The annual Am Law midlevel associate survey came out yesterday, and for the first time in years, satisfaction among third-, fourth-, and fifth-year associates seems to be up across the board. According to Am Law, this year’s average score across all firms was the highest it’s been since at least 2004.
But, as with all things in Biglaw, their happiness is relative. After all, these are the people who survived the worst of the layoffs, and the lucky few who managed to get a foot in the door during a time of reduced new associate hiring. Above all, these are the people who must be thanking their lucky stars that they weren’t midlevels at Dewey & LeBoeuf. They may have been working extremely hard on cases that were understaffed, but at least they were working.
Last year, my colleague Elie Mystal noted that the midlevels who were whining about their unhappiness were “missing the big picture” — that they’d be making serious bank for the rest of their lives if they remained in Biglaw. Given the results of this year’s survey, perhaps these midlevels have come to that very realization….
The law firm cafeteria is something of an anachronism. Having a large company mess hall where associates can grab a bite to eat without taking too much time to get lunch isn’t really necessary anymore. Nobody takes a “lunch hour” anymore. Associates can use Seamless and eat at their desks.
And we know partners aren’t eating in the firm cafeteria unless they are 80 years old and too busy to head to Peter Luger’s. No law firm cafeteria is nice enough to bring a client to; that’s why God created expense accounts.
But the cafeteria is still useful for secretaries and paralegals. At my old firm, the cafeteria was a great place to grab breakfast. At Debevoise, the cafeteria enjoys the best views of the block. We used to bring lawyers from Schulte Roth, which is housed on the lower floors at 919 Third Avenue, to show them our view (and to console them while they cried).
The point is, even as the Biglaw cafeteria has diminished relevance given our modern conveniences, you don’t want your firm perk to be disgusting. Last March, we learned that a number of Biglaw firms had received poor grades from the New York City Department of Health about the quality of their in-house cafeterias.
But it appears that Cravath’s food fortunes have significantly improved…
Ed. note: This is the second column by Anonymous Partner based on his interview of a more-senior partner, “Old School Partner” (“OSP”). You can read the first column in the series here.
“It was a nice profession,” Old School Partner told me, especially for a senior partner at a white-shoe firm. Collegiality, interesting work, and a good living were his. Despite occasional internal dust-ups about compensation within the partnership, partners were generally content with what they were making.
But things were about to change, and what had been a guarded and close-knit segment of the legal profession was soon thrust into an unwanted spotlight. It was a “watershed” moment for partners.
The “watershed” that mucked things up? The launch of American Lawyer magazine….
We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.
One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.
So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….
The main audience of the U.S. News Best Law Schools rankings is not meant to be law schools or law school deans—and the rankings should not be a management tool that law school administrators use as the basis for proving that their school is improving or declining. The rankings are produced primarily for prospective students as one tool to help them determine the relative merits between schools they are considering.
Today the ABA fined Illinois Law $250,000. The ABA also censured the law school.
The Chicago Tribune reports that this is the first time the ABA has fined a law school for inaccurate consumer information. I guess that’s a step in the right direction. Still, considering the average salary for an Illinois College of Law full professor is $194,624, it’s hard to see the fine meaning very much to the school’s operations…
Last year, all things considered, wasn’t a bad year for Biglaw. The law firms of the Am Law 100, for example, experienced decent growth. In 2011, for the Am Law 100 as a whole, gross revenue grew by 5.3 percent, revenue per lawyer grew by 1.9 percent, and profits per partner grew by 3 percent. It was a perfectly fine year for partners.
How did their counterparts on the corporate side fare? Alas, not as well, according to Corporate Counsel’s latest compensation survey of the nation’s general counsel. Base pay for GCs in the survey declined by 1.8 percent, to an average of $611,411. Bonuses and nonequity incentive pay slid by an even larger number, 7.7 percent, to an average of $1,125,458. Meanwhile, in terms of non-cash compensation, the average stock award fell by 10.8 percent, to $1,426,325, and the average stock option award dropped by a whopping 18.7 percent, to $732,453.
These are just the top-line figures — which, of course, conceal a lot of individual variability. Let’s take a look at some specific names and numbers, as well as the top ten highest-paid general counsel….
Which law firms are the best law firms to work for? The ones that pay salaries (ideally in excess of $10,000 a year). In a still-challengingjob market, law students and young lawyers will generally work for whichever law firm will have them.
But some prospective employees of Biglaw have the luxury of choosing between multiple employers. And for these privileged and talented few, things like quality of life — to the extent that one can have a quality of life, or a life at all, while toiling away at a top firm — do matter.
Last month, our friends at Vault issued their closely watched Vault 100 rankings, ordering the nation’s major law firms by perceived prestige. Now they’ve followed them up with their annual “quality of life” rankings, expressed as a list of the best law firms to work for.
Do you know why your parents always encouraged you to be a doctor or a lawyer when you were younger? Because you can still make bank in either field.
Although it seems that we’re constantly painting doom-and-gloom pictures of the imploding legal profession here at Above the Law, we’ve got to admit that for some, law is still a financially-booming career path. In fact, according to data pulled from the Bureau of Labor Statistics, being a lawyer still has significant monetary perks. CNBC compiled a list of the 15 highest paying jobs in the country, and despite meager Biglaw bonuses and the Dewey effect, lawyers continue to reign near the top.
Where do lawyers fall on the list? Let’s find out….
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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?
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