It’s Tuesday, November 26, past 5 p.m. Do you know where your bonus is?
When we surveyed our readership about 2013 law firm bonuses, 57 percent of respondents predicted that the first firm (traditionally Cravath) would announce during the week of Thanksgiving. That’s basically over. It’s theoretically possible we could get an announcement later tonight or sometime tomorrow, but it seems unlikely.
It’s nearly that time of year, when all the grueling hours that Biglaw associates have put in will pay off in the form of fat bonuses. Or don’t pay off, with miserly bonuses, or nothing at all. Or something in between? Point being, we have no idea how the 2013 bonus season will play out. Presumably, the answer is buried somewhere deep in Allen Parker’s unknowable heart.
The signs thus far are not especially encouraging, at least for those with a vested interest. (Admittedly, for most, this is all much ado about white-shoe people problems.)
Yes, Cravath might be doing well, at least if its large partner class is any indication. But on the subject of law firm 2013 profits in general, the Citi Bank Private Law Firm Group’s report on the first half of the year concluded:
The law firm cafeteria is something of an anachronism. Having a large company mess hall where associates can grab a bite to eat without taking too much time to get lunch isn’t really necessary anymore. Nobody takes a “lunch hour” anymore. Associates can use Seamless and eat at their desks.
And we know partners aren’t eating in the firm cafeteria unless they are 80 years old and too busy to head to Peter Luger’s. No law firm cafeteria is nice enough to bring a client to; that’s why God created expense accounts.
But the cafeteria is still useful for secretaries and paralegals. At my old firm, the cafeteria was a great place to grab breakfast. At Debevoise, the cafeteria enjoys the best views of the block. We used to bring lawyers from Schulte Roth, which is housed on the lower floors at 919 Third Avenue, to show them our view (and to console them while they cried).
The point is, even as the Biglaw cafeteria has diminished relevance given our modern conveniences, you don’t want your firm perk to be disgusting. Last March, we learned that a number of Biglaw firms had received poor grades from the New York City Department of Health about the quality of their in-house cafeterias.
But it appears that Cravath’s food fortunes have significantly improved…
Apparently, there is news happening today that is not coming from the Supreme Court. No, I’m not talking about the impending contempt vote on Attorney General Eric Holder — which is going to look really partisan after what Roberts did today.
I’m talking about news from one of the most prestigious law firms in the country. Evan Chesler, presiding partner of Cravath Swaine & Moore is at the end of his term. Chesler will now be “Chairman” of Cravath, and the firm has elected a new presiding partner.
Who will lead Cravath as it establishes the “new normal,” post-recession?
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.