(One of those new partners is Jordan Goldstein, who makes a cameo in the recent New York Times obituary of noted pornography publisher Al Goldstein: “After his son, Jordan, disinvited him to his graduation from Harvard Law School, Mr. Goldstein published doctored photos showing Jordan having sex with various men and with his own mother, Mr. Goldstein’s third ex-wife, Gena.” Charming.)
Given the continued success of Quinn Emanuel, it seems that some associates were hoping for better bonuses. Let’s hear what they have to say….
Congratulations to Northwestern University and Northwestern Law. The university just announced a $25 million gift, and $15 million of that will go to the law school.
The gift comes from Northwestern Law alum Neil Bluhm, who has an estimated net worth of $2.5 billion. Although Bluhm made his fortune as a real estate and casino magnate, he took his first steps towards wealth in Biglaw. Bluhm worked as an associate and then a partner in the Chicago office of Mayer Brown.
Speaking of Mayer Brown, the firm’s New York office just announced bonuses. Could they be the first big bucks banked by budding billionaires?
The white-shoe firm of Davis Polk might have been displaced by Paul Weiss as home of the hottest attorneys, but there’s still much to recommend DPW. As you can see from its ATL Career Center profile, it gets high grades both from the lawyers who work there and in terms of industry reputation.
You know what would make Davis Polk an even more appealing workplace? Above-market bonuses….
Earlier this month, I had the pleasure of attending the New York holiday party of Susman Godfrey, one of the nation’s most impressive — and most feared — litigation boutiques. The mood was celebratory (and not just because of the delicious food, provided by celebrated chef Daniel Boulud, and free-flowing drink).
The associates I spoke with — who all enjoy their own private offices, no small perk in the New York law firm world — exhibited a great esprit de corps. Unlike so many other associates I meet, they seemed genuinely glad to be at their firm and enthusiastic about their work.
The fact that bonuses were just around the corner surely helped. We’ve covered Susman Godfrey’s generousbonuses in the past, and they never disappoint.
I recently chatted with founding partner Stephen Susman about what he described as his firm’s “unique approach” to bonuses. Here’s what we discussed — including how big his firm’s bonuses are this year….
The past few months have been good ones for Morrison & Foerster. The firm, which secured an impressive victory for longtime client Apple in the smartphone wars, could end up getting part of its $60 million in fees paid by the losing party, Samsung. MoFo has also been adding new talent at a good clip, including D.C. securities partners Martin Dunn and Scott Lesmes (formerly of O’Melveny & Myers), London restructuring partner Howard Morris (formerly of SNR Denton), and a slew of partners (formerly of Hogan Lovells) who opened MoFo’s new Berlin office.
So the news about lateral partners at Morrison & Foerster is exciting. Can the same be said about associate bonuses in the New York office, the first MoFo outpost to announce?
Just when we thought this day couldn’t get any better for law firm bonuses, we’ve got more good news from Cahill Gordon & Reindel, a firm that has consistently proven that it truly values all of its associates’ hard work.
Once again, the firm has announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. Keep in mind that these “special” bonuses are on top of the summer bonuses that were paid out in July. This firm doesn’t make it rain — it makes it pour.
It’s Friday the 13th, and many consider this day to be unlucky, especially if they’re at a lockstep firm in New York. There simply isn’t any suspense left to be had for these people. It doesn’t matter if you haven’t received your bonus yet because you know exactly what you’re going to get.
Cravath has spoken, and even Sullivan & Cromwell has fallen in line behind the king of bonus compensation. But some firms — like Boies (with a jaw-dropping $300K bonus), Ropes & Gray, and Schulte Roth & Zabel — are giving especially industrious associates some additional monetary awards for all of their hard work.
If you’re employed at a firm like Kaye Scholer and you worked your tail off in 2013, you must be jumping for joy right now. How high did their bonuses climb?
Still, as Staci Zaretsky observed earlier today, there’s a one-in-a-million chance that some firm that hasn’t announced yet will beat Cravath. And if you’ve bought a ticket for Friday’s $400 million Mega Millions drawing, you believe in one-in-a-million — actually, one-in-259-million — chances.
Three firms just announced their year-end associate bonuses for 2013. Let’s scratch off these tickets and see what lies underneath….
The week’s almost over, but we’ve got more bonus news for you. While Sullivan & Cromwell, by matching Cravath, might have dashed your hopes of the bonus market climbing higher, there’s still a chance — probably a one-in-a-million chance — that another very special firm could do it.
In fact, every time an associate says, “I don’t believe in higher bonuses,” there’s a would-be Boies-level bonus someplace that falls down dead.
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.