The median salary spread for a 1st year associate at a 2 -25 lawyer firm versus a 500+ firm is $77,000. When the reference group is a 51-100 lawyer law firm versus 500+, the differential is still a substantial $55,000 per year. Cumulatively, for all eight years of the associate track, the spread amounts to $631,000 for 2-25 vs. 500+ lawyer firms and $524,000 for 51-100 vs. 500+.
In other words, the bimodal distribution discussed in an earlier post appears to hold fairly steady during the first several years of a young associate’s career. In fact, most 8th year associates at firms smaller than 250 lawyers are making less than a 1st year associate at a 500+ lawyer firm.
This is just the start of a much more detailed post, in which Professor Henderson compares working hours and quality of life at big firms versus small firms. Check out the whole thing over here. Pay and Workweek Differentials by Law Firm Size [Empirical Legal Studies]
In case you’re not familiar with the show, here’s a synopsis:
“Tiffany “New York” Pollard is jumping back into the dating pool to find the man of her dreams. A fresh crop of twenty men are brought together to compete for her heart and this time the selection process has a twist….some of the chosen contestants vying for New York’s heart have been hand-picked by online users and some have been chosen by Tiffany’s outspoken mother, Sister Patterson.”
Back to our tipster:
[Otunga] was brought in as one of three or four “Mama’s Boys” (potential suitors selected by New York’s mother) and nicknamed “Punk.” He told New York that he was perfect for her, since he was an HLS grad and a lawyer at “one of the top law firms in the world.”
Unfortunately, that law firm — Sidley Austin — didn’t appreciate his appearance on the show, and the firm recently “suggested” to him that it may be in his best interest to pursue his “acting career” instead of his legal career. He’s no longer on the firm’s webpage.
Think of law firm recruiting as a war. America’s top law firms are engaged in a battle to the death, vying for the best young legal minds in the country. And in this war, Sullivan & Cromwell is bringing out the heavy artillery.
Sources report that S&C is sending its offerees… BONSAI TREES!!!
We asked one bonsai tree recipient to speculate on what S&C is trying to say with these gifts:
There’s no message with them (other than a “Compliments of Sullivan & Cromwell” card). Bonsai trees live a long time. Perhaps they want us to grow old with the firm?
Or maybe to “bend over” like a bonsai?
Another theory: “[M]aybe it is a test to see if we can keep them alive by the time the summer rolls around.”
Interesting. Perhaps the firm can give a special prize to the S&C summer associate with the best bonsai tree at the start of the program?
More about S&C’s odd horticultural booty, after the jump.
* Oregon teacher sues for right to bring gun to school. [MSNBC]
* Banks scarier than criminals? [Red Tape Chronicles]
* Marion Jones returns gold medals. [ESPN]
* Hillary spars with questioner over interpretation of Senate’s Iran resolution language. [CNN PoliTic]
In case you haven’t noticed, we aren’t publishing today (even though many of you, except for the government workers among you, are probably at work). For more explanation, see this post, over at our big sibling site.
Happy Columbus Day! We’ll see you tomorrow. Happy Columbus Day! [DealBreaker]
* Where’s tort reform when you need it? [KMBC-TV]
* Duke players sue. [New York Times]
* Record companies 1, Illegal downloaders 0 (and by 1 we mean $220,000) [Jurist]
* Saudis embrace the idea of judicial activism the rule of law. [BBC]
* Hey PETA: Leave Michael Vick alone! [Atlanta Journal-Constitution]
* Prosecutors don’t take getting caught as a predator well; first there was the guy that Dateline made kill himself in Texas, and now this guy. [ClickOn Detroit]
Update: We posted Non-Sequiturs kinda early, and these links subsequently came to our attention:
* TexasBarTube. [Legal Blog Watch]
* They like us! They really like us! [Blawg Review]
Ok, we’re off to drink beer and watch baseball, which means we’re done for the weekend (thank God, right?). You guys get Lat back next week.
Warmest congratulations to our friends Junko Ozao and Jason Choy, whose lovely wedding was written up in this week’s Vows column. Jason is an associate at Kirkland & Ellis, but Junko is a normal person, and that shortcoming cost them a spot in this week’s Legal Eagle Wedding Watch. The news will likely ruin their three-week honeymoon, but such are the ruthless decisions our readers expect LEWW to make.
Here are the six finalists (all lawyers):
Ok, here’s the final non-top-tier law graduate of the day: Name: Leon Panetta Law School:Santa Clara University Current Position: Co-Director of The Leon & Sylvia Panetta Institute of Public Policy, and frequent talking head Why He’s Our Winner: Former Congressman and White House Chief of Staff to Bill Clinton
And this winner reminds us of an honorable mention, which follows the jump. Leon Panetta bio [Wikipedia] The Leon & Sylvia Panetta Institute for Public Policy
“Because Lateral Link does no cold-calling and is more efficient than traditional recruiting firms, successful candidates receive $10,000 upon placement.”
Company: Fortune 500 Tech Company Title: Corporate Counsel, Real Estate Location: Mountain View, CA Description: This Fortune 500 Tech Company is seeking a Corporate Counsel, Real Estate, to focus on transactions related to expanding or constructing data centers and other facilities. Specific responsibilities include the following: draft, review and negotiate PSA’s, easements and land-use rights; and review, modify and negotiate construction agreements.
The position requires 7-10 years of experience handling complex and strategic real estate transactions on a global basis, specifically with commercial leases, real-property acquisitions
and sales, and construction agreements.
To apply for this position, please visit laterallink.com.
A judge hearing a lawsuit brought by Snoop Dogg against his former record label said Thursday she didn’t realize it involved the famous rapper because court papers refer to him by his real name, Calvin Broadus.
But once she peeped out the manuscript, she saw that it was a must that Broadus drop some gangsta s**t.
Snoop has his mind on the $2 million he says his label Priority Records owes him under a 1998 agreement, and he has the $950,000 advance promised after recording “The Last Meal” on his mind. He also claims the label didn’t consult with him before releasing his greatest hits CD (cover pictured at right).
Now that she knows who Broadus is, Bendix finds the case “very interesting” (the ladies can’t resist Snoop). Judge to Snoop Dogg: Who Is Calvin Broadus? [CNN]
Ok, so strictly speaking it’s not a lawsuit. It’s an arbitration hearing before a special master pursuant to the NFL Collective Bargaining Agreement.
The Falcons are seeking to recoup $22 million already paid to Vick in signing bonuses. The Falcons claim that, since Vick knew at the time that he signed the contract and received the bonuses that he was running a dogfighting operation and should have known that that could cause him to not be able to play, he has forfeited the bonuses. The NFL Players Association says once bonuses are paid, there’s no forfeiture, period.
They seem to be almost right. Under the new CBA approved last year, forfeiture of signing bonuses are allowed for only one reason (quoted here from Section 9 (a) of Article XIV of the CBA):
Section 9. Limitations on Salary Forfeitures:
(a) No forfeitures of signing bonuses shall be permitted, except that players and Clubs may agree: (i)
to proportionate forfeitures of a signing bonus if a player voluntarily retires or willfully withholds his
services from one or more regular season games; and/or (ii) that if a player willfully takes action that has
the effect of substantially undermining his ability to fully participate and contribute in either preseason
training camp or the regular season (including by willfully withholding his services in either preseason
training camp or during the regular season or willfully missing one or more games), the player may forfeit
the greater of: (a) 25% of the prorated portion of his signing bonus for the applicable League Year for the
first time such conduct occurs after the beginning of training camp until the end of the season for his Club,
and the remaining 75% prorated portion of his signing bonus for the applicable year for the second time
such conduct occurs during that period that year; or (b) the proportionate amount of his signing bonus
allocation for each week missed (1/17th for each regular season week or game missed).
What do you sports lawyers out there think? Do Vick’s actions constitute willful action that “has the effect of substantially undermining his ability to fully participate and contribute in either preseason training camp or the regular season”? He willfully ran the dogfighting operation, and as a result he has been suspended. Seems to me that the Falcons have a pretty good case.
Special Master Stephen B. Burbank (definitely a top-tier guy; Harvard (twice) and current Penn Law faculty) heard the case yesterday. Stephen B. Burbank bio [Penn Law] NFL CBA [NFLPA] Falcons Seek $22M From Suspended Vick [KNBC]
You’ve been profiling a lot of these grads who go into Mega-Corporate Law- how about something different, like, say Government Service?
Great idea! We even like your two candidates, so we’re going to give the award to one of them right now, and then there will be a co-winner this afternoon.
This morning’s winner: Name:Frances Fragos Townsend Law School:University of San Diego Current Position: Assistant to the President for Homeland Security and Counterterrorism Why She’s Our Winner: Moving from a Tier 2 up through the prosecutorial ranks to become Bush’s Homeland Security advisor. Plus, look at that face! Frances Fragos Townsend bio [The White House]
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.