This week we’re pretending that it’s not January by looking back at some of the biggest legal weddings of late 2011. There was a lot of muy prestigioso lawyer matrimony in the last part of the year. Before we delve into the January crop of weddings, which — let’s face it — is often subpar, here are some from the fall that we haven’t featured yet.
The field of contenders for our third annual law firm holiday card contest was more impressive than ever. We received numerous nominations, and we thank everyone who participated. It took many hours to review the plethora of submissions.
We could complain about how some of you failed to follow contest rule #3, limiting the contest to “cards that are unusually clever, funny, or cool…. cards with some attitude, with that extra je ne sais quoi.” But we won’t; the holiday spirit has us in a good mood. You are all wonderful!
But some of you are more wonderful than others. Let’s look at this year’s finalists….
Akin Gump, it seems to me, has taken the reasonable approach for any firm that does not want to be a market leader in terms of compensation: it’s going to wait. Of course the firm is going to match. Most of the firms will end up matching the prevailing market for associate bonuses.
But as far as how much money that’ll be, we just don’t know yet. Instead of making a regular bonus announcement with a flashy bonus scale and the fiction that the numbers bear any kind of relation to the actual profitability of the firm, Akin Gump is just going to wait and see what happens, and then match the market.
Agreeing on this point is former Kirkland & Ellis partner Steven Harper (whose apparent pro-associate stance may make him a sort of Biglaw apostate). As Harper points out, “equity partner profit trees have resumed their growth to the sky. As the economy struggled, Cravath’s average partner profits increased to $2.7 million in 2009 and to $3.17 million in 2010 … That’s not ‘treading water.’ It’s returning to 2007 profit levels — the height of ‘amazing’ boom years that most observers had declared gone forever. Watch for 2011 profits to be even higher.”
And yet associate bonuses remain stagnant at 2009 levels. Furthermore, as ATL commenter “The Cravath Cut” is so fond of noting, when viewed as a percentage of profits, bonuses appear especially measly, at least from the associate p.o.v. (The current $7,500 market rate for first-years is just 0.23% of Cravath’s profits per partner. Back in 2007, first-year bonuses equalled 1.36%.) Despite these numbers, if history has taught us anything, it is that you can kill anyone Biglaw’s rank and file will follow Cravath’s lead.
Cravath is among the most profitable firms in the world. We thought it would be interesting to see what the implications of matching Cravath are for those firms with much lower profit margins. Which firms’ partners willingly take the biggest hit by keeping up? Are these firms arguably more “generous”? After the jump, check out those firms that pay the largest percentage of PPP in bonuses.
Last week, the American Lawyer shined a spotlight on extensive partner departures from McDermott Will & Emery. According to Brian Baxter of Am Law Daily, a whopping 38 partners have left MWE in 2011 so far.
But that explains just a quarter of the year-to-date partner departures from McDermott. Let’s look at some of the others, explore possible implications for the firm, and discuss what might be motivating the movement toward the exits….
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.