The moment we’ve all been waiting for has arrived. The extremely prestigious and profitable Sullivan & Cromwell, which we recently described as “one of the few firms with the wherewithal and the gumption to best Cravath’s already healthy bonuses,” just announced its scale.
We recently reported that Weil Gotshal will be paying associate bonuses for 2012 in January 2013. This was a return to the firm’s historical practice, after two years of trying out December as the payment month, but some readers attributed ulterior tax motives to the firm.
The firm just issued its bonus memo for this year, announcing its latest position on the timing of bonus payments. And Weil diverges from the Cravath 2012 bonus scale, actually….
Today brings news that David Boies, one of the finest trial lawyers of our time, is working for $50 an hour. Who says you can’t afford affordable, high-quality legal representation in this country?
Fortunately, the associates who work for him are taking home quite a bit more. As we alluded to earlier today, Boies Schiller & Flexner just announced — and paid out — some pretty amazing associate bonuses.
Let’s get some numbers and reactions. We also have comments from David Boies himself, who spoke with us this morning about a wide range of subjects — associate bonuses, of course; his firm’s overall performance in 2012, its best year ever; and what the U.S. Supreme Court might do in Hollingsworth v. Perry (aka the Proposition 8 case), which he has been litigating alongside Ted Olson, his opposing counsel from the Bush v. Gore days….
Year-end bonus news continues to roll in from the major law firms, with one notable exception: Sullivan & Cromwell. The silence makes me think S&C is cooking up something. It’s one of the few firms with the wherewithal and the gumption to best Cravath’s already healthy bonuses.
We’re limiting our discussion here, of course, to the big lockstep firms. Outside that world, some firms beat Cravath every year — likes Boies Schiller & Flexner, founded by Cravath’s most famous former partner, David Boies. We’ll have a report on the Boies bonuses later today; if you’re at BSF and care to share your reaction, email us or text us (646-820-8477).
In the meantime, let’s check out the bonus news of Shearman & Sterling. It’s a bit different from the announcements we’ve reported on thus far….
* Speaking of apps, te “App from Hell” would be more interesting if it were actually an app. But hiring Professor Dan Solove to teach your colleagues about privacy is still a good idea. [Teach Privacy]
* A dean of the University of Ottawa Law School wrote an op-ed defending Canadian law schools (which aren’t even as bad as U.S. law schools). Remember when deans didn’t have to defend law schools because there were “jobs” for “new attorneys”? [Canadian Lawyer]
* Here’s an article about Formula 1 racing that you don’t need Google translator to read. [Dealbook]
* Bonus podcast! I mean, Lat did a podcast with the ABA Journal about bonuses, not that there’s a podcast you can listen to in order to get a bonus. [ABA Journal]
* Bonus Lat! I mean, here’s a story about David Lat and the changing coverage of law firms and the legal profession. [Details]
Last year, Milbank Tweed diverged from the Cravath bonus scale, but in a nice way. Milbank paid a pro-rated $7,500 to first-year associates who had been at the firm for just a few months (so-called “stub” first-years). Cravath didn’t pay any bonuses to stub first-year associates last year, so in a sense, Milbank “beat” the Cravath scale.
This year, though, Cravath adopted the Milbank maneuver. Cravath paid a pro-rated $10,000 to members of the class of 2012, making this part of the standard bonus scale.
So what did Milbank do this year to distinguish itself from Cravath in terms of bonuses?
When it comes to its associates, Paul Weiss has a few “crazy ones.” But when it comes to its associate bonuses, the firm is extremely rational.
Last night, around the time the Skadden bonuses came in, Paul Weiss also announced its 2012 bonus scale. Just as it did last year, the firm matched Cravath. PW will pay bonuses on December 21, the same date as Cravath and Skadden.
Was there ever any doubt that Paul Weiss would match?
Stick a fork in it, because it’s almost done. There’s a high likelihood that the 2012 associate bonus season is complete, at least for all practical purposes, and if so, it will look a lot like past bonus seasons: Cravath leads, and everyone else follows.
“High likelihood,” but not yet a certainty. There’s one major wild card that’s still out: Sullivan & Cromwell, which sometimes takes the lead on associate compensation. Remember, of course, that the 2011 spring bonuses were brought to you by S&C. One could certainly see a scenario in which Sullivan & Cromwell trumps Cravath, in order to get Cravath back for how CSM showed up S&C on spring bonuses.
Unless and until Sullivan & Cromwell beats Cravath, though, we’re playing the usual game of follow Cravath. Let’s check out the latest firm to fall in line….
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.