Sullivan & Cromwell

2013 Vault Law Firm Rankings: Prestige Can’t Buy You Money

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The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.

The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”

Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.

As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….

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Non-Sequiturs: 05.30.12

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* Man, the economy is so bad, monks are having to go to court to fight for a new revenue stream. [WSJ Law Blog]

* We have peace between a Texas auction house and the President of Mongolia over the ownership of a Tyrannosaur skeleton. While we’re here, should anybody wish to invite me to a pre-screening of their inventive dinosaur park, I’d like to note that I’m not the type of bloodsucking lawyer who leaves children behind. [Heritage Foundation]

* Did you know Sullivan & Cromwell got involved in the birther controversy? The first one, the legitimate one with Mitt Romney’s father. Not the ridiculous one that Romney’s been embracing. [Reuters]

* Speaking of Mittens, did you know he supports for-profit colleges? That’s like supporting people jumping off the Empire State Building, so long as they pay to get in. [Salon]

* Could an accounting firm pull a Dewey? [Going Concern]

* Have an idea for how to improve the Constitution? Share it with the good folks over at Slate. [The Hive / Slate]

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Caption Contest Winner: Biglaw Beach Blanket Bonus Bingo

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Early last week, we asked readers to submit possible captions for this photo:

On Thursday, you voted on the finalists, and now it’s time to announce the winner of our caption contest….

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Caption Contest Finalists: Biglaw Beach Blanket Bonus Bingo

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Earlier this week, we asked readers to submit possible captions for this photo:

Let’s have a look at what our readers came up with, and then vote on the finalists….

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Confirmation That Quinn Emanuel’s Spring Bonuses Will Be Much Better Than Sullivan & Cromwell’s

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Don’t look now, but there is a spring bonus war brewing. I’m serious. Don’t be fooled with the way most Biglaw firms are trying to pretend that spring bonuses don’t exist. Two of the most profitable firms have entered into the spring bonus fight. And they are not in lockstep with each other.

We are, of course, talking about Quinn Emanuel and Sullivan & Cromwell. Quinn announced the fact of spring bonuses before S&C, but they didn’t announce any numbers. When S&C came out with its paltry spring bonuses a few days later, we didn’t have anything to compare it to.

Well, now we do. And the QE numbers are not going to make S&C associates happy…

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The 2012 Am Law 100: Revenue and Profits Continue To Climb

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As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.

In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.

Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.

Let’s look at the numbers, shall we?

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Caption Contest: Biglaw Beach Blanket Bonus Bingo

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Brother, can you spare a dime? This year’s spring bonuses from Sullivan & Cromwell made legions of attorneys feel like they were hustling for spare change instead of living the Biglaw high life. With the bar on bonuses set so low, Cravath now has the opportunity to blow S&C out of the water.

And truth be told, many lawyers are hoping that the former market leader on spring bonuses will leave SullCrom all wet. Aww, don’t worry, we’ll get you a towel.

Here’s the photo for our latest caption contest….

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Cravath: Your Move On Spring Bonuses

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If you consider Sullivan & Cromwell’s Spring Tip as if it were a real tip on a meal that cost $160,000, S&C tipped at .6%. Not 6%, but .6%.

Cravath Swaine & Moore should be able to match that if every partner at the firm went home and shook the loose change out of their couches.

So, I’m not even going to ask if they’ll match. That’s a pathetic question. I’m going to ask if Cravath will beat the S&C spring bonus.

I mean, it’s not hard. S&C has set the bar so low that Cravath can crawl over it. For the love of God, I’ll get a better “spring bonus” from Breaking Media than S&C associates are getting.

If Cravath moves, we can assume S&C will follow….

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Breaking: Sullivan & Cromwell Announces (Paltry) Spring Bonuses

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Lat here. In late March, I wrote a story with this title: “Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?”

I’m sad to report that my prediction has come to pass. Sullivan & Cromwell has announced spring bonuses, but they’re nothing to write home about. They are probably too modest for other firms to bother matching. The spring bonuses of Quinn Emanuel will surely exceed the S&C amounts.

Sullivan promised spring bonuses in its 2011 year-end bonus memo, and it reiterated that promise on subsequent occasions. But the powers that be at S&C never said anything as to amounts, leading some to forecast wimpy payouts.

So how much are we talking about? Let’s find out, and get some color commentary from my colleague, Elie Mystal….

UPDATE (4:20 PM): We’re continuing to update this post. Go after the jump and refresh.

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Morning Docket: 03.29.12

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* If Obamacare gets struck down, do you think insurance companies will allow children to remain on their parents’ plans until age 26? My Magic 8-Ball says: “Outlook not so good.” [Wall Street Journal]

* There’s no crying in baseball bankruptcy sales! Which Biglaw firms hit a home run for playing a part in the sale of the LA Dodgers? Dewey & LeBoeuf, Foley & Lardner, and Sullivan & Cromwell. [Am Law Daily]

* “Just because you wear a hoodie does not make you a hoodlum.” But a hoodie will definitely prevent you from being recognized on the House floor. Just ask Congressman Bobby Rush. [New York Post]

* Things you can’t do on an airplane? Have a mid-flight nutty. Pilot Clayton Osbon has been criminally charged for his erratic form of in-flight entertainment, and he faces up to 20 years in prison if convicted. [Reuters]

* Guess who’s allegedly been infringing upon a high-end fashion house’s trademarks to the tune of $124M? Gucci was in court yesterday to accuse Guess of engaging in a massive “knock off” scheme. [Bloomberg]

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