Simpson Thacher

Associate Bonus Watch: Vinson & Elkins Gives Me A Headache Takes Spring Bonuses to Texas

By

The law firm of Vinson & Elkins, one of Texas’s top shops, once represented Enron. I was reminded of this fact in trying to write up V&E’s bonus news (year-end bonuses and spring bonuses, which the firm just announced). Lawyers at Vinson & Elkins seem to thrive on complexity — in the service of hiding what’s really going on with respect to money matters.

Trying to get a grasp on the V&E compensation system gave me a splitting headache. Unfortunately, because the firm plays such an important role in setting compensation for the Texas legal market, attention must be paid.

So let’s discuss the just-announced V&E spring bonuses, as well as the 2010 year-end bonuses that were announced in January 2011, and try to figure out what the heck is going on down there….

double red triangle arrows Continue reading “Associate Bonus Watch: Vinson & Elkins Gives Me A Headache Takes Spring Bonuses to Texas”

78 Comments

Associate Bonus Watch: Simpson Raises to Cravath Spring Bonus Scale

By

In a postcript to our detailed post speculating about the future direction of the spring bonus phenomenon, we noted “an isolated report of one firm on the S&C spring bonus scale going back and raising to the Cravath scale,” but said we required additional corroboration.

We now have the requisite confirmation. On Tuesday, Simpson Thacher — which was the first firm to match the Sullivan & Cromwell spring bonuses, and therefore crucial in helping the S&C bonuses spread to other firms — announced that it would adopt the Cravath spring bonus scale (which is even higher than S&C’s).

Let’s go back to our listing of which firms have announced spring bonuses at which levels. Now that STB has raised to Cravath levels, only Sullivan & Cromwell and Cleary Gottlieb remain on the lower scale.

What will happen next?

double red triangle arrows Continue reading “Associate Bonus Watch: Simpson Raises to Cravath Spring Bonus Scale”

20 Comments

Associate Bonus Watch: Cravath Enters the Bonus Wars — and Beats S&C!

By

The venerable firm of Cravath, Swaine & Moore — still widely regarded as setting the market for associate compensation at large law firms, even if other places pay more — has announced springtime bonuses. These bonuses are on top of the recent year-end bonuses that Cravath paid in December 2010.

And get this: the CSM bonuses are higher than the spring bonuses previously announced by Sullivan & Cromwell. Wow!!!

For the classes of 2010 though 2008, the bonuses are on the S&C scale. But for the class of 2007 on up (more senior), the Cravath bonuses are more generous than SullCrom’s.

It seems that Cravath has gotten the memo: Cachet is nice, but cash is nicer.

So how generous are the Cravath bonuses for the more senior classes?

UPDATE (8:45 PM): After the jump, we have added a table comparing the Cravath total bonus to the Sullivan & Cromwell / Simpson Thacher / Cleary Gottlieb total bonus.

double red triangle arrows Continue reading “Associate Bonus Watch: Cravath Enters the Bonus Wars — and Beats S&C!”

95 Comments

Associate Bonus Watch: Simpson Thacher Matches S&C Spring Bonuses!

By

Wow, it’s starting to feel like 2008 (pre-Lehman) up in here! Earlier today, the Dow Jones broke the 12,000 mark. And now law firms — law firms that could treat their associates like dirt and still have have no problems with retention, according to some people — are once again competing with each other in terms of associate bonuses.

Multiple sources report that Simpson Thacher has matched the springtime bonuses announced last week by Sullivan & Cromwell. The STB bonuses will be paid on Friday, April 29, 2011.

What does this mean for associates at so-called “peer firms” of S&C and STB?

double red triangle arrows Continue reading “Associate Bonus Watch: Simpson Thacher Matches S&C Spring Bonuses!”

68 Comments

Associate Bonus Watch: Simpson Thacher Matches Cravath

By

And another one bites the dust. Simpson Thacher just announced associate bonuses, and they’re using the Cravath scale.

Here is one source’s concise communication: “Simpson Thacher bonus memo just released — matching Cravath. A**holes.” Says a second: “I feel like I got punched in the gut.” From a third: “People here are livid. Can’t believe they announced a month later than normal and matched. What BS.”

Another top firm matching Cravath? Honestly, it doesn’t sound shocking.

But the Simpson match might be slightly more newsworthy than the recent Cravath matches by Davis Polk, Cleary, and Debevoise. Here’s why….

double red triangle arrows Continue reading “Associate Bonus Watch: Simpson Thacher Matches Cravath”

75 Comments

A Look at New Partner Classes at Ten Top Firms (and an Open Thread)

By

Partnership: the proverbial brass ring.

‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year.

These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve previously observed, “Partnership decisions often shed light on the current state of a firm, its prospects for the future, and its priorities. How many new partners did a firm make? How does the number of new partners this year compare to past years? In which practice areas did it make new partners? How many of the new partners are women or minorities?”

After the jump, we look at new partner news from ten top firms — perhaps you know some of these law firm superstars (and soon-to-be millionaires)? — and we invite you to discuss the new partners at your firm….

double red triangle arrows Continue reading “A Look at New Partner Classes at Ten Top Firms (and an Open Thread)”

55 Comments

Simpson Thacher Threatens to Withhold Salary For Delinquent Time Keepers

By

If you talk to law firm partners who are in charge of collecting fees, they’ll tell you that getting clients to pay has become a real hassle ever since the recession started. Clients are trying to make their books look as palatable as possible, and if that means avoiding or delaying payments to their lawyers, well, then that’s what they are going to do. Collecting fees from clients is one of the top concerns of Biglaw managers.

And it should be a top concern for Biglaw associates. Nobody is going to be getting a bonus when the firm cannot realize its profits.

You’d think every practicing attorney would be on the same page with this by now. You’d think, at the very least, every person would be diligently putting in their time to give their firm the maximum opportunity to collect on their billable hours. But apparently some people haven’t gotten the memo that putting in your hours in a timely fashion is critical in this environment.

Well, at Simpson Thacher, they want to know your hours, now. And the firm is threatening to bring the hammer down on attorney timekeepers who are putting off this important paper work. Put in your hours, or STB will hit you where it hurts — the wallet…

double red triangle arrows Continue reading “Simpson Thacher Threatens to Withhold Salary For Delinquent Time Keepers”

65 Comments

Lawyerly Lairs: What Does a $34.5 Million Condo Look Like?

By

Trump World Tower

Why are so many lawyers interested in making the jump to business? One obvious reason: money.

Look at the list of lawyers who made this year’s Forbes 400. Of the almost 40 lawyers / holders of law degrees who made the cut, only one, Joe Jamail, is a practicing attorney. And he’s all the way down at #269, with a net worth of just $1.5 billion. Poor Joe!

If you’re a partner at a major law firm in a big city, you might someday own a $3 million apartment. But if you want a $30 million apartment, you need to move into business.

A $30 million-plus apartment, in the Trump World Tower. That’s what lawyer turned businessman Dominick D’Alleva, a 1977 graduate of Yale Law School and a former Simpson Thacher associate, has placed on the market.

It’s the weekend, when people like to attend open houses for fun real-estate voyeurism. So let’s take a take a look at D’Alleva’s digs….

double red triangle arrows Continue reading “Lawyerly Lairs: What Does a $34.5 Million Condo Look Like?”

33 Comments

Who Represents Corporate America?

By

Now this is a list that matters. Corporate Counsel (an American Lawyer publication) has complied its annual list of the firms that Fortune 100 companies use as outside counsel. This is a list of which firms are getting work from clients with deep pockets. If you care at all about the business end of the law, then you care about this list.

And while the firms that are tapped for this kind of work won’t surprise anybody, it’s always good to take a look at who clients want to be with.

For general corporate law, these are the firms that were mentioned most by clients reporting to the magazine:

Cleary: 12 mentions
Davis Polk: 11 mentions
Cravath: 10 mentions
Simpson Thacher: 10 mentions

Yep, no real surprises there.

But what about some other practice areas? Well, the names start to change…

double red triangle arrows Continue reading “Who Represents Corporate America?”

23 Comments

Legal Eagle Wedding Watch June 2010: Board-dom

By

Most weeks nowadays, the New York Times weddings announcements — and our coverage of same — focus quite properly on the newlyweds and their impressive accomplishments. But occasionally, a few announcements hearken back to a simpler day, when nobody cared much about the bride and groom, because the game of social one-upmanship was played on the parental level.

This is one of those weeks. Our featured newlyweds are impressive, but some of their parents are even more so. The finalists:

1. Tenley Laserson and Geoffrey Chepiga

2. Charlotte Anne Levy and David Gudis

3. Mara Zusman and Jeremy Greenberg

4. Gary Lowman and Brock McCormack

More on these couples and their illustrious parents, after the jump.

double red triangle arrows Continue reading “Legal Eagle Wedding Watch June 2010: Board-dom”

Page 3 of 111234567...11