Hop in the DeLorean and travel back in time with us.
Last month, we took a look at associate compensation in the 1990s. Our post focused on the cities of Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles. We said that in the future we’d look at remaining major markets: New York, Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C.
Today we’ll tackle Biglaw in the Big Apple. What were NYC salaries like in the last millennium?
Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.
The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)
How big are the Cahill midyear bonuses this time around?
Hop in the DeLorean and travel back in time with us.
Some of our readers are old enough to remember the 1990s. It was, in my opinion, a glorious decade for popular music. (I have a collection of beloved cassette singles from that era.)
But we’re here to talk about the legal profession, not pop music. What were the nineties like for Biglaw?
Also glorious. There was a recession in the early 1990s, but for the most part, times were good. This was especially true near the tail end of the decade, when the booming dot-com economy filled the coffers of many large law firms (before the arrival of the early 2000s recession).
How much of that wealth trickled down to the associates? Let’s find out….
Despite making six figures, some Biglaw associates are still unhappy with the amount of money they take home. Starting salaries at some firms are larger than at others, and for all of the intense labor that comes with being an associate, it’s just not fair.
How should Biglaw firms respond to these complaints? Some of the more enlightened members of law firm leadership would increase their associates’ salaries to match the rest of the market, but most would happily continue to work their associates to the bone and ignore their wage woes.
One firm apparently thought it had found a way around associates’ salary grievances, but it may have just backfired. Straight from the firm that produced the sexist women’s style memo seen ’round the world, we bring you what seems to be one of the craziest incentive programs we’ve ever heard of…
Congratulations to the 10 new partners at Bingham McCutchen. They’re a diverse group, coming from a wide range of practice areas and six different offices. The gender balance could be better — only two of the new partners are women — but on the bright side, the group includes two former Supreme Court clerks.
And congratulations to Bingham McCutchen associates on their bonuses, which the firm announced yesterday. How are they looking?
Earlier this year, partner bonuses at Hogan Lovells generated some controversy across the pond. Certain partners in London questioned the process by which payments were determined and wondered whether partners in management received too much relative to rank-and-file partners. Squabbles over partner pay are something the firm’s incoming CEO, D.C.-based Stephen Immelt, can look forward to addressing when he takes over next summer.
Let’s now turn from partner pay in London to associate pay in New York. The NYC office of Ho-Love recently showed its associates some love, in the form of year-end bonuses. Were they as controversial as the London partner payouts?
(No, my holiday punch wasn’t spiked with Kirkland Kool-Aid; I think this is an objective assessment. I’m not saying K&E definitively is the best firm, just that it has a decent claim to the crown. And note the “overall” qualifier: different firms may beat Kirkland in different specific practices, but K&E has an impressively broad range of strengths.)
So Kirkland might be the best firm in the country. Does it pay the best bonuses?
In years past, you’d often hear the refrain that “Kirkland SHATTERS the market” on bonuses. But this year, according to our K&E sources, it seems like the firm is content to merely scratch the bonus ceiling….
(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….
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.