Over in the D.C. office of Baker & McKenzie, the natives are getting restless. They’ve prepared this cute little bar graph (thumbnail image; click to enlarge):
The graphic above also reflects that Williams & Connolly now pays starting salaries of $165,000. We hadn’t heard (or written) about that news, but it’s official.
Does anyone have a memo and/or more information about what Williams & Connolly pays beyond the first year? If so, please email us. Thanks. Update / Correction: Whoops, we forgot that W&C raised salaries back in March. What we were thinking, and meant to write, is that Williams & Connolly hasn’t raised associate salaries in response to the latest round of nationwide pay hikes (as kicked off by Orrick).
Remember that W&C traditionally doesn’t pay year-end bonuses, but pays an above-market base to make up for it. Their current scale — 165, 180, 195, etc. — is still above-market, but not by as much as usual. Further Update / Correction: Apparently Greenberg Traurig is still at $145K in Washington. We’ve revised the graph accordingly. Earlier: Nationwide Pay Raise Watch: What’s Up With Williams & Connolly?
This is a follow-up to yesterday’s post about Quinn Emanuel, which was considering adopting a pay system in which associates with coveted electrical engineering degrees would earn higher base salaries than their less well-endowed colleagues.
We contacted name partner John Quinn, but he hasn’t gotten back to us. Through other channels, however, we’ve learned what we think happened in terms of this issue.
If you’re curious, read the rest of this post, after the jump.
Oops, we briefly dropped the ball on our continuing series about perks or fringe benefits provided by legal employers. In prior posts, we covered technology allowances, gym memberships, and marriage bonuses.
Recently a tipster asked us if any law firms out there would help him out with buying a house. We believe he was thinking in terms of financial assistance (e.g., a low-interest home mortgage).
We’re not sure about that. But we do know that some law firms will help out associates with other real estate and housing-related matters, such as moving expenses and broker fees.
Here’s an open thread for discussion of fringe benefits related to housing and real estate. Have at it! Earlier: Prior ATL coverage of perks and fringe benefits (scroll down)
We received an interesting email about a month ago. We meant to write about it back then, but never got around to it. But since we haven’t read about it elsewhere (please correct us if we’re wrong), we figure it’s still fair game for discussion.
Here’s the start of the email. It’s from John Quinn, name partner of litigation powerhouse Quinn Emanuel.
From: John Quinn To: Associates Cc: Partners Date: 6/18/2007
we have a possible solution to a problem that we want to run by all of you. its controversial–or has the potential to be such–so we don’t want to consider it further if it will be a problem.
our firm desparately needs more patent litigators with electrical engineering degrees. its not just that we have more and more cases calling for that expertise. we also have clients who insist on staffing their cases with electrical engineers. we are beyond capacity limited in this area. its to the point that we are being instructed to off load some work to other firms that have ee degrees. the truth of the matter is that we could probably put a dozen of these people to work right now if we had them.
we have constantly been looking for people with this credential. unfortunately, so are alot of other firms. the demand clearly exceeds the supply.
You can probably guess where this is going. Read the rest of John Quinn’s email, after the jump.
We’re back. It’s Monday. We don’t like Mondays. We’re feeling sluggish today.
So we’ll take the path of least resistance, and start a thread about an ATL staple: clerkship bonuses. We have some good news about two new (and non-New York) firms.
First, the rumor about O’Melveny & Myers can be treated as confirmed. We received lots of emails about OMM. Here are two:
“O’Melveny and Myers has raised their federal clerkship bonus to 50k. District Court and Appellate. Not sure about second year bonus of 70k.”
“O’Melveny and Myers just raised their clerkship bonus from 35k to 50k. As far as I know, they’re the first non-NY based firm (aside from Susman) to go to 50k. And it’s straight 50k — it doesn’t include a bar stipend like that Latham nonsense.”
Second — from just one source, so let us know if it’s erroneous — we hear that Morrison & Foerster has joined the $50K Club:
“Noticed the clerkship bonus list of shame (7/02/07). A co-clerk of mine is joining MoFo this fall and the clerkship bonus is listed as 50K (nationwide) in the documents he has received.”
If you have clerkship bonus information not previously reported on ATL, please email us (subject line: “Clerkship Bonus”). Thanks.
Ann Althouse, call your dean! A Wisconsin lawmaker wants to address what he thinks is an overpopulation of lawyers in the state — by ending state funding for the University of Wisconsin Law School.
State Representative Frank Lasee (Lah-SAY’) says the state doesn’t need any more ambulance chasers or frivolous lawsuits. The Green Bay Republican convinced his colleagues in the GOP-controlled Assembly to include his plan in their version of the 2-year budget approved Tuesday.
But the proposal appears to have little chance at becoming law. Governor Doyle called it ridiculous and bizarre during an appearance today in Milwaukee.
The plan would cut state funding for the law school over the next three years before eliminating it completely in 2010. Lasee says the school would be forced to raise tuition to cover the cuts or stop admitting as many students.
You can follow Lasee’s other exploits on his blog, which includes jokes, French-bashing, and other random musings.
(Of course we’re mocking Lasee’s proposal, but we should note that it’s not unheard-of for a public law school to reduce its dependence on state funding. UVA’s law school, for example, has done it voluntarily.) Update: Ann Althouse’s post on this subject appears here.
We previously had an open thread on London salaries, when Weil and Cleary went to 180 and Latham went to 190. Now TheLawyer.com reports that Paul Hastings has raised to £90k, or roughly $180k, in its London offices.
So we’ll ask again: does this make London more attractive than New York? Will the London raises create any additional upward pressure on salaries in New York? Let us know if this changes anything, in the comments.
A rather odd rumor recently came across our desk that Davis Polk hands out marriage bonuses of $500. That’s right, $500 for being married (and if you’re married to someone at Davis Polk, you each get $500, according to the rumor).
We hadn’t heard of this at Davis Polk or anywhere else previously, so we decided to float it to some Davis Polk sources. Here’s what they had to say:
Source 1: We do get a $500 marriage bonus… I got mine last year.
Source 2: I know that people got them in the past, but I am under the impression that this benefit no longer exists.
I think the most accurate characterization of it is that the benefit “once existed but may no longer exist.”
Source 1 (upon being told about Source 2′s claim that the benefit no longer exists): It definitely still exists. You have to ask for it, though.
So, can any Davis Polk folks out there tell us if this benefit still exists? Are any other firms doing this?
Based on the comments to our last post, it’s clear that many of you want to talk about job opportunities — or the lack thereof — available to folks who aren’t at so-called “top tier” law schools (or who aren’t at the top of their class at non-elite law schools).
As it turns out, we have a good vehicle for such discussion. Check out this interesting National Law Journal article:
Despite news of record-breaking employment figures for law school graduates and first-year salaries of $160,000 at many top law firms, a significant contingent of job seekers — including those with strong credentials — are living a much different story after graduation….
But the eye-popping salaries are the reality for a small fraction of law school graduates, and all those stories of big money may be creating unrealistic hopes for the vast majority of law school students. Contributing to the situation is the effort by law schools to portray their employment numbers as robustly as possible to boost their ranking scores.
The upshot means dashed expectations for lots of graduates, many of whom are saddled with high debt as they struggle to start their careers.
The depressing discussion continues after the jump.
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!