Boies Schiller

Ed. note: Stat of the Week is a new feature that pulls data points from ATL Research as well as noteworthy sources across the web.

The ATL Insider Survey asks law firm lawyers a time-machine hypothetical: “If you had the chance to do it all over again, would you choose to work for your firm?”

So, what percentage of law firm attorneys are happy with their choice of employer? Which firm has the least regretful lawyers?

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* In this summer’s Biglaw lawsuitpalooza, real estate and conflicts took the lead as headliners. Poor Boies Schiller had double the trouble when it came to ethics complaints. Ouch. [Am Law Daily]

* New Jersey taxpayers owe Gibson Dunn & Crutcher about $6.5 million thanks to Governor Chris Christie’s Bridgegate scandal. Thanks for the pain in our pocketbooks, chief. [Daily Report (reg. req.)]

* “It’s been a minor inconvenience to us, but of course I don’t like somebody hijacking my name and using it to hurt someone else.” Two Florida law firms are investigating why someone sent out 42 anonymous state bar complaints against one firm using the other firm’s mailing address. [Orlando Sentinel]

* Charleston School of Law is starting a new academic year with even more confusion than it was in last year, considering that its InfiLaw buyout is in a state of flux. Maybe that’s a good thing. [Post and Courier]

* Three ex-Lingerie Football League players have filed class action suits against the club, alleging minimum wage law violations. Come on, pay these half-naked athletes a living wage. [National Law Journal]

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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It pains me to say this, given my own predilection for prestige worship, but here’s a question: does prestige matter as much as it used to? In an era of greater access to information, a law firm’s overall prestige arguably matters less than it once did.

If a client is looking for an excellent firm in a particular practice area, it can now easily access information about which firms, and even which individual lawyers, excel in which niches. It no longer has to rely on a firm’s brand name as a proxy for a specific strength. And other factors matter to the public as well. Is a firm a good place to work? How stable is its partnership, in this era of increased lateral movement? Is the firm growing or declining?

But make no mistake: prestige is still hugely important. Which is why the Vault law firm rankings are so eagerly anticipated each year.

The latest rankings from Vault of the country’s 100 most prestigious law firms just came out. How do they look?

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Kathryn Ruemmler

* Boies Schiller announced it will be working with Hausfeld LLP for the limited purpose of creating a new practice group that will allow the firms to co-represent professional athletes. (Sorry, college athletes, you don’t count yet.) [Bloomberg]

* It’s highly likely that departing White House counsel Kathryn Ruemmler will return to her former stomping grounds at Latham & Watkins. Imagine how many pairs of shoes she’ll be able to buy with her Biglaw money. [Washington Post]

* Governor Andrew Cuomo is so desperate to keep the Buffalo Bills in Western New York that he recently inked a $350K deal with Foley & Lardner to convince the team’s future owners to stay put. [Buffalo News]

* The Above the Law Top 50 Law School Rankings are virtually ungameable, but Kyle McEntee of Law School Transparency proposes a novel way deans can try: by lowering tuition. GASP! [Law.com (reg. req.)]

* Marc Randazza, one of the preeminent lawyers on First Amendment rights (who happens to represent us from time to time), thinks what happened to Don Sterling was “morally wrong.” Interesting theory. [CNN]

Non-lawyers are often surprised to learn of the lockstep salary schemes of large law firms and the near-perfect information we have about them. (Recall Kevin Drum’s befuddlement at the bi-modal distribution of law graduate salaries and the “weird cultural collusion” it suggested.) Even annual bonuses are frequently spelled out in what amounts to public memoranda and are typically some variation of the “market” dictated by our Cravath overlords. Of course, there are some “black box” firms and a few gilded outliers such as Wachtell Lipton or Boies Schiller, but generally speaking, the world of large firms practices a degree of relative transparency around compensation that is unsurpassed outside the public sector.

In order to distinguish among firms, we have to look to the margins. For example, law firms vary quite a bit when it comes to paying for the bar and living expenses of incoming associates. Some firms may reimburse for covered expenses after the fact; others may pay some expenses directly to the provider. Some may give a stipend to cover living expenses, whereas others may offer the ability to take out an advance on salary.

Greater transparency (or, at least, aggregated information) on these questions might make one firm’s offer more attractive than another’s, or perhaps even give an offeree some basis for negotiating a package upgrade (but of course tread very lightly there)….

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Bradley Cooper: a very handsome man, but sadly not a lawyer.

Seemingly random small-firm lawyers from Alabama weren’t the only legal types in attendance at the White House State Dinner on Tuesday evening. Indeed, as we’ve previously noted, numerous legal celebrities attended the festivities as well.

Sure, there were some “celebrity celebrities” at 1600 Pennsylvania Avenue that night. The guest list included such boldface names as J.J. Abrams, Stephen Colbert, Bradley Cooper, Mindy Kaling, and Julia Louis-Dreyfus.

But who cares about Hollywood? Above the Law readers are more interested in the government lawyers, federal judges, Biglaw partners and law professors who attended this major social event….

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David Boies: just one great lawyer among many at Boies Schiller.

What comes to mind at the mention of Boies, Schiller & Flexner? Perhaps the legendary named partners — David Boies, Jonathan Schiller, and Donald Flexner — or perhaps the legendary bonuses, which last year went as high as $300,000.

But there’s much more to the firm than that. Even though BSF is most famous for its litigation work, it has a sizable and well-regarded corporate practice, for example. And even though its biggest presence is in the state of New York, with offices in Albany, Armonk, and New York City, the firm has several other outposts — including a growing and high-powered presence in Washington, D.C.

Boies Schiller has been adding some impressive new talent to its D.C. outpost. Last week, the firm welcomed a leading litigatrix. Let’s learn more about her, shall we?

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This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.

For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.

The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.

Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….

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David Boies

Associate bonuses at market-leading Cravath and all of Cravath’s followers are staying the same this year. As I’ve stated in these pages, and on CNBC and Bloomberg, this is a good thing. In times of uncertainty and instability for Biglaw, treading water is a victory.

But just because this year’s bonuses are good news doesn’t mean there isn’t better news out there. Today the better news comes from the litigation powerhouse of Boies Schiller & Flexner, where the average bonus was $85,000 and the top bonus was $300,000 — even higher than last year’s $250,000.

Even if you bill like a maniac — and BSF’s compensation system does reward the industrious — how on earth do you get to a $300,000 bonus? We spoke with legendary litigator David Boies, founding partner and chairman of the firm, to find out….

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