* Who will play starring roles in the Obamacare arguments before SCOTUS? A bunch of older white guys. Good thing this isn’t televised, because the ratings would probably suck. [Legal Times]
* The judiciary is on the cusp of a “financial crisis,” and some trials may be put on hold. That, or they’re just going to get rid of people. Which do you think it’ll be? [Thomson Reuters News & Insight]
* When rankings like these are available, who cares about U.S. News? Here’s a list of the law schools you should go to if you want to actually make bank as a lawyer. [Forbes]
* Covington & Burling is the latest Biglaw firm to sign up for an office in Seoul. Memo to partners: this is not the spring “bonus” your associates care about. [Capital Business Blog / Washington Post]
* The jury in the Dharun Ravi privacy trial is set to begin its deliberations this morning. Oh, to be a fly on the wall in that room — or, more on point, a webcam. [Statehouse Bureau]
* Thomas Puccio, a former Biglaw partner known for his notorious clientele, RIP. [New York Times]
It’s April 29. Monarchists have long circled this day as an opportunity to praise the vestigial structures of imperial domination. But this day means a lot to people who earn their fortune through work instead of birth. Today is a huge day for Biglaw associates. For many, today is the day spring bonus payments hit their bank accounts.
Don’t spend it all in one place.
But as we all know, not every Biglaw associate will be enjoying a spring bonus this year. With the payments out, we’re no longer looking at which firms are “lagging” behind in their spring bonus announcements. Now we’re looking at firms that have simply decided they are not paying spring bonuses, regardless of what the market says. Apparently, keeping up with Cravath really will be ruinous to some firms.
So who has officially announced they will not be paying spring bonuses this year? We’ll tell you what we know about three Biglaw firms, and hopefully you can fill in any gaps…
Some summer associates are ending their summers on a very positive note. Quite a few firms have already informed law school students that after this summer fling, they’re interested in a more serious relationship.
Since our last round-up of offices extending offers to 100% of their summer associates, we’ve heard from a few more contented summers…
We’ve previously covered a sticky situation involving an alleged drafting error by real estate lawyers at Stroock & Stroock & Lavan. The dispute pits the buyers of luxury condos at the Rushmore, on Manhattan’s Upper West Side, against the development company Extell, Stroock’s client. (Our prior coverage appears here, here, and here.)
When we last checked in, the New York Attorney General, Andrew Cuomo, had sided with the buyers and ruled against Extell. But instead of just rolling over, which is what most folks do when attacked by the New York AG, Extell is fighting back. From the Real Deal (via Am Law Daily):
In a last minute and stunning move, the developers of the Upper West Side’s Rushmore condominium filed a federal lawsuit [on Monday] against state Attorney General Andrew Cuomo seeking to reverse his April rescission order to refund more than $16 million in escrow funds to buyers.
The developers, Extell Development and Carlyle Realty Partners, operating under the name CRP/Extell, also filed a motion in U.S. District Court seeking a temporary restraining order that would block the release of the funds, which include down payments for more than $110 million worth of apartments.
In its moving papers, Extell kind of throws Stroock under the proverbial bus — but just a little bit….
Time for an update: it looks like the mistake will cost Stroock’s client millions. The Wall Street Journal reports:
A long-simmering dispute between Extell Development Co. and individuals who agreed to buy condominiums in one of the developer’s new luxury Manhattan buildings ended Friday when the New York Attorney General ordered Extell to refund $15 million in down payments.
The ruling is a setback for the New York-based developer, which stands to lose more than $100 million in apartment sales, according to person familiar with the matter.
It is also a potential embarrassment for the white-shoe law firm Stroock & Stroock & Lavan, which prepared the offering plan for the building. The plan included a mistake that contributed to the ruling in favor of the buyers.
In our last post about this situation, several ATL commenters offered legal analysis. How did they fare?
Over the weekend — yes, we often publish over the weekend, so do check in with us — we wrote about the happy story of Jeffrey Fenster. Fenster, a 29-year-old lawyer who previously worked for a short time at Stroock & Stroock & Lavan, was recently selected by Governor David Paterson to serve as executive director of the Workers’ Compensation Board of New York State.
In the comments, a number of you wondered how Fenster landed this gig, despite what one former board commissioner described as “absolutely no administrative experience” and “no experience in workers’ comp or labor law.” One commenter speculated that Fenster might have been helped by Martin Minkowitz, a retired Stroock partner and expert in workers’ compensation law (which is what the New York Times hinted at).
As it turns out, it appears that Fenster was helped by connections — but not through Stroock or Marty Minkowitz.
We’re doing a little catch-up blogging this weekend, covering some stories we meant to cover during the week but didn’t get around to hitting. E.g., the update on Loren Friedman, a former Lawyer of the Day who doctored his law school transcript.
This post is a happier one. It’s about a lawyer at a big firm who managed to land an interesting and high-profile government post.
Laid-off lawyers, recent law school graduates, and Biglaw attorneys seeking greater job security are flocking towards positions in federal and state government. As a result, government gigs are very difficult to land these days, with hundreds of applicants applying for a single posting on USAJOBS.
But as shown by the story of Jeffrey Fenster, a former Stroock associate who was picked earlier this month to head up the Workers’ Compensation Board of New York State, getting a government job is not impossible.
We did not Photoshop this picture. It actually appeared in a New York Times wedding announcement. Chuckle at it, if you must. But know that when you do, you’re fiddling while a venerable institution goes up in flames.
December isn’t a great month to get married, and this December was particularly bad. Still, our final Legal Eagle Wedding Watch couples for 2009 have some surprisingly strong Biglaw credentials. Here they are:
Stroock’s bonus news is out. The firm will be paying the Cravath scale, if you hit 1900 hours. If you missed that target, you’re out of luck. Here’s the statement from the firm:
2009 bonuses are consistent with the “Cravath scale” with a presumptive threshold of 1900 hours to qualify for consideration. Merit has always been a factor in our bonus program and plays a significant part in determining the level of bonus awarded. In addition, associates who have made extraordinary contributions to the firm in 2009 will be getting more than the Cravath scale.
Our tipsters seem satisfied with the bonus. They are more concerned about Stroock’s pay scale.
Details on that, after the jump.
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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