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….
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….
We’ve previouslywritten about the mailroomof 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.
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.
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….
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….
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?
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.”
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.
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?
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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