Debevoise & Plimpton

Associate Bonus Watch: Debevoise Announces Bonuses at 6:54 p.m. (Did they think nobody would notice?)

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law firm associate bonus watch 2008 biglaw bonuses.jpgDebevoise & Plimpton has been very busy and very profitable. They recently sent around a positive internal email about the firm’s business during the downturn. And we know that the Siemens case has treated them well.

But in 2008, public protestations of solid business mean nothing when it comes to associate compensation. Debevoise announced that they were paying half of what Skadden is offering:

2008: $17,500 (pro-rated)

2007: $17,500
2006: $20,000
2005: $22,500
2004: $25,000
2003: $27,500
2002: $30,000
2001 (and senior): $32,500

The numbers — while annoying — are not really that surprising. Schulte Roth, housed in the same building, earlier today announced the same scale (although subject to an hours requirement). Even our Debevoise sources anticipated that, with Siemens winding down, the firm would be more forward-looking with this round of bonuses.

What is surprising is the timing of this bonus announcement. The email went out from managing partner Rick Evans at 6:54 p.m. WTF (“Sacré bleu” in Debevoise-speak)? Was management hoping to dodge the news cycle with an after-hours announcement? Somebody should let them know that the internets are on 24/7.

Our hearts go out to the Debevoise associates that were still working when this announcement crashed into their inboxes. Professionalism is its own reward. All Skadden associates are getting this Christmas is twice the money.

Read the full memo after the jump.

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Holiday (Party) News

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[Ed Note: Our thoughts and prayers are with all those affected by the tragedies in Mumbai yesterday. The events are just another reason to be thankful for what you have this holiday season.]

Holiday turkey dog.JPGIf you’re working today — I’m so sorry. But ATL is with you, even though I’m still reeling from being RickRolled by Santa Claus and Macy’s.

If there are Half-Skadden or Skadden-Mart associates working hard over Thanksgiving weekend, I admire your professional commitment. For the rest of Biglaw associates spending Thanksgiving chained to a BlackBerry, I hope your work is rewarded.

But while we wait for additional firms to announce bonuses, we’ve gotten some additional information about another Biglaw “perk,” holiday parties.

We’ve covered firms like Orrick that are scaling back on holiday festivities, and firms like Kaye Scholer that are going full speed ahead. Are holiday parties an early indication of which firms will be in the spirit of giving come bonus time? We don’t have good information about the holiday plans at Cravath or STB.

But we do at Skadden. A Skadden tipster gleefully reports:

[W]e were just told that the annual Holiday Party is on December 11. Aren’t most firms canceling parties?

I can only imagine that the tipster sent us the email and then took a gold-plated bath.

Another holiday announcement, after the jump.

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Legal Eagle Wedding Watch 10.19-11.2: Twin Souls

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We’re back with our second installment of the Legal Eagle Wedding Watch in as many days. Enjoy, and have a happy, happy Friday.

Behold, the most outstanding legal lovebirds from the past three weeks:

champagne glasses small.jpg

1. Brenda Zelin and Kyle Williams

2. Alyssa Greenwald and Edward Wittenstein

3. Erik Hyman and Max Mutchnick

4. Jamie Bartholomew and Steven Aller

Evaluate the worthiness of these couples, after the jump.

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Debevoise & Plimpton: Doing Well in the Downturn

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Debevoise Plimpton LLP Above the Law blog.jpgRemember the Davis Polk “internal memo” from last week, touting the firm’s success at navigating the perilous waters of Wall Street? Other firms are following DPW’s lead, taking the opportunity to toot their own horns about how well they’re doing despite — or perhaps because of — the financial system meltdown.

From a firm-wide email that was sent around this morning at Debevoise & Plimpton, by corporate department chair Michael Blair:

[W]hile the turmoil in the marketplace has caused dislocation and real pain for many with whom we have worked over the years, it has also given rise to opportunities for us to provide advice and counsel to existing and new clients as they chart their way at this challenging juncture….

In addition to the work of the last two weeks, much of which is ongoing, we are seeing a surge in related work, involving M&A transactions that grow out of likely restructurings of these companies as well as Lehman-related bankruptcy work and financings and restructurings occasioned by the recent changes in the financial institutions landscape.

We have also been engaged in a wide range of litigation work relating to the credit crisis in the past year….

Moral of the story: 2Ls, Debevoise is the place to be. They’ll have more than enough work to keep you busy.

Read the full memo, after the jump.

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Fall Recruiting Open Thread: Vault 11-15 (2009)

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comparing.jpgIn honor of the new Vault rankings, we’re doing a series of open threads on the 100 most prominent law firms. We invite you to compare and contrast the firms in the comments. In the last open thread on Vault firms 6-10, there was an animated discussion about litigation at Cleary and which Kirkland office is best to work for.
Moving on down the Vault 100 list, here’s the next bunch up for discussion, with prestige scores in parentheses:

11. Covington & Burling LLP (7.428)
12. Debevoise & Plimpton LLP (7.417)
13. Paul, Weiss, Rifkind, Wharton & Garrison LLP (7.290)
14. Williams & Connolly LLP (7.238)
15. Sidley Austin LLP (7.201)

smarties.jpgThe oddest language in the “notable perks” in this bunch is at Williams & Connolly: “Fancy bunch of smarties.” Well-dressed intelligent lawyers, or a big basket of the tart candy?
Please discuss the work, perks, and lifestyle at these firms in the comments. More threads to come.
Earlier: Vault 100 Open Threads- 2009

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Sports and the Law: Pistorius is Finally Free to Run

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Sports and the Law 3 Above the Law blog.jpgI previously wrote (here and here) about Oscar Pistorius, the Olympic hopeful who was ruled ineligible to compete in the Beijing Games by the International Association of Athletics Federations (“IAAF”) because he uses Cheetah Flex-Foot prosthetic legs. With help from Dewey & LeBoeuf (disclosure: my previous employer) as his pro bono counsel, Pistorius recently challenged the IAAF’s ruling in the Court of Arbitration for Sport.
On Friday, a three-person arbitration panel ruled in Pistorius’s favor, finding that Pistorius’s prosthetics do not provide him with “an overall net advantage” in violation of IAAF Rule 144.2(e). This opens the door for Pistorius to compete in South Africa’s Olympic trials using his prosthetics. The panel reserved the right to change its ruling if new scientific evidence emerges.
With this matter resolved for now, let’s take a look at the big winners and losers from the litigation:
Big Winners
Oscar Pistorius: Finally eligible for South Africa’s Olympic trials, the Blade Runner is a step closer to competing against the world’s finest. In addition, he is also a step closer to earning the kind of endorsement dollars that would make even Dan & Dave envious.
Ossur HF Company: The Iceland-headquartered supplier of the Cheetah Flex-Foot prosthetics is gaining all kinds of free publicity. Most of us have now heard of the Cheetah Flex-Foot. Can anybody name a competitor prosthetic? I didn’t think so.
Dewey & LeBoeuf: Forget the goodwill that comes with pro bono representation. By winning this case, Dewey & LeBoeuf has expanded its sports-law footprint across the Atlantic Ocean, as well as opened the door to secure new business in international sports arbitration.
Debevoise & Plimpton: Real kudos goes to the Court of Arbitration for Sport for their gutsy and articulate 18-page decision that does not pull its punches with the IAAF. David W. Rivkin, a partner in the New York and London offices of Debevoise & Plimpton, was one of the three named arbitrators in this dispute. His work could only look good for the firm.
Read the rest, after the jump.

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

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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?
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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.

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

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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.

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Debevoise’s Delicious Dough (But Beware, Biglaw Bigwigs: New York Dems Want Their Share)

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Debevoise Plimpton LLP Above the Law blog.jpgDebevoise & Plimpton has long been among New York’s most prestigious law firms. It’s also widely viewed as an excellent place to work.
In the past, Debevoise’s prestige has arguably outpaced its profits. It’s often ranked more highly on the Vault 100 than on the Am Law 100 (when ranked by profits per partner). In the most recent rankings, Debevoise was #13 on the Vault 100 and #20 on the Am Law 100 by PPP.
Perhaps that’s about to change. From Legal Week (via Law.com):

Debevoise & Plimpton has unveiled stellar financial results for 2007, with the New York law firm seeing both partner profits and fees climb by more than 20 percent over the last 12 months.

Profits per equity partner (PEP) at Debevoise rose by 26.5 percent from $1.81 million last year to a new high of $2.29 million. Global revenue, meanwhile, was up by 23.4 percent from $575 million in 2006 to $709.54 million.

A source who passed along this news added: “Although not mentioned in the article, several large investigations are the driving force behind these numbers.”
Of course, that’s not surprising. Thanks in large part to former U.S. Attorney Mary Jo White, internal investigations have long been a mainstay of Debevoise’s practice. They’re long-running and lucrative, since no company in deep doo-doo wants to look like it’s skimping on self-scrutiny. See, e.g., Siemens (aka Debevoise cash cow).
But how much cash will they get to keep? Discussion of a new tax proposal that will disproportionately affect partners at large law firms, after the jump.

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A Shout-Out from the Good Folks at Debevoise & Plimpton

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Debevoise Plimpton LLP Above the Law blog.jpgThe law firms and lawyers that come across the best in these pages are those that don’t take ATL too seriously. This site is a good-natured legal tabloid, and the best way to react to it is with a smile or a laugh — not a meltdown or a witch hunt.
This is something that Debevoise & Plimpton understands:

At the annual firm dinner, held last night at the Pierre Hotel, a firm video was presented. It’s the associates’ chance to put together a send-up of the firm, somewhat in “Law Revue” fashion. The centerpiece of this year’s film was “Good Morning, Debevoise”, to the tune of “Good Morning, Baltimore” (from “Hairspray: the Musical”). Also notable was the “preview” for “Investigation,” scenes from an internal investigation frighteningly similar to one Debevoise is currently undertaking in Germany.

Thought you’d like to know that in the video, there was a reference to ATL reporting on associate benefits. E.g., helicopter rides home from work to outer boroughs. The partnership caves, then has to cut costs elsewhere. Very funny.

Sounds delightful. Any chance of that video making it on to YouTube? Showing that it has a sense of humor can only help a firm in the recruiting process (although Debevoise already does very well for itself).

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