Some of our associate readers were nothappy with their latest bonuses. But hey, let’s look on the bright side: at least they got bonuses (assuming they made their hours).
The same can’t be said for former associates of the now-defunct Dewey & LeBoeuf. These associates sought to be treated as Dewey creditors in the firm’s bankruptcy case, but the effort isn’t going so well. And the same could be said of retired partners of D&L, some of whom could be paying money into the bankruptcy estate instead of getting money out of it….
Notwithstanding predictions of impending economic gloom or apocalyptic Mayan prophecies, 2012 brings some sort-of good news for incoming first-year associates: our survey findings show start dates have returned to pre-Recession timelines. We’re apparently (knock wood) past the days of first-years twisting in the wind with deferrals and rescinded offers. On the other hand, a majority of our survey respondents report that the size of the incoming first-year class has contracted significantly, with only 36% of you telling us that class sizes have returned to pre-Recession levels. For the full results of our survey, read on.
We can’t help but wonder if this bonus season’s dyspepsia is typical of lawyers and law students generally. What with the growing ranks of JDs who are despairing of ever paying off their debt, shouldn’t there be some significant cohort thinking, “phew…not only do I have a job, but now my firm will be forced to match”?
It took a little longer than most of you expected, but Cravath, Swaine & Moore just announced its 2011 associate bonuses (not long after announcing its new partners). Barring something very unforeseen, these bonuses are what many Biglaw firms, in New York and across the land, will pay out this year to their people. Historically Cravath has set the market with respect to year-end associate bonuses at major law firms.
The Cravath bonuses are what you might expect. They are in line with recent years, nothing crazy high or ridiculously low. Both Occupy Wall Street types and law firm associates can put away the pitchforks.
Let’s take a look at the official memorandum, and engage in some analysis….
While performing here at the ATL Cabaret on Wednesday night, the celebrated drag queen of Biglaw, Kaye Scholer, was pelted with rotten fruit — by her own associates. If you haven’t done so already, do check out their rage-filled rants. (If nothing else, they’ll make you feel better about your own firm.)
As we’ve stated before, we’re committed to presenting both sides of a given story here at Above the Law. Sometimes we don’t hear the other side of a story because the sources on that side don’t care to contact us. But when we do have both sides available to us, we present them.
In the case of the People v. Kaye Scholer, we did hear from a character witness on behalf of the defendant. What did this individual have to say?
Well, some associates at Kaye Scholer claim they’ve seen underneath all the make-up — and it’s not pretty. This contestant would not go far in RuPaul’s Drag Race.
In terms of responses to our recent discussion of which firms aren’t paying spring bonuses, however, Kaye Scholer emerges a winner. We’ve heard from KS associates in droves over the past day or two — and the depth of their fury is impressive.
What are they so upset about? It’s not just the lack of spring bonuses. Let’s find out….
Last month, when the world was bemoaning the Biglaw associate bonus market after Sullivan & Cromwell’s bonuses more or less fell in line with Cravath’s bonuses, I wrote as follows: “I’m keeping my eye out for Latham. It fits with their model. In bad times, suffering to all. In good times, models and bottles…. Latham survivors might get 2010 bonuses that trounce the former market leaders like Sullivan & Cromwell.”
Well, Latham & Watkins just announced its associate bonuses. Latham is a firm that gives out individualized bonuses, but the median payments by class year seem to be higher than the bonuses given out by Cravath, Sullivan & Cromwell, and the firms that followed them.
UPDATE: The preceding sentence was written before S&C’s springtime bonuses were announced.
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: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.