Bonus season is in full swing, and it appears that most Biglaw firms are falling in line behind Cravath. The chances of a firm besting the Cravath scale in any meaningful way grow slimmer everyday.
But according to one tipster, there is still hope for associates, and it’s coming from an unlikely place. A tipster believes that Cahill Gordon intends to double the Cravath bonus. But not all at once. Cahill doesn’t want to look like it’s breaking the market.
Now it might sound weird for Cahill to be willing to pay more but not wanting to get credit for it — but let’s check out what this tipster has to say…
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
Yes, you read that headline correctly. Out of nowhere, Cahill Gordon & Reindel has decided to give out a mid-year bonus. Not Cravath, not S&C, but Cahill Gordon. The same Cahill Gordon that is one of the few firms to have significant layoffs in 2010. This is the firm that could push the market towards mid-year bonuses?
Apparently so. A tipster reported the bonus scale to Above the Law. It’s not a huge amount of money, but it’s something….
Last January, Cahill Gordon & Reindel started the year by cutting approximately 10% of its associates. Sources report that 2010 is off to a similar start.
Says one tipster:
[I]t’s about 20-25 people. Mostly younger associates but some more senior people as well. Standard 3 months severance….
[I]t’s being termed performance based, typical stuff related to year-end reviews, etc. But the subtext and what people are being told is that it’s largely about there being too many people.
We reached out to the firm for comment this morning, but have not yet heard back. One of our tipsters claims that this round of layoffs will make Cahill New York as white as freshly-fallen snow…
If you are a Biglaw associate and are lucky enough to score a federal clerkship, congratulations. It is a nice feather in your cap.
But in this job market, are you wise to actually accept your clerkship offer?
As many of you know, clerks have to formally resign from their firms while clerking. In the before times, in the long, long ago, this was no big deal. You resign, clerk for a year or two, and then get “re-hired” by your firm when you are ready to return to private practice.
As the legal recession took hold last year, some associates who received clerkship offers worried that their firms wouldn’t hire them back. But for the most part, people decided to take a clerkship instead of staying at the firm and risk getting laid off.
At Above the Law, we’ve heard a lot of talk about these clerks trying to come back to work now, only to find the door back into Biglaw closed.
At Cahill Gordon, we’re hearing that clerks were not re-hired despite promises to do so.
Details after the jump.
The penalty for having a partner announce layoffs on a train was six spots according to Vault. There have been other Pillsbury cutbacks. But the Acela incident happened when associates had Vault surveys sitting on their desks.
After the jump, let’s take a look at some of the other firms in this group.
Summer programs at many firms are shorter this year than last year. That means the summer is over at a lot of places, and summer associates are starting to learn their fates.
So far, there is some surprising news. Summers are getting offers. Many people have reported that their firm has given full, 100% offers to 2009 summer associates. Summers at Sullivan & Cromwell and Davis Polk are just some of the people reporting good news:
Davis Polk & Wardwell and Sullivan & Cromwell have extended offers to all of their summer associates.
Update (12:35): Additional tipsters inform us that Davis Polk has only given 100% offers to the summers that have already left. That is about half of the summer associates. The rest of the SAs leave on Friday, so we’ll see.
We also have received word that Cravath is making 100% offers.
After the jump, let’s look at a few more firms that we believe are making full offers to this year’s summer associates.
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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