Biglaw

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)”

In a recent survey, managing partners of large law firms expressed tepid expectations about demand for legal services. So it’s not surprising that cost cutting — or, to put it more nicely, expense-management initiatives — remain popular in Biglaw.

Who’s the latest major law firm trying to reduce its payroll through a voluntary retirement program?

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Which firm does this happy lawyer work for?

Despite what you might have heard, Biglaw isn’t all about the Benjamins, and it’s not all about the prestige either. While stories abound about long days and even longer nights spent at the office, some people actually enjoy working those hours — because their firms make it somewhat pleasurable to do so.

Some firms provide the means for their associates to have a decent quality of life (see, e.g., Cleary associates who “have a baby” to go to a Katy Perry concert and Quinn associates who get paid to go away for a while), while others do not.

Do you want to work at a firm where your quality of life as an associate is rated as among the best? Vault’s annual Best Law Firms to Work For ranking will tell you where to look if you want to be truly happy…

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Litigators can fall victim to their own imaginations. It’s really built into the system when they’re encouraged to write their exhaustive wishlists during discovery and fill their own dreams with visions of terabytes of entirely incriminating evidence. When discovery inevitably fails to live up to those dreams, litigators have to make a decision between accepting disappointment or accusing the other side of wrongdoing for failing to fulfill those sugarplum visions. Litigators are basically Captain Hindsight, constantly shocked — SHOCKED — that no one understood years ago how important something would be to a case today.

Kirkland & Ellis chose the latter, writing counsel for a non-party — yes, a non-party — suggesting that he was withholding evidence because he hadn’t kept every single email they thought he might have from four years — yep, four years — earlier.

And then this guy’s lawyer went brutally funny on them….

double red triangle arrows Continue reading “This Lawyer Just Wrote The Best Smackdown Letter You’ll See Today”

Judge Emmet Sullivan

* Judge Emmet Sullivan (D.D.C.) wants the IRS to explain, in a sworn declaration, how exactly it lost Lois Lerner’s emails. [WSJ Law Blog]

* And the fun for the IRS continues today in the courtroom of Judge Reggie Walton (D.D.C.), as reported by Sidney Powell, author of Licensed To Lie (affiliate link). [New York Observer]

* Speaker John Boehner wants to take the Republicans’ crusade against Obamacare to the courts. [New York Times]

* Andrew Calder, the young M&A partner that Kirkland & Ellis snagged from Simpson Thacher for a reported $5 million a year, is already bringing in big deals. [American Lawyer]

How the cupcake crumbles: the once-successful venture of an NYLS grad and her husband needs a rescue.

* “Duke University is not and never has been in the business of producing, marketing, distributing, or selling alcohol.” Some bros down in Durham disagree. [ABA Journal]

* If you see something… sue someone? The ACLU and Asian American civil rights groups, together with some help from Bingham McCutchen, have filed a legal challenge to the Suspicious Activity Reporting database. [New York Times]

* Congrats to David Hashmall, the incoming chair of Goodwin Procter — and congrats to outgoing chair Regina Pisa, the first woman ever to lead an Am Law 100 firm, on her long and successful leadership. [American Lawyer]

* A group of investors might end up devouring Crumbs, the cupcake-store chain founded by New York Law School grad Mia Bauer that suddenly shut down this week amid talk of a bankruptcy filing. [Wall Street Journal (sub. req.)]

It’s mid-July and summer associate programs are poppin’ at Biglaw firms across the country. While some summer associates are working themselves to the bone, others are taking advantage of their ability to be wined and dined by their firms. Sure, being an actual associate is more work than play, but why not have fun while you still can?

Today, we’ve got a very timely ranking of the large law firms where summer associates have the most fun, courtesy of Vault. If you were lucky enough to summer at one of these firms, we bet you had a blast.

Let’s check out the top 10 firms…

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With this year more than halfway done, let’s look in the rear-view mirror and survey managing partners’ confidence in the legal industry during the second quarter of 2014. Wall Street investors seem generally optimistic, at least based on the state of the stock market (despite today’s turbulence). Are law firm leaders similarly hopeful?

Survey says — well, nothing terribly exciting, but let’s have a look anyway….

double red triangle arrows Continue reading “Managing Partners Take Survey; What Happens Next… Won’t Amaze You”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

If you stood outside the AT&T Center on June 15th at 9:10 p.m. local time, you would have witnessed a steady stream of crestfallen Miami Heat fans bemoaning the performance of anyone other than Lebron James. Ask any of those fans if they thought Chris Bosh was worth a max contract in the off-season and they most likely would have answered “No!” with feverish enthusiasm.

Fast forward to the off-season, teams have now expressed interest in signing Bosh to a max-contract sheet. As it stands on Thursday, July 8, the Rockets are willing to pay him $22 million a year.

So what does this mean for you? It means that just because your law firm tells you that you’re worth a certain amount of dollars does not mean you can’t secure more greenbacks. Salary negotiations are tricky, and it is helpful to get in touch with a recruiter before you attempt to renegotiate with your current firm. Before you start maneuvering, here are five pointers to consider before strategizing…

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I don’t want to minimize my guilt, as a lot of people here do. But [I] didn’t need a sentence that matches what people get for killing people or for raping people.

Matthew Kluger, formerly of Wilson Sonsini, commenting on the harshness of his 12-year sentence for insider trading, the longest sentence “ever meted out” in such a case. Kluger currently resides at “Club Fed.”

Bruce Stachenfeld

I guess at heart I am a competitor. I want my law firm to be the absolute top law firm in the world – at least in our niche of being The Pure Play in Real Estate Law.

I would like us to be loved by clients — loved by lawyers — incredibly profitable — the greatest law firm that ever hit the legal world. And to do this I need to crush my competition — right?

Or maybe not right. Let’s think about this a bit and see what happens….

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