* The Washington Post editorial board sounds the call for a judicial pay raise, lamenting the fact that with salaries at $170k, most federal trial judges make less than Biglaw junior associates. “Increasingly cut out of contention for these important and prestigious positions are workaday lawyers most familiar with the realities of the business and legal arenas,” says The Post. [Washington Post]
* … Or maybe wannabe judges should migrate to L.A. County, where judges make $250k per year (factoring in benefits). Judges there are fighting off a Judicial Watch lawsuit that seeks to cut their pay. [Los Angeles Times]
* A Liberian immigrant tried to sneak monkey meat into New York from Africa. Judge Raymond J. Dearie rejects her faith-based objection to smuggling charges, writing that nothing in her religion “required her to abstain from truthful completion of paperwork.” [Associated Press]
* Democrat Al Franken will soon claim victory in the Minnesota Senate race, but incumbent Republican Norm Coleman will try to get the Minnesota Supreme Court to count some additional absentee ballots. This drawn-out vote counting is really impinging on the contest’s drama. Maybe they should just thumb wrestle for the seat. [Reuters]
* Gambling addictions and attorney trust funds are not a good combination. A New Jersey attorney admits to stealing $4 million from his clients to fund his love of Atlantic City slot machines. [The Star-Ledger]
DLA Piper’s associates received an e-mail today at 4 p.m. about bonuses. The memo says less about bonuses though than it says about 2009 salaries. (Bonus decisions will be made later in January, as they were last year.)
The salary decision for 2009? Another major firm is getting its freeze on. Here’s an excerpt from the e-mail:
DLA Piper, because of its global platform and practice diversification, is well-positioned competitively and financially to weather this downturn, but neither we nor our clients are immune from its impacts. This difficult business environment is certain to continue in 2009, and as a matter of prudent management, the firm will not increase associate salaries for 2009 in the U.S. Associates moving to the next class year will continue to receive the same base compensation as they received in 2008.
We asked our tipster about the reaction around the office:
Well, it’s only been an hour, but I think it’s a terrible move. DLAP already has a reputation as a scrimper among the top-50 – this will not help.
This year, we launched a new feature on ATL: the Caption Contest. We gave you legally-themed photos and asked you to submit potential captions. We thought it was a great idea — let the readers do our work for us!
The contests proved to be widely popular. Wading through hundreds of caption submissions to bring you a top ten list was actually quite time-consuming, but not a terrible chore — lawyers and lawyers-to-be came up with some hilarious material.
Once we narrowed the lists to the top ten finalists, we let ATL readers choose the winners by voting. “Guest” may not win ATL Commenter of the Year, but certainly did come out on top in captioning. Take our most recent contest, Babies in the Corner. Out of 3030 votes, this caption won by a nose (0.8 percent):
Don’t move! They can’t lay us off if they don’t see us.
A look back at our three favorite caption contests, after the jump.
* Joe the Plumber finally makes it all the way to the top … tax story of 2008 at least. [TaxProf Blog]
* Apparently there’s a law firm out there that goes by the name of “Real Lawyers at Affordable Prices, Fresno.” [Legal Pad]
* If there was one place you should talk like a lawyer, I thought it would be while you were in police custody. If there were two places you should talk like a lawyer, I thought the second place would be “in court.” But maybe I’m wrong. [ABA Journal]
* Not all cigarettes have to be “light” cigarettes. This is great news for teenage smokers who still wish to distinguish themselves from far less cool adult smokers. [The Volokh Conspiracy]
Continuing with our rundown of the top ten Biglaw stories of 2008, we reach our fourth place story on the business end of things: the dramatic reduction of associate bonuses.
Bonus news is always a big deal around these parts, and based on the way that the 2008 bonus season started, it looked like there might be a fight for control of the New York market. Skadden led off with bonuses that matched 2006 levels (or 2007 levels, minus the “special bonus” portion). At the time, Skadden wasn’t sure they’d be at the top of the market. Skadden’s bonus memo included the following language:
The Firm has historically paid its associates at the “top of the market” in their respective local markets. While we do not know what other firms will do this year with regard to paying a supplemental bonus, we believe that our bonuses this year should be limited to the year-end discretionary bonus. What we will do in the future years, will, of course, depend on business conditions at the time and competitive compensation.
There were more than a few people who thought other firms might come in above Skadden. That didn’t happen. Instead, Cravath happened.
Let’s start off 2009 with some good news. Litigation boutique Kasowitz Benson announced bonuses just before the New Year, and will be paying out Skadden dollars at the end of the month.
So don’t stick a fork in the New York market just yet.
Associates at Kasowitz are understandably ecstatic:
It really is a fantastic place full of extremely smart trial lawyers that sometimes litigate, as opposed to all of the other firms where litigators sometimes do trial work.
There are a couple of wrinkles. Unlike Skadden, the Kasowitz memo contains language saying that bonuses will be “up to” Skadden levels. According to the firm, individual payouts will be based on a couple of factors:
As in prior years, the above are benchmark amounts which are subject to adjustment to reflect individual performance and hours worked.
Still, our tipsters expect that most people will receive the full amount:
I have never heard of people not getting the full amounts that are stated. We are crazy busy and have been so I would say most will.
The mere opportunity to receive an above market bonus should be enough to have Kasowitz associates singing the firm’s praises well into the new year.
* London-based law firm Linklaters was the leading law firm in mergers and acquisitions this year, taking the number 1 title from Sullivan and Cromwell. [Bloomberg]
* Former UK attorney general Lord Goldsmith says the UK should take in prisoners from the Guantanamo Bay prison camp if it will help the U.S. close the prison. [BBC News] Australia is not likely to take any prisoners says prime minister Kevin Rudd. The U.S. has asked a 100 countries to help clear the prison. [BBC News]
* Guinea pigs may smell bad but should you go to jail for owning one? Probationers in California could end up in jail for failing to report owning harmless pets like hamsters or goldfish thanks to a ruling by the California Supreme Court. [San Francisco Chronicle]
* A chinese court convicted 11 people for running a counterfeiting ring that “manufactured and distributed pirated Microsoft software throughout the world.” [The New York Times]
* Associates were not the only people in the legal community that were displeased with compensation this year. Federal judges lost their request to Congress for a pay raise to account for inflation. Chief Justice John Roberts says the frightfully low pay for judges threatens the quality of the court. [The Los Angeles Times]
* Life at law firms is not looking good for 2009, sorry to say. Lay-offs and lower bonuses will likely continue in the New Year. On the bright side–less work could help you meet that New Year’s resolution to go to the gym. [The Chicago Tribune]
Dear readers, welcome to 2009. The year just ended was a difficult one, for the legal profession and for the country as a whole. Let’s hope the new year brings better news.
But will it? Take our reader poll below, and offer your specific predictions about 2009 in the comments.
If you’d like to help Above the Law get the year started on the right foot, please do us the honor of voting for us in the ABA Journal’s Blawg 100 contest. Voting ends tomorrow, so this will be the last time we’ll bother you with a plug. To vote, click here.
As we savor the final hours of 2008, it’s time to look back at some of our favorite people this year: the commenters.
In today’s ATL / Lateral Link survey, it’s time for you to pick the 2008 ATL Commenter of the Year.
Your nominees for Commenter of the Year, and select comments explaining why, are as follows:
1. Count Layoffula
One! One Reason!
six. six times he has made me laugh aloud
Turns the frightening inevitability of layoffs into a moment for comedy; not easy to do. Very clever idea, keeps character, funny as hell. Wildly popular on this board. Hands down the Commenter of the Year.
2. Douche Patrol
He’s the only commenter that gives a sense of order to the otherwise chaotic commentary. His commentary is also always dead-on.
3. FRAT STUD
Because guys in my high school used to vote for FRAT STUD all the time. It was no big deal.
4. Fraternity Lothario
Hilarious, dry, terrific writer. Captures both the essence of ridiculous, in-joke ATL commenting while bringing genuine criticism to the issue of every post. As long as you give the award to the guy who burned up the comments all spring, then left (on a sailing trip? to become a pirate?) this summer with a formal farewell, you would be giving the award to a commenter whose work is Oscar-worthy.
Although his posts have been less frequent, no one is more eloquent (e.g. ATL EIC) while comically germane.
5. Glass Cock
avatar is amusing, and attitude rocks
The most insightful and informed comments are consistently made by Guest. Everything else is trash.
Most comments, most firsts, most everything. Guest rocks.
7. Jack Bauer
He’s funny without being offensive or annoying. In the words of the ATL editor “consistently brilliant.” Finally, do you think that it’s a coincidence that when the legal industry is facing it’s darkest hour, Jack is back?
I don’t know any other person who would take the LSATs, apply and go to law school, purely to infiltrate BIGLAW to get information leading to the takedown of a suspected traitor to this nation.
8. Nervous T-10 1L
Personifies the economic doom and fear among law students. Also kinda funny.
Technically, commenter 83 was actually “Guest,” but it wouldn’t be an official ATL reader poll if we didn’t give Guest an opportunity to comment about the unfairness of the poll. Also, that comment really was . . . something.
Having a hard time deciding? It’s no big deal. We’ve selected some of the choicer comments from our candidates to help you decide.
Unfortunately, we really couldn’t put some of them above the fold. Some are pretty crude, and Glass Cock’s is far too long. [Ed Note: That's what she said.]
So, keep reading after the jump to see some of the nominees’ exemplary comments, and then cast your vote.
* Celebrity drug use law. They’re still hiring! [Popsquire]
* A group of Atheists’ want the presidential oath of office changed. If they succeed, let’s hope the new oath includes a reference to a golden calf, just to drive the point home. [The BLT: The Blog of the Legal Times]
Most people know that partners often write off associate hours and paralegal hours when it comes time to bill clients. Quinn Emanuel is no different.
But managing partner John Quinn has had enough. Just before Christmas, Quinn sent around an email to his fellow partners (no associates were included on the distribution list) urging them to keep a closer eye on billing:
Month in and month out, partners request write‑offs from bills, giving the same reasons. All of them are preventable. The most common reasons are as follows:
Among the reasons Quinn listed was associates taking their own initiative by assigning work to paralegals:
Associates or others delegating work. One sure way to lose control of staffing on a case is to tolerate associates assigning out work to other associates or paralegals. Associates are told they shouldn’t do this, but it happens from time to time. Associates need to be reminded that they do not have authority to assign work to others.
Bang! Well, tell us what you really think:
Associates being inefficient, spending too much time on assignments. For any significant assignment, an associate should always be given a time budget ‑‑ how much time they should spend on the project or how much time they should spend before reporting to the partner on their progress. It should never come as a surprise to a partner that an associate has spent twice as much time as the partner expected.
Read the full Quinn memo after the jump to learn more about how partners really think.
As 2008 draws to a close, your ATL editors are looking back over some of our favorite stories of the year. On Monday, we named our law students of the year. If you already checked it out, you may want to revisit it — a third student fought his way onto the list, per popular demand.
Today, we’re looking at the pet rocks/Rubik Cubes/slap bracelets/Beanie Babies (depending on your generation) for law schools around the nation. After the jump, find out which three trends we deemed the most important in 2008. Law school deans, read on to find out what’s hot at a law school campus near you.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: