Bonuses

Where’s the coke?

* NALP is becoming the harbinger of doom for law practice. Here’s some cheerful news: the percentage of female associates in Biglaw dropped for the third year in a row. Perhaps they’re going the way of the Clifford Chance mommy. [National Law Journal]

* Biglaw hotties are coming to a continent near you! Davis Polk & Wardell will be adding a litigation practice to its existing shop in Hong Kong, and they managed to poach two big name Clifford Chance litigators in the process. [DealBook / New York Times]

* According to the ACC, in 2012, base salaries for general counsel rose 1.9 percent, while cash bonuses dropped 7.9 percent. But really, who’s going to complain about a six-figure bonus? [Corporate Counsel]

* A Delaware jury ruled that Apple infringed on several patents in a mobile-device technologies case filed by MobileMedia Ideas. Somewhere, Samsung’s bigwigs are laughing their asses off. [WSJ Law Blog (sub. req.)]

* A woman was arrested in Spain for trying to smuggle in cocaine from Colombia. Seems pretty standard, except for the fact that she was hiding the coke in brand new breast implants — three pounds of it! [CNN]

The global law firm of Clifford Chance, a member of the Magic Circle, is one of the biggest names in Biglaw. It’s the world’s #5 law firm in terms of revenue and the #3 law firm in terms of headcount. In the American Lawyer’s inaugural set of rankings for the world’s most valuable law firms, Clifford Chance came in #6. Clifford Chance is so global that it makes the Atlantic Ocean look like a pond.

Here in the United States, Clifford Chance has offices in New York and Washington. What can associates in these offices expect in terms of their bonuses this year?

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Bonus announcements continue to trickle in. Today brings bonus news from White & Case.

It’s not terribly exciting. For associates in New York, the firm is matching the Cravath scale (just as Morrison & Foerster did the other day).

When are the bonuses going to be paid? And what about associates beyond the Big Apple?

double red triangle arrows Continue reading “Associate Bonus Watch: White & Case Matches (in New York)”

Perhaps they were just waiting around for Sullivan & Cromwell. Not long after S&C announced bonuses, on Thursday afternoon of last week, Davis Polk announced bonuses, on Friday.

They matched the Cravath scale. Shocking, we know.

What about Morrison & Foerster? They just announced bonuses too, for associates in their New York office….

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Now that Sullivan & Cromwell has weighed in on bonuses, there’s not much suspense left regarding associate bonuses at the major New York lockstep firms. Attention will now turn to top firms with individualized bonuses, like Kirkland & Ellis and Latham & Watkins.

Most of the big New York-based firms have matched the Cravath scale. But at least one — besides Boies Schiller, home of the whopper (aka a $250,000 bonus) — is going above and beyond Cravath.

At Kaye Scholer, high billers get something extra stuffed in their stockings. How much are we talking about?

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Parking is sooooo hard.

* “Biglaw Bonuses for Dummies: A Reference for the Rest of Us!” By Elie Mystal. [Bloomberg Businessweek]

* Just how quickly will state-by-state legal education be able to respond to changing market conditions? Thus far, both New York and California have proven themselves to be pretty damn nimble. [Legal Ethics Forum]

* Here’s a cute docket sheet entry from Judge Marcia Cooke in the Southern District of Florida. Thanks for not being a grinch this holiday season, Your Honor! [Southern District of Florida Blog]

* A town in Germany has started using “female friendly” parking spaces, because parking a car is just so hard for we womenfolk to do when we’re supposed to be barefoot and pregnant in the kitchen. :( [Telegraph]

* Hiram Chodosh, once named as a law dean hottie, has been named the fifth president of Claremont McKenna College. Of course, the former title is cooler than the latter, don’t you think? [Sacramento Bee]

Last year, I complained that the complicated compensation system at Vinson & Elkins was giving me a headache. What’s wrong with a Cravath-style system of lockstep salaries and bonuses? Or a Kirkland- or Latham-style system of lockstep salaries and individualized bonuses? Is it really necessary, for purposes of paying associates, to utilize a system involving deferred compensation?

Luckily for me and my limited quantitative-reasoning ability, V&E has decided to streamline their system. Let’s learn about what they’re doing, which they revealed in the course of announcing their bonuses.

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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.

Are we about to write a new chapter in Associate Bonus Watch 2012? Or have we reached the end of this tale?

Please note the multiple UPDATES at the end of this post.

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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….

Please note the UPDATE added after the jump.

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David Boies

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….

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