Money

J.D. = Just Debt

* Per the latest Gallup study, Republican approval of SCOTUS is up, while Democratic approval is down. Gee, considering how the biggest cases of OT 2013 went down, no one should be terribly surprised by this news. [New York Times]

* Will our leader make the grade? Law profs wrote a strongly worded letter to President Obama, asking that he not include a religious exemption in his executive order prohibiting anti-gay bias in federal contractor hiring. [National Law Journal]

* Hey guys, there’s a new report out that contains some pretty shocking information about the realities of life after law school. Seriously, who knew that would-be lawyers were poor? Oh wait, we did. [CNN Money]

* Washington & Lee recently surrendered its Confederate flags to appease its black student population. Here’s an interview with Brandon Hicks, the law student behind the historic movement. [Huffington Post]

* “Fret for your latte, and fret for your lawsuit.” Tool hasn’t put out a new album in in almost a decade, and it’s all because of one pesky little lawsuit filed way back in 2007 that just won’t go away. [Rolling Stone]

Chief Judge Loretta Preska

According to Black’s Law Dictionary (affiliate link), a judicial diva is “a particularly confident, skilled, and physically attractive female judge.” By this definition, Chief Judge Loretta Preska (S.D.N.Y.) is a judicial diva. She is highly regarded, as both a judge and an administrator, and she never looks anything short of fabulous.

I’ve been fascinated by Judge Preska for years. I had this to say about her back in 2004 at my first website, Underneath Their Robes: “Magnificent. Tall, thin, elegant. Great bone structure, perfectly coiffed silver hair. Note to self: nominate for superhotties contest next year?”

This gorgeous judge now owns a gorgeous apartment. Chief Judge Preska and her husband, a partner at one of the nation’s most profitable law firms, just paid almost $9 million for a penthouse apartment on the Upper East Side….

double red triangle arrows Continue reading “Lawyerly Lairs: A Judicial Diva’s $8.7 Million Penthouse”

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

Last month, we took a look at associate compensation in the 1990s. Our post focused on the cities of Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles. We said that in the future we’d look at remaining major markets: New York, Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C.

Today we’ll tackle Biglaw in the Big Apple. What were NYC salaries like in the last millennium?

double red triangle arrows Continue reading “Flashback Friday: A Look At Associate Compensation In The 1990s (Part 2)”

With this year more than halfway done, let’s look in the rear-view mirror and survey managing partners’ confidence in the legal industry during the second quarter of 2014. Wall Street investors seem generally optimistic, at least based on the state of the stock market (despite today’s turbulence). Are law firm leaders similarly hopeful?

Survey says — well, nothing terribly exciting, but let’s have a look anyway….

double red triangle arrows Continue reading “Managing Partners Take Survey; What Happens Next… Won’t Amaze You”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

If you stood outside the AT&T Center on June 15th at 9:10 p.m. local time, you would have witnessed a steady stream of crestfallen Miami Heat fans bemoaning the performance of anyone other than Lebron James. Ask any of those fans if they thought Chris Bosh was worth a max contract in the off-season and they most likely would have answered “No!” with feverish enthusiasm.

Fast forward to the off-season, teams have now expressed interest in signing Bosh to a max-contract sheet. As it stands on Thursday, July 8, the Rockets are willing to pay him $22 million a year.

So what does this mean for you? It means that just because your law firm tells you that you’re worth a certain amount of dollars does not mean you can’t secure more greenbacks. Salary negotiations are tricky, and it is helpful to get in touch with a recruiter before you attempt to renegotiate with your current firm. Before you start maneuvering, here are five pointers to consider before strategizing…

double red triangle arrows Continue reading “5 Ways To Increase Your Biglaw Salary”

Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.

The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)

How big are the Cahill midyear bonuses this time around?

double red triangle arrows Continue reading “Associate Bonus Watch: Summer Bonuses At Cahill Gordon Once Again”

We give law schools a lot of flak for the way they take massive amounts of money and then have the gall to call us every week asking for donations. What did they do with the original $150K? I guess in my case it was “buy real estate.” But still.

So when I say there’s a law school out there nickel and diming its graduates, I’m not colloquially talking about $150K in tuition. No, I’m using “literally” entirely accurately. They are literally taking dimes and nickels off their alums….

double red triangle arrows Continue reading “This Law School Is LITERALLY Nickel And Diming Alumni”

Complaining about profits per partner as a metric is a favorite pastime of Biglaw partners. Sometimes it can look like sour grapes by partners at firms that don’t excel in the PPP department.

But, to be fair, there certainly are things to complain about when it comes to profits per partner. For example, PPP is an average that can sometimes conceal a great deal of variability. It tells you exactly what its name suggests — average profits per partner, i.e., total profits divided by the number of partners – but it doesn’t tell you what the average partner takes home in a year.

To get a better sense of compensation for an average partner, we’d need to know the “spread,” i.e., the ratio between the compensation of the highest-paid partner and that of the lowest-paid partner. Thankfully, there is (some) information on that.

How do partner compensation spreads look these days at leading law firms?

double red triangle arrows Continue reading “The Haves And The Have-Mores: Partner Pay Spreads At Leading Law Firms”

In the legal profession’s “new normal,” it’s not uncommon for recent law school graduates to have hundreds of thousands of dollars in educational debt, all for a piece of paper that grants them the right to try to become practicing attorneys. With the employment landscape being less than desirable, the high debt that comes with a law degree can seem all but insurmountable, and at times, completely soul-crushing. Living paycheck to paycheck to pay down loans with what little money you earn is unbearable, and doing normal adult things like getting married, buying a home, and having children are nigh impossible — the albatross of law school debt will always be hanging around your neck.

How can you possibly survive in this world with six figures of law school debt? Well, it helps if you’ve got a generous friend who’s willing to pay off your loans in full — under the cover of secrecy, of course.

With six figures of law school debt of my own, I can’t help but be incredibly envious…

double red triangle arrows Continue reading “What Would You Do If An Anonymous Donor Paid Your Law School Debt In Full?”

The Am Law 100 average spread is 11.1 to 1.

* If you’ve been dying to know what the partner compensation spread looks like at your firm, then we’ve got your fix. Check out the insane 23 to 1 spread over at Perkins Coie. [Am Law Daily]

* “It’s a complete structural change, and it’s not going away. The end result is fewer graduates, and fewer law schools.” With enrollment still dropping, the end seems near. [Boston Globe]

* “I predicted the collapse of legal education, but I didn’t quite predict how bad it would be.” Dean Frank Wu of UC Hastings Law is fighting his way out of a rankings slump. Good luck. [The Recorder]

* Widener is the latest law school to roll out a solo / small firm incubator. Only grads from the class of 2014 may apply. Earlier grads are ineligible because they presumably have jobs… maybe. [PennLive.com]

* You may think Chief Justice Roberts and Justice Scalia are “stuck in the past” and “disconnected from the real world,” but you may be wrong. You can read Uncertain Justice (affiliate link), by Laurence Tribe and Joshua Matz, to find out why. [New York Times]

* A judge has denied bail for the Georgia man accused of sending sext messages during his seven-hour work day while his 22-month-old son was left to die in his hot car. Ugh, this is terribly sad news. :( [CNN]

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