Jenner & Block

Still More About Jenner & Block

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Jenner Block LLP logo Abovethelaw Above the Law legal tabloid.JPGYesterday we declared ourselves “all Jenner-ed out.” But based on the comments and emails we’ve received, it seems people are still interested in hearing about Jenner & Block.
We have a little more to offer you. A second source confirms what we previously reported:

Your post about yesterday’s meeting was accurate. [Managing partner Gregory Gallopoulos] went through 3 areas: (1) associate compensation (expect a raise announcement later this week), (2) financial health of the firm (doing great, regardless of the temporary slowdown in litigation), and (3) the partner de-equitizations (no further waves of de-equitizations are expected).

And we’re pleased to report that rumors of an Above the Law shout-out are apparently true:

Greg mentioned that since so many people have sent him links to ATL, he’s become somewhat of an ATL aficionado.

For those of you who are still interested — maybe there are a handful of you — there’s a little more after the jump.

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Jenner & Block: A Report on the Meeting

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Jenner Block LLP logo Abovethelaw Above the Law legal tabloid.JPGYes, there was a big associates’ meeting at Jenner & Block earlier today. Here’s what happened, according to a source:

1. We’re going up this week. No word on whether there will be compression or whether it will be retro to a certain date. The delay was apparently due to the fact that (a) clients get pissed (they don’t want rate bumps and can’t compete for their own in-house recruits — if solely the former then I’m concerned about our client base), (b) we have a “diffuse” management system (sold as a positive in that not just two people run the firm), and (c) they are running the numbers mid-year. It will NOT be accompanied by any billable increase and no other form of comp will raise.

2. We’re apparently stronger than ever — living on cash (as opposed to loans — apparently most firms run negative in the beginning of the year), litigation is indeed slow, but this is apparently a nation-wide phenomenon and our transactional practices are booming.

3. Partner de-equitizations were “pruning” of old remnants. Still no mention of the fact that this was motivated by the desire to drive up PPP.

He also mentioned that there will be some big lateral additions to the NYC office soon.

All in all, a positive meeting, but it’s still strange that they have taken so much longer than other firms.

Okay, we’re all Jenner-ed out now. Do you work at a Biglaw shop and have some interesting dirt about your workplace to share? If so, please email us.
Earlier: Jenner & Block: From the Associate’s Perspective

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Jenner & Block: From the Associate’s Perspective

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Jenner Block LLP logo Abovethelaw Above the Law legal tabloid.JPGAccording to rumor, the law firm of Jenner & Block — one of the largest and most prominent shops that hasn’t raised starting salaries to $160K yet — is holding a big associates’ meeting today. We’re following up with our sources and will keep you posted. If you have info to share, please email us (subject line: “Jenner and Block”).
Recently we wrote about the partner demotions at Jenner. In that post, we promised you a later post “focused on the plight of associates rather than partners.” Now we deliver on that promise (although perhaps this information will be superseded soon by the meeting).
Get the scuttlebutt on Jenner, after the jump.

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Jenner Gets Medieval Goes All Mayer on Some Equity Partner Arse

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Jenner Block LLP logo Abovethelaw Above the Law legal tabloid.JPGOn the list of law firms that have moved their associates up to the $160K pay scale, one of the most conspicuous omissions is Jenner & Block. As we wondered in a prior post: “What’s Up With Jenner & Block?”
As it turns out, “About twenty equity partners. Toe-up.” From today’s National Law Journal:

Jenner & Block, a litigation-focused firm, is shifting between 15 and 20 of its equity partners to nonequity status this year with some being asked to leave the firm and a smaller number moving voluntarily toward retirement, according to people familiar with the discussions.

The firm’s management last month began to move forward with the plan to cut some of the equity partners during the next year or two, the sources said.

Jenner has never before taken such a step that affected so many equity partners, they said. The firm has 185 equity partners, according to a list of the highest-grossing law firms published last month by The American Lawyer, an NLJ affiliate.

Lots of Jenner associates have been clamoring for a pay raise. But in light of the partner de-equitizations, is this a case of “Be careful for what you wish for, you might just get it”? Could raising associate salaries exacerbate the problems that led Jenner to steal a page from the Mayer Brown playbook?
On the other hand, the partner purge could be viewed more charitably. Is Jenner & Block dumping deadweight partners to pave the way financially for raising associate salaries? In a recent memo, the firm hinted at “changes in our associate compensation structure.”
We’ll have more about Jenner in a subsequent post, focused on the plight of associates rather than partners. If you have anything you’d like to contribute, please email us (subject line: “Jenner and Block”). Thanks.
Jenner & Block Will De-Equitize Partners [National Law Journal via Law.com]
Earlier: Nationwide Pay Raise Watch: What’s Up With Jenner & Block?
Nationwide Pay Raise Watch: A Jenner & Block Memo

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Nationwide Pay Raise Watch: A Jenner & Block Memo

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Jenner Block LLP logo Abovethelaw Above the Law legal tabloid.JPGHere is a memo — yes, a memo, not THE memo — that went out to Jenner & Block associates over the weekend:

Associate Compensation
Gallopoulos, Gregory S
To: #All Attorneys – All Offices

The Firm is currently giving consideration to our associate compensation structure in light of recent market changes. The Firm remains committed to maintaining a competitive compensation structure and a superior working environment. We anticipate that we will be making changes in our associate compensation structure, and as soon as we have concluded our review and consideration we will be announcing those changes. In the meantime, if anyone has questions or comments, please feel free to call me.

Gregory S. Gallopoulos
Managing Partner
Jenner & Block LLP

Our source is optimistic about the chances of a raise:

We have no doubt that Jenner will raise to $160K, but the partners in charge will do it as slowly as possible so they can tell Jenner’s clients (who, like all law firm clients, hate these raises because they don’t pay for any extra talent or skills and because they follow so closely on the heels of 2 other raises in the last year and a half) that they had no choice — every other firm raised as well. That will keep clients as happy as possible, and since the raises will almost certainly be made retroactive to May 1 or June 1, associates won’t care about the delay.

But we’ve also heard from some tipsters who are less sanguine. These sources suggest that maybe Jenner isn’t in the best position to be raising salaries right now.
We’ll have more in a subsequent post (because we have contacted the firm and are waiting to hear back from them). If you have any Jenner gossip to pass along, please email us (subject line: “Jenner and Block”). Thanks.
Earlier: Nationwide Pay Raise Watch: What’s Up With Jenner & Block?

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Nationwide Pay Raise Watch: What’s Up With Jenner & Block?

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Jenner Block LLP Abovethelaw Above the Law blog.jpgSome of you have been clamoring for a post discussing why Jenner & Block has been dragging its feet on associate pay raises. Pretty much all of Jenner’s traditional peer firms have already bumped to the $160K pay scale in Chicago and Washington, DC. Why hasn’t Jenner?
We’ve heard some interesting theories floated to explain Jenner’s slowness. But we’re not in a position to share these rumors until we have more corroboration.
Can you help us out? If you have actual knowledge about what’s going on with Jenner, please email us (subject line: “Jenner & Block”). Thanks.

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Skaddenfreude: Jenner & Block, Mayer Brown, Troutman Sanders

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100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGA few more confirmed announcements of associate pay raises have rolled in. We collect and reprint them after the jump, where you should also feel free to continue the discussion from yesterday’s open thread. Thanks.
Update: If you read the earliest version of the post, please note that we have added quite a bit of new material to it since we first published it. Refresh your browser to see the latest additions.

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Musical Chairs: 12.07.06

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musical chairs 2 Above the Law legal blog above the law legal tabloid above the law legal gossip site.GIFAt the White House:
* On the heels of Christopher Oprison and Cheryl Stanton, former Wilmer Hale partner Paul Eckert joins the White House Counsel’s Office.
Lateral Moves:
* Nicholas H. Politan, to Gibson Dunn & Crutcher (NY), from Bingham McCutchen, where he served as co-head of the project and structured finance group.
(Wild guess: He’s the son of former federal judge Nicholas H. Politan (D.N.J.).)
* IP litigator Duane David-Hough, to Fish & Richardson, from Ropes & Gray (NY).
A few more moves, plus links, after the jump.

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Musical Chairs: 10.26.06

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musical chairs above the law legal blog above the law legal tabloid above the law legal gossip site.GIFNew Partners:
* Sullivan & Cromwell: Jeffrey Chapman, Michael Escue, Hydee Feldstein, Stacey Friedman, Brian Hamilton, Julia Jordan, Eric Kadel, Jr. and Juan Rodriguez.
The partnership promotions will be effective January 1, 2007. Congratulations, kids!
Like many other top New York firms, Sullivan still has a single-tier partnership structure. All partners are equity partners.
And all S&C partners are doing very well for themselves. In 2005, the firm enjoyed average profits-per-partner of $2.4 million. See here (subscription required).
Lateral Moves:
* Private equity lawyer Stephen Culhane, to Linklaters (10 points — Magic Circle!!!), from King & Spalding.
Government to Private Sector:
* Harry Sandick, to Jenner & Block, from the venerable S.D.N.Y. U.S. Attorney’s Office (where he served as deputy chief appellate attorney and, before that, as acting chief of the violent crimes unit).
* Hawyood Haywood Gilliam, to Bingham McCutchen, from the well-regarded San Francisco U.S. Attorney’s Office (N.D. Cal.).
[Ed. note: See this comment, and this juicy article. It appears that the office has slipped in the past few years.]
Haywood Gilliam headed the securities fraud section of the U.S.A.O. and worked on various stock options backdating cases. His move to private practice is timely, given the explosion of backdating scandals in Silicon Valley. But Gilliam will presumably be conflicted out of a bunch of cases that he worked on while at the U.S. Attorney’s Office.
UK Firm Adds Another NY Partner [NYLawyer.com]
Former Federal Prosecutor Joins Firm in NY [NYLawyer.com]
In Timely Hire, Firm Grabs Backdating Prosecutor [NYLawyer.com]

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Musical Chairs: 09.07.06

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musical chairs above the law legal blog above the law legal tabloid above the law legal gossip site.GIFA few moves to report today:
Lateral Moves:
* Antitrust attorney Jeffrey Brennan, to Dechert (DC), from the FTC (where he was Associate Director of the Bureau of Competition and Assistant Director of the Bureau’s Health Care Services and Products Division).
* Capital markets lawyer Rachel Coan, to Morrison & Foerster (NY), from LeBoeuf, Lamb, Greene & MacRae.
* White-collar and securities litigator Stephen Ascher, to Jenner & Block (NY), from Kronish Lieb.
On The Move [Antitrust Review]
Federal Trade Commission Associate Director Jeffrey W. Brennan Joins Dechert LLP [Dechert]
NY Capital Markets Partner Switches Firms [NYLawyer.com]
NY Partner Leaves Merging Firm [NYLawyer.com]

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