Above the Law

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Woo, Biglaw! Being a summer associate is the best!

Summer associate class sizes may be smaller than they were back in the good old days, but Biglaw firms seem to have used the shrinking summer pool as an excuse to throw events that were overflowing with an abundance of awesomeness. Offers are still being tossed out like Mardi Gras beads, and life was very, very good for this summer’s crop of Biglaw initiates.

But just how good are we talking here? We think the fact that we received an overwhelming number of nominations for this year’s summer associate event contest speaks volumes. We managed to whittle down the list of 20+ gushing nominations we received to just eight of the most amazing. Some were cultural extravaganzas, others were athletic outings, but all were fun and absolutely fabulous. Thanks to everyone who submitted a nomination.

Did your firm make the cut this year? Take a look to find out…

double red triangle arrows Continue reading “Best Summer Associate Event Contest (2014): The Finalists”

Hop in the DeLorean and travel back in time with us.

Earlier this week, the good folks over at Vault released their annual list of the nation’s 100 most prestigious law firms. As we noted in our analysis of the list, the top 15 for this year don’t look very different from the top 15 from last year.

Wachtell Lipton topped the list for the 12th year in a row. But as Vault noted, Cravath isn’t far behind — and could retake the crown that it relinquished to Wachtell back in 2004.

Yes, that’s right — Wachtell hasn’t always been #1. On this “Flashback Friday,” let’s look back at the Vault rankings from 2008 and 1998 and see how things looked in the past….

double red triangle arrows Continue reading “Flashback Friday: The Nation’s 15 Most Prestigious Law Firms — In 2008 And 1998″

It pains me to say this, given my own predilection for prestige worship, but here’s a question: does prestige matter as much as it used to? In an era of greater access to information, a law firm’s overall prestige arguably matters less than it once did.

If a client is looking for an excellent firm in a particular practice area, it can now easily access information about which firms, and even which individual lawyers, excel in which niches. It no longer has to rely on a firm’s brand name as a proxy for a specific strength. And other factors matter to the public as well. Is a firm a good place to work? How stable is its partnership, in this era of increased lateral movement? Is the firm growing or declining?

But make no mistake: prestige is still hugely important. Which is why the Vault law firm rankings are so eagerly anticipated each year.

The latest rankings from Vault of the country’s 100 most prestigious law firms just came out. How do they look?

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* Justice Scalia criticized law schools. Here come the butthurt law schools. [Legal Times]

* Cass Sunstein on Rand Paul’s real father — Richard Epstein. [New Republic via PrawfsBlawg]

* Irony alert: Rick Santorum endorsed the judge who just legalized gay marriage in Pennsylvania. [Slate]

* What do you know? Donald Sterling is a dick. [Los Angeles Times]

* A follow-up on a previous item: does this look like a law student kneed so hard he lost a testicle? [Barstool Sports]

* In a development that should shock no one, it turns out the Chinese hackers may have been turning their attention to infiltrating law firms “which hold valuable intellectual property for their clients but often lack the security defenses of a larger corporation.” [Bits / New York Times]

* Model suing hair salon for $1.5 million for ruining her career. That sounds funny, but the story is actually kind of horrifying. [New York Post]

* Are we looking at an M&A boom in 2014? Frank Aquila of S&C thinks so. After the jump… [Mimesis Law]

double red triangle arrows Continue reading “Non-Sequiturs: 05.21.14″

Ed. note: This post is by Will Meyerhofer, a former Sullivan & Cromwell attorney turned psychotherapist. He holds degrees from Harvard, NYU Law, and The Hunter College School of Social Work, and he blogs at The People’s Therapist. His new book, Bad Therapist: A Romance, is available on Amazon, as are his previous books, Way Worse Than Being A Dentist and Life is a Brief Opportunity for Joy (affiliate links).

Here’s what you never hear anyone say at a Biglaw firm — followed by a discussion of why you never hear anyone say it.

Here we go…

Let’s work on this together. It’ll be more fun.

People write me all the time, complaining I’m too down on Biglaw. Nothing new there, but one guy, recently, expanded on the topic, adding that he works at a firm where everyone, so far as he knows, is happy — enjoying a rewarding career in a supportive, non-exploitative environment.

Perhaps you can see this coming: It turns out this guy owns the firm — and specializes in oral arguments before federal appellate courts. Prior to becoming managing partner, he attended top Ivy League schools.

By way of a reply, I opined: “Your experience might be considered atypical.”

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Kate Moss

* For the first time, a federal appeals court extended First Amendment protections reserved for trained journalists at traditional news entities to bloggers. Yippee, thanks Ninth Circuit! [L.A. Now / Los Angeles Times]

* If you want a Biglaw firm with a really generous 401(k) plan, look no further than Sullivan & Cromwell. It’s the most generous law firm plan in the country, with O’Melveny & Myers in second place. [BenefitsPro]

* A brain-dead patient in Texas is being used as an incubator because a state law requires hospitals to continue life support for pregnant women. Calling this the “cruelest pregnancy” is much too kind. [New York Times]

* Here are some depressing facts: not only are lawyers 3.6 times more likely to be depressed than non-lawyers, but they also rank in fourth place in terms of suicides per profession. Call someone if you need help. [CNN]

* Florida A&M must be absolutely thrilled that the ABA canceled the school’s show-cause hearing. It appears that the law school will be able to keep its accreditation, for now. [Tallahassee Democrat]

* If you’re a parent considering going to law school with a young child at home, congrats, because you must be rich to be toying with an idea like that. [Law Admissions Lowdown / U.S. News & World Report]

* Playboy is suing Harper’s Bazaar for using its pictures of Kate Moss without permission. The men’s mag wants $150K per picture posted on the luxury mag’s website — that’s one lavish lapin. [Independent]

Partnership: Biglaw’s ultimate brass ring.

Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.

But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.

That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.

Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?

double red triangle arrows Continue reading “New Partner Watch: Incoming Partner Classes at 10 Top Firms”

This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.

For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.

The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.

Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….

double red triangle arrows Continue reading “2013 Biglaw Bonuses: An ATL Infographic”

A major theme of the 2013 bonus season so far: WWSCD — What Will Sullivan & Cromwell Do? With a few exceptions — like Boies Schiller, land of the $300,000 bonuses — everyone has fallen in line behind Cravath.

But we (and many others) wondered whether S&C, Cravath’s arch-rival, might up the ante. As I wrote while discussing the Cleary Gottlieb bonuses, “When it comes to challenging the compensation dominance of Cravath, House Shenker (or should it still be House Rodge?) is the strongest contender. Recall that it was Sullivan & Cromwell’s generous 2011 spring bonuses that ignited a trend that spread throughout Biglaw.”

The other white shoe just dropped: S&C just announced. Did SullCrom beat Cravath? Or mention possible spring bonuses?

(Please note the UPDATES at the end of this post.)

double red triangle arrows Continue reading “Associate Bonus Watch: Sullivan & Cromwell Breaks Its Silence”

In this economy, in the “new normal,” the most prestigious firm is the one that has given you a job offer. Sure, there are still students and grads who are lucky enough to be juggling multiple job offers from major firms in multiple cities. And to those people we say, “OMG, I hate you, shut up and go away.”

For those experiencing an embarrassment of job offer riches, here are the Vault rankings. Yay. Take a look at them, by yourself, under the covers, where nobody else can see that you have options….

double red triangle arrows Continue reading “2014 Vault Law Firm Rankings: Which Firm Is The Most Prestigious In The Land?”

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