Simpson Thacher

Lawyerly Lairs: A Partner Sells in Brooklyn

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Garden Place: one of the loveliest blocks in Brooklyn (or all of New York City, for that matter). If you have $10 million to spare, you can live here too.

A friend of mine recently made partner at a top New York law firm. A senior partner called to offer congratulations: “Now you can finally move out of Brooklyn!”

But my friend doesn’t want to move out of Brooklyn — and with good reason. Over the past few years, what was once viewed as a dangerous, dirty, and downmarket borough has become hot, happening, and high-end. It’s not for nothing that GQ famously dubbed Brooklyn “the coolest city in the planet.”

Brooklyn may be newly hip (and increasingly expensive), but some people have known about its charms for years. Take this partner at a leading New York law firm, a longtime resident, who has placed his Brooklyn Heights townhouse on the market — for an eight-figure sum….

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Morning Docket: 02.02.12

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* How many friend requests did these firms just get? Fenwick & West and Simpson Thacher are the Biglaw stars of Facebook’s S-1 filing for its $5B initial public offering. Like. [Am Law Daily]

* The prosecution is expected to make its arguments today in Julian Assange’s appeal of his extradition from the U.K. to Sweden. Hope it won’t affect his role on The Simpsons. [CNN]

* Adventures in fourth-tier second-tier law school marketing: go to the University of Dayton School of Law, take a tour, and get your first-year textbooks for free. Mmm, the sweet smell of bribery. [National Law Journal]

* The little hybrid that could: Heather Peters, the former lawyer who decided to sue Honda in small claims court, has won her case. Maybe she should reconsider her career options? [Los Angeles Times]

* Looking for a way to shield your assets during a wrongful death suit? Just adopt your adult girlfriend. It has “nothing to do with the lawsuit” — dude just wants to bang his daughter. No big deal. [Palm Beach Post]

* Unpaid internships are so last season. A former intern for fashion mag Harper’s Bazaar wants class action certification for a lawsuit claiming that her free labor violated wage and hour laws. [New York Times]

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Career Center: State of the Market – Texas (Part 1)

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The next few State of the Market posts by Lateral Link, as compiled by Director Gary Cohen, will focus on one of the country’s largest states — Texas.

In general, lateral hiring activity in Texas has increased substantially in the past 12 months, with even greater momentum as we head into 2012. Corporate/securities and IP are the busiest major practice areas across the state; however, there are differences between the Dallas, Houston and Austin markets. Overall, the Houston market is the strongest, followed by Dallas, with Austin a distant third. In all markets, partners with solid books of portable business are viable and firms are always on the hunt for new partner-level talent….

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Morning Docket: 12.12.11

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Downward dog... kind of.

* Protip for Mark Hansen, AT&T’s lawyer: when you want a judge to save your merger plans, it’s probably not a good idea to demand that she make a ruling by a certain date. [Businessweek]

* What’s going on in Cooley Law’s defamation suit against Rockstar05 (other than discussion of whether the school’s attorney understands the tort’s defenses)? An appeal. [Lansing State Journal]

* Getting a prep school education in New York isn’t all it’s cracked up to be. Ask Philip Culhane, Simpson Thacher partner and name plaintiff in the Poly Prep sex abuse suit. [New York Times]

* America, f**k yeah! The Texas division of the Sons of Confederate Veterans is suing the DMV over free speech rights they might not have had if they seceded from the union. [Fox News]

* Yoga guru Bikram Choudhury tried to sue his disciples for infringement of his moves, but he ended up getting it downward doggy style from the Copyright Office instead. [Bloomberg]

* “If you want a good grade, you need to have sex with me.” At the height of finals season, many law students wish this were an option, but apparently it only happens in college. [New York Post]

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Associate Bonus Watch: Simpson Thacher and Cleary Matching S&C

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The floodgates are open and we are awash in bonus news. Sources are reporting that Simpson Thacher and Cleary Gottlieb are both matching the Sullivan & Cromwell bonus scale.

That means a little extra money for those at the very top of the scale.

But does it mean spring bonuses?

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New Partner Watch: Cravath and Simpson

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New partners, jumping for joy.

Is making partner at a major law firm as desirable as it used to be? In an interesting article in the New York Times about the growing trend of lawyers leaving large firms to start their own boutiques, Margie Grossberg, a partner at the legal recruiting firm of Major, Lindsey & Africa, offered these observations: “In the past, associates found if they worked really hard and did the right things, they made partner. That’s not necessarily the case anymore. The odds are a lot slimmer, and it’s also not as coveted as it once was.”

These are all fair comments. Note also the number of partners who leave Biglaw behind for other opportunities, such as in-house posts, or government or judicial service.

At the same time, however, let’s face it: being a partner at a top law firm is still highly desirable. The pay, prestige, and perks are tremendous. In a recent survey of new partners by the American Lawyer, over 80 percent of respondents said their new jobs were either what they expected or better than they expected. As Aric Press of Am Law noted, “new partners are basking in the land of more: more money, more responsibility, and more information about their firms.”

This is especially true of partners at firms near the top of the Biglaw hierarchy — places like Cravath, Swaine & Moore and Simpson Thacher & Bartlett, with profits per partner in 2010 of $3.17 million and $2.64 million, respectively. They both announced new partnership classes this month.

Let’s learn about the new partners at CSM and STB. Maybe you know some of them — from college, or law school, or a case or matter you’ve worked on….

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Career Center Survey Results: Top Partners to Work For – New York (Part 2)

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Earlier this week, we introduced the first group of top New York partners whom our readers nominated as being great to work for. Today we present you with another eight partners from the Big Apple.

They hail from some of the heaviest hitters among Biglaw firms: Paul Weiss; Simpson Thacher; Kasowitz Benson; Cleary Gottlieb; Debevoise & Plimpton; Cravath; and Akin Gump.

Let’s learn who they are….

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The 2012 Vault Rankings: Proof Of Short Memories

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On February 27, 2009, Latham & Watkins laid off 440 associates and staff. These official layoffs came after months of quietly and stealthily laying off employees.

That year, Latham fell from #7 to #17 on the Vault 100 list of the most prestigious law firms. It was one of the biggest single year drops ever on the Vault list. At the time, I asked: “Is this as far as [Latham] will fall?”

Two years removed from that question, I’m staring at the brand-new Vault 100 rankings. Latham & Watkins is ranked #11.

Memory, my friends, is not something they screen for on the LSAT…

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Biglaw Perk Watch: The Gay Gross-Up Goes Top Tier

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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….

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Legal Eagle Wedding Watch: Contain Yourselves

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LEWW is still coming off our royal wedding high. We’re not going to lie, people: As much as we love the legal wedding scene, we’ve never gotten out of bed at 5:30 to read about SCOTUS clerks tying the knot. But Will and Kate have flown off to happily ever after in their helicopter, so we’ll have to content ourselves with the princes and princesses of the American legal scene — at least until Prince Harry settles down.

Here are our latest finalist couples:

Katherine Boone and Joshua Geltzer

Marie-Adele Sorel and Jeremy Kress

Mark Maher and Louis Miller

Get all the details on these legal-eagle newlyweds, after the jump.

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