Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.
There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.
Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….
* Above the Law — of animal cruelty? Steven Seagal, Sheriff Joe Arpaio, a dead dog, and a rooster massacre. [TPM Muckraker]
* After a judge shot down the effort by NBA star Gilbert Arenas to stop “Basketball Wives: Los Angeles” from airing, Arenas’s ex-fiancee, Laura Govan, was allowed to strut her stuff on television — and it wasn’t pretty. [Sister2Sister]
* Congratulations to super-mensch Stanley Levy, senior counsel at Manatt, on winning Am Law’s Lifetime Achievement Award for 2011. [American Lawyer]
It’s time for on-campus interviewing. All across the country, law students are stuffing themselves into business suits and prostrating themselves on the floors of some of the nation’s finest campus hotels.
It’s a stressful time. New law students might show up at law school having done no research into the legal job market, but after one short year the kids start to wise up. They realize, some for the first time, that 90% of them will not be in the top ten percent of the class. They realize that if they don’t get one of the handful of high-paying jobs, they’ll be relegated to gladiatorial combat for the low-paying leftovers. They realize, as rising 2Ls, that maybe they should have listened to everybody who warned them about law school in the first place.
But they know they can make it all go away if they are successful during OCI. If only they can wow the law-firm interviewers who show up on campus.
The problem is that for many law students, especially those at schools ranked outside the top national institutions, their OCI fate was decided long before they shook the hand of any interviewer.
One tipster is just now realizing that, and he is understandably pissed….
Back in June, we wrote about the lawyers in the Fashion Victims Unit at litigation powerhouse Quinn Emanuel. We were a little surprised when we found out that partner Bill Urquhart was allowing — nay, encouraging — all associates to dress über casually at the office.
As Vivia Chen of The Careerist so eloquently put it, it seems that the age of “jaw-droppingly sloppy” lawyers has arrived. Jeans and t-shirts are the style of choice at Quinn Emanuel. Instead of the clicking of heels, the most familiar sound at the firm is one that has been banned from bar exams across the country: flip-flop, flip-flop, flip-flop, flip-flop.
News of the firm’s kitschy footwear leaked during the height of its summer program. But did you really think that Quinn Emanuel would let its new-found fashion fame go quietly into the night?
Are flip-flops part of the new uniform for lawyers?
At Quinn Emanuel Urquhart & Sullivan, no shoes, no shirt, no problem! Well, actually you’ll need the shoes, but the rest can be sacrificed if you need to for your own creativity.
When thinking of how lawyers are supposed to look, most people conjure visions of sharply-dressed men and women in suits, carrying designer leather briefcases. Back in the day, most, if not all lawyers, dressed the part. There’s a good reason for that; looking professional makes it seem as if a lawyer’s services are going to be equally as professional.
The majority of Biglaw firms have tried to keep the old school status quo in terms of dress codes (take Jones Day’s nanny-state dress code, for example). But for firms who like to think outside the blouse box, well, CHECK YOU FLIP-FLOPS.
That’s right, litigation powerhouse Quinn Emanuel cares more about your briefs than whether or not you are wearing underwear…
Firm A: You win a major, high-profile case. The victory is covered by the legal press and mainstream media. The award to your client is huge, and the victory comes at the expense of a rival firm. Your only problem? Your client won’t pay you your millions in legal fees.
Firm B: You lose a major, high-profile case. Your well-known client gets rocked with a huge verdict, a rival firm is taking a victory lap all around town, and all you can do is tweetabout the appeals process. But you are getting paid, and you expect to earn even more in fees as you plan your next move.
All else being equal, which firm would you rather work for?
In an earlier round-up on spring bonus stragglers, we talked about Latham & Watkins, Kirkland & Ellis, and Quinn Emanuel. Latham and Kirkland made spring bonus announcements a short while after our post, and now Quinn Emanuel is following suit.
Actually, not “following” — depending on how hard they work, QE associates can beat the market quite handily (as defined by Cravath). Quinn’s bonus structure always has significant escalators for high billable hours, and it’s no different with spring midyear bonuses.
Associates at Quinn who hit 2000 hours will get Cravath-level midyear bonuses. Associates at Quinn who hit 2100 hours will make as much in total bonus money, regular plus midyear, as their counterparts at Cravath. Quinn associates who bill over this mark will take home even more than their Cravath counterparts.
And, ye gods, QE associates can hit some ridiculous billable hour targets if they want to make the most of their time at Quinn….
Let’s all take a deep breath. Associate bonus season, which usually wraps up sometime in January, looks like it’s been extended well into April. This is just more proof that Biglaw firms don’t actually collude. No rational business person would want to be making decisions in April 2011 about how much to pay employees for 2010 performance.
For those trying to keep score, there seem to be the following categories of firms (roughly using a letter-grade system):
A – Firms that are paying Cravath-level spring bonuses in all offices. (Example: Cravath.) [FN1]
B – Firms that are paying Sullivan & Cromwell-level spring bonuses in all offices. (Example: S&C.)
C – Firms that are paying spring bonuses in New York but not elsewhere, like California or D.C.. (Example: Read more below.)
D – Firms that are not paying spring bonuses because their year-end bonuses beat the Cravath year-end bonuses, and they’re hoping their associates can’t add. (Example: CHECK YOUQUINN EMANUEL.)
F – Firms that are not paying spring bonuses and invite disgruntled associates to S some D if they don’t like it. (Example: Jones “We can still hear all the poors who live inside your black box” Day.)
Right now, we want to focus on Group C. Group B gets a pass because they started the spring bonus phenomenon and goddamnit we’re going to respect that. Partners at firms in Groups D & F will have to examine their own motives for why they want their associates to secretly hate them.
But Group C is weird. Why create inter-office jealousy and rage when most top firms are paying spring bonuses in all of their offices? Why look that desperate to save a little bit of money?
And you can’t spell “Weird Cost-Cutting” without White & Case…
In its recent obituary for Warren Christopher, former U.S. Secretary of State and former senior partner at O’Melveny & Myers, the New York Times referred to O’Melveny as “the most traditional and prestigious of Los Angeles law firms.”
Well, if you want to be one of the “most prestigious” Los Angeles law firms — or national or global law firms, to the extent that O’Melveny has outgrown L.A. — then you need to pay your people appropriately. So perhaps it shouldn’t come as a shock to learn that OMM has announced spring bonuses.
We received confirmation and details of the O’Melveny spring bonuses from multiple sources. Amusingly enough, about half of our sources on this story are anxious associates at Gibson Dunn….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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