We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.
Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.
Who are the parties to this transaction? And what does a $4.6 million apartment look like?
The venerable firm of Cravath, Swaine & Moore has received a fair amount of criticism for its allegedly subpar bonuses. I’ve previously defended their payouts — in times of economic uncertainty, is paying modest bonuses to avoid later layoffs such a bad idea? — but my view has been poorly received. (For commentary castigating firms for their cheapness, please turn to my colleague, Elie Mystal.)
Partners at Cravath, where profits per partner exceeded $3 million in 2010, are definitely in the top 1 percent. But it seems that even non-partners are doing quite nicely for themselves, despite all the bonus bellyaching.
Check out the million-dollar penthouse — yay real estate porn! — of one of Cravath’s corporate lawyers. And she’s not even a partner….
UPDATE (12/12/11): We’ve gotten our hands on the floorplan, which we’ve added to the slideshow, and we’ve added additional comments about what a “practice area attorney” does at Cravath.
Last summer, David Van Zandt announced that he was stepping down as dean of Northwestern Law, in order to assume the presidency of the New School here in New York. In the fall, he put his magnificent mansion on the market — for a whopping $4.7 million. (DVZ bought the 6,300-square-foot house, in Chicago’s tony Lincoln Park neighborhood, for $922,550 back in 1996.)
We were impressed. We wrote at the time: “It seems that Dean Van Zandt’s talents extend to real investing as well as academic administration!”
But some commenters were less enthused. Wrote one, “Let’s wait and see how much he actually gets, shall we?” Said a second, “I live in the area…. he will be lucky to get $3.0M.”
We can now report that a buyer has closed on President Van Zandt’s former home. How much did he get for it?
I grew up in the town of Saddle River, New Jersey, a suburb about 40 minutes outside of New York City. With its wooded rolling landscape and small-town charm, Saddle River is a pleasant place to live. Large houses, a mix of stately older homes and well-executed McMansions, sit on sizable plots of land, thanks to two-acre zoning.
It was a peaceful and bucolic locale, and when I visit my parents, it seems much the same. My colleague Staci Zaretsky, our newest full-time contributor here at ATL, also grew up there — and concurs with my assessment.
But Saddle River, like the suburbs depicted in such films as American Beauty and Happiness, is not without its drama. Yesterday Edward De Sear, 64, a resident of Saddle River and a capital-markets partner at the distinguished international law firm of Allen & Overy, was arrested at his home and charged with distributing child pornography. The charge of distributing child pornography carries a mandatory minimum penalty of five years in prison and a maximum penalty of 20 years and a $250,000 fine.
UPDATE (12:00 PM): Make that a former partner of Allen & Overy. De Sear has resigned from the firm, according to a statement issued by A&O. Read it in full after the jump.
Let’s learn more about the allegations against Ed De Sear, hear from someone who knows him, meet his high-powered defense counsel — and check out his beautiful and historic home….
Some readers have issues with the often irreverent commenters here at Above the Law. While ATL commenters sometimes say hurtful or offensive things, like anonymous commenters all over the internet, they also provide significant value. They serve as copy editors, highlighting our typographical mistakes; they work as tipsters, pointing us in the direction of news stories; and they function as fact checkers, identifying errors in reporting.
After seeing this comment, we raised the issue with the Boston Globe reporter who wrote the original story. And as it turns out, Henry Rosen is not the real party in interest. He is not the true purchaser of the prime penthouse at the Mandarin Oriental in Boston.
CORRECTION (7/13/11): Alas, it appears that this apartment is not a lawyerly lair. Please see this correction.
It’s time for a new installment of Lawyerly Lairs, Above the Law’s behind-the-scenes look at luxurious lawyer residences. As we close out the week that started off with the Fourth of July, it’s fitting that we turn our attention to Boston, the city some call “The Cradle of Liberty.”
Ain’t freedom grand? One Boston attorney has enough free cash flow to buy the most expensive condominium ever sold in Boston — the very best penthouse at the Mandarin Oriental Residences, on tony Boylston Street.
Let’s find out who this lawyer is, where he works — and, of course, what $13.2 million buys you in Beantown….
How could the school better use student tuition dollars to avoid these problems in the future? How could the school improve its students’ quality of life? These circumstances were likely difficult for the school’s administration to address, so it seems that they decided not to address them at all.
Instead, the school did this:
Yep, NYU Law bought a $3.5 million condo in the West Village….
Katherine Forrest: You'd smile too if you were this rich.
I recently wrote about Katherine B. Forrest, the celebrated litigatrix nominated to a federal judgeship on the breathtakingly prestigious Southern District of New York. Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division, but before joining the DOJ she was a longtime partner at Cravath, Swaine & Moore — a premier, if not the premier, American law firm. Forrest was one of CSM’s most popular (and most powerful) young partners.
So here’s what I wondered: Why did the amazingly accomplished Forrest, a partner at super-lucrative Cravath for over a dozen years, declare a mere $4.3 million on her net worth statement? Granted, $4.3 million is nothing to scoff at; KBF is rich (even by Elie’s standards). But it seemed to me that a lawyer of her distinction, who was a partner at a top firm for such a long time, should be even richer.
Thanks to information from helpful readers who saw my earlier post, I now know the truth. As it turns out, Katherine Forrest is considerably wealthier than that $4.3 million number suggests.
The Jones Street townhouses. Number 20 has the purple door.
As small-firm columnist Valerie Katz previously discussed, some partners at small law firms are worth big bucks. The only practicing lawyer in the Forbes 400 is a small-firm attorney, in fact.
So it shouldn’t come as a surprise that some partners at small firms have big and beautiful wives homes. The New York Times recently featured one such lawyerly lair: a magnificent townhouse in Manhattan’s coveted West Village neighborhood, now on the market for almost $7.5 million.
The owner of this house once worked at a large law firm and is now a partner in a small law firm. Which firms?
Find out — and ogle photos of the palatial spread — after the jump.
In 2010, music superstar Lady Gaga earned an estimated $64 million. Meanwhile, legal superstar Lady Kaga — aka Justice Elena Kagan, of the United States Supreme Court — earned considerably less.
For the part of 2010, the Divine Miss K served as Solicitor General, earning an annual salary of $165,300. After her confirmation as an associate justice of the Supreme Court, she got a raise, to $213,900 a year — a healthy income, but less than the base salary of a fifth-year associate in a law firm (or the total compensation in 2010, bonus included, of a fourth-year associate). Her income as a justice is also much less than her salary of $437,299 as Harvard Law School dean.
Still, even though Justice Kagan might not be filthy rich, she has done well for herself. At the time of her nomination to SCOTUS, she reported a net worth of around $1.8 million. Given this rosy financial picture, as well as her six-figure income and great job security — it’s rare for a federal judge to be impeached, Judge Porteous notwithstanding — it’s not surprising that Her Honor was recently spotted checking out some pretty pricey D.C. digs.
Where was she looking? And what seems to be her homebuying budget?
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.