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Stroock & Stroock & Lavan

Non-Sequiturs: 07.05.07

* American Lawyer Media: Going, going, gone. Sold, for $630 million, to Incisive Media of the U.K. [Fishbowl NY; WSJ Law Blog]

* When animals crazy bearded men attack. [Breitbart TV (video) via Drudge Report]

* A Biglaw partner is not like a store clerk at the local convenience store. Or is he? [National Law Journal (subscription)]

* More about the late Tom Heftler, former managing partner of Stroock & Stroock & Lavan. [New York Observer]

Nationwide Pay Raise Watch: Stroock, Reed Smith, Sonnenschein

Stroock Stroock Lavan LLP Above the Law blog.JPGA few more news items concerning associate compensation:

1. Stroock & Stroock & Lavan: Multiple sources confirm that they've raised salaries in their Los Angeles office. Effective date of June 1; no changes to the bonus structure. The new scale is 160-170-185-195, plus discretionary raises for year 5 and above, who previously were at $200K plus discretionary raises (small, usually $5K a year).

In addition, we've learned that the firm pays associates 10 percent of any business they bring in. Do other large law firms have similar policies? Feel free to discuss in the comments.

2. Sonnenschein Nath & Rosenthal LLP: We haven't confirmed this (and their NALP form doesn't reflect it). But according to a memo posted in the comments, the firm is "increasing starting salaries in our Chicago, Los Angeles, San Francisco, Silicon Valley and Washington, DC offices to $160,000. We will be adjusting salaries for all other associate classes in these offices effective July 1, 2007 to take into account the increase in the starting salary."

3. Reed Smith LLP: Also not confirmed. But according to a memo posted in the comments, the firm "ha[s] decided to increase our starting salary for first year associates in California, Chicago, and Washington, D.C. to $160,000 effective January 1, 2008. In addition, we will accelerate to January 1, 2008 the implementation of the previously announced increase to $145,000 in Philadelphia/Wilmington."

The firm has also made changes to its bonus program: "In addition to the current bonus thresholds, we will make further payments of $5,000 at each of 2000 and 2100 chargeable hours and $10,000 at 2300 chargeable hours. This means, for example, that associates with 2300 chargeable hours for 2007 will earn additional bonuses of $20,000."

If you can confirm the Sonnenschein or Reed Smith news, or if you have additional info to share, please drop us a line. Thanks.

One Stroock and He's Out?

Stroock Stroock Lavan LLP Above the Law blog.JPGThat's what some of you were wondering with respect to Maury B. Saiger, the associate at Stroock & Stroock & Lavan in New York, who sent out a now infamous email yesterday. After we posted his email, his bio disappeared from the Stroock website. Had he been fired?

No. Maury Saiger's bio is back online. Our sources at Stroock tell us that they are not aware of any adverse employment action being taken with respect to Mr. Saiger.

But we do hear that the firm's Executive Committee threw a s**t fit yesterday, after we posted Saiger's email. There were some very unhappy campers at Stroock yesterday.

More about the fallout from this episode appears after the jump.

Continue reading "One Stroock and He's Out?"

What the Stroock Is Going On?

Stroock Stroock Lavan LLP Above the Law blog.JPGApparently something weird is going on over in the New York office of Stroock & Stroock & Lavan. Something really weird.

A source at another firm advised us:

Something has happened at Stroock. Rumors floating around that an associate flipped his s**t and emailed all personnel with something odd. I can't find out more than that.

Use your powers. Find the answer.

After invoking said "powers," we learned a bit more -- and got our filthy paws on the email.

Check it out, after the jump.

Continue reading "What the Stroock Is Going On?"

Skaddenfreude: Stroock & Stroock & Lavan

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGWe have confirmed pay raises in the New York and Los Angeles offices of Stroock & Stroock & Lavan. Our understanding is that the information was communicated in meetings, so there's no memo or other official documentation.

We have verified the following pay scales with sources in Stroock's NY and LA offices:

STROOCK & STROOCK & LAVAN

New York:
Class of 2006 - $160,000
Class of 2005 - $170,000
Class of 2004 - $185,000
Class of 2003 - $210,000
Class of 2002 - $230,000
Class of 2001 - $250,000
Class of 2000 - $265,000
Class of 1999 - $280,000
Class of 1998 - $290,000

Los Angeles:
Class of 2006 - $150,000
Class of 2005 - $160,000
Class of 2004 - $175,000
Class of 2003 - $185,000
Class of 2002 - $200,000

As for Stroock L.A. associates in more senior classes, we're told that raises are "discretionary." If you can clarify that opacity, please drop us a line.

Earlier: Previous announcements of law firm associate salary increases (scroll down through "Skaddenfreude" archives)

Musical Chairs: 01.11.06 (postscript)

Oops, we left out new partner news from the MC post that we just published. And since half of you probably just made partner at Jones Day, that's not a good thing.

Here's the news:

* Jones Day: Forty-five (45!!!) new partners. Names here.

* Kaye Scholer: Four new partners. Names here.

* Stroock & Stroock & Lavan: Three new partners. Names here.

* Vinson & Elkins: Fourteen new partners. Names here.

NY Associates Making Partner, Counsel [NYLawyer.com]
Jones Day Names 45 New Partners [Jones Day]
Kaye Scholer Announces New Partners and Counsel [Kaye Scholer]
Stroock Names New Partners and Special Counsel [Stroock & Stroock & Lavan]
Vinson & Elkins Names 14 New Partners [Vinson & Elkins]