Back to the Future

Hop in the DeLorean and travel back in time with us.

We’ve been enjoying the occasional trip back in time to look at Biglaw in ages past. In prior Flashback Friday posts, we’ve covered such topics as the most prestigious law firms in 1998 and billable hours in the 1990s.

And, of course, we have covered compensation. We’ve done two posts so far looking at associate comp in the 1990s, in New York and in other cities — Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles.

Today we’ll close out the series with an overview of associate pay in the remaining markets of Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C….

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Hop in the DeLorean and travel back in time with us.

Labor Day weekend is here. So let’s talk about… labor! In the Biglaw salt mines.

In response to our earlier Flashback Friday posts about associate compensation in the 1990s, we received a few requests for information about billable hours back then. People wanted to know how hard associates had to work back in the day for that $83,000 starting salary.

It’s a good question. You hear anecdotal evidence going in both directions. Sometimes people who have been in the profession for a long time talk about how hard they had to work before technology made things so much easier, recalling the bad old days of never-ending, hard-copy due diligence or document review. On other occasions, though, old timers reminisce about the good old ways when law was more of a profession and less of a business; sure, lawyers earned less, but they had lives — or , at least, better work-life balance.

Which picture holds more truth? Here’s some data….

double red triangle arrows Continue reading “Flashback Friday: Billable Hours In The 1990s”

Hop in the DeLorean and travel back in time with us.

In our two most recent Flashback Friday posts, we looked at associate compensation in the 1990s. Today we’ll take a break from that topic and mix it up a bit. (We’ll return to cover associate comp in the remaining batch of legal markets at some point in the future.)

Last week we looked at associate pay in New York in the 1990s. Let’s stay in that city and that decade and examine another subject: NYC’s top law firms, circa 1991.

Some of these firms remain on top today. And some of them are six feet under….

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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?

double red triangle arrows Continue reading “Flashback Friday: A Look At Associate Compensation In The 1990s (Part 2)”

Earlier this week, we showed you a home movie taken inside Slaughter & May’s offices in 1981. What we learned was that practicing law at the highest levels in the early 80s involved no computers, a lot of switchboard operators, and casually telling women in the office that they had good backsides.

The natural question after watching the whole video was, “Where are they now?” Whatever happened to the young associates showing off their window views and pretending the British tax laws are interesting?

We don’t have answers for every face recorded all those years ago, but we do have updates on the current whereabouts of a few of them.

But most importantly, we can tell you whether the guy with the killer porn stache guy is still rocking it today!

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An actual switchboard!

Most of you weren’t practicing Biglaw in 1981. Indeed, the vast majority of you weren’t practicing in 1981. Which is why this find is such a gem. Someone unearthed a home movie taken in the home office of a Biglaw firm in 1981.

How long ago was 1981? They still had a f**kin’ switchboard! Like, with wires and stuff.

If you’ve ever wondered what law looked like in an era before computers or basic standards of appropriate behavior, here’s your guide….

UPDATE (7/10/14 1:45 p.m.): Be sure to check out our update revealing the identity of the genius behind this time capsule.

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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….

double red triangle arrows Continue reading “Flashback Friday: A Look At Associate Compensation In The 1990s (Part 1)”

Hop in the DeLorean and travel back in time with us.

Earlier this week, the good folks over at Vault released their annual list of the nation’s 100 most prestigious law firms. As we noted in our analysis of the list, the top 15 for this year don’t look very different from the top 15 from last year.

Wachtell Lipton topped the list for the 12th year in a row. But as Vault noted, Cravath isn’t far behind — and could retake the crown that it relinquished to Wachtell back in 2004.

Yes, that’s right — Wachtell hasn’t always been #1. On this “Flashback Friday,” let’s look back at the Vault rankings from 2008 and 1998 and see how things looked in the past….

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Here’s a puzzle for you. What decade am I discussing in the following paragraphs?

I’m doing something a little different here. The entire text of this column appears before the jump. I’ve hidden only the citations after the jump. Ponder while you read these paragraphs when the source materials supporting these words were written:

The excessive cost of legal services is not a function of the economy that will abate as the recession finally fades. In the words of one recent report, “Don’t fool yourselves that when the recession passes things will return to normal.” That report quoted the general counsel of a major financial institution as saying, “The way we are now is the way it is now, not a temporary situation . . . . [I]n the [decade omitted] we’re going to see straight hourly billing die.”

Surveys confirm the concerns about the high cost of legal services. For example, in a [year omitted] general counsel survey conducted by [the firm you know as PriceWaterhouseCoopers], a majority of the 350 respondents agreed that “legal fees have gotten out of control and are crippling businesses,” and pressure to reduce costs was a “major theme” of the survey responses. Surveys of corporate law departments conducted by Endispute, Inc. in [two years omitted] reveal that a third of the respondents faced actual cuts in their legal budgets and that, as the size of the legal departments increased, so too did the pressure to reduce legal costs. A [year omitted] Louis Harris survey of executives and legal officers of Fortune 500 service corporations reveals cost containment as a top priority for law departments, and a survey of major corporate clients in the United Kingdom demonstrates that this is now a worldwide issue.

The pressure to move away from standard billing, based on the billable hour, is likely to increase. Indeed, [name omitted], the recently appointed general counsel of [company name omitted], is leading an intense campaign to adopt alternative billing mechanisms. Her efforts have been broadly publicized and resulted in a highly visible panel at the [year omitted] ABA meeting.

In what years did these things occur? What decade are we discussing? And who the heck was the recently appointed general counsel of what company? Those citations and more after the jump….

double red triangle arrows Continue reading “Inside Straight: Things Will Not Return To Normal After The Recession!”

This has all happened before, and this will all happen again. So say we all. At the beginning of the recession, just weeks after Lehman Brothers collapsed in September 2008, we brought you a New York Times article from 1990 that illustrated the similarities between the tough legal job markets created by Bush 41 and Bush 43.

Today, we run the DeLorean even further back in time, and to an entirely different country. A loyal reader was cleaning out his office and came across an article from The Law College Magazine of Bombay, India, from 1930. The piece is entitled: “Is It Worthwhile? A Frank Talk With Budding Lawyers.” And it’s all about whether a person should pursue a two-year law degree in India in the 1930s.

Folks, let me tell you: some people worry that India will become the new market for American legal jobs, but that’s not the real fear. The real fear is that American law students will become like Indian law students in 1930.

And maybe that process is already well underway….

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