Garden Place: one of the loveliest blocks in Brooklyn (or all of New York City, for that matter). If you have $10 million to spare, you can live here too.
A friend of mine recently made partner at a top New York law firm. A senior partner called to offer congratulations: “Now you can finally move out of Brooklyn!”
But my friend doesn’t want to move out of Brooklyn — and with good reason. Over the past few years, what was once viewed as a dangerous, dirty, and downmarket borough has become hot, happening, and high-end. It’s not for nothing that GQ famously dubbed Brooklyn “the coolest city in the planet.”
Brooklyn may be newly hip (and increasingly expensive), but some people have known about its charms for years. Take this partner at a leading New York law firm, a longtime resident, who has placed his Brooklyn Heights townhouse on the market — for an eight-figure sum….
Which former Cabinet member sold the house with the blue door?
Are we too New York-centric in Lawyerly Lairs, our inside look at the homes (and occasionally offices) of lawyers and law students? Perhaps. It makes sense that we focus on Gotham, since Above the Law is headquartered here. But we realize that other cities and states boast great real estate too (and not just the 3500-square-foot houses enjoyed by the average associate at a Texas law firm).
Today let’s take a trip down to the nation’s capital. We’ll check out a few Lawyerly Lairs down in Washington, D.C. — including the $2 million Georgetown home shown above, recently sold by a former Cabinet member turned law firm partner….
Penny Lane and Brian Frye, in the Catskills home they've placed on the market.
As we have mentioned, we’re trying to diversify the coverage here at Lawyerly Lairs. After all, the world does not consist entirely of Park Avenue apartments owned by mega-rich law firm partners (as seen here, here, and here). Toward that end, we recently wrote about the housing search of some NYU Law students.
But that was still in New York City. Let’s leave Manhattan behind and head to upstate New York, where we’ll visit the beautiful Catskills house of a law professor and his filmmaker wife….
They took on six figures of (non-dischargeable) debt to go to law school, and now they hang their laundry in the street.
Most installments of Lawyerly Lairs, our inside look at the nests of legal eagles, involve residences (and occasionally offices) of utter fabulosity. Just look at our latest Lairs: a $5.9 million apartment on Park Avenue, a $4.6 million prewar coop on the Upper East Side, and a $1.7 million penthouse on the Upper West Side.
We realize that most Americans, or even most lawyers, don’t live in such luxury. And we’re interested in learning about how the other half lives. If you’d like to have your home featured in Lawyerly Lairs, even if it isn’t a million-dollar mansion, feel free to email us, subject line “Lawyerly Lairs.” (If you’re trying to sell your home, send us the listing; exposure to Above the Law’s large audience could be beneficial.)
We’ll get the 99 percent ball rolling with a look at two current law students who braved the brutal renters’ market here in New York. What school do they attend, and how did their hunt turn out?
Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)
Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.
Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….
What draws people to the practice of law? Some do it for the paycheck, some do it for the prestige, and some do it for the excitement and fun of it all.
Veteran New York litigator Edward Hayes belongs firmly in the final camp. Although he has amassed fame and fortune over almost four decades of practicing law, his legal career reflects a quest for adventure.
And what adventures Hayes has had. After graduating from the University of Virginia and Columbia Law School, he joined the Bronx District Attorney’s office, where he prosecuted homicides (which there was no shortage of in the Bronx in the 1970s). He then launched his own practice, handling civil and criminal matters for such clients as the estate of Andy Warhol, notorious “Mafia cop” Stephen Caracappa, acclaimed architect Daniel Libeskind, actor Robert De Niro, celebrity editrices Anna Wintour and Tina Brown, billionaire publisher Si Newhouse, and then-paramours Sean Combs and Jennifer Lopez (after they were arrested together back in 1999).
Eddie Hayes has even found his way into literature. He served as the basis for Tommy Killian, Sherman McCoy’s defense lawyer in Tom Wolfe’s great novel, Bonfire of the Vanities. Wolfe dedicated the book to Hayes, a close friend of his for many years.
This past summer, I enjoyed the privilege of spending a day with Ed Hayes. We met up at Penn Station and took the train out to his vacation home in Bellport, Long Island, where we enjoyed a leisurely lunch, dining outdoors and overlooking the water. (There are Lawyerly Lairs-style photos of his house, after the jump.)
During our time together, Hayes reminisced about his extraordinary life in the law, offered career advice for fellow lawyers, and showed me how to properly prepare a caprese salad….
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….
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 seven years. You can reach them by email: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
Connecticut plaintiffs-side boutique litigation firm (12 lawyers) seeks full-time associate with 2-4 years litigation experience, top tier undergraduate and law school education. Journal or clerkship experience a plus; highest ethical standards and strong work ethic required. Familiarity with Connecticut state court legal practice is preferred, but not required.
The firm handles sophisticated, high-end cases for plaintiffs, including individuals and businesses with significant claims in a wide array of matters. Our cases often have important public policy implications, and are litigated in state and federal courts throughout Connecticut. Representative areas of practice include medical malpractice, catastrophic personal injury, business torts, deceptive trade practices and other complex commercial litigation, and products liability.
Additional information can be located on our website, at www.sgtlaw.com.