The New York Observer has their annual summer associate article out today. Aquagirl is heavily discussed, including a shoutout to ATL for coining the nickname. Also referenced, of course, is the $3,000 Skadden summers’ after-party. But then they had to go and get all touchy-feely with the bit about charity and how “chic” being green is. Yuck.
But my favorite is the last paragraph about the meat market that is the associate-summer associate dating game. I love this line:
“[A]ssociates don’t get out of the office much, so when the new summers arrive, it’s like the buffet at Denny’s.
Jenner has gone to $160,000 for first years in its Chicago, DC, and Dallas offices. The NY office will remain at $160,000. More senior classes will be determined and communicated individually. The raise was communicated this morning by individual memoranda and is effective August 1, 2007.
Just because Lat isn’t here doesn’t mean we can’t continue talking about salaries. Today the Nationwide Pay Raise Watch goes to Sin City. The transformation of the Strip continues unabated, most notably with the Aladdin becoming Planet Hollywood and the demolition of Stardust in favor of Echelon. So how much of the house’s take is making it into the pockets of Vegas associates?
Our initial research puts Vegas in the $110,000 range. Is this accurate, and is it going up anytime soon? Let us know in the comments.
Hi, Billy Merck here once again, hosting through the end of the week so that Lat can take another brief vacation. No intro post this time; check here or here if you don’t know who we are. But enough of that, let’s get right to it.
The Wall Street Journal has this article about the extremely high demand from employees for and the equally strong reticence on the part of businesses, including of course large law firms, to give access to corporate email services on the soon to be released Apple iPhone. From the article:
While millions of consumers are eagerly anticipating Apple Inc.’s launch of its iPhone next week, Bill Caraher is bracing for the worst.
Mr. Caraher, technology director of von Briesen & Roper, a Milwaukee law firm, says he is being besieged by inquiries from employees wondering whether the office’s email system can be used with the device.
His answer, at least initially, has been no. The main problem is that the iPhone can’t send and receive email through the company’s corporate BlackBerry email servers. He says he is unwilling to look into workarounds, because they might compromise the company’s security. “It’s another hole in the system people can exploit,” he says.
Despite concerns about opening up email systems, Apple is apparently pushing to grab some crackberry market share:
All this may change later this month when Apple plans to unveil the iPhone. According to a person close to Apple, the company is expected to fight for this market, currently dominated by players like BlackBerry’s RIM, Palm Inc. and, increasingly, Nokia Corp. and Motorola. If Apple comes up with an acceptable strategy for integrating with business software systems, many companies might change their tunes.
At least one law firm is open to the idea:
Other businesses are taking a wait-and-see approach. Cadwalader, Wickersham & Taft LLP of New York has been getting hit with a range of iPhone inquiries, according to spokeswoman Claudia Freeman. The law firm may try to support the device once it is launched, she says.
So we have three questions we’d like to throw out there to open up discussion:
1) Will law firms open up their email systems to the iPhone?
2) If they do, will the iPhone grab a substantial chunk of the crackberry market?
3) Will whether a firm integrates the iPhone into email services become a factor in the compensation wars?
* “Crackberry” is used in the context of this post to refer to any device similar in function to a Blackberry, and is not limited to the Blackberry.
* DOD releases six Gitmo detainees. [Washington Post]
* Law Profs for Libby. [Slate]
* South Carolina treasurer and Giuliani campaigner indicted on drug charges. [CNN]
* Slate column on the rare disbarment of a prosecutor. [Slate]
* NFL implements whistle-blower rules for concussions. [MSNBC]
Stella Q is on hiatus from Non-Sequiturs. So we’re going to be doing our own end-of-day linkwraps for the time being, unless one of you would like to help us out (in which case, please email us).
Also, we’re in the process of cleaning out our email inbox. Some of these links are old — things that we meant to write about ages ago, but never got around to. We’re sorry that if upsets some of you, but just deal.
* “A One L for the next generation,” per Jeremy Blachman. [Martha Kimes]
* As if guys wearing bluetooths were not annoying enough on their own. [Newsday]
* Well at least he’s not as bad as this guy. [New Orleans Times-Picayune]
* Which would you rather be: President of the United States, or a Biglaw partner? [Daily Business Review]
* More details about that recent benchslap of Wiley Rein. [The BLT]
* More headaches for that tricky Dickie Scruggs. [Mississippi Sun-Herald]
* More musical chairs within legal academia. [National Law Journal (subscription)]
* More about L’Affaire AutoAdmit. [NPR]
* Speaking of Yale Law School, this is not YLS’s finest hour. [New York Times; Hartford Courant]
* White men can’t jump. But they can get favorable treatment in tax evasion cases, if you believe Wesley Snipes. [TaxProf Blog]
Remember those Bingham McCutchen associates who took buyouts and left the firm? They’re royally p.o.’ed about this article, and they want to set The Record[er] straight about the circumstances surrounding their departures.
Check out their angry letter to The Recorder, plus additional information from an ATL tipster concerning how these buyouts were mishandled, after the jump.
Yesterday we declared ourselves “all Jenner-ed out.” But based on the comments and emails we’ve received, it seems people are still interested in hearing about Jenner & Block.
We have a little more to offer you. A second source confirms what we previously reported:
Your post about yesterday’s meeting was accurate. [Managing partner Gregory Gallopoulos] went through 3 areas: (1) associate compensation (expect a raise announcement later this week), (2) financial health of the firm (doing great, regardless of the temporary slowdown in litigation), and (3) the partner de-equitizations (no further waves of de-equitizations are expected).
And we’re pleased to report that rumors of an Above the Law shout-out are apparently true:
Greg mentioned that since so many people have sent him links to ATL, he’s become somewhat of an ATL aficionado.
For those of you who are still interested — maybe there are a handful of you — there’s a little more after the jump.
Yesterday we passed along the rumor that Joseph Russoniello, of Cooley Godward Kronish in San Francisco, would be returning to a post he held years ago: U.S. Attorney for the Northern District of California.
We remain fairly confident in this tip. But for the record, there is nothing official to report just yet. Mr. Russoniello kindly got back to us, but only to advise that he has no comment at this time and can neither confirm nor deny that he has been offered the U.S. Attorney position.
Meanwhile, our friends over at Legal Pad picked up on our post. Check out their analysis, in which they refer to Russoniello as “the frontrunner” per “conventional wisdom,” by clicking here. Russoniello Takes the U.S. Attorney Gig? [Legal Pad / Cal Law] Earlier: Musical Chairs: A New U.S. Attorney for San Francisco?
In our recent New York Times op-ed piece on Supreme Court clerkship bonuses, we argued that “[f]rom a narrowly economic point of view — focusing on the actual work the clerks will perform, and setting aside the law firms’ quest for prestige and bragging rights — it is difficult to understand why firms fight for the right to shower 26-year-olds with cash.”
One of the contentions we thought about offering in support of this claim was that Supreme Court clerks don’t stick around their law firms for very long after getting their huge bonuses. This was our sense of things, based admittedly on “anec-data.” It seemed to us that SCOTUS clerks go to law firms, stay for maybe two years, and then leave to become law professors, or government or public interest lawyers.
But then we decided to go back and look at the data. We thought it would be interesting to see how many Supreme Court clerks from October Term 2002 and October Term 2003 are still in private practice. The OT 2002 and OT 2003 clerk classes were ideal for the purpose of assessing the effect of bonuses because (1) law firms were offering gargantuan bonuses by this point in time, and (2) enough years have passed to allow for meaningful assessment of the clerks’ career paths.
We undertook this research, and it ended up showing that a reasonably high percentage of clerks — about 50 percent — are in private practice, a few years down the road. It’s not an overwhelmingly high percentage (in which case our argument that the firms effectively subsidize other quarters of the profession would be undermined). But it’s also not as low as we expected. We revised our argument accordingly, omitting any suggestion that a majority of clerks “take the money and run.”
Anyway, having done all this research, we felt like we should put it to some use (since it ended up not being reflected in the final version of the op-ed piece). Posting it on ATL seemed worthwhile enough.
Are you curious about what Supreme Court clerks from a few years ago are up to nowadays? Check out the lists, after the jump. The Supreme Court’s Bonus Babies [New York Times]
Now some of you might be saying, “Delaware — WTF???” But if that’s your reaction, you don’t know very much about corporate law.
Delaware is, after all, our nation’s capital of corporate law. Numerous top corporations are chartered in Delaware, and the state’s Chancery Court hears some of the biggest-ticket corporate cases around.
So what do law firm associates in Delaware earn these days? We received some helpful information from a tipster:
“Skadden and Fish & Richardson pay NYC market. At Skadden, at least, that includes an NYC market bonus.”
That’s just the tip of the iceberg. Detailed salary charts for local firms, plus your comments, appear after the jump.
Hey, guess what? Today is our birthday!
What’s that you say? You want to get us a gift? Oh really, that’s not necessary!
But if you’d like to do something nice for us, here’s one suggestion. Head over to Niki Black’s Legal Antics blog, and vote for Above the Law as “funniest law blog.”
(Another nice thing you can do: support us in this year’s New York Marathon. It’s for a good cause — cancer research. And it’s tax-deductible.)
P.S. Are we shameless and self-promoting? Sure. But that’s part of our job description, y’know….
P.P.S. We’re going to offline for a little while — taking a long lunch. If anything major happens while we’re gone, please email us, or note it in the comments. Thanks. Vote for the funniest law blog…..now. [Legal Antics] Earliest: Something You Can Do For ATL
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: