Kirkland & Ellis

New York to $180K. I’m Totally Serious.

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It’s been a while since we’ve had a good New York to 190 post. As we’ve discussed before, associate salaries at New York law firms are long overdue for a raise. Starting salaries have stagnated in New York.

What’s worse, total associate compensation has gone down this year from last year, thanks to Cravath’s low bonus and the absence of spring bonuses. The buying power of a New York associate is pathetic.

But one new firm in New York seems poised to change that. The firm isn’t nearly as big as our salary market leaders, but the firm is leaving the stagnated Cravath salary scale in the dust…

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Morning Docket: 04.02.12

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* Thinking of going to law school and leading a stereotypical Biglaw life of luxury? Perhaps you should consider taking ex-K&E partner Steven Harper’s class at Northwestern. You might just change your mind. [Chicago Tribune]

* The HuffPo’s unpaid bloggers are going to stay that way for now, because Jonathan Tasini’s $105M class action suit has been dismissed. Perhaps he’ll get another SCOTUS case under his belt. [Thomson Reuters News & Insight]

* Parts of Junie Hoang’s lawsuit against IMDb have survived dismissal, but she can kiss her $1M damages claim goodbye. Too bad, because at her age, she could really use the retirement money. [Hollywood Reporter]

* Hofstra’s going to Havana, but it’s not to get career advice from Fidel. Instead, students will learn about U.S. export law. Sigh. You don’t need to go to Cuba to find out you can’t bring back cigars. [National Law Journal]

* Who’s the latest lady love in Lindsay Lohan’s life? Shawn Holley. LiLo reportedly whispered sweet nothings into her lawyer’s ear after she was freed from the bonds of supervised probation. [Los Angeles Times]

Morning Docket: 01.24.12

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* First the Jones verdict, then the Fourth Circuit affirmed the dismissal of Jose Padilla’s torture lawsuit. It’s enough to make ACLUers develop bipolar disorder. [Washington Post]

* Release the Kagan! The Supreme Court rejected Freedom Watch’s motion for time to argue that Justice Elena Kagan should recuse herself from the Obamacare case. [CNN]

* Biglaw problems: here’s a great round-up of 2012′s law firm lawsuits, starring Akin Gump, Crowell & Moring, Dechert, and Greenberg Traurig, to name a few. [Am Law Daily]

* After dropping a lawsuit challenging their forcible eviction from Zuccotti Park, supporters of Occupy Wall Street will go back to occupying the couches in their parents’ basements. [Bloomberg]

* Not interested in being a lawyer? Check out these suggestions for “unique” career paths (i.e., ones that you could have pursued after college, with half the debt load). [U.S. News]

* Not such a great alternative fee arrangement. A prosecutor turned solo practitioner is going to jail after accepting oxycodone pills as payment from a police informant. [Tampa Bay Times]

Non-Sequiturs: 01.05.12

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Mountain Dew: a mouse could not survive in this environment, according to PepsiCo counsel.

* Pepsi lawyers offer a creative (if disturbing) defense to a lawsuit by a man who claims he found a mouse in his Mountain Dew. [Madison County Record via The Atlantic Wire]

* Will birther queen Orly Taitz get to depose — i.e., “rupture the jurisprudential hymen” — of President Barack Obama? That would be kind of awesome. [Columbus Ledger-Inquirer]

* Professor Ann Althouse raises an interesting “who decides?” question about Cleveland’s controversial ban on trans fats. [Althouse]

* Please, lawyers, stick to cocaine. Allegations of crystal meth usage are très déclassé. [NewsOK.com]

* Kudos to Kirkland & Ellis for coming to the defense of lesbian and gay public employees in Michigan. [Poliglot / Metro Weekly]

* It seems that the Montana Supreme Court isn’t a fan of the Citizens United decision. [Huffington Post]

* Jamin Soderstrom, a (rather cute) former S&C associate and current Fifth Circuit clerk, has written a book (affiliate link) analyzing the qualifications of presidential candidates and the relationship between résumés and presidential success. [Tex Parte Blog]

* If you’re a law professor / blogger who wants to get a rise out of fellow profs, write posts in praise of Paul Campos (just voted our 2011 Lawyer of the Year — congrats again, Professor Campos). [PrawfsBlawg]

Associate Bonus Watch: A Nice Bonus At Kirkland & Ellis, Assuming Cravath Remains Cheap

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Earlier this week, Kirkland & Ellis associates started receiving phone calls about their bonuses. Many associates are reporting that their bonuses “shattered the market.” In the words of one K&E source, “It is mad money. Huge year for everyone here.”

It’s important to note that Kirkland has a “black box” bonus structure, in which the payouts are highly individualized and based on performance and hours. Every year, there are some winners and losers.

Right now we’re hearing a lot of chatter from K&E winners. Many are reporting bonuses that are significantly higher than Cravath — which really isn’t hard to do, given how terribly low the Cravath bonuses are this year (so low that partners at other firms are thanking their Cravath counterparts). More to the point, we’ve got K&E people saying they made more than they would have at Quinn Emanuel (which is impressive!).

But, there’s a catch. While some firms like Sullivan & Cromwell anticipate paying spring bonuses, some of our Kirkland friends are telling us that this bonus is inclusive of a spring payout. So K&E might not pay a spring bonus, even if other firms do…

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Keeping Up With the Cravathians: The Ten Most Generous (or Foolish?) Law Firms

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This morning’s news that Boies Schiller is making a mockery of the Cravath bonus scale simply reinforces the prevailing view (pace David Lat) around here that the 2011 Cravath bonus scale is fundamentally unfair.

Agreeing on this point is former Kirkland & Ellis partner Steven Harper (whose apparent pro-associate stance may make him a sort of Biglaw apostate). As Harper points out, “equity partner profit trees have resumed their growth to the sky. As the economy struggled, Cravath’s average partner profits increased to $2.7 million in 2009 and to $3.17 million in 2010 … That’s not ‘treading water.’ It’s returning to 2007 profit levels — the height of ‘amazing’ boom years that most observers had declared gone forever. Watch for 2011 profits to be even higher.”

And yet associate bonuses remain stagnant at 2009 levels. Furthermore, as ATL commenter “The Cravath Cut” is so fond of noting, when viewed as a percentage of profits, bonuses appear especially measly, at least from the associate p.o.v. (The current $7,500 market rate for first-years is just 0.23% of Cravath’s profits per partner. Back in 2007, first-year bonuses equalled 1.36%.) Despite these numbers, if history has taught us anything, it is that you can kill anyone Biglaw’s rank and file will follow Cravath’s lead.

Cravath is among the most profitable firms in the world. We thought it would be interesting to see what the implications of matching Cravath are for those firms with much lower profit margins. Which firms’ partners willingly take the biggest hit by keeping up? Are these firms arguably more “generous”? After the jump, check out those firms that pay the largest percentage of PPP in bonuses.

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One 2L’s Innovative Approach to Job Hunting

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A reader alerted us to the following Google ad, which showed up in a Gmail sidebar next to a law-related email chain:

Whoa! Is this for real? Is a second-year student at Cardozo Law School actually advertising himself via text ads on Google, promoting himself as “[a] great choice for Summer Associate”?

Are Cardozo law students truly this desperate? Is this why the career services dean quit to teach yoga? Should Cardozo focus less on teaching students how to walk and more on teaching them how to conduct job searches?

Or is this too harsh an assessment? Let’s learn more about the 2L behind this unusual ad.

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Career Center Survey Results: Top Partners to Work For – Washington, D.C. (Part 2)

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Today we take one last look at some of the finest Washington, D.C. partners to work for (if you missed Part 1, click here).

Not only are these six partners great at what they do, but perhaps more importantly, they are great people as well. And they work at some of the top law firms in the nation: Dewey & LeBoeuf, Cooley, Kirkland & Ellis, Latham & Watkins, Crowell & Moring, and Bingham McCutchen.

Kudos to these partners for making Biglaw a little less brutal….

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Career Center Survey Results: Top Partners to Work For – New York (Part 1)

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Partners are usually best remembered for behaving badly, or worse, treating associates badly. But not the partners who made our “Top Partners to Work For” list.

Last week, we asked you to nominate the best Biglaw partners you work for, tell us why they are the best, and rate them in six categories: expertise within the practice area, quality of work given to associates, hands-on training given to associates, provision of feedback on associate work, respect for associates’ schedules, and professionalism with associates.

Over the next several weeks, we will reveal who these exceptional partners are in a multi-part Career Center survey results series, sponsored by Lateral Link. We kick off the series this week with the New York partners, and then we’ll make our way around the country.

Let’s get to know the first eight partners and find out why associates say they are the best to work for….

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Morning Docket: 10.04.11

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Karolina Stefanski

* Anna Nicole Smith is still screwing old white men from beyond the grave. Biglaw firms want Heller Ehrman’s claims to be decided in federal court, not bankruptcy court. [Thomson Reuters News & Insight]

* Kirkland & Ellis is pledging $2.75M to Stanford Law over the next five years in an effort to convince more students to take douchey pictures in front of their office signage. [Stanford Daily]

* Slow and steady wins the race, especially when it comes to reporting the news. A few news sites were eager to let readers know that Amanda Knox lost her appeal… except she didn’t. [Atlantic Wire]

* The Supreme Court has rejected yet another Obama birther lawsuit. Legal reasoning? “STFU, we’ll probably only have to deal with this dude for another year.” [CBS News]

* TWU to NYPD: Please don’t force us to listen to these Occupy Wall Street fools. We’d rather have our regular crazies on board. Of course, their lawsuit says it a bit more eloquently. [Wall Street Journal]

* Karolina Stefanski is being sued by an ex over some blank checks to the tune of $80K. Seriously, who cheats on a Playboy model? I mean, come on, boobs. [New York Post]

The Biggest Law Firms in the World: Meet the Global 100

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Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.

There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.

Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….

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Best Way To Brag About An Offer: Now With Pictures

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Last week, we told you the story about a University of Chicago Law School student who received an offer and found a charitable way of bragging about it to his friends.

I should have known that we’d end up doing a series of posts about this. “Bragging” about getting an offer is something that everybody does in their own way, and something that rubs a lot of people the wrong way.

And so our next installment of law student puffery involves photos, which is always fun. But in truth we can’t be totally sure if this guy is bragging about getting an offer.

Given the firm the kid is bragging about, he might just be happy to be there…

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