Our recent open thread about boutique law firms prompted another request for more beyond-Biglaw discussion:
Not really a tip, but how ’bout a thread on midsize firms — not quite big law, which has been going on for a while, and not quite boutique, which you just recently posted. I’m talking 75-200 attorney type firms that still pay $125K-$150K base in New York (don’t know much about other regions).
Our tipster provided a few examples of the firms in question, with starting salaries (note — we have not independently verified these numbers):
If you have information to share on year-end bonuses (or compensation more generally) at midsize / regional law firms, please share in the comments. It would be optimal if you could identify the firm by name; but if you can’t, please provide as much information as possible. Thanks. Earlier: Associate Bonus Watch: Beyond Biglaw
Here’s the latest Job of the Week, courtesy of ATL’s career partner, Lateral Link. If you’re not already a member of Lateral Link, you can sign up through their website. Membership, which is free and confidential, allows you to learn about new legal opportunities as they become available. Position: Staff Counsel Company: ActBlue Location: Boston, MA Position Description: Staff Counsel will report to Executive Director. Initial responsibilities will include:
• Research of campaign finance laws and regulations at the federal, state and local levels.
• Developing and implementing legal and lobbying strategies to expand ActBlue’s ability to operate at the state level.
• Ensuring compliance with all applicable campaign finance and privacy laws.
• Cultivating relationships with election offices and local campaign finance attorneys across the country.
• Responding to legal inquiries and complaints.
Additional information, after the jump.
We have confirmed the rumor that has surfaced here and there in the comments: Wachtell, Lipton, Rosen & Katz once again paid year-end bonuses to its associates that were 100 percent of their base salaries (which are already above-market; starting salary at WLRK is $165,000). This is consistent with past practice; Wachtell has paid 100 percent bonuses for several years running now.
Due to the new “special bonus,” the gap between Wachtell associates and their counterparts at other top shops, while still large, isn’t as enormous as it has been in the past. But when you’re a senior associate taking home roughly $600,000, it’s not very gracious to complain.
P.S. Disclosure: We worked at Wachtell from 2000 – 2003. For our thoughts on that experience, click here. Earlier: Associate Bonus Watch: Wachtell Lipton Windfalls
* So, it’s gonna be illegal now, which means the CIA can’t do it, right? [Washington Post via How Appealing]
* New Jersey gets rid of the death penalty; now if they could just tackle that disgusting odor. [BBC]
* Prosecutors go 0-1-6 in Sears Tower trial. [CNN]
* Hey, look everybody! International law! They’ve got a court with judges and lawyers and stuff, and they even issue rulings! Just like it’s real! That’s cute. ICJ upholds treaty giving islands to Colombia. [Jurist]
* Hollywood writers take this strike thing up a notch. [AP via Reno Gazette-Journal]
So yes, it’s true. The rumor that Boies, Schiller & Flexner has raised starting salaries to $168,000, which has surfaced here and there in the comments, has been confirmed for us by a knowledgeable source. The news was announced last weekend at the firm meeting in Jamaica.
As for the rest of the scale, second-years make $180,000, and then there are $21,000 jumps each year thereafter (i.e., $201,000, $222,000, etc.). Additional changes to the old Boies compensation system — primarily relating to contigency cases, which the firm does a fair amount of (and earns major moolah from) — are being considered, but have not yet been finalized.
Now, as you may recall from this earlier post, BSF is perhaps sui generis when it comes to associate compensation matters. Associate compensation is actually directly tied to the revenue that each associate generates for the firm. So their move to $168K is not as exciting as if, say, a firm with a more traditional compensation structure — a Cravath or Sullivan or Simpson — made such a move.
But hey, it’s still good news; the new base rates are indeed a raise over what Boies associates previously earned. But recall that, at least in the major (New York / Westchester / D.C.) offices, base salary is just an advance on total compensation, and bonus is the difference. And in the major offices, it’s really all about the bonus.
Anyway, stay tuned. If you’re at Boies and can provide us with more detail, please feel free to email us. Thanks.
P.S. Sorry for the radio silence. The new servers that we’re expecting in 2008 are needed now (as we’ve repeatedly told our bosses). Earlier: Associate Bonus Watch: Associate Compensation Overhaul at Boies Schiller?
A major legal story that’s related to sports? Oh noes! We are completely ignorant.
But we’ve collected some links about former Senator George Mitchell’s report on steroid use in major legal baseball. Feel free to discuss in the comments.
P.S. Would any of you be interested in writing a column for ATL on sports and the law? If so, please email us (subject line: “Sports Column”), and tell us a bit about yourself, your vision for such a column, possible topics, etc.
In 2008, we’re going to be making some changes to ATL — e.g., a site redesign, new servers, etc. — and bringing aboard some outside columnists is part of that plan. So feel free to send column ideas our way.
Thanks, bro. (Talking like a jock — it’s really not that hard.) Steroid Report Implicates Top Players [New York Times] Clemens, Tejada named in Report [Sports Illustrated / SI.com] Law Blog Lawyer Of the Day: DLA’s George Mitchell [WSJ Law Blog]
Part of a blogger’s job description is to shamelessly rip off stuff from the mainstream media. So we’re going to follow in the footsteps of the ABA Journal and the WSJ Law Blog, and name ATL’s first annual Lawyer of the Year. (Of course, it’s not that original an idea to begin with, insofar as it’s inspired by Time magazine’s Person of the Year.)
The WSJ crew is still accepting nominations, so we don’t know the identity of their pick. But the ABA Journal’s honoree for 2007, Alberto Gonzales, has generatedsomecontroversy. The Journal’s editor and publisher, Edward A. Adams, explained the pick to the Washington Post: “It’s about who has had the most effect in the world of lawyers this year. We’re not saying Gonzales is good or bad. We’re just saying this is the leading newsmaker in our part of the world.”
Additional discussion, plus how to submit your nomination for ATL’s Lawyer of the Year, after the jump.
Attorney billing rates continued to rise in 2007, as justreported by the National Law Journal, based on its annual survey. With this news hook, we bring you the latest ATL / Lateral Link Featured Job Survey, which inquires into billing rates.
If you’re interested, check out and respond to the survey, which appears after the jump. Thanks!
We previously opined that it would be tough to top last year’s holiday party at Cadwalader, Wickersham & Taft. The Carnivale-themed festivities featured drag queens, dancers covered in silver make-up, and albino boa onstrictors.
But if the firm fails to equal that extravaganza, it won’t be for lack of trying. Check out the “Schedule of Events” — how lawyerly to have festivities on a schedule — for this year’s CWT holiday party, taking place tonight at the firm’s offices in lower Manhattan. Be in the Empire Room by 7:45 PM sharp, or you’ll miss the “Holiday Greeting by Bob Link”! See also quesadillas. Mmmm, quesadillas…
Yesterday at around 5:30 p.m., just as the New York office was getting ready to head off to the firm holiday party, Chadbourne & Parke issued its bonus memorandum. The upshot is that Chadbourne is paying year-end and special bonuses to “eligible” associates in New York, Los Angeles, Washington, and Houston (yes, Houston — wow).
The bonus table is your standard table, with the most senior associates getting $115,000 in bonuses ($65,000 year-end and $50,000 special). But it’s not a lockstep match due to the “eligibility” requirement. It’s not clear what the eligibility criteria are, but here’s the relevant language from the memo:
As in the past, eligibility to receive a full or partial year-end bonus will be performance based, with the quality of performance as well as billable or quality non-billable hours expectations each taken into account. Eligibility for a partial or full special bonus will be based on meeting or exceeding all of the Firm’s expectations.
It seems that Chadbourne is going with the Fried Frank model. Some people will get full special bonuses, some will get partial special bonuses, and some might get no special bonus at all. In addition, it appears that some CP associates might not even get a full year-end bonus, based on the memo raising the possibility of getting a “partial year-end bonus.”
In sum, it pays to be an eligible young associate.
Today’s Morning Docket links to this fascinating article by one of our favorite Supreme Court correspondents, Tony Mauro. Mauro writes:
Among prominent federal appeals court judges in the 1990s, Barack Obama was known as “the one who got away.”
In 1990, Obama had been elected the first African-American president of Harvard Law Review, which made him a blazingly hot prospect as a law clerk for one of the top federal appeals judges, who in turn would almost certainly send him on to the Supreme Court as a clerk.
But with a remarkable certitude that still amazes his friends and elders, Obama said no to all that…
But the three individuals listed below didn’t “get away”; they have not escaped the justices’ clutches. They’ve all been hired to clerk for Chief Justice John G. Roberts in October Term 2008 (who is, by the way, now done hiring for next Term — sorry, aspiring JGR clerks):
Will Baude (pictured) is a fellow blogger, founder of Crescat Sententia (where he once interviewedus). Jeff Harris is currently finishing up the second of two D.C. Circuit clerkships (because, you know, doing just one wasn’t prestigious enough). Erin Murphy is currently a Bristow Fellow. She was, incidentally, hired by then-Judge Samuel Alito to clerk for him on the Third Circuit — so she has actually been hired by two justices (even though she never clerked for SAA due to his intervening elevation).
Also, note the feeding by Judges Michael McConnell (10th Cir.) and superhottie Diane Sykes (7th Cir.). They’re both highly-regarded judges who are reputed to be great to work for. Expect to see them feed more in the future (especially Judge McConnell, a former SCOTUS clerk himself — having once been a SCOTUS clerk is highly correlated with feeding your own clerks).
The current tally of OT 2008 SCOTUS clerks, with the three new Roberts clerks added, appears after the jump. The Man That Got Away [Legal Times]
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.