During a time when demand for legal services is flat, average revenue per lawyer is down, and managing partners’ overall confidence in the market is slipping, the proper keeping of time for all of those billable hours generated by toiling associates has never been more important. For better or worse, law firms are desperately trying to incentivize associates to submit their hours on time.
As we mentioned way back in 2010, “Time keeping is more accurate when you do it every day (as opposed to trying to recreate your days at the end of the week or month). Firms are struggling to collect from their clients. And, for what it’s worth, billing hours is part of the job for attorneys.”
Another part of an attorney’s job is the ability to follow rules. One Biglaw firm just rolled out a new time entry policy, and if its associates don’t follow these rules, they can expect some pretty negative consequences when bonus season comes around…
What’s more stressful: working in-house, or working at a law firm? Conventional wisdom might say that law firm life is more stressful — but that’s not the case for everyone, as recently explained by one of our in-house columnists, Susan Moon.
So in-house lawyers might be more stressed than many people think. But at least they’re getting paid a pretty penny to put up with all these headaches — mo’ problems, mo’ money?
That’s one conclusion to be drawn from Corporate Counsel’s new rankings of the nation’s best-paid general counsel. Conventional wisdom holds that in-house lawyers earn less than their Biglaw counterparts — but top in-house lawyers, the GCs of the nation’s largest companies, earn sums that meet or even exceed Biglaw partner pay….
Hop in the DeLorean and travel back in time with us.
Last month, we took a look at associate compensation in the 1990s. Our post focused on the cities of Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles. We said that in the future we’d look at remaining major markets: New York, Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C.
Today we’ll tackle Biglaw in the Big Apple. What were NYC salaries like in the last millennium?
Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.
The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)
How big are the Cahill midyear bonuses this time around?
Hop in the DeLorean and travel back in time with us.
Some of our readers are old enough to remember the 1990s. It was, in my opinion, a glorious decade for popular music. (I have a collection of beloved cassette singles from that era.)
But we’re here to talk about the legal profession, not pop music. What were the nineties like for Biglaw?
Also glorious. There was a recession in the early 1990s, but for the most part, times were good. This was especially true near the tail end of the decade, when the booming dot-com economy filled the coffers of many large law firms (before the arrival of the early 2000s recession).
How much of that wealth trickled down to the associates? Let’s find out….
“No, I’m cool that you might be making twice as much even though you skipped out to go to the Katy Perry concert.”
Propaganda is only partially about justifying horrible things to the masses. It’s also about salving the doubts of the oppressors. How can they be wrong when there’s a 70-foot statue dedicated to their divinity right there?
The slow march to opacity is one of the single worst developments in the Biglaw model over the last several years. Whether in the name of some half-baked strain of libertarian idealism or just to keep from being publicly judged by ATL readers, a few firms have increasingly moved compensation packages into a black box, starting with complex bonus award structures, then hiding even those frameworks, and now some even hide base compensation.
It’s an awful practice, and while some have the reputation to get away with it, it’s certainly frowned upon by lawyers and prospective lawyers steeped in the notion that this is a collegial profession.
So one firm put their public relations flaks on drafting a spirited defense of their black box so they can sleep better at night….
To quote a recent headline, Midyear Bonus Bonanza Unlikely In 2014. We’d agree with that, at least as a general matter. Midyear bonuses are so “unlikely,” in fact, that we haven’t received any emails from anxious associates asking us about the possibility of midyear bonuses.
But there are exceptions to every rule. Which highly profitable, finance-focused law firm just announced bonuses for both lawyers and staff?
* We’re not sure that the best way to convince the Supreme Court to allow television broadcast coverage of its proceedings is to air commercials on news channels. Even SCOTUS justices fast forward during the commercials. [Legal Times]
* Old farts just wanna have fun: Retired Supreme Court Justice John Paul Stevens told reporters about a wild night out with the late Justice William Brennan that involved Ginger Rogers and pants that were too big. [National Law Journal]
* When “the only way to be successful [as a first-year associate] is to go into the role expecting to be treated poorly,” it’s no wonder that Biglaw firms continue to fail their women lawyers. [Washington Post]
* Just because you work at a small, boutique, or mid-size firm, it doesn’t mean your bonus bounty will be less than that of your Biglaw brethren. You could actually earn much, much more. [New York Law Journal]
* Yes, you can be fired for being “too cute.” No, it’s not gender discrimination. Sorry, beauties, but being a hottie isn’t protected a characteristic under Title VII, says this Playboy Playmate. [Corporate Counsel]
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: firstname.lastname@example.org.
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.