This column, Lawyerly Lairs, is all about real estate voyeurism. But today’s story emphasizes the voyeurism over the real estate. Let’s hope there are some Rear Window fans among you.
In Cobble Hill, one of Brooklyn’s loveliest and leafiest precincts, the “sexy shower” of one attorney abode has got the neighborhood talking. Lawyers are often focused on minimizing exposure, but neighbors claim that’s not the case for the owners of a beautiful, multimillion-dollar townhouse.
Let’s see what all the fuss is about. It seems that there’s more to this story than meets the eye….
If you were to ask lawyers to name some lucrative practice areas, immigration law would probably not top many lists. While there are some elite firms that do immigration law for corporations or high-net-worth individuals (and charge a pretty penny for their services), many immigration lawyers are more dedicated to helping their clients over their bank accounts.
But some immigration lawyers with their own firms do very, very well for themselves. Take, for example, the one who just sold his Tribeca apartment for a cool $3.6 million — to a pair of poker champs, so presumably they got a fair deal.
The buyers might have paid a reasonable price, considering the fabulosity of the unit. But the seller still earned a seven-figure profit on the transaction….
There hasn’t been much major good news on the associate compensation front over the past few years — since, say, January 2007. But recent weeks have brought pockets of minor good news for limited constituencies. Green shoots, anyone?
325 West 52nd Street: modest on the outside, fabulous on the inside.
These are challenging times for print journalism. The Boston Globe, which the New York Times acquired in 1993 for $1.1 billion, recently sold for $70 million (or perhaps negative $40 million, as Matt Yglesias suggests). Jeff Bezos just bought the Washington Post for $250 million, a fraction of its former worth (and he may have paid four times its true value).
But print journalism was good to many people for many years. In the glory days of magazine writing, publications would pay several dollars a word for features that were thousands of words long. These generous fees might explain how a prominent magazine journalist amassed enough cash to buy a four-bedroom apartment Manhattan, which he recently sold to a law firm associate for just under $2 million.
That’s a sizable chunk of change for a young lawyer. How many sixth-year associates can afford $2 million apartments? Let’s learn more of the facts….
Summer associate class sizes might be shrinking, but for those law students lucky enough to make it into a summer program, life is good. The offers are being given outliberally, and the summer events are just as fun as ever.
Need proof? Just consider the six excellent events that we’ve selected for the finals of this year’s summer associate event contest. Some were cultural extravaganzas, others were athletic outings, but all were fun and fabulous. Thanks to everyone who submitted a nomination.
Vote below for your favorite. Without further ado, here they are:
In our recent offer rate round-up, we suggested that the summer associates of 2013 might be a bit… boring. Based on the dearth of juicy summer associate stories, the outgoing SAs don’t sound very fun.
That doesn’t mean, however, that they didn’t have fun this summer. They probably did — because as we know from prior years, Biglaw firms know how to put on great summer programs (which bear little resemblance to what life as an associate is like; you all know the old joke about summer programs).
This takes us to today’s topic: which law firm put on the best summer associate event of 2013?
Base salaries for Biglaw associates haven’t budged since January 2007, when Simpson Thacher led the charge to $160k. Year-end bonuses have remained fairly static since 2007 as well, the year of Cravath’s special bonuses. The 2012 bonuses represented an improvement over the 2011 bonuses, but only if you ignored the 2011 phenomenon of spring bonuses. On the whole, associate compensation is treading water.
But for Supreme Court clerks, aka “The Elect,” compensation continues to climb. In 2011, the signing bonus for outgoing SCOTUS clerks started to move from $250K to $280K. In 2012, the increase solidified, with $280K becoming the new going rate (and $285K becoming the above-market rate).
Now, just a year later, some firms are offering SCOTUS clerkship bonuses in excess of $280K or $285K. How much are they paying, and which offices of which firms are leading the market higher? The answer might surprise you….
Ten years after their time at One First Street, where do Supreme Court clerks wind up? Back in 2004, I tossed out a number of possibilities: high-ranking government posts, lucrative partnerships at leading law firms, and tenured professorships at top law schools.
That seems to be about right. Professor Derek Muller put together this interesting analysis — via Orin Kerr, via Judge Dillard on Twitter — of the SCOTUS clerk class from ten years ago. The clerks for October Term 2003 now occupy some pretty prestigious perches, including posts in the Solicitor General’s Office and the Office of Legal Counsel, professorships at Harvard and Yale, and partnerships at Sullivan & Cromwell and Paul Weiss.
Who will follow in their footsteps? We have some new goodies for devotees of SCOTUS law clerk hiring.
Keep reading for a look at (1) the official list of Supreme Court clerks for October Term 2013, courtesy of the Court itself; (2) our unofficial list of OT 2013 clerks, with law school and prior clerkship information; and (3) an updated list of October Term 2014 hires thus far. Justice Ruth Bader Ginsburg has hired multiple clerks for OT 2014, suggesting that she’s not going anywhere….
As we previously mentioned, Above the Law will be in Seattle tomorrow night. We’re hosting a reception for our readers featuring cocktails, canapés, and a conversation moderated by managing editor David Lat with in-house lawyers:
Christi Muoneke – Deputy General Counsel, DocuSign Inc.
Brad Toney – Senior VP and Assistant General Counsel, Classmates Media Corp. and President, Washington Chapter of ACC
This event will be a great opportunity for attendees to hear from thought leaders, meet members of the Above the Law team, and network with peers. There is no cost to attend. Thanks to our friends at Recommind for their generous sponsorship.
The reception will take place on Wednesday, July 17, from 6:30 p.m. to 9 p.m. Registration closes tonight, so if you’d like to attend, please click on the link below to request an invitation. We look forward to seeing you tomorrow.
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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