As regular readers of Above the Law know, we offer a wealth of content for in-house counsel. We have three in-house lawyers at major corporations who write columns for us — Mark Herrmann, Susan Moon, and David Mowry — and we supplement their coverage with additional in-house posts by our other writers.
One subject that our columnists tend to shy away from, for understandable reasons, is that of in-house compensation. They’ve written in generalterms about comp issues, but they haven’t, say, divulged hard numbers about how much they earn.
But one of our in-house readers reached out to us and did exactly that. Let’s find out how much this person makes. The claim: in-house lawyers are better paid than you might expect….
The firm has a long and distinguished history of pro bono work. And it’s a leader in the area of government service. Many of its lawyers used to work at the Justice Department, the White House, and other top governmental entities. And many high-ranking government lawyers, such as solicitor general Donald Verrilli Jr., used to work at Jenner.
But what if you’re less interested in public service and more interested in debt service — specifically, retiring your own substantial law school loans? Is Jenner the best place to work?
For Supreme Court clerks from October Term 2011, the historic Term of NFIB v. Sebelius (aka “Obamacare”), the hot firm to go to was Jones Day. As Tony Mauro recently reported, the firm hired six SCOTUS clerks from the OT 2011 class, which “may be the most clerks signed up by a single firm from a single term” (although Ted Frank suggests that Kirkland & Ellis might have had seven clerks back in 1995).
UPDATE (3/17/2013, 1 p.m.): Per Mauro, K&E has never had six or seven clerks from a single Term.
Leading litigatrix Beth Heifetz — a former SCOTUS clerk herself (OT 1985 / Blackmun), and a Tina Fey doppelgänger — confirmed that Jones Day paid the going rate in terms of SCOTUS clerkship bonuses: $280,000 (on top of the usual base salary and year-end bonus). One of the new hires, Rachel Bloomekatz, is joining JD’s office in Columbus, Ohio. She should be able to survive out there on half a million (the SCOTUS clerkship bonus plus a fifth-year associate’s salary; she’s a 2008 UCLA Law grad).
But what if you’re in the Columbus office and not a SCOTUS clerk? Don’t expect to be shown the money; instead, you might be shown the door….
As we recently mentioned, 2012 was a banner year for O’Melveny & Myers, in terms of legal work performed and the resulting financial rewards. According to Am Law, “the firm set new records in profits per partner and revenue per lawyer, with the former surging 19.4 percent, to $2.06 million, and the latter rising nearly 10 percent, to $1.1 million.”
O’Melveny’s gross revenue grew by 5.1 percent, to $818.5 million. It’s great to see a law firm with top-line growth. Many firms these days can’t grow total revenue or revenue per lawyer; they just try to cut expenses, resorting to layoffs and similar tactics, to improve profits per partner.
Did OMM’s improved PPP trickle down to associates, in the form of bonuses? Here’s what sources report….
‘They stole [accreditation] from us. Sneaky little ABA. Wicked, tricksy, false!’ — FAMU Law
Ed. note: Due to the Presidents’ Day holiday, we will be on a reduced publication schedule today. We will be back in full swing tomorrow. We hope you enjoy your day off (or feel free to lament your lack thereof in the comments).
* “[T]hey don’t want to hear nothing.” Vedel Browne, the man accused of robbing Stephen Breyer at machete-point while the justice was vacationing in his home in the Caribbean, now claims that he’s innocent, mon. [St. Kitts-Nevis Observer]
* You know what, the farmer in the Super Bowl commercial probably didn’t have to deal with bullsh*t like Monsanto’s seed patents, but today’s farmers do, and they’ll argue their case before the Supreme Court this week. [New York Times]
* “I’m a betting man. And I would bet and give odds that Sullivan & Cromwell has never said that publicly.” Who dares question S&C’s stance in the hot mess that is Herbalife? None other than Carl Icahn. [Am Law Daily]
* Here’s an important Biglaw math lesson that’s been provided to us via California-based firms like Irell & Manella, Munger Tolles, and Orrick: a little revenue minus a lot of partners equals profitability. [Recorder]
* Amid a flurry of filings on Valentine’s Day, love must’ve been a battlefield for the embattled Dewey & LeBoeuf refugees who were in desperate search of their once promised 2011 bonuses. [WSJ Law Blog (sub. req.)]
* From the department of things that suck: having to defend your office’s alleged “underhanded tactics” in a $150 million wrongful conviction case while you’re trying to get re-elected as district attorney. [New York Times]
* We got bitches in the office lawyerin’ on, and they ain’t leavin’ till six in the mornin’ — unless they want to be fired. An ex-Travers Smith trainee claims she was canned for leaving the firm “early”… at 6:30 a.m. [Telegraph]
* If it weren’t for Cosmo, this woman wouldn’t have known her landlord was an alleged creeper. A Maryland lawyer now faces criminal charges for allegedly filming his female tenants in the nude. [Washington Post]
* “We wants it, we needs it. Must have the precious!” The ABA officially put Florida A&M on notice that its law school accreditation may be in jeopardy if they don’t shape up in terms of bar passage. [Orlando Sentinel]
* What do you do the second you step off a cruise ship that’s been described as “a floating toilet, a floating petri dish, a floating hell”? You grab the very first lawyers you see, and sue! [Nation Now / Los Angeles Times]
“We recently made a whole slew of people partner,” said a source. “Looks like our biggest class in a few years and includes several home-grown talents.”
One happy camper even wrote in to rave about the D.C.’s office celebration of Black History Month this past Monday, which featured a conversation between Congressman John Lewis (D-GA), an icon of the civil rights movement, and Congressman Steny Hoyer (D-MD), the House Minority Whip.
“The event was fantastic,” this tipster told us. “Congressman Lewis stayed to chat with MoFo attorneys and staff until 9 p.m.”
But happiness is not universal at Morrison & Foerster. On the subject of associate bonuses, we’ve heard from a few angry MoFos….
Some of our associate readers were nothappy with their latest bonuses. But hey, let’s look on the bright side: at least they got bonuses (assuming they made their hours).
The same can’t be said for former associates of the now-defunct Dewey & LeBoeuf. These associates sought to be treated as Dewey creditors in the firm’s bankruptcy case, but the effort isn’t going so well. And the same could be said of retired partners of D&L, some of whom could be paying money into the bankruptcy estate instead of getting money out of it….
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, 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.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…