Here’s some very belated bonus news. Earlier this month, the New York office of Linklaters announced bonuses that matched the Cravath scale.
As usual at Linklaters, there was no hours requirement. The news was communicated via individual memo.
A Cravath match, especially in a bonus season when some firms are paying significantly more, kinda sucks isn’t that exciting. A Cravath bonus won’t get a Linklaters associate a pad as palatial as that of Linklaters partner Michael Bassett. Heck, $35K — the top of the Cravath scale — probably won’t even cover the cost of Bassett’s wallpaper.
But we’ll point out two nice things about Linklaters, both relating to tax issues….
“Essentially,” because there are a few interesting caveats: people in the class of 2003 will get $37,500 — i.e., $2,500 more than the Cravath class of 2003 — and our tipsters say there is language in the memo suggesting that S&C might pay a spring bonus next year. (You’ll remember that S&C did not pay out spring bonuses this year.)
UPDATE (1:07 PM): In addition, people in the class of 2002 will get $42,500. The spring bonuses will depend on the firm’s performance.
UPDATE (1/21/11): Read about the S&C spring 2011 bonuses over here.
If you have more information (or the memo), please send us an email at firstname.lastname@example.org, or a text message at 646-820-TIPS.
Wasn’t this the plot to the generally unwatchable Hancock? Doesn’t Will Smith goes into an alcoholic funk after he gets sued?
Wasn’t this also the set up of The Incredibles? They outlaw superheroes because of all the property damage they’re causing?
How long before the History Channel turns this blog into a television series? I say it’s out no later than the release date of the next Spiderman movie.
Speaking of Spiderman, did you hear that one of the actors in the Spiderman musical on Broadway fell out of the sky last night? It’s kind of horrifying, but you know: tonight thank God it’s them, instead of you.
Anyway, let’s take a look at these law dorks who have given up trying to ever impress a woman…
Here is one source’s concise communication: “Simpson Thacher bonus memo just released — matching Cravath. A**holes.” Says a second: “I feel like I got punched in the gut.” From a third: “People here are livid. Can’t believe they announced a month later than normal and matched. What BS.”
Another top firm matching Cravath? Honestly, it doesn’t sound shocking.
But the Simpson match might be slightly more newsworthy than the recent Cravath matches by Davis Polk, Cleary, and Debevoise. Here’s why….
It’s the most wonderful time of the year… for a legal secretary / administrative assistant. Law firm partners are getting their end-of-year distributions, associates are getting their bonuses, and some of this bounty will be shared with their secretaries, in the form of Christmas — er, holiday — gifts.
What should you get your secretary as a holiday present? It’s a familiar question that comes up every year. Here’s an open thread where you can discuss and compare notes with your peers. We’ve also included a reader poll at the end of the post.
Let’s start the conversation with some preliminary observations….
Left to right: Breaking Media CEO John Lerner and ATL editors Elie Mystal and David Lat.
The Above the Law holiday party last Wednesday was a huge success. So I’ve been told. Apparently, my night ended at some diner on the LES with Marin telling the waitress I needed an IV of fluids. Or something like that. Also, if you have my cell phone, hat, left shoe, or Livescribe Echo Smartpen, please send it back.
The event was hosted by our friends at Practical Law Company and ELR Search. They were great partners to have for an event like this. There were many readers who came to the event, and once they found out that I was actually not that entertaining (and kind of a bastard) in person, PLC and ELR representatives were there to give our readers some information between their drinks. It was a win-win. Readers got value and free drinks from our partners, and — emboldened by libations — they got to give me a piece of their mind. Apparently I really piss a lot of you off; who knew?
Lat was there too, of course. But people are nice to him and he didn’t get hammered, so his memories are pleasant. But who wants to read about other people’s happiness? Let me tell you how things went down from my point of view….
Are we really going to live in a world where the firms that consistently rank highest on the Vault surveys are paying a smaller bonus than the firms just one tier down? Are we really going to live in a world where partnerships at Cravath, Skadden, and Davis Polk are paying smaller bonuses to many of their people than Kirkland, Sidley, and Cahill?
Perhaps so. Cleary Gottlieb just announced its bonus scale, and the firm is doing its part to keep the associate bonus market as low as possible. It’s a straight match of Cravath….
The folks who sell blogging platforms to lawyers say that blogging is the route to riches. But bloggers themselves are far less certain whether blogging actually generates business. What’s the truth?
Let me start with my personal experience; I’ll conclude with a thesis. The personal experience is just the facts — what I did as a blogger, how successful the blog was, and how, if at all, I profited from the experience. (I’ve previously recited parts of this story in both the print media and elsewhere. I’ll try to add a few new thoughts here.)
What did I do as a blogger? For three years — from October 2006 through December 2009 — while I was a partner at Jones Day, I co-hosted the Drug and Device Law Blog with Jim Beck, of Dechert. We wrote almost exclusively about the defense of pharmaceutical and medical device product liability cases. We affirmatively chose to have the blog co-hosted by partners at two different firms, for two reasons….
Partners are calling Kirkland & Ellis associates right now and letting them know about their 2010 bonuses. The early reports we are getting are positive — very positive. Thus far, the people we’ve heard from are getting more, often substantially more, than their class-year counterparts at Cravath.
Exactly how much more? That really depends. Kirkland has an individualized bonus structure that takes into account an associate’s seniority, hours worked, and performance rating (e.g., “with class,” “above class,” etc.). The folks we’ve heard from so far have been quite happy (although we’re guessing bonus laggards at K&E will be less quick to come forward).
While Kirkland can try to hide its generosity from public scrutiny, this is why God invented crowdsourcing. Please share your bonus numbers (or approximations thereof) over email or in the comments. We’re especially interested in hearing from people who have knowledge of the bigger picture (i.e., not just knowledge of their own individual bonuses, but the K&E bonus distribution more generally).
UPDATE: After the jump, we’ve added SEVERAL UPDATES about the overall distribution of Kirkland bonuses.
We’ll get you started with news from our tipsters…
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
Connecticut plaintiffs-side boutique litigation firm (12 lawyers) seeks full-time associate with 2-4 years litigation experience, top tier undergraduate and law school education. Journal or clerkship experience a plus; highest ethical standards and strong work ethic required. Familiarity with Connecticut state court legal practice is preferred, but not required.
The firm handles sophisticated, high-end cases for plaintiffs, including individuals and businesses with significant claims in a wide array of matters. Our cases often have important public policy implications, and are litigated in state and federal courts throughout Connecticut. Representative areas of practice include medical malpractice, catastrophic personal injury, business torts, deceptive trade practices and other complex commercial litigation, and products liability.
Additional information can be located on our website, at www.sgtlaw.com.