Billable-hour requirements are generally like the price of gas: they just keep going up. A law professor might compare it to a one-way ratchet. As law firms try to increase their profitability — by doing more work with less manpower, thanks to recessionary layoffs that haven’t been completely reversed — they ask more and more of their lawyers. Right?
Well, not necessarily. One Biglaw firm recently lowered its hours requirement — and instituted some other perks worth noting.
The real estate isn’t bad either. Many Biglaw partners own million-dollar homes, which we lovingly cover in Lawyerly Lairs. And law firm offices are paragons of elegance and comfort — which they ought to be, considering how much time the partners spend in them. (In New York, I’m particularly fond of Proskauer’s premises and Davis Polk’s digs.)
Partners with sufficient seniority enjoy coveted corner offices. Right?
Not necessarily. That brings us to our latest Biglaw blind item….
It’s been a while since we did a perk watch that didn’t involve things getting better for gays and lesbians. Ever since the recession, Biglaw has acted like having a job also counts as a fringe benefit.
But benefits haven’t been frozen in time since 2007. We have extensively reported on the “gay gross up” (or “tax equalization for same-sex health benefits”) trend. But there have been some interesting health benefit trends happening at law firms beyond extending basic fairness to same-sex couples.
Adam Okun has done a round-up of Biglaw perks on the blog Frenkely Speaking. It’s not going to come as a galloping shock that Biglaw is punishing to families….
It’s late October, so Biglaw bonus news could drop any day now. In 2010, Cravath didn’t kick off the season until November 22. But back in 2009, Cravath announced bonuses on November 2. And in 2007 — yes, the glory days, before the Great Recession — Cravath announced bonuses, regular and “special,” on October 29.
In light of the economic gloom and doom, including the possibility of a double-dip recession, it wouldn’t be shocking if bonuses are modest this year. Better to conserve the cash and avoid layoffs, right? Or maybe repeat what happened in 2010 and save some money for spring bonuses in a few months, when firms might have a better idea of the direction of the economy?
Regardless of how bonuses turn out, there are other pockets of good news in the world of large law firms — even news requiring law firms to open their wallets. Check out the growing number of firms that offer the perk we’ve dubbed the gay gross-up….
We have been tracking — as have other news outlets, such as the New York Times — which leading law firms offer the perk we’ve nicknamed the gay gross-up. If you’re inclined towards formality, you can call it the “tax offset for domestic partner health benefits.” For an explanation of what this perk is all about, read this prior post.
Since our last round-up, additional prominent law firms have adopted this policy. Let’s check out the latest list….
UPDATE (9/7/11, 12:30 PM): We’ve added to our list since it went up yesterday.
Here in the great state of New York, marriage equality is the order of the day — as it is in five other states, plus D.C.. But due to the Defense of Marriage Act, the federal tax code does not recognize same-sex unions. As a result, as explained by the law firm of McCarter & English, “the Internal Revenue Code treats the value of employer-provided healthcare benefits for a civil union or domestic partner as ‘imputed income’ to the employee. This means that employees who elect domestic partner benefits must pay income tax on the value of those benefits, which is in direct contrast to employees with different-sex spouses.”
To address this inequality, a number of law firms — including McCarter & English, as of this June — have adopted what we here at Above the Law have dubbed the “gay gross-up.” This benefit consists of “a bump in income such that, post-tax, the employees are in the same position as similarly situated employees electing healthcare benefits for their opposite-sex spouses.”
In addition to McCarter, a number of prominent law firms have adopted this policy since our last report. Let’s find out which ones….
UPDATE (8/25/11): We’ve added to the list since it was originally published. See the updated list below.
As many of you know, here at Above the Law we have been tracking which major law firms offer a non-salary benefit that we’ve dubbed the gay gross-up. As we’ve previously explained, quoting a memo issued by Simpson Thacher, the gay gross-up is “[a] ‘gross-up’ for employees who enroll same-sex partners in the Firm’s health benefits plans to offset any federal, state and local income taxes paid on the value of the partners’ benefits which heterosexual spouses are not subject to.”
Today we are pleased to report that two top firms have joined the club. Kudos to Debevoise & Plimpton and Shearman & Sterling for standing on the side of equality. You can read their announcement memos, issued earlier this month, after the jump.
We have added these firms to our list. By the way, for those firms that would rather appear on a list maintained by the New York Times than one maintained by Above the Law, you should note that the NYT is also monitoring which workplaces provide this perk. The NYT list includes employers of many different types, not just law firms, and features some of the nation’s most innovative companies, such as Google and Facebook and Apple.
With the addition of Debevoise and Shearman, which leading law firms provide this benefit? Let’s take a look….
Every so often a lawyer with a small firm will ask me what to do about providing employees with paid sick days. The practice is much more common in large firms, but many lawyers have come to expect it as a perk no matter how big their firms are. (To be clear, I’m talking about paid-time-off policies, not legally required unpaid leave like the Family and Medical Leave Act.) Many larger firms allow their employees to accumulate and bank their leave, saving it up for a rainy day, as it were. Some have the days expire after a certain time, while others allow the days to survive until the end of an employee’s tenure.
That’s fine at large, wealthy firms, who can well afford to pay people not to work. But what about small firms, where a person’s absence is more likely to have an impact? How many days of paid sick leave should a small law firm’s policy permit?
My answer might surprise you. Not ten days a year. Not five. Not even three.
Zero. Small law firms shouldn’t have a policy of any days of paid sick leave a year.
But before you set your comment phasers to “kill,” give me a chance to explain.…
The case for same-sex marriage should rest less upon dollars and cents and more upon fundamental principles of fairness (as recently argued by Professor Jaye Cee Whitehead in a New York Times op-ed piece). But it’s certainly the case that money matters should not be overlooked when it comes to marriage equality.
We’ve previously discussed a non-salary benefit that we’ve nicknamed the gay gross-up. Here’s one concise definition: “A ‘gross-up’ for employees who enroll same-sex partners in the Firm’s health benefits plans to offset any federal, state and local income taxes paid on the value of the partners’ benefits which heterosexual spouses are not subject to.” (Currently gay couples in which partners receive employer-provided health benefits are taxed on the value of those benefits, due to the fact that, thanks to the Defense of Marriage Act (DOMA), federal law — including federal tax law — doesn’t recognize same-sex unions.)
The gross-up is not a perk that affects a huge number of employees, to be sure. But having it sends an important message about a firm’s commitment to equality and inclusion.
Where did we obtain that handy definition of the gross-up? From the benefits page of a top law firm that recently started offering this benefit. It’s one of two elite law firms that recently boarded the gay gross-up bandwagon….
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!