Here's a follow-up to last week's post about associate salaries in London. It sounded some pessimistic notes, but maybe the pessimism was unwarranted. From Legal Week:

Shearman & Sterling has announced an increase of 7 percent in its London associate salaries, putting the firm's rates well ahead of those at top U.K. firms. The rises mean a newly qualified solicitor based at the firm's London office will get paid 80,000 pounds ($157,976), up from a figure of 75,000 pounds last year. Senior associates will receive salary increases on a discretionary basis, with the base salary level moving up to 170,000 pounds ($335,699) a year.

Trainee solicitors will also get a bump-up from the review, with first-years now pocketing 39,000 pounds ($77,013) -- up from 36,500 pounds -- and second-years in line for 41,500 pounds ($81,950). The increases will make them among the highest-earning trainees in London.

Remember, however, that these figures are for U.K.-qualified lawyers. As one commenter noted, U.S. lawyers working in London, whether for U.S. firms or Magic Circle firms, generally do better. For more discussion, see here.

Linklaters has followed suit:

In response to Shearman's move, Linklaters announced raises of nearly 4 percent for junior lawyers, in what will be seen as a confident move from the U.K. giant. A newly-qualified solicitor (NQ) at the Magic Circle law firm is now set to earn 66,600 pounds ($131,500), up from 64,000 pounds ($126,300) in 2007.

Finally, in other U.K. news, the London office of O'Melveny & Myers is in "disarray" and "turmoil," according to The Lawyer (via the ABA Journal). That publication reports that "underinvestment by the firm's Los Angeles (LA) hub [has] prompted the exit of a fifth of its partners and a generation of senior associates." We dropped OMM a line to see if they had any comment, but they didn't get back to us.

Update: More here from Legal Week, which reports that O'Melveny is "is in talks to bring its remuneration structure for London partners into line with the rest of the firm."

Shearman leads London associate salary hike, Linklaters follows [Legal Week]
O'Melveny in disarray as UK dream goes sour [TheLawyer.com]
O’Melveny’s London Office is ‘In Turmoil,’ Legal Publication Says [ABA Journal]

Earlier: London to... £75K Be Happy You Have A Job!

We received 1,036 responses to last week's ATL / Lateral Link survey on where you'd most want to work, which, in turn, was based on your nominations last month.

Here's how it turned out:

Survey Results: Which Firm Would You Most Want To Work For?

Overall, Latham & Watkins dominated the field, pulling in almost one fifth of all votes. Latham was the most popular choice among voters in L.A., the Bay Area, and Washington, DC, and was particularly favored by tax lawyers and litigators.

Runner-up Wachtell was actually the top choice of respondents in New York, narrowly besting Davis Polk and Latham. It was also, by far, the most popular pick among M&A lawyers, with roughly 30% of their vote.

Kirkland placed third overall, but was the top choice of Chicago respondents and patent lawyers, with almost twice as many votes as the next most popular firm in Chicago (Latham) and almost as many patent votes as the next two firms combined (Latham and Quinn).

Williams & Connolly, Ropes & Gray, and Davis Polk tied for fourth, with Ropes & Gray dominating the Boston vote, Williams & Connolly pwning DC (and gaining the second highest vote from litigators after Latham), and Davis Polk rocking the investment management scene (with Ropes & Gray running second best in that field).

Paul Hastings was the clear winner among labor & employment attorneys, winning almost 70% of the vote, and was also the most popular choice among real estate attorneys and lawyers in Atlanta.

On the Magic Circle front, Linklaters proved more popular than Allen & Overy, and was actually the most popular choice among securities lawyers. Allen & Overy was the most popular choice among structured finance attorneys.

This month's ATL / Lateral Link survey, focused on which firm you would choose if you could go anywhere, was dominated by Latham & Watkins and Wachtell Lipton. But several firms were close behind.

  * Respondents had several reasons to applaud Latham: "Prestige", "Friends there are happy", "Awesome firm, awesome people", "They rock", "Prestige, substantive work, great litigation practice", and "Top notch clients and matters; kick ass bonuses; selective hiring in a good way (need good grades plus a good; personality); Vault top 10 without the stuffiness of originating on the east coast; good growth but no risk of Brobecking (great management + tons of funds).....should I go on?" Or, as one respondent summed it up: "ass kickers."

  * At Wachtell, with 2007 profits per partner of $4.48 million, money played a key factor in respondents' enthusiasm for the firm: "100% bonus", "money", "it's all about the cash", "I want the compensation!", "money honey" and, of course, "CASH."

  * "Money" was also a big plus for Cravath (even though their profits per partner were a mere $3.3 million). Voters also noted "Prestige, training, can go anywhere else afterwards."

  * "Prestige" and "Exit opportunities" also won several votes for Skadden, who also had more than $2 billion in revenues last year. (Their SideBar program is pretty cool, too.)

  * "Bonuses and work" were praised at Kirkland & Ellis, as was stability: "They're well positioned for the credit crunch and M&A downturn. And the pay's better, of course."

  * Sullivan & Cromwell was also coveted for "good work, and $$$$" as well as "reputation." With profits per partner of $3.13 million, that "$$$$" is appealing at multiple levels.

  * Paul Hastings surged in popularity as respondents complemented their labor & employment practice and their compensation structures in Atlanta and Chicago.

  * In an incendiary match-up, Davis Polk was heralded as "da bomb", while Boston heavyweight Ropes & Gray was declared "the bomb."

  * Among the Magic Circle firms, Allen & Overy supporters declared "Great offices, european attitude" while Linklaters was called "the best globally, both in equity and debt."

  * Debevoise won several votes for its combination of "prestige and culture".

  * Litigators were torn between Quinn Emanuel, where "hard core litigators with a great reputation" create an atmosphere where "[p]ersonality, quirkiness, and fun seem prevalent," and Williams & Connolly, as "the best litigatio[n] shop. Period."

So of these fourteen juggernauts of practice, prestige, and sweet, sweet profits, who would you most like to work for?

Cast your vote in today's ATL / Lateral Link survey, after the jump.

With apologies for the delay, here's a bonus announcement made on Friday, by the Magic Circle firm of Linklaters. We don't have the memo, but a confirmed source informs us:

Linklaters matched the New York market bonus for its US qualified associates. Special plus regular bonus, same scale as Cravath.

No hours requirement. The bonus will probably be paid in one lump sum in January (memo says all amounts will be paid by January 31).

Those who have been here for a few years weren't really concerned -- Linklaters always matches. But some of the newer associates were nervous because the delay seemed unnecessary. Better late than never I guess.

To quote Bjork -- no, not the wearer of the infamous swan dress, but the former Linklaters associate -- Viva Linklaters!

Here are this morning's firms (in Vault 100 order, prestige scores in parentheses):

36. Wilson Sonsini Goodrich & Rosati (6.308)
37. Linklaters (6.301)
38. Orrick Herrington & Sutcliffe (6.244)
39. Freshfields Bruckhaus Deringer LLP (6.204)
40. Proskauer Rose LLP (6.195)

You'll note that one of these firms is Linklaters, which we recently wrote about. We reprint two emails from Linklaters sources, taking issue with our prior coverage, after the jump.

The Vault Top 100 Law Firms [Vault]

Earlier: Vault 1-5; Vault 6-10; Vault 11-15; Vault 16-20; Vault 21-25; Vault 26-30; Vault 31-35

It's fall recruiting season, and rumors are flying about every law firm under the sun. Here's something from the ATL mailbag about Linklaters:

I'm going through [the on-campus interview program at my law school] and each day I kept hearing the same thing. Apparently Linklaters's summer associates had such a terrible time the last few months that many of them have not yet accepted their offers.

Despite the salary, they are going through EIW hoping to get hired by someone else, because they hated being at Link. Can you confirm this?

We hadn't heard about this. We do know that morale in the Stockholm office of Linklaters is pretty high (in an "I'll have what he's having" kind of way).

Anyway, we contacted the firm for comment. Josh Berick, Co-Hiring Partner in New York, had this to say:

In 2007, Linklaters had its largest and strongest summer associate class ever. The firm is thriving, and many of our summer associates have been able to work on some of the largest cross-border transactions of the year.

It is anticipated that all of our summer associates will receive offers to join us, once the program is concluded. Linklaters traditionally has had a very high acceptance rate, and we are confident that the vast majority of our 2007 summer associates will accept their offers.

As always, we welcome any tips by email (subject line: "Linklaters"). Thanks.

No, not that Bjork. We're talking about a different idiosyncratic Scandinavian, who also harbors musical aspirations.

By way of introduction:

This email was sent to the whole of Linklaters by one of their Swedish assistants associates!

Brilliant.

Oh those crazy Swedes...

Check out the email -- which has made the rounds worldwide, is still being forwarded as we speak, and was going to wind up in your inbox eventually, so we feel no qualms about posting it -- after the jump.

Remember that root canal we had? It's time for us to go in for a follow-up.

Hence this lunchtime open thread. Please post pay raise news in the comments. Since it's Friday afternoon, we expect at least some news to break.

Before we leave, here are some items we've recently verified:

1. From a confirmed Linklaters source, we hear that "Linklaters has reinforced its commitment to be a top player in NYC market."

We interpret this as: "We're on the $160K scale. Yippee!"

2. From a confirmed source at Sonnenschein, Nath & Rosenthal:

Our NY office is matching the New York pay raise, and our Chicago office is going to match Sidley's 145K raise to Chicago 1st years. We expect that all Chicago firms will go to 145K, and some may feel compelled to go higher (Kirkland?) to compete with Skadden.

We only announced the 1st year rates. We have not set the upper level associate structure, which is somewhat more compressed than at certain other firms.

3. Finally, Brown Rudnick has matched. Their memo appears after the jump.

We'll review your comments, and resume salary coverage, when we get back. Thanks.

Earlier: Previous announcements of law firm associate salary increases (scroll down through "Skaddenfreude" archives)

The British firm's New York office announced market bonuses -- except for the class of 2006, who got slightly above-market bonuses of $11,000 (or $35,000 prorated).

Biglaw associates: If you haven't already done so, please take our bonus poll. Thanks!

Earlier: Prior ATL coverage of bonuses (scroll down)

Lateral Moves:

* Four litigation partners, and possibly a dozen associates, are leaving White & Case to join the New York office of Linklaters -- a "Magic Circle" firm (insert squeal of delight here). The group's practice focuses on white-collar criminal, antitrust, and other regulatory matters.

The four partners are Lawrence Byrne, a former assistant U.S. attorney (S.D.N.Y.) and deputy chief of the DOJ's organized crime section; Joseph Armao, a former assistant district attorney in Manhattan; Lance Croffoot-Suede, who was hired by Linklaters based solely on his fabulous, British-sounding name; and Paul Alfieri, who was not.

* Corporate lawyer Michael Student and bankruptcy lawyer Neil Pigott, to Brown Rudnick Berlack Israels, from Holland & Knight and Mandel Katz, respectively.

* Private equity lawyer Robert F. Kennedy, to Jones Day, from Latham & Watkins.

From the New York Law Journal: "Mr. Kennedy is not related to the former U.S. attorney general and New York senator whose son is a well-known environmental lawyer and political activist."

RFK. Jeez, poor guy. And it doesn't even help him get restaurant reservations.

NY Firm Loses Four Partners, and 12 Associates May Follow [NYLawyer.com]
NY Partners Switching Firms [NYLawyer.com]
Firm Adds NY Private Equity Partner [NYLawyer.com]