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Featured Job Survey: And Your Favorite Firm Is . . .

We received 1,036 responses to last week's ATL / Lateral Link survey on where you'd most want to work, which, in turn, was based on your nominations last month.

Here's how it turned out:

Survey Results: Which Firm Would You Most Want To Work For?
favoritefirm.gif

Overall, Latham & Watkins dominated the field, pulling in almost one fifth of all votes. Latham was the most popular choice among voters in L.A., the Bay Area, and Washington, DC, and was particularly favored by tax lawyers and litigators.

Runner-up Wachtell was actually the top choice of respondents in New York, narrowly besting Davis Polk and Latham. It was also, by far, the most popular pick among M&A lawyers, with roughly 30% of their vote.

Kirkland placed third overall, but was the top choice of Chicago respondents and patent lawyers, with almost twice as many votes as the next most popular firm in Chicago (Latham) and almost as many patent votes as the next two firms combined (Latham and Quinn).

Williams & Connolly, Ropes & Gray, and Davis Polk tied for fourth, with Ropes & Gray dominating the Boston vote, Williams & Connolly pwning DC (and gaining the second highest vote from litigators after Latham), and Davis Polk rocking the investment management scene (with Ropes & Gray running second best in that field).

Paul Hastings was the clear winner among labor & employment attorneys, winning almost 70% of the vote, and was also the most popular choice among real estate attorneys and lawyers in Atlanta.

On the Magic Circle front, Linklaters proved more popular than Allen & Overy, and was actually the most popular choice among securities lawyers. Allen & Overy was the most popular choice among structured finance attorneys.

Featured Job Survey: Where's The Best Firm To Work?

hailing taxi hail cab Above the Law blog.jpgThis month's ATL / Lateral Link survey, focused on which firm you would choose if you could go anywhere, was dominated by Latham & Watkins and Wachtell Lipton. But several firms were close behind.

  * Respondents had several reasons to applaud Latham: "Prestige", "Friends there are happy", "Awesome firm, awesome people", "They rock", "Prestige, substantive work, great litigation practice", and "Top notch clients and matters; kick ass bonuses; selective hiring in a good way (need good grades plus a good; personality); Vault top 10 without the stuffiness of originating on the east coast; good growth but no risk of Brobecking (great management + tons of funds).....should I go on?" Or, as one respondent summed it up: "ass kickers."

  * At Wachtell, with 2007 profits per partner of $4.48 million, money played a key factor in respondents' enthusiasm for the firm: "100% bonus", "money", "it's all about the cash", "I want the compensation!", "money honey" and, of course, "CASH."

  * "Money" was also a big plus for Cravath (even though their profits per partner were a mere $3.3 million). Voters also noted "Prestige, training, can go anywhere else afterwards."

  * "Prestige" and "Exit opportunities" also won several votes for Skadden, who also had more than $2 billion in revenues last year. (Their SideBar program is pretty cool, too.)

  * "Bonuses and work" were praised at Kirkland & Ellis, as was stability: "They're well positioned for the credit crunch and M&A downturn. And the pay's better, of course."

  * Sullivan & Cromwell was also coveted for "good work, and $$$$" as well as "reputation." With profits per partner of $3.13 million, that "$$$$" is appealing at multiple levels.

  * Paul Hastings surged in popularity as respondents complemented their labor & employment practice and their compensation structures in Atlanta and Chicago.

  * In an incendiary match-up, Davis Polk was heralded as "da bomb", while Boston heavyweight Ropes & Gray was declared "the bomb."

  * Among the Magic Circle firms, Allen & Overy supporters declared "Great offices, european attitude" while Linklaters was called "the best globally, both in equity and debt."

  * Debevoise won several votes for its combination of "prestige and culture".

  * Litigators were torn between Quinn Emanuel, where "hard core litigators with a great reputation" create an atmosphere where "[p]ersonality, quirkiness, and fun seem prevalent," and Williams & Connolly, as "the best litigatio[n] shop. Period."

So of these fourteen juggernauts of practice, prestige, and sweet, sweet profits, who would you most like to work for?

Cast your vote in today's ATL / Lateral Link survey, after the jump.

Continue reading "Featured Job Survey: Where's The Best Firm To Work?"

Cravath's Achilles Heel? Bedbugs!!!

bedbug bed bug Cravath Swaine Moore LLP Above the Law blog.jpgHiring partners and recruiting coordinators at Wachtell and S&C, it's time to break out the champagne:

CRAVATH HAS BEDBUGS!!!

Yes, that's right. The Worldwide Plaza headquarters of Cravath, Swaine & Moore -- perhaps the country's most prestigious law firm, and one of its most profitable -- has some unwelcome visitors. And no, 2L interview season ended months ago.

Here's what we've learned, from multiple sources at CSM:

Cravath Swaine Moore LLP Above the Law blog.JPG1. An email was sent around Cravath last week about the presence of bed bugs at the firm.

2. A few bedbugs were found on two floors, the 21st floor and the 41st floor, which are being fumigated.

3. Two employees had bedbugs in their apartments and told the firm, which caused the firm to investigate.

4. The 21st floor is a paralegal / administration floor, but the 41st floor is a litigation floor -- which means that one of the two employees may be a lawyer.

6. Both of the employees are still with the firm (i.e., they have not been fired, like the poor soul at Cadwalader who, rumor has it, got canned after self-reporting).

7. The email about the bed bug problem was protected against forwarding or copying.

Apparently Cravath and Cadwalader have something in common other than the Bear Stearns deal. [FN1]

As you may recall, in June 2007, Cadwalader reported a bedbug problem. A few months later, they announced lawyer layoffs.

Are associate layoffs like bedbugs? Will they start off at relatively less prestigious firms -- we say "relatively," since Cadwalader is still plenty prestigious (#26 on the Vault 100) -- and move all the way to the top of the list? Will Rodge Cohen and Ed Herlihy be scratching themselves furiously as they negotiate the next big bank merger?

Words of wisdom to incoming Cravath summer associates: go to as many events as you can, and spend as little time as possible at the Death Star. May the force be with you.

We contacted Cravath, which declined comment through a spokesperson. If you have anything to add on the situation, please feel free to email us. Thanks.

[FN1] The bedbug email went around Cravath before the JP Morgan Chase / Bear Stearns deal was initiated. So there would be no merit to a conspiracy theory that Cadwalader gave the cooties to Cravath by sneaking them into a box shipment destined for Worldwide Plaza.

Earlier: Breaking: Cadwalader Overrun By Bed Bugs!!!

Morning Docket: 01.28.08

* Top candidates turn to trial lawyers for support. [Washington Post]

* More recusal requests expected in WV Supreme Court. [WSJ Law Blog]

* Former NFL player's wife files malpractice suit over surgery. [ESPN]

* Suffrage suffers in Mexico. [MSNBC]

* How to count primary delegates (and an explanation of the "superdelegates"). [New York Times; New York Times]

* "It's just not realistic" to present major new initiatives, but the SOTU will still be on every channel tonight. White House speechwriters are not on strike. [CNN]

* Super-litigator Tom Barr of Cravath, RIP. [New York Times (death notice); WSJ Law Blog]

Lawsuit of the Day Last Month: Talk About a 'Special' Bonus
(The bonus you claim after pleading guilty to paying a mom so you can have sex with her two underage daughters)

James Colliton Jim Colliton Cravath Swaine Moore Above the Law blog.jpg(We missed this case because it happened over the holidays, when we were away from ATL. But we've received several requests to cover this super-juicy story, so we'll go for it, despite being so late to the party.)

We described Schoenfeld v. Allen & Overy, a lawsuit by a Jewish associate against his former law firm, as "the Jewish version of Aaron Charney v. Sullivan & Cromwell." Now we're looking at "the pervert-who-has-sex-with-13-and-15-year-old-sisters version of Charney v. S&C."

From the New York Daily News:

A disgraced lawyer who paid a mother to allow him to have sex with her underage daughters is looking for a payday of his own - from the elite law firm where he once worked.

James Colliton is suing Cravath, Swaine & Moore for $1.45 million, accusing the white-shoe firm of stiffing him on an annual bonus, salary and vacation pay.

Reached by phone at his home in Poughkeepsie, the convicted sex offender refused to talk about his suit, which was handwritten on notebook paper.

"It's all in there," Colliton said.

That's what he told her. Also, we'd expect better than a complaint "handwritten on notebook paper" from James Colliton. If Aaron Charney can type up his pro se complaint against his former firm, surely an ex-Cravath lawyer can do the same.

More discussion, beyond the jump.

Continue reading "Lawsuit of the Day Last Month: Talk About a 'Special' Bonus(The bonus you claim after pleading guilty to paying a mom so you can have sex with her two underage daughters)"

Health Inspection Scores of NYC Law Firm Cafeterias: How Does Your Firm Stack Up?
(And Open Thread About Firm Cafeterias More Generally)

cockroach Biglaw law firm cafeteria Above the Law blog.jpgWe have a lunch meeting today, so we're going to be offline for a while. We'll leave you with a food-related post to chew over while we're gone. Hopefully it won't cause you to lose your appetite.

Over at Keeping Up With Jonas, Jonas Karp has filed a great investigative report: a look at how various law firm cafeterias fared in unannounced annual inspections by the New York City Department of Health. If you're hoping for a healthy dose of schadenfreude, you might be disappointed. As Karp writes, "All of the firms surveyed passed their inspections, and none had Serendipity 3-like 100 live cockroach violations."

Darn. But as Jonas notes, "some firms did a lot better than others."

Which ones? Read the full post to find out. As you review the results, consider this question: Is cafeteria cleanliness inversely proportional to law firm prestige? Simpson Thacher and Cravath came within a few points of failing inspection, while a perfect score was earned by... Greenberg Traurig!

Maybe GT associates won't be getting a pay raise anytime soon. But at least their New York office has an immaculate cafeteria.

Feel free to opine on the quality of your law firm's cafeteria, or any other Biglaw canteen that you have personally sampled, in the comments.

Law Firm Cafeterias: Inspection Results [Keeping Up With Jonas]

Cleary Gottlieb Associate Gets Benchslapped By Tax Court

Shawn Hynes Shawn T Hynes Cleary Gottlieb Above the Law blog.jpgAs the old adage goes, "A lawyer who represents himself has a fool for a client." And there is some anecdotal evidence in support of that proposition. See, e.g., Elana Glatt / Elana Elbogen (depending upon how you view the merits of her case against her wedding florist).

Here's another example of what can happen when Biglaw litigators represent themselves. From TaxProf Blog:

The Tax Court today decided Hynes v. Commissioner, T.C. Summ. Op. 2008-1 (1/2/08), a case involving Shawn T. Hynes, a fifth year securities litigation associate in Cleary Gottlieb's New York City office. The taxable year at issue was 2003, when Hynes was a Penn 3L (he tranferred to Penn after completing his first year at Oregon).

More about the facts of Shawn Hynes's case, and how he got benchslapped by the Tax Court, after the jump.

Continue reading "Cleary Gottlieb Associate Gets Benchslapped By Tax Court"

'Tis the Season: A Round-Up of New York Law Firm Holiday Parties

Cipriani New York Biglaw Christmas party Above the Law blog.jpgOur latest column for the New York Observer addresses a seasonal subject: law firm holiday parties. Here's the opening:

Law firm holiday parties aren’t what they used to be. In bygone days, the booze-fueled blasts yielded up tales of M&A lawyers making out with each other in darkened corners, partners dancing drunkenly with paralegals young enough to be their daughters and similarly dubious behavior.

In recent years, however, stories of scandal have become less common. Perhaps guests are more afraid of public embarrassment, now that cellphone photos of carousing legal eagles can be uploaded to the Internet in minutes....

But even if they’re not as wild and crazy as they used to be, law firm holiday parties still reflect, in ways large and small, the cultures and personalities of the firms throwing them. Let’s have a look, shall we?

You can read the rest of the column -- which describes the December festivities of Wachtell, Cravath, Sullivan & Cromwell, Skadden, Cadwalader, and Fried Frank -- by clicking here.

Boogie, Counselor! Which Law Firm Gives the Best Party? [New York Observer]

Associate Bonus Watch: Does the 'Herd Mentality' Make Sense?

herd of sheep lawyer salaries associate compensation Above the Law blog.jpgThat's the question Andrew Ross Sorkin, the young star business reporter of the New York Times, tackles in his latest DealBook column. After describing the recent wave of bonus announcements, which fell into the typical pattern -- one firm led, and everyone else mechanically followed, "as if [they] had simply copied and pasted the numbers directly from Cravath’s memo" -- Ross Sorkin writes:

Lawyers are smart, but this herd mentality seems absolutely irrational, economically speaking — and not because the compensation is too high. The top law firms have been stuck in copycat mode for years. As soon as one of them raises salaries for associates, the others fall in line almost immediately.

At first glance, it makes sense in a free-market kind of way that law firms rush to match one another’s compensation packages. They have to compete for talent, especially for the annual crop of law school graduates. Indeed, if they never raised salaries or bonuses, they would probably be accused of conspiring to keep costs down.

But think about this for a moment: Is there any other business in which every competitor matches salaries and bonuses almost identically?

Good question. Nothing really comes to mind (with the exception of "highly unionized industries," already noted in the article).

More excerpts and discussion, after the jump.

Continue reading "Associate Bonus Watch: Does the 'Herd Mentality' Make Sense?"

Biglaw Perk Watch: The Gray Lady's Take

Guess what's at the top of the New York Times Most Emailed Articles list today? A piece entitled For Lawyers, Perks to Fit a Lifestyle, by Lynnley Browning.

We're pleasantly surprised that an article about law firm perks, a niche topic that we cover obsessively around here, is so popular with readers of a general-interest publication. Or is it just that lawyers are the only poor saps at work today?

Kelis Milkshake boys to the yard Above the law blog.jpgAmong the more notable perks mentioned in the article:

1. Milkshakes and candied apples -- yum! (Perkins Coie) [FN1]
2. Mortgage guarantees for the first $100,000 of associate mortgages (Sullivan & Cromwell)
3. Reimbursements for associates who buy a hybrid car or a certain brand of car (DLA Piper; Fulbright & Jaworski)
4. On-site yoga classes (O’Melveny & Myers)

It's an interesting article; read the whole thing here. There's additional commentary on the piece over at the WSJ Law Blog, by Jamie Heller (filling in for Peter Lattman, who is on his honeymoon).

P.S. Looks like an NYT correction may be in order, due to a slip-up concerning the amount of year-end bonuses:

The perks come on top of higher salaries and larger bonuses — this year, the top-offs have been doubled at some practices. At the New York office of Cravath, Swaine & Moore, an old-line firm, associates will receive special payouts of $10,000 to $50,000, in addition to their year-end bonuses up to $35,000.

Our suggested rewording: "At the New York office of Cravath, Swaine & Moore, an old-line firm, some associates will receive special payouts of $10,000 to $50,000, in addition to year-end bonuses up to $60,000." (The word "some" is needed before the word "associates," because class of 2007 or "stub year" associates don't get special bonuses.)

[FN1] The Perkins Coie milkshakes come from Potbelly Sandwich Works. Coincidentally, we enjoyed a PSW milkshake for the first time on Wednesday. It was Oreo, and it was delicious!

Update: One of you sent us this great comment, by email:

I thought the most poignant perk was Fried Frank's: they offer psychotherapy (through what sounds suspiciously like a bulk discount deal) to help associates deal with stress, anxiety, depression, and divorce. I love it!

I can imagine the therapist's notes: "Patient distressed re: possibility of negative performance review. Says he has not seen wife or child since, "let's see ... when was that holiday with the fireworks?" Is in constant pain from chronic papercuts and verbal caning associated with ongoing case. Patient noted gratefully that firm is paying for therapy. Possible diagnoses: Stockholm syndrome?"

For Lawyers, Perks to Fit a Lifestyle [New York Times]
Law Job Perks v. Law Job Woes [WSJ Law Blog]

Associate Bonus Watch: The Natives Are Getting Restless

associate bonus watch 2007 law firm Above the Law blog.jpgWe're bored (and so are you). We're just passing time until another major law firm announces year-end bonuses, in the wake of Monday's Cravath announcement.

In today's New York Times, Ellen Rosen has this interesting article on law firm bonuses:

Cravath, Swaine & Moore has raised the salary bar for law firm associates in Manhattan.

The firm has announced that it will award a special one-time bonus for associates in addition to the traditional year-end bonus that the firm, like most others, already pays. All but the newest associates will receive $10,000 to $50,000, depending on seniority, which was first reported by Abovethelaw.com.

Thanks for the shout-out, Ellen!

What about other law firms? Read more, after the jump.

Continue reading "Associate Bonus Watch: The Natives Are Getting Restless"

Associate Bonus Watch: An Open Call for News and Memos

associate bonus watch 2007 law firm Above the Law blog.jpgAs we first reported, Cravath, Swaine & Moore has kicked off the 2007 bonus season, with yesterday's announcement of "special" and year-end bonuses for its associates. Here's coverage from the New York Law Journal and the WSJ Law Blog, who actually got Cravath to talk to them. (CSM declined ATL's request for comment.) Both sources credit ATL; we thank Anthony Lin and Peter Lattman for the shout-outs.

This leads us to the second stage of bonus season: waiting for the other shoes to drop. We intend to cover bonus developments as closely as we did last year. If a firm is a Vault 100 or AmLaw 100 law firm, or even if its name rings a vague sort of bell, we want to hear about its bonus announcement.

We can't cover this subject without your help. We need you to let us know, as soon as possible, when your firm makes a bonus announcement. Per ATL standard operating procedure, we will NOT identify you as our source.

Here's how to reach us with bonus news:

1. As you probably already know, you can send bonus news and memos to us by email (subject line: "Associate Bonus Watch: [firm name]".

2. To be on the safe side, email us from a non-work email account (but preferably one with your real name, so we can confirm that you actually work where you work, by looking you up on the firm website).

3. To be on the super-safe side, save your email in draft form in your non-work account (e.g., Yahoo, Gmail, Hotmail, etc.). When you're ready to send, access that account using the web browser in your Blackberry or other wireless device, open the saved draft, and hit "send." (You could also send the message when you get home, but that would take forever.)

4. Another way to contact us: send us a Facebook message. Even if your firm monitors the websites you visit, being on Facebook won't get you in trouble (provided you do it in moderation).

5. Yet another way to reach us: by instant messenger or Gmail chat. If you're a regular ATL tipster, or if you're our Facebook friend, you know where to reach us on AIM and on Gmail chat.

6. Yet another way to reach us: by phone. Many of you have our phone number, which is also listed in our Facebook profile.

As you know, we prefer to have full memos (although we'll take just the numbers if that's all we can get). Please keep your friends at ATL in mind this bonus season, and send us your news ASAP. The project of bringing greater transparency to associate compensation can't work unless you do your part. Thanks!

Cravath First! Let BigLaw’s Associate Bonus Season Begin [WSJ Law Blog]
Cravath to Give Associates Special Bonus Plus Year-End Bonus [New York Law Journal]

Earlier: Cravath Announces Bonuses -- 'Special' and Otherwise!!!

Cravath Announces Bonuses -- 'Special' and Otherwise!!!

animated siren gif animated siren gif animated siren gif drudge report.GIFIt's very early, but it's true: Cravath, Swaine & Moore announced bonuses today!!! Here are the numbers:

Class of 2007 -- Year end bonus $35,000 (prorated), no special bonus
Class of 2006 -- Year end $35,000, special $10,000
Class of 2005 -- Year end $40,000, special $15,000
Class of 2004 -- Year end $45,000, special $20,000
Class of 2003 -- Year end $50,000, special $30,000
Class of 2002 -- Year end $55,000, special $40,000
Class of 2001 -- Year end $60,000, special $50,000
Class of 2000 -- Year end $60,000, special $50,000 (same as 2001)

Cravath Swaine Moore LLP Above the Law blog.JPGUpdate (5:05 PM):

1. No official comment from the firm (we called their spokesperson), but this news is solid. It has been confirmed for us by multiple sources at Cravath, by phone and by email.

2. As noted in the comments, the "special" bonuses will be paid in November (on November 9, to be exact). The year-end bonuses will be paid in December.

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGUpdate (5:40 PM): If you'd like to compare this bonus table to what Cravath (and pretty much everyone else in New York) paid last year, you can check out the 2006 CSM bonus memo over here. As you can see, the year-end bonuses for this year and last year are basically the same; it's just that this year, there are "special" bonuses that take total compensation higher.

Also, recall that the base salaries in effect in December 2006 were lower than current base salaries. The Simpson Thacher-led move to $160K didn't happen until January 2007. So between the higher base salaries and the "special" bonuses, CSM associates this year are significantly better off than last year's batch.

As for timing, last year's Cravath bonus memo was issued on December 11, 2006. So this year's bonus announcement comes quite early in the season. The 2006 bonus season was kicked off by Milbank, which announced on December 8, 2006.

Earlier: Associate Bonus Watch [2006]: A Real Milbank Bonus Announcement
Associate Bonus Watch [2006]: Cravath Announced; Cadwalader Rumored
Breaking: Simpson Thacher Raises Associate Base Salaries!!!

Related: Associate Bonus Watch 2007 archives (scroll down)

A Cravath Lawyer Who Screws the Kiddies

James Colliton Jim Colliton Cravath Swaine Moore Above the Law blog.jpgAnd we're not talking about CSM partners working young associates to death, riding them hard and putting them away wet. We're speaking more literally.

We mentioned this story briefly at the time of his guilty plea, but his sentencing yesterday gives us the opportunity to revisit it in more depth. From the AP:

A tax lawyer who paid a woman so he could have sex with her two underage daughters was sentenced Thursday and declared a sex offender but wasn't expected to spend much more time behind bars.

James Colliton pleaded guilty this month to second- and third-degree statutory rape and patronizing a prostitute. He received a sentence of one year on each count, to run concurrently.

But because he has already been jailed for 19 months, Colliton, 43, was eligible for immediate release. His lawyer, Howard Greenberg, said he expected the defendant to be released Thursday.

So where's Colliton headed? Due to his felony conviction, he won't be able to return to the practice of law (at least not immediately). But might Cravath give him a non-legal or administrative job, perhaps in Recruiting? He likes working with young people.

(Such a gig, however, probably wouldn't pay Colliton the $500,000 salary that he earned as a senior or permanent associate at Cravath -- more than partners at some firms.)

NYC Lawyer Sentenced for Underage Sex [AP]
'Lolita Lawyer' among worst of sex offenders [New York Daily News]
Former Cravath Associate Pleads Guilty in Underage Sex Scandal [New York Law Journal]
In Plea Deal, Ex-Cravath Lawyer Admits To Sex Crimes [WSJ Law Blog]

Earlier: Tax Lawyers in Jail

Non-Sequiturs: 10.04.07

* He likes 'em young. [WNBC]

* WSJ Law Blog follows SCOTUS comedy. [WSJ Law Blog]

* More Jack Thompson chicanery. [GamePolitics]

* In keeping with the non-top-tier theme, here's a Tier 4 that's moving. [WRAL]

* Sorry, Howard Bashman. [Yahoo!]

Non-Top-Tier Law School Graduate of the Day: Philip J. Boeckman

cravath.jpgHere's our latest Non-Top-Tier Law School Graduate of the Day, a graduate of Tier 2 Missouri.

Name: Philip J. Boeckman

Law School: University of Missouri-Columbia

Current Position: Partner, Cravath, Swaine & Moore

Why He's Our Winner: Making it from a Tier 2 to become partner at Cravath.

Boeckman is not known for a famous client like one of our previous winners, but moving from Missouri to Cravath is impressive nonetheless. Boeckman was, however, magna cum laude, Order of the Coif, and Law Review at Missouri, which is just further evidence that if you're going to make it from a non-top-tier school, you're going to need to display some academic excellence.

Philip J. Boeckman bio [Cravath]

D.C. Pay Raises: Separating the Men from the Boys? (Plus Rumors of Skadden NY Raises)

sorting hat Harry Potter Above the Law blog.jpgLaw school can be thought of as a Harry Potter-style "sorting hat" for law students (as Dave Hoffman suggests). Similarly, the recent round of pay raises can be thought of as a sorting hat for law firms.

Nathan Carlile has this excellent article in the current issue of the Legal Times:

Call it a near miss.

Earlier this year, New York’s Simpson Thacher & Bartlett raised starting salaries for first-year associates to $160,000. In the competition to recruit top talent, the tactic was similar to one used by Kenyan marathon runners: a midrace burst to separate elite competitors from the pack of pretenders.

But while Simpson’s bump momentarily opened up a $25,000 gap between top-end New York firms and their Washington counterparts, the pack soon matched the move. Eight months later, starting salaries for first-years at most of the 200 largest firms nationwide remain bunched at $160,000.

More discussion -- including rumors of Skadden leading a new round of pay raises in New York City -- after the jump.

Continue reading "D.C. Pay Raises: Separating the Men from the Boys? (Plus Rumors of Skadden NY Raises)"

Cadwalader Hit With $70 Million Malpractice Suit

Cadwalader Wickersham Taft 2 CWT bed bugs bedbugs Abovethelaw Above the Law legal tabloid blog.JPGGood things about Cadwalader, Wickersham & Taft: profits per partner of $2.9 million, third behind Wachtell and Cravath. Visits from Cameron Diaz.

Bad things about Cadwalader: bed bugs. And $70 million malpractice lawsuits.

The indefatigable Anthony Lin has this report, in the New York Law Journal:

As the global slowdown in the market for mortgage-backed securities threatens a core practice area of Cadwalader, Wickersham & Taft, the New York law firm is also wrestling with a $70 million legal malpractice suit brought by a major issuer of such securities....

Nomura Asset Capital Corp., a U.S. division of Japan's largest securities firm, filed suit against Cadwalader last October in Manhattan Supreme Court over documents the law firm drafted for a 1997 securitization transaction in which Nomura pooled 156 commercial mortgages worth around $1.8 billion.

We'll spare you the details of the suit, since they're boring and kinda hard to follow. CWT is represented by Cravath, and they're moving to dismiss.

More discussion -- including talk about associate layoffs, triggered by the generally grim climate for mortgage-backed securities work -- after the jump.

Continue reading "Cadwalader Hit With $70 Million Malpractice Suit"

Legal Eagle Wedding Watch 9.2.07 and 9.9.07: Weiner Kings

LEWW logo.jpgThat's right -- this is a combined edition of LEWW. Weep with joy, wedding-watchers!

Before we serve up this double shot, a request for input. In response to prompting from readers, when we've chosen the week's top three couples lately, we've been giving a big edge to lawyer-lawyer couples. The result is that we've often found ourselves writing about double-JD weddings even when there are other couples with more impressive credentials (but only one JD).

To be honest, we're not sure this is the right approach. It just feels wrong to pass over a dripping-with-prestige couple like this simply because a couple of unremarkable associates are getting hitched. Particularly during the height of the wedding season, there are often at least three lawyer-lawyer couples, so under our current system you're basically out of contention if you marry outside the profession.

We're considering lifting the heavy thumb we've put on the scales in favor of dual-lawyer couples, but before we do anything rash, we need to know what our readers think. What's more interesting to you, ATL fans: lawyers marrying lawyers, or prestigious lawyers marrying other prestigious (and often more interesting) people? Make your opinion known, either in the comments or by e-mail.

Here are this week's featured couples:

1.) Elaine Ewing and Christopher Viapiano
2.) Carl Roller and Daniel Weiner
3.) Deborah Lipman, Matthew Fox
4.) Katherine Downs, Peter Oppenheim

Read on for more about these three brides and five bridegrooms.

Continue reading "Legal Eagle Wedding Watch 9.2.07 and 9.9.07: Weiner Kings"

Who Is This Fall's 'It' Firm?

New York Observer logo Above the Law blog.jpgWe have to step away for a bit. But we'll leave you with some food for thought (and argument): a piece we just wrote for the New York Observer, timed to coincide with fall interview season, about New York law firms. Here's a brief excerpt:

"[J]ust as certain sleeve cuts are all the rage at Fashion Week, some law firms are “hot”—and some are not. Having interviewed with firms exactly 10 years ago, I was curious: Who is this fall’s “It” Firm?"

We expect that many of you will disagree with our conclusions, condemn us as ill-informed or biased (or both), etc. That's okay. Our point is to provoke. We'd like to become for the law firm world what Michael Riedel is to theatre: "Post columnist Michael Riedel's gleeful skewering of Broadway's shows and personages has made him a must read—and a must-hate—on the Great White Way."

You can read the full column over here. It's the first in what's going to be a semimonthly column we'll be writing for the Observer on New York lawyers and law firms. Enjoy (we think).

Polish Those Portfolios! Legal Eaglets Seek Their Nests [New York Observer]