Earlier this month, the top-flight California firm of Irell & Manella announced associate bonuses. Historically Irell has paid well above market. Last year, for example, Irell paid double the going rate (as set by Cravath and the other major New York firms).
Law firm bonus announcements come in two waves. In November and December, the New York-centric firms announce their bonuses (after taking their cue from Cravath). In January and February, the West Coast and also nationally oriented firms announce their bonuses for the prior year.
So the 2012 bonus season isn’t over, even though we’re now two weeks into 2013. Yesterday, for example, brought bonus news from Orrick, Herrington & Sutcliffe.
Orrick is a leader is the brave new world of “merit-based compensation.” What are they up to now?
Yesterday, we talked about the Quinn Emanuel bonuses. Many associates were angry, especially those who had billed a lot of hours in 2012. For some of those top billers, their bonuses were smaller than the same amount of work was worth last year.
Well, advocate and thou shalt receive. Quinn Emanuel just sent around a memo announcing that it will be increasing the top-end payments, to bring them in line with last year…
Partners: Alright you associates, ready to get happy about bonuses?
Quinn Associate: I’d say we are.
Cravath Associate: Yeah, let’s sing it now!
Partners: Okay, Kirkland?
Kirkland Associate: Okay!
Partners: Okay, Cravath?
Cravath Associate: Okay!
Partners: Okay Quinn? … Quinn? … QUINN EMANUEL!!!
Quinn Associate: OKAY!!
Yes, the Chipmunk Christmas Song is the perfect holiday analogy for Biglaw bonus season this year. And not just because Biglaw associates do work that talking chipmunks could accomplish [zing]. I’m looking at associate reactions from all these firms, and it just seems like expectations are playing a much larger role than the actual dollar amounts.
And then you have Quinn associates, playing Alvin, the diva. Their bonuses came out just before Christmas, and they seem really angry about this situation. Even though most of them are making more than Cravath.
The good news: their bonuses are much better than the “scraps thrown to the troglodytes slaving away at Cravath,” according to one tipster.
The bad news: the bonuses don’t seem to be as generous as last year’s, and some associates made less in real dollars this year than last year, despite billing the same amount of hours and being a year more senior.
So not everybody at Kirkland is happy, which is weird because usually K&E gives its people happy juice before they talk to anybody.
Of course, when your firm uses Cravath as a baseline for your bonuses, happiness is a relative term….
As we mentioned last month, the downtown law firm of Cahill Gordon got hit hard by Superstorm Sandy. Weeks after the hurricane, lawyers and staff at Cahill are still working out of temporary space. We hear that they’ll be moving back to their normal office space in January.
But no natural disaster can stop money from raining down on Cahill associates. The firm just announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. And who knows — if all goes well, maybe the firm will pay summer bonuses in 2013, as it did in July 2012.
So how much is Cahill paying out this month, in advance of Cravath-level bonuses in January?
We’re tempted to do what we proposed last year regarding Sidley Austin bonuses, by simply writing: “Sidley bonuses are out. The scale is not transparent, so some people may be happy with their bonuses and others may be unhappy. Here is an open thread for you to discuss. Thank you.”
That would at least spare us from some of the criticism we’ve received for our coverage of the Sidley bonuses in recent years. In 2010, we initially wrote a very positive post, which we got criticized for by people who saw it as too positive. In 2011, we went in the other direction, reporting that Sidley’s bonuses drew yawns from associates — an assessment that drew flak for us from happy campers at Sidley (and there are many happy campers at the firm; it enjoys an A- rating from ATL readers who work there).
So we realize that covering the sensitive subject of Sidley bonuses is a bit like trying to reach a budget deal: you can’t make everyone happy, just varying degrees of unhappy. But we’ll give it our best shot….
Even if the big lockstep New York firms are done, associate bonus news continues to roll in from around the country. For example, bonuses are out at Sidley Austin. We’re working on a story for tomorrow; feel free to email us or text us (646-820-8477) with your reactions (to be used anonymously).
Today brings bonus news from Susman Godfrey. The high-powered boutique is known for high-stakes commercial litigation — and high, market-beating bonuses.
(And high-attendance holiday parties too; this year’s fête in New York drew more than 500 guests, many of them boldface names of the legal profession. As I observed on Twitter, “you could staff a great law firm with the guest list at the Susman Godfrey holiday party.”)
So how big were the Susman Godfrey bonuses this year?
The global law firm of Clifford Chance, a member of the Magic Circle, is one of the biggest names in Biglaw. It’s the world’s #5 law firm in terms of revenue and the #3 law firm in terms of headcount. In the American Lawyer’s inaugural set of rankings for the world’s most valuable law firms, Clifford Chance came in #6. Clifford Chance is so global that it makes the Atlantic Ocean look like a pond.
Here in the United States, Clifford Chance has offices in New York and Washington. What can associates in these offices expect in terms of their bonuses this year?
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.