Debevoise & Plimpton

Biglaw Perk Watch: Debevoise & Plimpton to 18 Weeks

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Debevoise Plimpton LLP Above the Law blog.jpgBiglaw is becoming kinder and gentler. The number of large law firms enhancing their parental leave policies continues to grow. The latest to join the club: Debevoise & Plimpton.
From a (male) tipster:

18 weeks. Not bad. Of course, since I’m unlikely to give birth to a child anytime soon, I’ll have to be satisfied with 10 weeks.

Also, what’s with this “primary childcare giver” business? Of the new parents I’ve known, the first few months seemed like one needed at least two primary childcare givers, if not more. Eh, I doubt D&P will be sending auditors into associates’ homes to check who bills the most hours with the baby.

The email announcing Debevoise’s policy, plus a list of firms that have recently enhanced their parental leave policies, after the jump.

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Associate Bonus Watch: Debevoise & Plimpton!!!

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associate bonus watch 2007 law firm Above the Law blog.jpgWe’ve been having technical difficulties, perhaps due to heavy site traffic. We are going to lunch.
But before we leave, here’s the bonus announcement of Debevoise & Plimpton. Its authenticity has been confirmed by multiple sources.
In a nutshell, the firm has adopted Cravath’s bifurcated bonus model, with year-end and “special” bonuses. The numbers are the same as Cravath’s, except for the most senior associates, who get $5K more at Debevoise.
You can check out the D&P memo after the jump.
Update: The WSJ Law Blog had the news first. See here.

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Associate Bonus Watch: The Natives Are Getting Restless

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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.

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Lawyer of the Day: Lord Peter Goldsmith

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Kim Hollis Lord Goldsmith Debevoise Plimpton Above the Law blog.jpgLast week, we mentioned in passing the news that the former U.K. Attorney-General, Lord Peter Goldsmith, QC, is joining Debevoise & Plimpton. Lord Goldsmith will head up Debevoise’s European litigation practice.
The Times of London reported the news here, and the WSJ Law Blog posted on the move here. But both write-ups omitted the most notable part of Lord Goldsmith’s resume (as mentioned by a WSJ commenter):

On 17 February 2007, the Mail on Sunday reported that Goldsmith, who is married, had been having an affair with Kim Hollis, Britain’s first Asian QC.

Good stuff. And more dirty details, after the jump.

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More Woe Ahead for Private Equity and Mortgage-Backed Securities Lawyers?

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sinking ship Above the Law blog.jpgThat seems to be the theme of this very interesting article, by Ben Hallman and Aruna Viswanatha, in the current issue of the American Lawyer. It echoes the problems we discussed back in this post, concerning the $70 million malpractice suit filed against Cadwalader, in connection with the firm’s mortgage-backed securities practice.
Here’s an excerpt from the American Lawyer piece:

Even scarier for Debevoise, and for all firms with big private equity practices, was the fact that no new deals were popping up to take the place of those that were stuck. Those fears are shared by lawyers who work on mortgage-backed securities, a market that has completely shut down.

The fears are well justified for both groups, and for any lawyer whose business is linked to the availability of easy credit. In June there were nearly $100 billion worth of private-label mortgage securitization issuances. The next month, they were half that. “There’s always an element of cyclicality,” says Paul, Weiss, Rifkind, Wharton & Garrison structured finance partner Jordan Yarett, “but the implosion of credit is somewhat shocking.”

Indeed. More depressing discussion, after the jump.

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Non-Sequiturs: 09.26.07

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* Crazy pro se lawsuit against Google, seeking $5 billion in damages, touches upon the war on terror and a Burton snowboard. And no, it wasn’t filed by Jonathan Lee Riches. [TechDirt]
* A misdemeanor count of cruelty to animals? Guess he wasn’t that good. [Denver Channel]
* Law professors get their academic gowns in a wad over the gender divide in faculty hiring. [TaxProf Blog]
* Dewey LeBoeuf? Already done it. [WSJ Law Blog]
* Debevoise & Plimpton lords it over the competition. [Times of London]

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Who Is This Fall’s ‘It’ Firm?

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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]

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Fall Recruiting Open Thread: Vault 11-15

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Paul Weiss 1285 Avenue of the Americas Above the Law blog.jpgSince our last two threads on Vault 100 law firms have generated healthy (and generally enlightening) discussion, we’ll continue to move on down the list.
Please pose questions about or share insights into these five law firms (in Vault 100 order, with prestige scores in parentheses):

11. Kirkland & Ellis LLP (7.492)
12. Debevoise & Plimpton LLP (7.468)
13. Paul, Weiss, Rifkind, Wharton & Garrison LLP (7.444)
14. Shearman & Sterling LLP (7.240)
15. Wilmer Cutler Pickering Hale and Dorr LLP (7.237)

Please discuss them in the comments. Thanks.
The Vault Top 100 Law Firms [Vault]
Earlier: Vault 1-5; Vault 6-10

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Clerkship Bonus Watch: Debevoise Joins the $70K Club

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100 dollar bill Abovethelaw Above the Law law firm salary legal blog legal tabloid Above the Law.JPGGood news for clerks with offers from Debevoise & Plimpton: the bonus is no longer flat. Debevoise is joining the $70K Club for two-year clerks.
The announcement email appears after the jump.

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Clerkship Bonus Watch: Debevoise Joins the $50K Club

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100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGIf you’re a current clerk with an offer from Debevoise & Plimpton, good news. The firm has bumped up its clerkship bonus to $50,000 — which is fast becoming the new Biglaw standard.
There’s a small catch that may affect a few of you. Unlike some other firms, like Weil Gotshal and Cravath, the Debevoise bonus appears to be “flat.” It does not increase for multiple clerkships or years of clerking.
In case you’re curious, the Debevoise email appears after the jump.

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