The Baby Boomers (the generation that was dealt a resounding defeat last week) is also sometimes called the “Sandwich Generation.” Boomers like to claim that they are the first generation (in the history of “ever” apparently) to have to take care of both their parents and their children while they are still working.
Inter-generational aspersions aside, Goodwin Procter is actually doing something that should help Boomers out. They’ve instituted a very interesting new benefits package:
Free, round-the-clock access to a telephone support center that provides information on services for the elderly, the disabled, and the family members who care for them.
This is a program that could actually help attorneys. As anybody who has ever served as a part-time caretaker/full-time worker can attest to, getting the appropriate information is half the battle.
In 2007, Cravath kicked off bonus season early, on October 29th, but it’s much more common for firms to announce in December. Indeed, this year the first major announcement of October came from Morgan Lewis, who announced that they won’t be announcing bonus until January. (That said, though, Orrick announced their 2008 bonus structure back in June.)
But timing isn’t everything. There’s also the quantum of solace cash. On that front, comments in last month’s associate bonus open thread suggest some pretty diminished expectations. As one reader put it:
This year’s bonus in biglaw: you’re not fired. Let’s hope most of us can get it.
But a second reader posits that firms can leave last year’s bonus structures in place . . . because billable hours are actually low enough to avoid a cash crunch:
If firms keep the same bonus structure, they will still be spending *way* less on bonuses this year. That’s because so few people will make their hours. Most associates are way down compared to last year, and November and December are only going to be worse in terms of finding work to do. It wouldn’t surprise me if many firms will save 50% or more without making any adjustments to the bonus structure. That’s what gives me some hope that bonuses will remain the same. Of course, firms would be happy to use the remaining 50% of bonus money on other things. But they won’t want to chase away the few associates who are actually competent enough to make their hours.
Now, if I can just find a way to stay busy through November and December. . .
Sort of a “glass half full, so you don’t really have to tip” approach.
Do you agree? Are your billables really so low that you won’t get any bonus this year?
For that matter, would you actually give up your bonus this year if it would reduce the risk of layoffs?
Let’s find out.
Update: This survey is now closed. You can see results here, here, here, and here.
Today marks the start of two weeks of “Assassins” at Columbia Law School. The game will start internally, undoubtedly as a training exercise for CLS students before they start hunting the deadliest prey: NYU students.
The game, if you’ve never played it, is awesome. The rules are simple:
* You will be given a target. Find them and “assassinate” them by hitting them in the back with a sock.
* Get your next assignment from your “assassinated” target; his/her former target becomes yours.
* If you “swing & miss” your target, you must wait one hour before attempting another assassination.
* Once you are “assassinated,” you are out of the game.
* The last player standing is the winner.
As we understand it, over 200 students have signed up. An organizer tells us why:
If stereotypes are to believed, CLS students are familiar with watching their backs, eyeing their rivals with suspicion, viciously taking any means necessary to eliminate their competition, and gloating with vituperation at victories over colleagues.
In this job market, “Assassins” is much better training than M&A.
Read the full rules and regulations, after the jump.
[Ed Note: Due to technical difficulties, my super awesome Morning Docket picture could not be uploaded. I suggest you visualize the most awesome picture idea ever to go along with this column. Thanks.]
* Good Morning American taxpayers. Please enjoy the $40 billion in AIG shares you just purchased. [NYT]
* Circuit City: more knowledgeable staff than Best Buy, better prices than Best Buy, higher end equipment than Best Buy, and now much more bankrupt than Best Buy. [Dealbook]
* Strip club owners lost their trademark infringement claim against Grand Theft Auto. [Courthouse News]
* Is there an appropriate earthly penalty for kidnapping a nun? [CNN]
* The post-9/11 transfer of power in the Justice Department is a big deal. [Law.com]
We’ve previously reported that Nixon Peabody was acquiring 60 ex-Thelen attorneys, but only Thelen refugees located in Manhattan.
But now it is looking like Nixon is picking up 90 ex-Thelen lawyers (partners and associates), former Thelen support staff, and tripling its presence in Silicon Valley.
Yesterday’s press release from Nixon reported:
The new attorneys are joining all four of Nixon Peabody’s departments: business, intellectual property, litigation, and real estate. The firm also plans to hire a number of associates and staff from Thelen to help support the new partners. With the addition of these new attorneys from Thelen in Silicon Valley, which will triple in size, San Francisco, New York, Los Angeles, Washington, DC, and Shanghai, it is anticipated Nixon Peabody will have more than 825 attorneys worldwide in 19 cities.
After the jump, remember when Nixon and Thelen were supposed to merge?
* The Governator seeks to terminate one day of wages a month for state workers. [Wage Law]
* Melissa Ethridge is threatening to not pay her taxes because of Prop 8. Anybody else think that this issue has been “settled?” [Popsquire]
* Let me get this straight. The Airline industry is suing the TSA for unfair and arbitrary fees. This would be the same Airline industry that now charges you a fee for looking out the window? And they’re suing the TSA over … fees? Only in America. [The BLT: Blog of the Legal Times]
In these uncertain economic times, lots of law firms are holding lots of meetings. Sometimes they bring good news, and sometimes not-so-good news. E.g., Covington & Burling (welcoming the Heller IP group); Jenner & Block (everything’s dandy); McKee Nelson (layoffs).
Earlier this week, Sutherland announced associate and counsel meetings would be held next week. What might they be about?
According to the email from managing partner Mark Wasserman that announced the meetings, they “are not planned to announce bad news of any sort.” One Sutherland source takes him at his word:
Ninety-nine percent sure it’s just a “calming fears” meeting, since we’ve already done our nasty round of layoffs six months ago. Wasserman’s a straight shooter (best I’ve ever seen), so if he says there is not “bad news of any sort,” there won’t be.
We reached out to Wasserman, who explained:
We are having a series of roundtable discussions next week with our associates and counsel to share information, answer questions and seek input on topics relating to the economy, our clients and our strategy for the firm. Sharing information and obtaining input from our lawyers is important and valuable to us.
And, as we noted in the email announcing the meetings, there will be no announcement of any bad news, including announcement of any layoffs.
Kudos to Sutherland for being proactive and involving associates and counsel in such discussions. Some firms have taken a decidedly top-down approach to dealing with the economic climate, but they might have been better served by soliciting input from their associates first.
Read more, including the full Sutherland memo, after the jump.
Now that campaign season is over, it’s time for the defamation season! Scads of down-ticket candidates have brought lawsuits against their opponents for slanderous advertising during their campaigns.
I guess the presidential election wasn’t close enough for lawyers to make any money off of it.
According to the National Law Journal, even the ACLU sees limited value in bringing these post election actions:
But unless the line of truth is clearly crossed, First Amendment advocates note, negative campaign ads will continue to roll.
“Democracies are messy,” said Kary Moss, executive director of the American Civil Liberties Union of Michigan. “And the reality is that the First Amendment does provide wide latitude for candidates to make their case to the people.”
First A-what? But this is America! You can’t say that your opponent is “soft on sexual predators” in America.
We’ll start with the funny stuff. It’s been a few months since federal prisoner Jonathan Lee Riches has graced these pages. We welcome the wacky pro se litigant back as he joins the war against World of Warcraft. He’s filed a motion to intervene in video game lawsuit MDY v. Blizzard (WoW’s creator). Virtually Blind has Riches’ motion to intervene, where Riches claims:
World of Warcraft caused Riches [sic] mind to live in a virtual universe, where Riches explored the landscape committing identity theft and fighting cybermonster rival hacker gangs. Riches was addicted to video games and lost touch with reality because of defendants. This caused Riches to commit fraud to buy defendants video games. Riches chose World of Warcraft over working a legit job. Riches mind became a living video game.
Riches has definitely lost touch with reality. He’s filed countless lawsuits, against everyone from Catherine Zeta-Jones to Duke basketball coach Mike Krzyzewski.
Judges are understandably fed up with frivolous and crazy pro se suits like those filed by Riches. Louisiana judge Edward Dufresne grew so sick of them that he stopped reading pro se appeals from convicts. According to the Times-Picayune, he directed court staffer Jerrold Peterson to automatically deny any appeal not filed by an attorney. Dude, due process much?
The sad news: After 13 years of this, Peterson committed suicide, blaming guilt over the 2,500 appeals he denied. In response to Peterson’s suicide note, the Louisiana Supreme Court has asked the Fifth Circuit to step up and review the many appeals.
About a week ago I was out for happy hour drinks with some people from my firm. I really hit it off with a young-ish junior partner who I hadn’t really spoken to before. He asked me out for drinks and I said yes, but I’m wondering if this entire situation isn’t a disaster in the making.
Do you think I should cancel? By the way, I’m a corporate associate and he’s in litigation, if that changes anything for you.
The Other Wendy Savage
Dear The Other Wendy Savage,
JACKPOT. If all goes well, you’re only two years away from quitting that crappy job of yours and spending your days sitting on a couch watching Guiding Light and eating gummy worms. But before you can live the dream, you’ve got to navigate the rocky terrain of dating both a boss and a co-worker.
If things go badly on the first date, no harm no foul. You’ve scored free drinks, he won’t mention it to his fellow partners for fear of Megan’s Law, and you’ll probably never have to work together. Even if there are no sparks, non-billable time with a partner at your firm may come in handy anyway. I once went on a date with a partner from another firm and I asked about that year’s bonus and whether partnership meetings resemble Priory of Sion rituals.
The problems creep in if you continue dating and then things go south. At that point any attempts to hide your relationship from co-workers will be laughable, and, depending on whether you work in a corny firm, once you’ve gotten to third base you may have to report it to human resources and sign a sexual harassment release. Partners and associates may talk about it behind your back or look down on you, but people have been drinking haterade since time immemorial. If it doesn’t work out between you two, you can always move your desk, lateral out, or date another partner at the firm.
Look, is it risky to go on date with the partner? Sure, but it’s a far greater gamble to date an M.F.A. student (future poverty), a bartender (adulterer), or someone in finance (future poverty). As humble servant of Christ Joel Osteen implied in his Portfolio magazine profile, “God wants you to be rich.” And so do I. So do I.
What does Elie think about all this? Find out 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: email@example.com.
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 firstname.lastname@example.org or email@example.com. 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!