Maybe you’re tired of reading about NPR’s Nina Totenberg and the tempest in a teapot over seating in the Supreme Court press gallery.
But we’re not. So we’ll continue to write about it, since ATL is our party, and we’ll cry if we want to.
We have two new messages to pass along today. One is from a current member of the SCOTUS press, and the second is from a former member of that group.
If you’re interested in this story, you can read the messages, after the jump.
No, not the Sullivan & Cromwell headquarters at 125 Broad Street. That happened months ago, not long after the young corporate lawyer sued his uber-prestigious employer, claiming anti-gay discrimination and retaliation by S&C.
We’re referring instead to Aaron Charney’s former home, a luxury apartment on the 53rd floor of the Orion — a new, high-rise condominium on the West Side of Manhattan. We previously profiled Aaron Charney’s apartment (above right) back in this post, wherein we wrote:
City records show that in late November, Charney closed on an $820,000 condominium in the fancy new Orion building, on the west side of Manhattan….
Charney financed this purchase with a $656,000 mortgage — 80 percent financing. Perfectly respectable; not overly leveraged. This means he put down about $164,000 for the purchase.
(Food for thought: Did S&C help him out with his down payment?)
Well, now Aaron Charney has gotten back all that money — and then some. NYC records disclose that he sold his apartment last month for $972,500 (and paid off his mortgage).
So Charney flipped a property he owned briefly, just over six months, for $152,500 more than he paid for it. If you’ve been wondering how Aaron Charney is supporting himself these days, there’s your answer (or at least part of it).
Nice work, Aaron! Even after closing costs — we doubt he paid the full 6 percent commission (who does thesedays) — he probably made a tidy profit. If Aaron Charney decides not to return to law, maybe he has a promising career in real estate. Update / Correction: As discussed in the comments, “[h]e’ll have to pay both the NY ‘flip tax’ and federal capital gains tax because he held it for such a short period.” So maybe he’s not making as much of a killing as we originally thought. Further Update: Detailed tax analysis here.
More details about Aaron’s pad, including text and images from the real estate listing, after the jump.
Although located uncomfortably close to the site of yesterday’s steam pipe explosion, Davis Polk & Wardwell has some of the nicest offices around. When we were in law school, Davis was known as “Land of the Beautiful People.” They had the most gorgeous offices, and the best-looking associates (and summer associates).
DPW also seems to have great — or at least distinctive and unique — perks. First we heard about their marriage bonus. And now, in the wake of yesterday’s calamity, we get this news:
I am an associate at Davis Polk, a few blocks from the explosion in midtown [yesterday] afternoon. We were evacuated and I took the firm-provided emergency kit as I left. No real news from the evacuation but here is something that came up as I was walking home.
A friend from White and Case was having a drink at a nearby bar and I stopped on my way home. She saw my emergency kit and asked what it was. I said “you know the emergency kit that all the firms give you on your first day.” Well, needless to say she was pissed that White and Case has no such kit!
I think this would be another fun “perks” thread. So kicking it off, the Davis Polk kit has a flashlight, glow stick, emergency blanket, battery powered radio. But the real kicker is that we have this hood that you can wear in a smoke-filled room and still breathe for about a half hour.
So if a “dirty bomb” goes off in New York City someday (God forbid), bet on the Davis Polksters to emerge alive. Along with a few Milberg Weiss partners cockroaches. Update: From our original DPW source:
“By the way, forgot to mention that besides the f’ing awesome smoke hood, the safety kit also has potassium iodide tablets to prevent radiation poisoning.”
Can we get confirmation…just heard from my wife’s friend at S&C (through my wife) but I don’t know her well enough to ask for the memo….thank you God.
We have emails and calls in to the firm. If you’re at S&C and can confirm, please email us. Thanks. Update (12:42 PM): No official word back from the firm yet. But we just got off the phone with one associate there, who told us that he hadn’t heard any such thing. Update (2:43 PM): The S&C spokesperson hasn’t called us back, maybe because she doesn’t want to dignify such silliness with a response. But a current summer associate at the firm tells us: “I’m a summer associate and I haven’t heard any such thing. I think that if they were going to go to that level, they’d tell summers for recruiting purposes, right?” Right. Update (4:27 PM): The S&C spokesperson acknowledged receipt of our inquiry, which she passed along to the appropriate partners. She said that if they would like to comment (they might not), they will contact us. Conclusion: The rumor is false. But hey, at least the S&C partners know that raises are eagerly anticipated — and expected any day now! S&C to 190k! Let the games begin… [Infirmation / Greedy NY]
Hey kids, guess what? It IS possible to get fired from your cushy summer associate gig!
You need to try hard — really hard. It’s even harder than passing the bar exam.
But it’s not impossible. This summer has already claimed at least one victim. Multiple sources advise that a summer associate in the Chicago office of Katten Muchin Rosenman was recently canned.
Read the dirty details, after the jump.
Studying frantically for the bar exam next week? Don’t have enough to worry about already?
We’re here to help. From Eric Turkewitz, over at the New York Personal Injury Law Blog:
My bar exam [responses] were lost. Not all of them, mind you, just the 200 multi-state multiple choices answers I scored on that computer sheet with a pencil….
I was one of 500+ people who got the bad news a few weeks afterward. The answer sheets just disappeared. As in gone. Vanished. The crime (or act of negligence) was never solved. The answer sheets [were] never recovered from the Hudson River or local garbage dump, wherever it is they went.
WOW. Imagine if that happened to you, after all those weeks of studying…
I was given four choices:
1. Take the whole exam again in February 1986; 2. Take just the multi-state again in February 1986; 3. Take a special make-up exam in September 1985; or 4. Cancel the whole thing.
But don’t take an anxiety-induced crapinyourpants — at least not yet. Wait until day 2 of the bar exam.
As it turns out, Eric Turkewitz’s story has a quasi-happy ending. Read the rest, over here. Your Bar Exam Answer Sheet Is Gone — Now What? [New York Personal Injury Law Blog]
Following closely on news of the Vinson & Elkins raise, Andrews Kurth has also raised salaries for first- and second-year associates, to $160,000 and $170,000, respectively. As explained in the memo, the firm is “still working on the details of the compensation structure for other associate classes.” Here’s an article from the Texas Lawyer.
What about other Texas firms? Here’s what we’ve been hearing:
Baker Botts: They should raise later this week or early next week. Prior to the V&E announcement, a Baker source speculated: “[T]hey seem to be waiting on V and E. I think they might be trying to leapfrog them, hoping V and E lowballs.”
Akin Gump: “They had an associates’ committee meeting [yesterday] and said there were working out a few details, but they would be raising in their Texas offices sooner rather than later. Who knows what any of that means.”
The Andrews Kurth memo, in the form of an email from managing partner Robert Jewell, appears after the jump.
* When the music stopped, Craig Morford, interim U.S. attorney in Nashville, was left standing. So now Morford must fill Paul McNulty’s uncomfortable shoes as Deputy Attorney General — after several others apparently passed on the job. [Washington Post; New York Times]
* New Jersey lawyer Shalom Stone may need to be as charming as Shalom Harlow to win confirmation to the Third Circuit. [The Hill (ATL shout-out!) via How Appealing]
* Dow Jones director David Li could be in trouble with the SEC. Oh Wells. [DealBreaker]
* Go shorty. [MSNBC]
A steam pipe exploded on Manhattan’s East Side, right in the middle of evening rush hour. One person is dead and more than twenty are injured. Eyewitnesses describe it as “the scariest thing I’ve seen since 9/11″ — a scene of mass hysteria, with “thousands running fearfully” through city streets.
Mayor Michael Bloomberg is giving a briefing right now. In the real-time coverage of these events on the New York Times’s excellent City Room blog, there’s a shout-out to one of your favorite law firms:
6:55 p.m. | Simpson Thacher & Bartlett, a large law firm with offices at 425 Lexington Avenue, at East 43rd Street, was one of many companies to evacuate their workers.
“It sounded at first like thunder, but it just didn’t end. It was a really loud, deep, sustained explosion,” said Andrew T. Frankel, a partner at the firm, who works on the 23rd floor. “We all looked out the window and saw black smoke just billowing up 43rd Street. It was pretty frightening, more for the unknown than anything. Nobody waited for the evacuation warning. Everybody headed for the stairwell and headed out of the building. People were tense, but calm.”
“We did floor sweeps and there’s nobody left in the building except the emergency response team in the lobby,” said an operator who answered calls to employees at the firm.
* Patent litigation: Ka-ching! But it’s tricky; proceed with caution. [Eric Goldman]
* More thoughts on Urinalgate. [Nasty, Brutish & Short]
* Rudy Giuliani on judicial appointments — featuring a shout out to Judge Roy Pearson, of $54 million pants infamy. [Pajamas Media; Instapundit]
* To Sue a Network. [1010wins.com]
* The scary thing about D.C. is the crime. [Washington Post]
* Help a brother out. Vote for Christopher Murphy, a lawyer in Washington, DC, in the Microsoft Home Office Makeover Contest! [Microsoft]
We’re late to the party on this one. Many of you have already emailed us this Slate piece, in which Daniel Gross goes to town on Simpson Thacher’s “Chow for Charity” program. Article title: “Fifteen Dollars Worth of Smug.”
We first read about Simpson’s program in this great New York Observer article:
[A]t Simpson Thacher & Bartlett, there’s a program called Chow for Charity: If summers and associates go out for a lunch that costs $15 or less per head, the firm donates the other $45 of each person’s lunch allowance to charities including Legal Aid, inMotion and Human Rights First.
For some, this is an appealing option: “It’s great for [the firms] to be able to say, ‘We realize these $60 meals are sort of stupid, so we give money to something good and everyone is happier,’” says an associate. Noblesse oblige never tasted so much like falafel!
The program is also discussed in the New York Times (fourth item) and the WSJ Law Blog.
What do you think of “Chow for Charity”? Take our poll, and opine in the comments, 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 six years. You can reach them by email: email@example.com.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
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