Justin Bernold

Justin is the founder of Firm Prospects LLC, a boutique legal search and placement firm. Here on Above The Law, Justin was on the masthead as "Surveys Guru" from late 2007 to early 2009.

Posts by Justin Bernold

Featured Job Survey: Got Morale?

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Most of the time, our ATL / Lateral Link surveys have been about market conditions like clerkship bonuses and maternity leave policies.
But today, let’s just talk about you. How’s your morale?
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Job Survey: Got Debt?

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While the results are still flowing in from last week’s ATL / Lateral Link survey on bar stipends, signing bonuses, and salary advances (1,130 responses and counting), today’s survey looks at money flowing in the opposite direction: from individual associates to great big institutions.
In other words, let’s talk about your student loans and other big debts.
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Job Survey: Bar Stipend Studies

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Over the past few months, we’ve devoted several of our ATL / Lateral Link survey posts to compensation issues like base salaries, bonus amounts, and clerkship bonuses. But we’ve received quite a few requests to do another survey or open thread on another compensation issue: starting bonuses and stipends.
Associates at four New York firms (anonymized) have recently e-mailed the same general question:

Next year top law firms in New York, as well as those around the country (Chicago, Los Angeles, etc.), will pay their incoming associates $160,000 plus a $10,000 STARTING BONUS. [My v5 firm], on the other hand, will pay incoming associates $160,000 with a $10,000 SALARY ADVANCE. Simply put, I will be going on a bar trip this summer with money I loaned myself from my first year salary! I find this very strange considering that [my firm] considers itself to be the cream of the crop in New York in terms of pay.

i’m wondering if you can post a thread on firms giving incoming associates stipends for the summer. i’m at a v5 nyc firm and just learned that they don’t offer a summer stipend but do allow an advance (up to 12k, i believe). some friends i know at peer firms mentioned that they’ll be receiving stipends (10k from what i hear) as opposed to advances. any assistance in shedding some light on this would be greatly appreciated. thanks.

I read your blog and I have a suggestion for a thread – the types of loan/stipend firms give to cover studying for the bar. I’ve heard that some firms give out-right cash bonuses, whereas others (including my Vault Top 5 firm) give a no-interest loan that you must then repay over your first year. Since these amounts are usually around $10,000, it can make a not insignificant difference in first year compensation.

Thought you might want to run a story on advances/stipends offered by law firms for incoming associates. I’m an incoming associate at [big prestigious firm], and was frustrated when I heard that most other top law firms pay a stipend of $10,000 to their associates for the summer of the bar, while [big prestigious firm] is offering only a “$3,000 signing bonus” and a 7k loan, which will be deducted from our first 6 months of salary.
I know several other incoming associates who are surprised to see [big prestigious firm] below market, but are afraid to communicate this to the firm.

About a year ago, when ATL previously posted an open thread on the subject, commenters suggested that firms in New York were more likely than non-NY firms to pay stub bonuses (first year bonuses pro-rated for the number of months worked), which made up for the lack of a signing bonus. But is that true today?
Today’s ATL / Lateral Link survey will probe your firm’s policy on signing bonuses and salary advances. Feel free to speak up in the comments, too. Or send us information by email. If we get enough responses, we’ll put together a table like the clerkship, maternity, and paternity leave tables (each of which will be updated this weekend, by the way, so feel free to send tips about those as well).
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Job Survey: And Your Favorite Firm Is . . .

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We received 1,036 responses to last week’s ATL / Lateral Link survey on where you’d most want to work, which, in turn, was based on your nominations last month.
Here’s how it turned out:
Survey Results: Which Firm Would You Most Want To Work For?
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Overall, Latham & Watkins dominated the field, pulling in almost one fifth of all votes. Latham was the most popular choice among voters in L.A., the Bay Area, and Washington, DC, and was particularly favored by tax lawyers and litigators.
Runner-up Wachtell was actually the top choice of respondents in New York, narrowly besting Davis Polk and Latham. It was also, by far, the most popular pick among M&A lawyers, with roughly 30% of their vote.
Kirkland placed third overall, but was the top choice of Chicago respondents and patent lawyers, with almost twice as many votes as the next most popular firm in Chicago (Latham) and almost as many patent votes as the next two firms combined (Latham and Quinn).
Williams & Connolly, Ropes & Gray, and Davis Polk tied for fourth, with Ropes & Gray dominating the Boston vote, Williams & Connolly pwning DC (and gaining the second highest vote from litigators after Latham), and Davis Polk rocking the investment management scene (with Ropes & Gray running second best in that field).
Paul Hastings was the clear winner among labor & employment attorneys, winning almost 70% of the vote, and was also the most popular choice among real estate attorneys and lawyers in Atlanta.
On the Magic Circle front, Linklaters proved more popular than Allen & Overy, and was actually the most popular choice among securities lawyers. Allen & Overy was the most popular choice among structured finance attorneys.

Featured Job Survey: How Does Your Work Get Assigned?

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assigning partner 2 work assignment Above the Law blog.JPGWe received almost 900 responses to last week’s ATL / Lateral Link survey on how work gets assigned.
Here’s how you said it is:
  * 54% of respondents said that their work was assigned directly by the partners.
  * 19% of respondents seek out the work they want in a “free market.”
  * 18% have work assigned by a practice group leader or department head.
  * 3% have work assignments filtered through an advisor or mentor.
  * 6% wrote in that their firms have some combination of the above, which generally boiled down to a mix of direct assignments from the partners and a free market.
But many respondents would rather see some of those direct assignments filtered through a department head or a mentor. Here’s how you said it should be:
  * 37% of respondents want their work to be assigned directly by the partners. Among respondents whose work actually is assigned directly by partners, this number jumped to 88%.
  * 21% of respondents would like to get the work they want in a “free market.” A slight majority (54%) of the respondents who do receive their work this way considered it the best option.
  * 28% would prefer to have work assigned by a practice group leader or department head. Among respondents who already receive their assignments through this system, 40% considered it the best option.
  * 11% would rather have work assignments filtered through an advisor or mentor. But only 17% of respondents whose firms currently use this method would choose to assign work this way.
  * 3% wrote in that they would like a mix of the above.
Earlier: Featured Job Survey: Where Does Your Work Come From?
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Job Survey: Where Does Your Work Come From?

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assigning partner work assignment Above the Law blog.jpgSo far, almost 1,000 ballots have been cast in this week’s ATL / Lateral Link survey on where you’d most want to work, and it’s clear that some firms are trying to win those votes.
Front-runner Latham has announced a “no layoffs” promise, and Ropes & Gray has upped the ante on the cool factor with revelations of card sharking partners. Speaking of cool, let’s not forget that Quinn Emanuel’s firm retreat is in Switzerland. Switzerland.
But while the firms work the vote, how do they work you? Are your assignments handed out by a careful administrator, or overseen by a mentor? Or is there a free market where you choose your own adventure?
Let’s find out, in today’s ATL / Lateral Link survey.
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Job Survey: Where’s The Best Firm To Work?

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hailing taxi hail cab Above the Law blog.jpgThis month’s ATL / Lateral Link survey, focused on which firm you would choose if you could go anywhere, was dominated by Latham & Watkins and Wachtell Lipton. But several firms were close behind.
  * Respondents had several reasons to applaud Latham: “Prestige”, “Friends there are happy”, “Awesome firm, awesome people”, “They rock”, “Prestige, substantive work, great litigation practice”, and “Top notch clients and matters; kick ass bonuses; selective hiring in a good way (need good grades plus a good; personality); Vault top 10 without the stuffiness of originating on the east coast; good growth but no risk of Brobecking (great management + tons of funds)…..should I go on?” Or, as one respondent summed it up: “ass kickers.”
  * At Wachtell, with 2007 profits per partner of $4.48 million, money played a key factor in respondents’ enthusiasm for the firm: “100% bonus”, “money”, “it’s all about the cash”, “I want the compensation!”, “money honey” and, of course, “CASH.”
  * “Money” was also a big plus for Cravath (even though their profits per partner were a mere $3.3 million). Voters also noted “Prestige, training, can go anywhere else afterwards.”
  * “Prestige” and “Exit opportunities” also won several votes for Skadden, who also had more than $2 billion in revenues last year. (Their SideBar program is pretty cool, too.)
  * “Bonuses and work” were praised at Kirkland & Ellis, as was stability: “They’re well positioned for the credit crunch and M&A downturn. And the pay’s better, of course.”
  * Sullivan & Cromwell was also coveted for “good work, and $$$$” as well as “reputation.” With profits per partner of $3.13 million, that “$$$$” is appealing at multiple levels.
  * Paul Hastings surged in popularity as respondents complemented their labor & employment practice and their compensation structures in Atlanta and Chicago.
  * In an incendiary match-up, Davis Polk was heralded as “da bomb”, while Boston heavyweight Ropes & Gray was declared “the bomb.”
  * Among the Magic Circle firms, Allen & Overy supporters declared “Great offices, european attitude” while Linklaters was called “the best globally, both in equity and debt.”
  * Debevoise won several votes for its combination of “prestige and culture”.
  * Litigators were torn between Quinn Emanuel, where “hard core litigators with a great reputation” create an atmosphere where “[p]ersonality, quirkiness, and fun seem prevalent,” and Williams & Connolly, as “the best litigatio[n] shop. Period.”
So of these fourteen juggernauts of practice, prestige, and sweet, sweet profits, who would you most like to work for?
Cast your vote in today’s ATL / Lateral Link survey, after the jump.

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Featured Job Survey: A Bears Market?

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Bear Stearns BSC Above the Law blog.jpgWith JPMorgan quintupling its offer for Bear Stearns earlier this morning, it seems like an appropriate time to discuss last week’s ATL / Lateral Link survey, which asked you whether you were afraid the recent Bear Stearns collapse would hurt your career.
Twenty-seven percent of you said yes. New Yorkers were the most concerned, with roughly one third of respondents opining that the Bear Stearns collapse would hurt their careers. A quarter of respondents in Los Angeles and Atlanta and a fifth of respondents in Washington, DC said the same. In Boston and Philadelphia, seventeen percent of respondents were afraid the Bear Stearns event would hurt their careers, while in the Bay Area, the number fell to an unlucky thirteen percent. Respondents in Chicago, Dallas, and Houston were generally unafraid.
Concern was most pronounced among the newest lawyers and those closest to partnership. Twenty-eight percent of respondents in the Class of 2007, and thirty percent of respondents in the Classes of 2000 and 2001 were afraid that the Bear Stearns collapse would hurt their careers. A whopping fifty percent of respondents who graduated before 2000 shared this concern. Law students are also more likely to be frightened, with 43% of law students responding that they were afraid that the Bear Stearns event will hurt their careers.
Additional discussion, including selected comments from survey respondents, after the jump.

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Featured Job Survey: Coping With A Slowdown

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I had been planning to share the results from last week’s ATL / Lateral Link survey on which other firm you would want to go to today, but in light of recent events at Thelen Reid and Edwards Angell, let’s just leave that survey open for a bit longer. Let’s talk about whether the slowdown is going to hit your firm as well, and how you might cushion the impact.
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Survey Results: Would You Do It Again?
(And: Which firms’ associates have no regrets?)

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smiley face greedy face Above the Law blog.jpgLast week’s ATL / Lateral Link survey asked, “If you knew then what you know today, would you still choose to join your current firm?”
We received 540 responses, and, overall 68% of you said yes. But the gruntlement (i.e., satisfaction) varied quite a bit from market to market:
  • Atlanta – 50%
  • Boston – 74%
  • Bay Area – 79%
  • Chicago – 70%
  • Dallas – 80%
  • Houston – 82%
  • Los Angeles – 71%
  • New York – 71%
  • Philadelphia – 75%
  • Washington, DC – 68%
Apparently, “everything is bigger in Texas” includes job satisfaction, and the Bay Area is close behind, followed by Philadelphia. Meanwhile, firms in Boston have managed to produce slightly happier associates than firms in New York, notwithstanding the city’s often lamented bagels and challenging pizza scene — a challenge Chicago offices, hampered by quiche deep dish pizza, have been unable to surmount. Washington, DC lags a bit behind, and Atlanta clearly needs a hug.
Associates at a few firms were particularly likely to say they’d make the same choice today. Find out which firms have especially happy campers, after the jump.

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(And: Which firms’ associates have no regrets?)”

Featured Job Survey: The Bear Stearns Effect

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While last week’s ATL / Lateral Link survey on hindsight is still open, today’s survey ponders the uncertain future. And Bear Stearns’s effect thereon.
Nathan Koppel has an interesting post on the WSJ Law Blog about which firms might miss Bear Stearns business. Verdict: it’s murky, but probably not that great for Latham, Skadden, Cadwalader, or Weil Gotshal, and a mixed bag for WilmerHale. (Wachtell and Cravath weren’t mentioned in the post, but since Wachtell advised J.P. Morgan in the deal, and Cravath represented Lazard as financial advisor to Bear, they might experience some short-term upside.)
John Carney has an interesting post on Dealbreaker about how the Bear Stearns collapse affected the chairman’s bridge game. Verdict: the guy was playing bridge??
And the litigation’s already afoot (PDF), suggesting that somebody out there is going to get to bill some heavy hours for the defense.
But how will it affect you? Will work slow down as investors circle the wagons, or will there be a regulatory response that actually increases the need for lawyers? Will shareholders’ fear of fire sales increase bankruptcy and litigation work?
Let’s find out, in today’s ATL / Lateral Link survey:
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

Featured Survey Results: Have Resume, Will Travel.

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In last week’s ATL / Lateral Link surveys, we asked you whether you would want to work in a different city, whether, knowing what you know now, you would still want to work where you do, and where, if you could go to any other firm, you would choose to go.
We received 1,189 responses to last Monday’s survey on whether you would want to work in a different city. A whopping 88% of respondents said they would consider moving to a new city to practice. Sixty-eight percent cited a better lifestyle as a reason to move, while 45% would move for more money. Thirty-eight percent of respondents would move for a better practice, and 35% would be willing to move to be closer to friends or family. Only thirteen or fourteen percent, however, would move to be closer to a spouse or significant other, suggesting that most respondents are either single or willing to be.
Responses: Would you consider moving to a new city to practice?
would you move.jpg
Where would you go? The Bay Area was the most popular destination, chosen by twelve percent of respondents. Another nine percent chose London. Eight percent would move to either the Pacific Northwest or Washington, DC. Six percent chose LA, Texas or Chicago. Five percent chose Boston, New York or Atlanta. Less than four percent would move to Paris, Hong Kong or Dubai to practice, and only a handful would consider Tokyo, Beijing, Moscow, or Frankfurt. Quite a few people wrote in Philadelphia, Charlotte, Denver, Miami, and San Diego as their preferred destinations, putting them in about the same range as Tokyo.
Can you get there without updating your resume? Maybe not. Only a third of respondents thought their current firm would allow them to change offices. A quarter said no, and the rest weren’t sure.
Our ATL / Lateral Link surveys about whether, knowing what you know now, you would still want to work where you do, and where, if you could go to any other firm, you would choose to go are both still open, but you can sneak a peek at the results so far after the jump.

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