If this were a nature show, Dewey & LeBoeuf would be a prey animal that looks normal to the naked human eye, but you can deduce that it’s seriously wounded because of the vultures circling around overhead. Everybody seems to be waiting for things to go from bad to worse.
Of course, according to Dewey management, everything is going just fine. I mean, what do you expect them to say? It’s Dewey, not Gondor. The managing partner isn’t going to have press conference where he screams, “Abandon your posts! Flee! Flee for your lives!”
Instead, we have this quote from Dewey Chairman Steven Davis in the Wall Street Journal (subscription): “We are producing the best work in the history of the firm and producing some of its strongest ever results… The overwhelming majority of our partners are excited about our future.”
Well, apparently those “strongest ever results” aren’t translating into “cash money” for people who work at the firm….
Do you remember the first time you said “but you promised” to somebody who was probably older than you and in the process of not giving you what they said they’d give you? It’s a pathetic feeling: you’ve been counting on something, you see it being pulled away from you, and all you can do is throw yourself upon the mercy of another person’s sense of fair play.
That hopeless feeling is what Sullivan & Cromwell lawyers are feeling as a globally-warmed winter gives way to spring. S&C promised they’d be paying spring bonuses. But here we are, in the spring, and the firm is still silent.
Did they think everybody would forget? Or do they just think that breaking their word is no big deal?
Yes, we know: everyone is waiting for, hoping for, and praying for spring bonuses. We’ve been banging on that drum repeatedly in these pages, but let’s be honest: aren’t we just waiting on Sullivan & Cromwell? As far as we know, S&C is the only firm that stated, in its year-end bonus memo, that it “currently expects to pay a bonus in the Spring.” If Sullivan moves, others will; if it doesn’t, then we’ll be waiting a long time.
Has OMM turned a corner under the new leadership? Butwin and the other new leaders at the firm have started implementing a new strategic vision for the firm, and thus far, things seem to be going well. The firm’s latest financial results were healthy, with the key metrics of profits per partner and revenue per lawyer hitting record highs in 2011 (reaching $1.73 million and $1.02 million, respectively).
What have these financial results meant for O’Melveny associates? The firm recently announced its 2011 bonuses….
In terms of firm finances, Paul Hastings had a perfectly decent 2011. Revenue and profits were fairly stable, according to Am Law Daily. Gross revenue fell by 2 percent to $884 million, and profits per partner fell by 1.3 percent to about $1.97 million. On the brighter side, revenue per lawyer surpassed the $1 million mark for the first time, hitting $1.01 million.
So how are those revenue-generating worker bees being compensated? Bonuses are out at Paul Hastings. How are PH associates reacting?
Perhaps there’s no cause for worry right now. Things are going just as my colleague Elie Mystal predicted: “You’re going to get your money. My prediction: an extra $10,000 to $20,000 depending on class year, starting with third-year associates. It might be announced really late, end of February or early March, once firms realize they need to keep their talented midlevels.”
Yes, we know: you’re all waiting eagerly for spring bonuses. We are too (because it’s great for the news cycle and our traffic). But right now we have nothing to report on that front. As soon as you hear of spring bonus movement (cough cough, Sullivan & Cromwell), please email us or text us (646-820-8477 / 646-820-TIPS).
In the meantime, we’ll catch up on regular bonus news. Even though it’s already March, some firms are only just now getting around to announcing their 2011 year-end bonuses. We have various tips floating around for various firms, but we need additional corroboration for many of them. If you can help us out, you know where to reach us (see contact info, supra).
Today we have bonus news from Winston & Strawn, which announced its bonuses a while ago….
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.