Last week, we asked readers to submit possible captions for this photo:
Let’s have a look at what our readers came up with, and then vote on the finalists….
I don’t even know why I did it, it’s just not me man. I’ve never done anything like this in my life. This is not Ramiro. I’m not a macho guy. I don’t even know how to swim.
– Ramiro Ocasio, a records assistant at Kirkland & Ellis, commenting on his subway heroism. Last week, Ocasio selflessly jumped off the subway platform to come to the aid of an elderly man who had fallen onto the tracks. The Q train arrived less than ten seconds after they were out of harm’s way.
Few people are happier about the world’s surviving the Mayan Apocalypse than new partners at top law firms. Can you imagine slaving away in Biglaw for almost (or even over) a decade, finally winning election to the partnership in late 2012, and then having the world end before your hard-won partner status took effect?
Fortunately that didn’t happen. Heck, we didn’t even go over the fiscal cliff. But some people will have to pay higher taxes this year (and for many years to come).
Like these people: the talented and hardworking lawyers who, as of January 1, 2013, became partners of their respective law firms. Let’s find out who they are, so we can congratulate them….
It’s a good news, bad news kind of thing for associates at Kirkland & Ellis.
The good news: their bonuses are much better than the “scraps thrown to the troglodytes slaving away at Cravath,” according to one tipster.
The bad news: the bonuses don’t seem to be as generous as last year’s, and some associates made less in real dollars this year than last year, despite billing the same amount of hours and being a year more senior.
So not everybody at Kirkland is happy, which is weird because usually K&E gives its people happy juice before they talk to anybody.
Of course, when your firm uses Cravath as a baseline for your bonuses, happiness is a relative term….
It’s rare for partners to leave Cravath, given the prestige, pay, and perks associated with partnership at the firm. And it’s especially rare for a Cravath partner to leave for a rival firm, as opposed to a Wall Street investment bank or major corporation.
Cravath has a very specific system for running itself, and that system has served Cravath very well over the years. As its competitors expend increasing amounts of effort to climb the prestige hierarchy and expand across the globe, Cravath remains at the top, serenely servicing its clients — and printing money for its partners. Part of the reason why Cravath so rarely loses partners to other firms is that it’s so profitable overall that even a partner being paid under Cravath’s lockstep system still does better than a “star” partner at many other firms.
So that’s why today’s news is so notable. A prominent young partner at Cravath has decided to leave Worldwide Plaza and take his talents across town.
Who is the partner in question, and where is he headed?
The news of the K&L Gates / Middletons merger, which looks a lot like the acquisition of Middletons by K&L Gates, got us thinking about the value of law firms. It’s quite apropos given that Middletons is based in Australia, home of the world’s first publicly traded law firm.
As we mentioned in yesterday’s Morning Docket, the American Lawyer recently set out to determine the world’s most valuable law firms. How did Am Law go about doing this, and which leading law firms sit atop their rankings?
* When it comes to the art of law firm valuation, you may be surprised when you find out which Biglaw firm is worth the most. Here are a few hints: it’s not Baker & McKenzie, and it’s not DLA Piper or Skadden, either. [American Lawyer]
* Remember back in July when this Judge of the Day was busy clicking on hardcore porn sites while in chambers? As it turns out, now he’s busy crying in court while battling to keep his judicial career intact. [Chicago Sun-Times]
* Evening students are capable of doing more than ruining your class rank. Jacob Lew, once a night student at Georgetown Law, is now the White House chief of staff assisting with fiscal cliff negotiations. [New York Times]
* For now, the only thing that’s keeping Florida from gaining another law school is a lack of square footage in the real estate rodeo. But that’s probably a good thing, because adding a twelfth law school would be more than a little ridiculous. [Daytona Beach News-Journal]
* Samsung’s trying to get out of paying $1.05B to Apple, and their lawyers are trying to pin knowledge of the jury foreman’s misrepresentations on their technological nemesis to get the verdict thrown out. [Bloomberg]
* Shakira’s hips don’t lie, but her contracts allegedly do. The sexy singer’s ex-business partner (who’s also her ex-boyfriend) is suing her for $100M to “recover his share of past and future partnership profits.” [Billboard]
* Chief Justice John Roberts gave a Solicitor General’s Office attorney a vicious tongue-lashing for failure to be upfront about policy changes between presidents. Now that’s what we’d call a verbal benchslap! [Thomson Reuters News & Insight]
* When asked if they’d be following Cravath’s bonuses, a dozen Am Law 100 firms didn’t even care to respond or discuss the matter. It seems the partners would rather keep their associates squirming with suspense a while longer. [Am Law Daily]
* Watch out, world, because Catholic University of America just hired a Biglaw senior partner to lead its law school. Say hello to Dean Daniel Attridge, formerly managing partner at the D.C. office of Kirkland & Ellis. [National Law Journal]
* A federal judge ordered tobacco companies to disclose in product warnings that they chemically induce smoking addictions to turn a profit, but those fools will keep puffing their cancer sticks anyway. [WSJ Law Blog]
* This just in from Flori-duh: you know you’re probably going to have a bad day in court when the judge won’t declare a mistrial even though the prosecutor technically wasn’t a member of the state Bar. [Miami Herald]
Now is the time on ATL when we dance — around the subject of money. With just two months left in the year, law firms are focused on collections, associates are focused on bonuses, and partners are focused on profits. Even though money is not the be-all and end-all of law practice, as we have emphasized in these pages before, it’s a topic that people follow — and a topic that we will therefore be covering closely in what remains of 2012.
Earlier this week, the American Lawyer magazine touched upon a topic that doesn’t get as much attention as it should in the world of Biglaw: compensation for non-equity partners. Let’s take a look at Am Law’s findings….