Well, the bonus scale has been set. Cravath led — by copying their bonus payments from last year — and now everybody is following. I’m on record saying that these bonuses are underwhelming and disappointing.
Gone are the days where the first-year bonus represented a significant chunk of your law school debt. Sure, you can pay down some interest with your bonuses, or you can prudently save it, or maybe even invest it. But you can also blow it. I mean, it’s a “bonus,” right? In this depressed market, your bonuses look less like deferred compensation and more like “found money.” Instead of making a fiscally sound decision, using your bonuses for profligate, discretionary spending might make you feel better. (Disclosure: Elie Mystal is not a registered financial adviser and is too… stupid to follow a budget.)
Bonuses range from $10,000 for first-year associates to $60,000 for senior people. Professor Paul Caron of Tax Prof Blog tells me that associates can expect to take home about 60% percent of that, depending on where they live and how many dependents they have.
What can a young lawyer buy with that? In addition to what’s in the ATL holiday gift guide, here are 10 things…
Did you catch 60 Minutes last night? Did you at least catch the 60 Minutes promos during various awesome football games this weekend?
On last night’s program, Amazon CEO Jeff Bezos declared that Amazon intends to send drones to your house to deliver packages. I’m pretty sure this is the only strategy that would be ultimately effective in Afghanistan. Instead of using drones to bomb people, if we were sending HD televisions, water, and vacuum cleaners, you’d see that region become much more amenable to America. At the very least, sending people things from the ATL holiday gift guide (sponsored) is better than sending them warheads.
But the thought of Amazon drones dropping consumerism on us from the sky should be pretty terrifying to Americans. How would that even work? I live in an apartment building… the humans often don’t know where to leave my packages. Watching Bezos, all I could think of was angry robots shooting copies of the Washington Post at me through my window while I read news on the internet.
Luckily, the Amazon plan is currently illegal. And it’s likely to stay completely unworkable…
‘Who needs a bonus? We have these nifty red hats!’
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in….
* Amanda Bynes is deemed mentally competent to stand trial. I’d seek a second opinion. [TMZ]
* Male bosses are more popular than female bosses according to Gallup. This probably reveals persistent chauvinism in the workplace, but given Gallup’s track record the last couple of elections, female bosses may well be beloved. [The Careerist]
* Competing construction experts tussle over the proper way to build a parking garage. The correct answer is: in a way that doesn’t fall down. [The Expert Institute]
* Jay Edelson and Chandler Givens offer their second installment addressing how to fix the legal profession. This time the target is the law school model. Join the revolution! [Legal Solutions Blog / Thomson Reuters]
* Here’s Corporette’s Suit of the Week! [Corporette]
* If you’re representing a defense contractor, it’s a lot easier to export their wares these days. But the system isn’t fully reformed yet. [Breaking Defense]
* For those who missed (or only followed along on Twitter) the Fed Soc debate between Professor Randy Barnett and Judge J. Harvie Wilkinson on whether judges are too deferential to legislatures, the full video is available after the jump. [Volokh Conspiracy]
“My company has been retained by Dewey & LeBoeuf to sell their domain name (dl.com). I thought Above the Law might be interested in the opportunity since (1) dl.com is a pretty great domain name for a blog and (2) Above the Law might find the prospect of purchasing Dewey & Leboeuf’s domain name amusing. You can find out more about the auction at HilcoDomains.com. The Bid Deadline is October 31st. If you would like to learn more about the auction let me know.”
This definitely piqued my interest, since (1) my initials are “DL,” and (2) domain names can be quite revealing. Back in 2007, the purchase of the DeweyLeBoeuf.com domain name by Michael Groll, at the time a partner at LeBoeuf Lamb, helped us uncover the news of the (ultimately ill-fated) merger of Dewey Ballantine and LeBoeuf Lamb. In the end, presumably because few people can spell “LeBoeuf” correctly, the post-merger firm used the DL.com domain name for its website.
So how much would it cost you to buy a piece of Biglaw history? Or, for people like me with the initials “DL,” a potentially useful domain name for a personal website?
If the “provider” is no longer able to provide the unlimited credit card spending at Prada, Chanel, Gucci and Hermès, the deal has changed. A new deal must be negotiated.
– Laura Wasser, a divorce attorney to the stars whose clients have included Kim Kardashian, Maria Shriver, and Britney Spears, discussing just one of the ways that marriage is a contract. Her new book, It Doesn’t Have to Be That Way (affiliate link), is meant to serve as a guide for getting divorced in a civilized manner.
PETERMAN: Kramer, my friend, that is one ripping good yarn… KRAMER: You know, if you like that one, I got more… what are you looking for? Romance? Comedy? Adventure?… Erotica?
I would like to hear your stories. Not long ago, Joe reminded those of you who currently attend law school that you are invaluable to this site’s ability to report all of the important goings-on at our nation’s elite bastions of legal learning. Without you, we would never get to regurgitate the overwrought exclamations law school dorks spew on their school listservs. Tipsters, like torts, strive to make us whole.
But what if I told you that I don’t care about your newsworthy tips? What if I told you that I want nothing more than to bathe in your tedious day-to-day life, your minor humiliations and your microscopic triumphs? I want to hear the stories you will tell each other this weekend over beers at your favorite dive bar. The stories you have problems getting out because you laugh so hard at times that the whole table shakes and your eyes water. You probably think this stuff is too dumb and petty to entertain. But you’d be wrong. I love people’s stories like Lat loves peep toes. And I want you to send me those tales.
To grease the skids for this venture, I thought I’d share with you the story that highlighted a recent weekend repast. It’s a tale of Biglaw, sex toys, and online surveillance. I call this story “Elite Law Firm Dildo Cookies”…
One could argue that justices of the United States Supreme Court are underpaid. After all, their former law clerks get wooed with $300,000 signing bonuses upon leaving One First Street, which is more than what the justices earn in a year (as just noted by The Economist).
Even though she’s supposedly “retired,” the super-energetic Justice O’Connor remains exceedingly busy, occupied by iCivics work, sitting by designation in circuit courts, and promoting her new book (affiliate link). But she still has some free time — including time to go to the grocery.
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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!