Latham & Watkins

Associate Bonus Watch: Latham Bonus Out, No Word on Spring Bonuses

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Well, spring bonuses are officially late. Last year, Sullivan & Cromwell announced spring bonuses on January 21. Here we are on January 23rd, and we’re still waiting.

It’s too early to worry. Cravath essentially check-raised S&C with spring bonuses last year. There’s a good chance S&C is just trying to figure out how to avoid having that happen again.

I still think spring bonuses will be coming. There are just too many firms paying out more than Cravath in terms of bonus. Cravath partners might be getting high fives from partners around Biglaw for helping to keep bonuses low. But there are so many firms blowing past Cravath (and Cravath followers) that, eventually, the very smart people Cravath hires will wake up and realize they can make more money elsewhere.

The latest firm to make Cravath bonuses look small is Latham & Watkins. Their median bonus is especially more generous than CSM’s as people become midlevel or senior associates….

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Career Center: State of the Market – Texas (Part 1)

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The next few State of the Market posts by Lateral Link, as compiled by Director Gary Cohen, will focus on one of the country’s largest states — Texas.

In general, lateral hiring activity in Texas has increased substantially in the past 12 months, with even greater momentum as we head into 2012. Corporate/securities and IP are the busiest major practice areas across the state; however, there are differences between the Dallas, Houston and Austin markets. Overall, the Houston market is the strongest, followed by Dallas, with Austin a distant third. In all markets, partners with solid books of portable business are viable and firms are always on the hunt for new partner-level talent….

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Supreme Court Rules on Sullivan & Cromwell’s Mailroom of Death

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SCOTUS has spoken on S&C's screw-up.

We’ve previously written about the mailroom of death at Sullivan & Cromwell. To make a long story short (read our prior posts for the full background), a mailroom mix-up at 125 Broad Street caused an Alabama death-row inmate to miss a deadline for filing an appeal. The Eleventh Circuit rejected the condemned man’s attempt to reopen his case.

Presumably feeling bad for what had happened, S&C appealed to the Supreme Court. The firm hired a leading SCOTUS advocate — former Solicitor General Gregory Garre, now a partner at Latham & Watkins — to argue that prisoner Cory Maples shouldn’t forfeit his life because of S&C’s screw-up.

This morning, the Supreme Court handed down its ruling in Maples v. Thomas. What did the high court have to say?

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Career Center Survey Results: Top Partners to Work For – Smaller Legal Markets (Part 2)

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We hope you’ve enjoyed following the Career Center’s Top Partners series through which we’ve recognized Biglaw partners from around the country who exemplify what it means to be an exceptional partner who associates are actually happy to work for. Thanks to all the readers who took the time to submit such glowing nominations and give some well-deserved recognition to the 60 partners highlighted in this series.

Today we conclude with the best partners in the smaller legal markets of Chicago, Dallas, and London. While the markets in which they work may be smaller, their firms are some of the biggest names in Biglaw: Winston & Strawn, Sidley Austin, Katten Muchin, K&L Gates, SNR Denton, and Latham & Watkins.

Let’s see who the final six partners are….

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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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Biglaw Perk Watch: Has the Gay Gross-Up Hit the Tipping Point?

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It’s late October, so Biglaw bonus news could drop any day now. In 2010, Cravath didn’t kick off the season until November 22. But back in 2009, Cravath announced bonuses on November 2. And in 2007 — yes, the glory days, before the Great Recession — Cravath announced bonuses, regular and “special,” on October 29.

In light of the economic gloom and doom, including the possibility of a double-dip recession, it wouldn’t be shocking if bonuses are modest this year. Better to conserve the cash and avoid layoffs, right? Or maybe repeat what happened in 2010 and save some money for spring bonuses in a few months, when firms might have a better idea of the direction of the economy?

Regardless of how bonuses turn out, there are other pockets of good news in the world of large law firms — even news requiring law firms to open their wallets. Check out the growing number of firms that offer the perk we’ve dubbed the gay gross-up….

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The Watchword Is ‘Labor’ in This Year’s Am Law Midlevel Survey

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The Am Law Midlevel associate survey came out yesterday. Satisfaction among 3rd, 4th, and 5th year Biglaw associates is down for the second year in a row.

That’s a trend people should get used to. The midlevel survey should be renamed the Survivor’s Remorse Report for the next few years. The thing will be a snapshot of the few who made it through the great winnowing of 2009, or the lucky who got into Biglaw as the industry massively scaled back new associate hiring. As demand for legal services picks up, all we’re going to be looking at here are people working extremely hard on inadequately staffed cases.

My favorite quote from the Am Law piece is from a DLA Piper associate (the associate will be played by Miranda from the Tempest in my mind) who said: “Firms got too lean [after the recession] and consequently realized that associates will work more and more if asked. Quality of life has therefore decreased.”

Oh, brave new world.

These midlevels who are whining right now are slightly missing the big picture. They might have to work long hours, but they are going to make serious bank for the rest of their legal lives….

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Career Center Survey Results: How Busy Are You?

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A busy Biglaw bee.

If you’re bummed about having to shelve your plans for a nice tropical vacation this summer, you’re not alone. According to 43% of survey respondents, this summer is turning out to be busier than the rest of the year.

The top reasons cited for the increased billables are that partners are bringing in more business (63%) and the economy is improving (42%). Some of the other reasons, however, are not as upbeat: respondents report having to pick up the slack for other associates who left their firm voluntarily or involuntarily (28%), or who went on vacation (15%).

Another 30% of survey respondents say that this summer has been slower than other months (while the remaining 27% of respondents report that their workload is about the same as the rest of the year).

Why the work slowdown? Which firms and practice areas are turning up the heat this summer? An which ones are cooling things down?

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Latham to Launch New ‘World-Class’ Website

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Latham & Watkins is about to join the likes of Ballard Spahr and Cox Smith in requiring their associates to pose for mandatory body shots for the firm’s new website.

According to an email sent out to all Latham attorneys yesterday, the new photos are part of an ambitious project to redesign the firm’s website and advertising materials to make them “world class.” Or, as one tipster put it: “Latham wants to look as prestigious as DLA Piper by forcing associates to submit to ridiculous photo shoots.”

Indeed, Latham has hired Gittings Photography, a studio specializing in, among other things, law firm photography. According to the Gittings website, they have been hired by firms such as Baker & McKenzie, DLA Piper and Jones Day, and they are already touting Latham as a client.

It seems, however, that Latham has grand plans to go beyond the traditional attorney portraits that appear on these other firms’ sites. Find out just what Latham management has in mind, and what Latham associates should be prepared for, after the jump.

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The 2011 Am Law A-List

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It’s that time of the year again: American Lawyer magazine has just released its A-List for 2011. The Am Law rankings attempt to evaluate which law firms have got the right stuff to become elite:

The A-List was created in 2003 in an effort to assess (and rank) the nation’s largest and most prominent law firms in a holistic way. It takes into account financial performance, which is represented by the inclusion of firms’ revenue per lawyer, and other important measures of law firm performance, such as attorney diversity, pro bono work, and associate satisfaction. The latter is measured by a firm’s results on our Associates Survey. Pro bono and diversity scores are also a reflection of a firm’s showing on our annual Pro Bono Survey and Diversity Scorecard.

So, which firms made the grade this year? And which firms are the true elite of the elite?

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