Last week, we asked you for information about the clerkship bonus policies of large law firms. We also made a few phone calls and sent out a few emails, to obtain information from the law firms themselves.
A summary of our findings:
1. No large law firm has matched the new Sullivan & Cromwell clerkship bonus of $50,000, at least as far as we’ve been able to confirm.
(a) There was a rumor about Paul Weiss matching S&C, but no one has confirmed it to us.
(b) We aren’t counting Kellogg Huber, which pays a $100,000 clerkship bonus, and Susman Godfrey, which pays a $50,000 clerkship bonus, since they’re really boutiques.
(c) We aren’t counting intellectual property firms, some of whom pay $70,000 bonuses for Federal Circuit clerkships, because they are a world unto themselves.
Update: As this commenter notes, if you have two years of clerkship experience, then Weil is where it’s at: $70,000 ($35,000 x 2).
2. As one Biglaw partner pointed out to us, it’s early to be thinking about clerkship bonuses, because we’re not yet at the point in the year when law clerks change over (typically in the summer or fall). So hopefully some firms will match S&C before it’s all over.
3. Any firm worth its salt should offer a clerkship bonus of at least $35,000. This is what numerous big firms already do, and it should be considered the “market” rate. A bonus of anything less than $35K is chintzy and lame.
On the heels of Sullivan & Cromwell’s announcement of its new $50,000 clerkship bonus, we will endeavor to find out what other large law firms are doing on this front.
If you know your law firm’s current clerkship bonus policy, please email us (subject line: “Clerkship Bonus”). We will serve as a clearinghouse for clerkship bonus information. We will collect your tips, organize them, resolve conflicts where they exist, and perhaps do some fact-checking where necessary.
(Our preference is for you to email this information to us, rather than to post it in the comments. Email allows us to pose follow-up questions of sources, which we can’t do with someone who posts a comment anonymously. As always, we do not reveal the names of sources, unless they request attribution. Thanks.)
Earlier this week, we wrote about Sullivan & Cromwell’s new $50,000 clerkship bonus. We have confirmed this news with multiple sources, so you can take it to the bank.
This message about the S&C clerkship bonus bump included an amusing digression:
“You may be interested to know that S&C just called its incoming associates who are clerking to inform them of the 50K bonus. Since I accepted my offer from them, I have never once heard a peep from them about salary.”
“But they did send me a Christmas basket. Which turned out to be pretty pathetic, consisting of a soda pop, a tin of caramel corn, a Hershey bar, and a dvd of The Paper Chase.”
“I’m still puzzling over the last one. Maybe they’re trying to insinuate that firm life isn’t much worse than law school?”
We find this hard to believe, but there are people out there who are even more obsessed than we are with law clerks. Like this person.
The lists are not complete, and the information could be presented in a more user-friendly fashion. But we suspect that some of you will find this blog very interesting anyway. And it certainly has great potential as a future resource — a la the fantastic Wikipedia listing of Supreme Court law clerks.
We’ll be keeping an eye on this site going forward. I Seek Validation Through Clerkship Placement [main page]
Word on thestreet is that Sullivan & Cromwell is now paying a $50,000 clerkship bonus. In addition to Greedy Clerks, the news has surfaced in comments on this blog, and we’ve also heard about it via email. So the tip seems fairly reliable to us.
We first learned the news from a tipster with two prior clerkships, which raised the possibility that the $50K bonus reflected more than one clerkship. But it now appears that it’s actually a flat $50,000 bonus for anyone with a prior clerkship (i.e., a second clerkship doesn’t give you a second clerkship bonus (unless it’s a Supreme Court clerkship)).
Considering that a significant number of S&C associates come to the firm after having clerked, this rather large clerkship bonus is almost like a second pay raise (on the heels of the recent Simpson Thacher-induced salary bump). It appears to be second only to Kellogg Huber’s $100,000 clerkship bonus, and certainly the largest such bonus in New York.
So who cares about a few nastypartners? Sullivan & Cromwell is telling former clerks: “There’s $50,000. Bend over and pick it up — I’m sure you like that.” And many clerks will probably respond, “You bet we do! Fifty grand is pretty much equal to a law clerk’s annual salary.”
Feel free to discuss this development, or other clerkship bonus news and rumors, in this open thread. S & C Raises Clerkship Bonuses! [Infirmation / Greedy Clerks]
Or, perhaps more importantly, their $200,000 signing bonuses? That’s the question Dahlia Lithwick takes on in her recent Jurisprudence column for Slate.
The sums in question are even larger than Lithwick notes. She writes:
That will be [a] $200,000 [bonus] on top of a starting salary of $145,000 to $160,000. Which adds up to an awful lot of Pottery Barn sectional furniture for someone who is, on average, 26 years old and just two years out of school. As Chief Justice John Roberts pointed out recently, that $360,000 beats the heck out of the $212,100 he’s taking home for, well, chief justice-ing the entire nation.
Actually, the starting salaries are even higher, since pretty much all firms give Supreme Court clerks seniority credit for their two years of clerking. So a clerk who went straight through to a feeder judge, the SCOTUS, and a private law firm would be paid like a third-year associate: $170,000 in Washington, or $185,000 in New York (or in the D.C. office of a New York firm).
Lithwick interviews Walter Dellinger and Carter Phillips, who offer various justifications for the outsized bonuses as an economic matter. We have our doubts — and are quoted as a dissenting opinion:
On his legal gossip blog, Abovethelaw.com, David Lat tracks lawyer salaries with the glee most of us reserve for American Idol. And according to him, the hefty law clerk bonus stopped making any real economic sense several decimal points ago. Lat notes that these new associates just don’t bill extraordinary hours; that boutique appellate practice isn’t that lucrative; and a good many former clerks have academic aspirations. “They’re billing 1,800 hours, not 2,500, and a lot of them are probably already working on their job talks,” he says, referring to their sales pitches for the academic market.
The real allure of the Supreme Court clerk, says Lat, is that they are trophy purchases, “something for a firm to crow about in their recruiting materials.” Ouch. If Lat is correct about this, the boutique firms are buying former Supreme Court clerks when they might be better off investing in something more enduring, like new leather sofas for their lobbies.
We stand by these remarks, but maybe we’d remove the “Ouch.” These bonuses don’t make pure economic sense (in our opinion); but neither do many other things that law firms spend gobs of money on. If a firm wants to drop $200,000 on a SCOTUS clerk, or on an Alexander Calder for the lobby, that’s their prerogative.
We’re quoted later in Lithwick’s piece:
[S]ome firms, notes Lat, have decided to stop pursing the Supreme Court clerks and spend their recruiting dollars on what he characterizes as the near misses. “For every one of the 36 smartest law kids,” he says, “there is another equally smart law kid who just had a bad interview [for a Court clerkship].” And if law firms make the economic decision to give bonuses to them, “they get all the benefits of a knock-off Prada purse: They perform the same function, they look great, and you know they’ll do a great job.”
We’d single out Kellogg Huber of D.C. as one such firm. Some of you have expressed curiosity about who pays the biggest clerkship bonuses. We believe it’s Kellogg Huber. This tiny, super-elite Washington litigation boutique is rumored to pay clerkship bonuses of $100,000 to federal appeals court clerks — and for that kind of money, combined with the firm’s small size, it can afford to be picky. The non-SCOTUS clerks at the firm tend to be those who came thisclose to landing a job at One First Street (e.g., feeder-judge clerks who interviewed unsuccessfully for Supreme Court gigs). Update: Do you have an opinion on whether Supreme Court clerkship bonuses are too high, too low, or just right? You can express it by voting in our poll. To vote, click here. What to make of those astronomical Supreme Court signing bonuses? [Slate]
Some time ago, we posted an anecdote about the family travel mishaps of Judge Marsha Berzon, of the U.S. Court of Appeals for the Ninth Circuit.
Many ATL readers enjoyed the story. But Judge Berzon’s colleague, Judge Alex Kozinski — one of the federal judiciary’s most brilliant thinkers and talented writers — was less pleased. He sent us an open letter criticizing the story and our decision to publish it.
We posted Judge Kozinski’s letter here, and we promised a more detailed response.
We intended to publish a response much earlier. But having to respond to a benchslapping at the hands of a brilliant federal judge tends to induce “writer’s block.” Who’d have thunk it?
Anyway, we finally got over our writer’s block. Our response appears after the jump.
We have to step away for a bit. So we’ll do what we typically do under such circumstances, and set up an open thread.
Earlier today, a number of you expressed an interest in chatting about Biglaw clerkship bonuses. Feel free to use this thread as a forum for that conversation. You can compare notes on what different firms offer, voice complaints about insufficient bonuses for law clerks, etc,
If there’s enough interesting material, then perhaps we’ll do some follow-up coverage, too. Thanks!
Yesterday we put up a post about the mishaps of a federal judge and her family on a recent plane trip. You can read that post by clicking here.
A number of you found it amusing. But not everyone was so pleased.
This morning we received an email from Judge Alex Kozinski, of the U.S. Court of Appeals for the Ninth Circuit. Judge Kozinski is one of the most highly respected members of the federal judiciary. He is a brilliant thinker, a great writer, and a colorful character. He is a top-ranked feeder judge, and a former Supreme Court clerk himself. Most importantly, he is the reigning Superhottie of the Federal Judiciary.
We reprint Judge Kozinski’s letter below (and after the jump). We are running the letter without interruption, in unredacted form. In a later post, we will reprint his letter again, but with our paragraph-by-paragraph commentary.
And now, Judge Kozinski:
I’ve been a long-time fan of your efforts to demystify and humanize the federal judiciary. Which is why I was so shocked and disappointed by your recent posting about my colleague, Judge [Marsha] Berzon. The part dealing with the incident on the airplane is a vicious and wholly gratuitous personal attack on Judge Berzon and her family. Assuming it bears some nodding resemblance to the truth, which I seriously doubt, it is so laden with pejoratives and half-witticisms that it seems designed only to wound and deride, rather than to enlighten. Federal judges may be public figures who must endure whatever criticism is leveled at us for our work product, but what possible justification is there for holding up members of our families for public ridicule?
Will a single one of your readers have been enlightened or helped in any way by learning what a lawyer who may be nursing a grudge against the judge based on his appearances before her, thinks about her family’s airplane demeanor?
We reprint the rest of Judge Kozinski’s letter after the jump.
Yesterday we put up a list of all the Supreme Court clerk hiring news that we have so far (for October Term 2007). We will update this post, or republish the list in a full post, as we receive more information.
After we put up the list, we received several corrections and additions (for which we thank you). We’ve revised the original list accordingly. But for those of you who haven’t looked back at the list since we first published it, we’d like to highlight these changes:
1. We’ve added the information that Stephen Cowen, a future clerk to Justice Anthony M. Kennedy, is currently clerking for Chief Judge Douglas Ginsburg (D.C. Cir.). This is information we already had, since Cowen was featured a few months ago in Legal Eagle Wedding Watch. We apologize for omitting it on the first go-round.
(Bloggers work quickly, and we don’t have a separate fact-checking department. Mistakes were, are, and will be made. Sorry.)
2. We’re advised that William Consovoy is now clerking for Justice Clarence Thomas in October Term 2008 (a possibility hinted at in the Wiley Rein press release). So that leaves Eric McArthur, Carrie Severino, Heath Tarbert and Leila Thompson — who has “awesomely fun hair,” we’re told — as the CT clerks for OT 2007.
3. Heidi Bond is a 2006 grad of Michigan (not a 2005 grad, as originally reported). Also, she used to blog at Letters of Marque. Now that she’s clerking for Judge Alex Kozinski, she has neither the time nor the ability to continue blogging (or sleeping or showering).
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
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