We haven’t had one for a while. In the past few years, things have followed the usual pattern: the market leader, Cravath, announces bonuses, and everyone else follows.
The last truly interesting bonus season took place in 2008. That year, instead of waiting for Cravath, Skadden moved first and offered generous bonuses (regular year-end bonuses at 2007 levels, just no “special” or supplemental bonuses). The following day, Cravath announced bonuses that were essentially half of Skadden’s. This led my colleague, Elie Mystal, to develop and deploy the term “Half-Skadden” to refer to the bonuses offered by Cravath and its (many grateful) followers.
But this year raises an interesting question: Could Cravath get… Cravathed? Could this be the year of “Half-Cravath” bonuses?
UPDATE (11:00 AM): Or maybe not. Note the update at the end of this post about one leading firm that just matched Cravath.
* Chief Justice John Roberts gave a Solicitor General’s Office attorney a vicious tongue-lashing for failure to be upfront about policy changes between presidents. Now that’s what we’d call a verbal benchslap! [Thomson Reuters News & Insight]
* When asked if they’d be following Cravath’s bonuses, a dozen Am Law 100 firms didn’t even care to respond or discuss the matter. It seems the partners would rather keep their associates squirming with suspense a while longer. [Am Law Daily]
* Watch out, world, because Catholic University of America just hired a Biglaw senior partner to lead its law school. Say hello to Dean Daniel Attridge, formerly managing partner at the D.C. office of Kirkland & Ellis. [National Law Journal]
* A federal judge ordered tobacco companies to disclose in product warnings that they chemically induce smoking addictions to turn a profit, but those fools will keep puffing their cancer sticks anyway. [WSJ Law Blog]
* This just in from Flori-duh: you know you’re probably going to have a bad day in court when the judge won’t declare a mistrial even though the prosecutor technically wasn’t a member of the state Bar. [Miami Herald]
Lat here. Earlier this month, I wondered: could the bumper crop of new partners at Cravath bode well for bonuses? Although firms like Cravath generally make partnership decisions with a focus on the longer term, as opposed to based on short-term financial performance, a class of five partners is one of the largest Cravath has had in years. It certainly seems to reflect a good degree of confidence about the firm’s future.
Now we have our answer as to the size of Cravath bonuses. The firm just announced its year-end bonuses for 2012, and they’re not simply a cut-and-paste of last year’s numbers. This year’s bonuses are more generous than last year’s, which is great news (at least for associates trying to pay off their law school loans; partners might be less enthused).
Sit up and take notes, since the Cravath bonus scale sets the bar for most other major law firms….
Time to start practicing the Cravath walk? (Google it if you’re not familiar.)
In an excellentessay reflecting on his time at Cravath, lawyer turned author James B. Stewart had this to say about the associates who made partner: “They weren’t necessarily the brightest…. They weren’t, as I had expected, the hardest-working…. They weren’t the most personable…. Finally it came to me: The one thing nearly all the partners had in common was they loved their work.”
Move over, Virginia. Cravath is for lovers — of work.
The firm just named its latest class of lovers. How many new partners did CSM just make, and what might this suggest about the firm’s market-setting bonuses?
I remember when I first started practice, a Cravath partner said that you have to make it a priority to go on trips, see friends, and have a life.
– Goutam Jois, a litigation associate at Gibson Dunn, commenting on where he got his inspiration for achieving work/life balance in Biglaw. Jois leads a double life, practicing law by day, and performing stand-up comedy by night. He recently won the title of America’s Funniest Attorney after winning a contest at the Gotham Comedy Club.
Unless you are working on fixing this, you might not be ‘essential’ today.
I was feeling pretty goddamn sorry for myself yesterday afternoon. I was working when it felt like everybody else on the Eastern seaboard had the day off. I wanted to sit in bed and watch Homeland instead of writing whatever the hell I wrote yesterday. I couldn’t even get a pizza delivered. When New York City immigrants aren’t out there trying to make a buck, you know things are shut down.
But then a crane nearly fell down and I realized that a bunch of people were “remoting in” and trying to work or appear to be work, and it made me feel better. Who are these clients that needed “service” yesterday? What the hell do they want today? Honestly, the worst part about being a lawyer with clients is that I believe “client” is Greek for “unreasonable omega-hole.”
Did you work yesterday? What is your firm’s “storm plan” to keep you billing hours instead of taking A DAY OR TWO off? There are some fun stories about Cravath’s and Orrick’s emergency keep working plans. Let’s take a look and take a poll to see who is really working today…
Around here, one can’t mention the concept of something being “overrated” without reference to one of the weirdest and most enduring ATL comment memes, a play on the late, great Hitch’s assertion that the four most overrated things in life are “champagne, lobster, anal sex, and picnics.” So who are the, um, lobsters of Biglaw?
Last week, we had a look at what our audience considered to be the most underrated Biglaw firms, by practice area. Today, inevitably, we turn it around and have a look at what you’re telling us are the most overrated firms.
Among other things, our ATL Insider Survey asks attorneys to nominate firms with overrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
To be sure, these survey results need to be taken with some buckets of salt — we realize that, for some, answering this question might be a chance to take an easy shot at a more successful rival or competitor. Of course, there are crazy people who will tell you that such paragons as Benjamin Franklin or Tom Brady are “overrated,” but that probably says more about the person making that statement than anything else. But that said, these survey responses are a fun glimpse at which firms Biglaw attorneys think are more sizzle than steak….
The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
Here’s an interesting irony: some of the Biglaw firms that spend the least amount of time thinking about money are the ones that enjoy the most of it. A number of super-elite New York law firms have lockstep compensation systems, in which partners are paid purely based on seniority, and these firms are among the most profitable in the country. These firms focus on doing great work for their clients, not on divvying up the spoils from such work — and, in the end, there’s more than enough filthy lucre to keep everyone smelling like money.
On an individual level, some of the wealthiest lawyers in Biglaw — the ones who make partner, and remain partner, for years and years — don’t fixate much on money either. They focus instead on their work, which they seem to just love (often more than any hobbies, and sometimes more than their families). As for the money, well, it just comes — in copious quantities.
The law firm cafeteria is something of an anachronism. Having a large company mess hall where associates can grab a bite to eat without taking too much time to get lunch isn’t really necessary anymore. Nobody takes a “lunch hour” anymore. Associates can use Seamless and eat at their desks.
And we know partners aren’t eating in the firm cafeteria unless they are 80 years old and too busy to head to Peter Luger’s. No law firm cafeteria is nice enough to bring a client to; that’s why God created expense accounts.
But the cafeteria is still useful for secretaries and paralegals. At my old firm, the cafeteria was a great place to grab breakfast. At Debevoise, the cafeteria enjoys the best views of the block. We used to bring lawyers from Schulte Roth, which is housed on the lower floors at 919 Third Avenue, to show them our view (and to console them while they cried).
The point is, even as the Biglaw cafeteria has diminished relevance given our modern conveniences, you don’t want your firm perk to be disgusting. Last March, we learned that a number of Biglaw firms had received poor grades from the New York City Department of Health about the quality of their in-house cafeterias.
But it appears that Cravath’s food fortunes have significantly improved…
What does it mean to be “newly admitted?” To us, it means endless possibilities!
We recognize that you already possess the ability and intelligence to succeed in a variety of legal professions. Our job is to expose you to various practice areas in a way that ensures those very attributes are successfully applied. Our seasoned and successful faculty present unique programs that provide an approachable and practical understanding of the avenues of achievement available as you launch a fruitful, enjoyable and promising career.
Our Live Bridge the Gap weekends satisfy the entire year of New York Newly-Admitted CLE Credits in only two days!
After physically attending a full weekend, you will receive:
• 3.0 Ethics CLE credits,
• 6.0 Skills CLE credits, and
• 7.0 Professional Practice and/or Law Practice Management CLE credits
Date: Saturday, June 8 and Sunday, June 9, 2013 Time: 9:00 a.m. – 4:35 p.m. (EST) Location:
55 Exchange Place
New York, NY 10006
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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!