Lat here. Going into the 2013 Biglaw bonus season, indicators were looking mixed.
Cravath, the supremely prestigious and profitable law firm that’s the traditional market leader on bonuses — as in the firm most widely followed by other firms, not necessarily the firm that pays the biggest bonuses — announced another large partner class. Last year, that boded well for bonuses.
On the other hand, Biglaw’s overall performance has been somewhat anemic this year. The stock market might be hitting new highs, but many law firms are running in place.
People have been waiting forever for Cravath to make its big announcement. Now the wait is over: at 4:45 p.m. today, Cravath announced its 2013 year-end bonuses.
How are they looking? What’s getting stuffed inside associate stockings this holiday season?
Who is this woman? Over at our sister site Dealbreaker, they’ve been talking about her for months and months on end.
She emerged on the banking protest scene back in April, when she dressed as a dominatrix (and later as a police officer) and promised to offer Citi execs a spanking as the “Bank Reform Bitch.” In early May, she reemerged as the “Ethical Fiscal Fairy” to fight the good fight against Bank of America. At the end of the month, “Bank Reform Bitch” came back to stick her stiletto straight up Jamie Dimon’s ass. On the last day of May, she became “Darla, the Desperate for Justice Housewife,” hoping to bring attention to the laundering of HSBC’s money. In July, she emerged from her cocoon and transformed into the “Better Banking Butterfly” to weigh in on derivative reform. Tomorrow, she’ll be at a press conference with the HSBC whistleblower to bitch about the bank’s blood money, all while waving a money fan.
Again, we’ve got to ask: who is this woman? Well, for starters, she’s a lawyer….
Law school tuition has skyrocketed in recent years, and most people wind up financing their legal education by taking out up to six figures in loans to cover the cost of attendance. But because cuddling up at night next to mountains of debt isn’t a pleasant way to live, some people have found more creative ways to pay their way.
Whether it’s by having very rich and generous parents, keeping a day job and going to law school at night, becoming a sugar baby, or working a part-time job between classes, there are many ways to survive without having to fully rely upon student loans.
If those solutions don’t float your boat, you can just take off your clothes and become a Playboy pin-up….
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….
It’s a tale as old as time, and perhaps — if you were desperate enough — you’ve even experienced it yourself.
A young man wanders the streets of New York City, with dreams of some day becoming a star. He waits tables and does various odd jobs to pay the bills, all the while yearning for his chance in the limelight. He lands a few soap opera and commercial roles, but in the grand scheme of things, he isn’t very successful in his theatrical endeavors. He can’t land any good parts, and in the end, he’s forced to make a decision: will he put his manhood to the test and turn to acting in adult films, or will he go to law school?
Yup. Porn or law school. Thankfully, the legal profession is such that you can do both. Or, at least it was in the 1970s. The wannabe film star that we’re referencing decided to do both, but at least he had the good sense to tend to his porn career first, and then head off to law school. And in the end, he had a very successful practice — both in terms of showing his “O” face to the world, and climbing the ladder of legal stardom to the ranks of county district attorney in upstate New York.
But until recently, his adoring public was unaware that DA also stood for Dick Adjudicator….
Back in March, we reported that Thomas Jefferson School of Law’s motion to dismiss Anna Alaburda’s class action lawsuit over the school’s allegedly misleading employment statistics was “not well-taken,” and the case moved on to the discovery phase. We had previously wondered if Thomas Jefferson could actually lose the case, but given the wave of dismissals in the other law school lawsuits, that glimmer of hope soon faded. But then again, none of those cases ever made it to discovery.
Today, we’ve got news that will make all other schools pray that existing and potential cases against them never make it as far as that of Alaburda v. TJSL, the very first law school lawsuit filed. Everything — and we do mean everything — changes when you get to discovery.
For example, you may find out that your law school was allegedly engaged in a deliberate scheme to inflate its own employment statistics….
Two short weeks ago, we brought you news about the lone lawyer who represented the entire profession in Cosmopolitan’s 2012 Bachelor of the Year contest. Ryan Chenevert, also known as Mr. Louisiana, graduated from LSU’s Paul M. Hebert Law Center this past spring, and found out that he passed his state’s bar exam last week. October was already shaping up to be a good month for him.
When we last spoke to Ryan, he told us that he didn’t think he stood a chance against the competition — after all, there were professional soccer players and Olympic gold medalists in the running, and he was “just a regular guy with a law degree.” But as it turns out, regular guys with fine physiques and matching legal credentials can win big, too.
We knew that Above the Law had some major pull in the legal community, but never before did we think that we had the power to crowdsource a win in a national competition….
Last week, when I needed a break from educating myself about the differences between legitimate and illegitimate rape, I decided to turn my attention back to the question that consumes the mind of all single women over the age of 25 as cobwebs grow in our wombs: Why can’t I find a nice, professional man to take care of me?
UPDATE (5 PM): Sigh. According to the Smoking Gun, the “poop tattoo” story — reported by The Sun and picked up by Drudge, among many other outlets — is full of crap. But it was fun while it lasted, no?
Some people love tattoos, other people hate them. I’m one of those “other people.” I have no idea why people would want to turn their bodies into coloring books. But if people want to permanently decorate themselves, then by all means, go right ahead.
Besides, if people weren’t so obsessed with inking their bodies, we wouldn’t have awesome lawsuits like this one to talk about. Here’s some background information before we get into the heart of this case:
Boy, a tattoo artist, meets Girl. Girl is a nerd who has a thing for Narnia. Boy and Girl fall in love. Girl decides that in addition to Narnia, she has a thing for Boy’s best friend. Girl cheats on Boy, thinking Boy is none the wiser. Girl asks Boy for a Narnia tattoo. Boy finds out Girl’s dirty secret, and begins to plot his revenge….
It took a little longer than most of you expected, but Cravath, Swaine & Moore just announced its 2011 associate bonuses (not long after announcing its new partners). Barring something very unforeseen, these bonuses are what many Biglaw firms, in New York and across the land, will pay out this year to their people. Historically Cravath has set the market with respect to year-end associate bonuses at major law firms.
The Cravath bonuses are what you might expect. They are in line with recent years, nothing crazy high or ridiculously low. Both Occupy Wall Street types and law firm associates can put away the pitchforks.
Let’s take a look at the official memorandum, and engage in some analysis….
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.
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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