We now have an update on those reports….
- Associate Salaries, Biglaw, Lateral Moves, Layoffs, Money, Musical Chairs, Partner Issues, Partner Profits, Patents
The good news: last month, the firm brought associate salaries up to the market scale (i.e., $160K for first-year associates, $170K for second-years, $185K for third-years, etc.). As you may recall from some of our prior coverage, for a time Dickstein was paying below-market salaries, pursuant to a non-lockstep compensation system.
(A pay-related aside: it seems that we never covered the most recent bonus cycle at Dickstein. If you have info you can share, on bonuses or salaries or anything else about the firm, please email us, subject line “Dickstein Shapiro.”)
Now, on to the bad news….
- Divorce Train Wrecks, Locke Lord, Locke Lord Bissell & Liddell, Money, Partner Issues, Quote of the Day
This case is a perfect illustration of what happens when divorce meets recession meets downsizing.
(McLaughlan, a former partner at Locke Lord Bissell & Liddell, was asked to leave the firm during the height of the recession due to his declining billables. McLaughlan’s income was reduced significantly — so much so that he could no longer afford his alimony payments.)
- Anthony Kennedy, Antitrust, Arent Fox, Biglaw, Dewey & LeBoeuf, Football, Lindsay Lohan, Morning Docket, SCOTUS, Supreme Court
* Statistically speaking, with its current line up, the Supreme Court is the most conservative that it’s been since the 1930s. This chart makes even Justice Kennedy look conservative. [FiveThirtyEight / New York Times]
* And another one gone, and another one gone, another one bites the dust: earlier this week, Dewey lost an antitrust partner to Arent Fox. That brings the firm’s grand total of partner defections to 38. [Am Law Daily]
* Jerry Sandusky’s trial has been postponed until June to due to “logistical contingencies” — like a motion to dismiss all of his child sex abuse charges. Meh, it’s no big deal. Same verdict, different day. [Bloomberg]
* And on a similar note, Warren Jeffs tried — and failed — to appeal his child sex abuse conviction. Because apparently that’s what happens when you represent yourself in the hopes of overturning a life sentence. [CNN]
* Lindsay Lohan’s supervised probation has ended, and for the time being, her legal woes are over. When will she screw up again? I’m going to give her three months, and that’s being really generous. [Daily Telegraph]
- Airplanes / Aviation, Bankruptcy, Baseball, Biglaw, Dewey & LeBoeuf, Fashion, Federal Government, Health Care / Medicine, Morning Docket, Trademarks
* If Obamacare gets struck down, do you think insurance companies will allow children to remain on their parents’ plans until age 26? My Magic 8-Ball says: “Outlook not so good.” [Wall Street Journal]
* There’s no crying in baseball bankruptcy sales! Which Biglaw firms hit a home run for playing a part in the sale of the LA Dodgers? Dewey & LeBoeuf, Foley & Lardner, and Sullivan & Cromwell. [Am Law Daily]
* “Just because you wear a hoodie does not make you a hoodlum.” But a hoodie will definitely prevent you from being recognized on the House floor. Just ask Congressman Bobby Rush. [New York Post]
* Things you can’t do on an airplane? Have a mid-flight nutty. Pilot Clayton Osbon has been criminally charged for his erratic form of in-flight entertainment, and he faces up to 20 years in prison if convicted. [Reuters]
* Guess who’s allegedly been infringing upon a high-end fashion house’s trademarks to the tune of $124M? Gucci was in court yesterday to accuse Guess of engaging in a massive “knock off” scheme. [Bloomberg]
Ed. note: This new feature is by “Rachel Marks,” the spouse of an attorney at a large law firm. She’ll be blogging about how having a husband in Biglaw affects the life on the home front. And she’ll be talking about what your spouses really want out of your career. You can reach her at email@example.com.
My name is Rachel, and I’m married to a NY Biglaw guy who’s married to his firm. (And when I say married to his firm, I mean it in the typing-on-his-Blackberry-as-his-wife-is-pushing-out-his-second-child kind of way.) Thus, for obvious reasons, my name is fake, my location is undisclosed, and this might not even be me writing these words.
Why would a Biglaw wife want to write on Above the Law, you might wonder? Well, my husband is usually doing one of three things: working, sleeping, or reading this blog. (How I wish this was an exaggeration!) And since he doesn’t like it when I call him in the office (not that that stops me!), and he’s impossible to wake up, I can FINALLY get his attention now that I’ve come to a place where he’s sure to come by. (And on that note — hon, don’t forget to put out the recycling this evening, and you MUST call your mother and have that *talk*.)
Now, on to my real order of business, since perhaps this could all just be handled in some couples’ counseling: SPRING BONUSES. Where the heck are they?! Even I’ve begun reading ATL regularly, in hopes of seeing that wonderful yet ever elusive siren at the top of the page, alerting readers of the breaking news that my husband’s bonus is now only 50% depleted (as opposed to its current 75% depletion) from the glory days of bonuses past….
Today brings additional intelligence about spring bonuses at Sullivan & Cromwell (on the heels of yesterday’s report). This information has broad relevance within Biglaw because it’s clear that spring bonuses won’t happen on a large scale unless S&C moves. Four managing partners have already made clear to Am Law Daily that they won’t pay out unless they’re forced to do so. Any such forcing would presumably be done by S&C, which was the first mover behind last year’s spring bonus trend.
From the perspective of associates, there’s good news coming out of S&C, and there’s bad news. Which do you want to hear first?