.S. Reports in which this decision will appear will include its own embedded video player.
The dueling opinions — Justice Scalia’s majority opinion, and Justice Stevens’s dissent — discuss the video extensively.
Some brief discussion, of the video and of the opinions, after the jump.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: