It’s not that we’re snobs. It’s because we couldn’t trust it. The reason clients pay us what they pay us is because they know we’re 100 percent quality control.
Are we breaking the back of the recession? Today, we have news that Hughes Hubbard is making raises that put will put its associates back to pre-salary freeze levels. Here’s the salary information from the firm-wide memo:
In recognition of those efforts, we will be implementing raises in annual salaries in all offices retroactive to January 1, 2010. For all associates who perform up to expectations, the salaries in the New York, New Jersey and Washington, D.C. offices will be set at the levels listed below; salaries in our Los Angeles and Miami offices will be adjusted on a case-by-case basis.
Class Year Salary
2000 and above $280,000
If you check out our salary thaw chart, you’ll see that this is a true-up raise. Hughes Hubbard is back to paying associate salaries at the top of the market.
CORRECTION: HHR is at market for the first five years, but senior associates should be earning more, as noted by this commenter: “Market salaries should be: 2004 = $250K (not $240K); 2003 = $265K (not $250K); 2002 = $280K (not $265).”
After the jump, there’s good news — plus a CORRECTION — on bonuses.
On Wednesday, we commended the firm of Paul Hastings for moving so quickly to support Haiti earthquake relief efforts. Since then, a number of other top law firms have pledged their support to this worthy cause.
(Okay, Rush Limbaugh questions the worthiness of the cause. But we suspect that Limbaugh’s position — like that of Pat Robertson, who blames the earthquake on Haiti’s supposed pact with the devil — is a minority view.)
The WSJ Law Blog and Am Law Daily have gathered information about what various law firms are doing to help Haiti. We’ve combined their reports with information we’ve received from our own sources, to create a more comprehensive list.
Check it out, after the jump.
We are so close to the end of the Vault open threads that I’m starting to get my second wind. I don’t know much about the firms on this part of the list, but you guys do. You know a lot. You’re so smart, you probably don’t even need this quick recap of the next group of firms. But I’ll go through it anyway:
81. Katten Muchin Rosenman
83. Baker & Hostetler
84. Dickstein Shapiro
86. Locke Lord Bissell & Liddell
87. Bracewell & Giuliani
88. Dorsey & Whitney
89. Finnegan Henderson Farabow Garrett & Dunner
90. Hughes Hubbard & Reed
Locke Lord is in the house. The firm moved up ten spots from last year.
Other movers and shakers after the jump.
Rejoice, wedding fans! We have some compelling mid-summer material for you this week: Wachtell, SCOTUS, lesbians, French nobility — read on for the details on all of that and more, as reported in the New York Times and filtered by us.
Our finalist couples:
Admire these couples’ achievements, after the jump.
This list, which we launched in 2003, aims to measure and quantify the qualities that define an elite law firm, making an effort to look beyond profits. We examine four factors: revenue per lawyer, commitment to pro bono, diversity among lawyers, and associate training and satisfaction. Our formula gives more weight to the first two factors; we double a firm’s scores for revenue per lawyer and pro bono, and then add scores for diversity and associate satisfaction.
This year’s A-List? The elite of the elite? The top three firms are:
1. Munger, Tolles & Olson
2. Hughes Hubbard & Reed
3. Latham & Watkins
I’ll pause to give laid off Latham associates an opportunity to finish screaming. Please return after the jump.
When Hughes Hubbard released bonus information last year, a lot of associates were angry. Last year, Hughes Hubbard tied the “special bonus” to billable hours.
At the time, the firm promised that 2008 bonuses would be better.
Of course, that was before the great 2008 whatever the hell we’re living through. Few expected HHR to keep their bonus promise. But the structure that HHR released Sunday seems very generous and fair in light of market conditions:
Class of 2001 and above:
Tier 1: $32,500
Tier 2: $65,000
Tier 3: $85,000
Tier 4: $105,000
Class of 2002:
Tier 1: $30,000
Tier 2: $60,000
Tier 3: $80,000
Tier 4: $100,000
Class of 2003:
Tier 1: $27,500
Tier 2: $55,000
Tier 3: $75,000
Tier 4: $95,000
Class of 2004
Tier 1: $25,000
Tier 2: $50,000
Tier 3: $70,000
Tier 4: $90,000
Class of 2005:
Tier 2: $45,000
Tier 3: $ $60,000
Tier 4: $75,000
Class of 2006:
Tier 1: $20,000
Tier 2: $40,000
Tier 3: $55,000
Tier 4: $ 70,000
Class of 2007:
Tier 1: $17,500
Tier 2: $35,000
Tier 3: $50,000
Tier 4: $65,000
Tipsters are happy:
That’s pretty sweet – everyone’s pretty happy for now (although 2009 bonuses and salaries are still “under consideration”). Tier 1 is 1950 hours, tier 2 is 2100, … tier 3 is 2300 and tier 4 is 2500. … Since HHR counts pro bono hours 1 for 1 as billable, and a number of associates have TONS of pro bono it’s not quite as hard to meet the “tiers” and rake in a pretty sweet bonus.
Good news for Hughes Hubbard people. Congratulations.
Read the full memo after the jump.
The latest bailout news is making Simpson Thacher’s $300,000 contract to advise the Treasury Department on the $700 billion bailout plan look even more like chump change.
Hughes Hubbard & Reed LLP and Squire Sanders & Dempsey LLP have each been awarded a contract for roughly $5.5 million to help shepherd about 2,000 financial firms through the program that would see the government buy company shares, the Treasury Department said on Monday.
Looks like Hughes Hubbard’s strategizing with the acquisition of boutique bankruptcy firm Luskin, Stern & Eisler may have paid off.
We mentioned that litigation boutiques would likely be big winners from the market collapse. Some small firms are already cashing in. The bankruptcy boutique of Luskin, Stern & Eisler has merged with Hughes Hubbard & Reed.
There was enough room on the Hughes Hubbard bandwagon for everybody at Luskin. All eight lawyers will be joining Hughes Hubbard’s bankruptcy practice, with name partner Richard Stern becoming the co-chair of the group.
The merger makes perfect sense if Hughes Hubbard is trying to position itself to capitalize on creditor actions coming out of the Wall Street meltdown. Of course, that is not what Hughes Hubbard says they are doing:
Hughes Hubbard says it is merely a coincidence that the deal was finalized after a week of heavy financial turmoil.
“We had wanted to do this for a while,” James Modlin, co-chair of the firm’s lateral hiring committee, tells The Am Law Daily. “Starting last summer, we realized the time was right to bolster our bankruptcy practice. Bankruptcy goes in cycles, and we were thinking this might be a boom time.”
Maybe Hughes Hubbard does own the world’s best Magic 8 Ball. However they planned this acquisition, they got the execution exactly right.
This marks the end of our review of the firms in the Vault 100. This is the final bunch up for discussion (with prestige scores in parentheses):
91. Lovells (4.494)
92. Thelen Reid Brown Raysman & Steiner LLP (4.489)
93. Hughes Hubbard & Reed LLP (4.478)
94. Kramer Levin Naftalis & Frankel LLP (4.459)
95. Kilpatrick Stockton LLP (4.452)
96. Locke Lord Bissell & Liddell LLP (4.439)
97. Squire, Sanders & Dempsey LLP (4.421)
98. Seyfarth Shaw (4.399)
99. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC (4.394)
100. Fenwick & West LLP (4.373)
Discuss. Dissect. Compare. Contrast. Most of all, enjoy.
Earlier: Vault 100 Open Threads – 2009