* We’re not sure that the best way to convince the Supreme Court to allow television broadcast coverage of its proceedings is to air commercials on news channels. Even SCOTUS justices fast forward during the commercials. [Legal Times]
* Old farts just wanna have fun: Retired Supreme Court Justice John Paul Stevens told reporters about a wild night out with the late Justice William Brennan that involved Ginger Rogers and pants that were too big. [National Law Journal]
* When “the only way to be successful [as a first-year associate] is to go into the role expecting to be treated poorly,” it’s no wonder that Biglaw firms continue to fail their women lawyers. [Washington Post]
* Just because you work at a small, boutique, or mid-size firm, it doesn’t mean your bonus bounty will be less than that of your Biglaw brethren. You could actually earn much, much more. [New York Law Journal]
* Yes, you can be fired for being “too cute.” No, it’s not gender discrimination. Sorry, beauties, but being a hottie isn’t protected a characteristic under Title VII, says this Playboy Playmate. [Corporate Counsel]
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?
Interesting things are afoot at Kasowitz Benson these days. Last month, we wrote about the prominent litigation firm’s “benchmark” bonuses — which some tipsters told us were bogus, but other sources defended (see the updates to the post).
Over the weekend, we received a cryptic tip about KBTF: “Kasowitz will be laying off a large number on Monday. From staff all the way up to partner.”
It’s now the end of the business day. Has this prediction come to pass?
(Please note the multiple UPDATES added to this post after its original publication.)
Today’s Biglaw layoff story involves a firm that’s even more impressive. This firm has been recognized as a great place to work by Fortune, Crain’s, and Above the Law. In fact, it topped our list of the 12 top rated firms for 2013.
Which wonderful law firm is parting with some people, and why?
There seems to be lots of good news emanating from Akin Gump these days. Last month, for example, the firm won the Above the Law holiday card contest — a contest it has traditionally dominated, with two wins under its belt.
A cool holiday card is fun, but above-market bonuses are funner. And it seems that Akin Gump can boast about bonuses now too.
This is quite a departure from last year. Why are Akin associates so happy about their bonuses?
Some large law firms, when announcing year-end associate bonuses, also announce base salaries for the new year. In Biglaw, the salary scale hasn’t budged since January 2007, when Simpson Thacher announced the $160K scale (providing for base salaries ranging from $160,000 for first-year associates to $280,000 for eighth-year associates).
You could view this as a compensation cut, since we have had some inflation (even if not high inflation) since 2007. According to the inflation calculator of the Bureau of Labor Statistics, $160,000 in 2013, the latest year available, had the same buying power as $142,407 in 2007. Of course, law school tuition has climbed quite a bit since 2007 — so even for the lucky souls who land Biglaw jobs, the value proposition of a law degree isn’t as appealing today as it was back in 2007. You’re paying more for a degree that gets you less.
What’s the solution? Work for a firm that will pay you more than $160,000 as a starting salary, of course! Let’s say hello to the newest member of the $160K-Plus Club….
Years ago, back when I was in Biglaw, I had an unpleasant interaction with Kasowitz Benson. I will spare you the details — they involved who would pay the costs for photocopying certain documents (in the ancient days before e-discovery) — but the Kasowitz lawyer made a promise that she did not honor. I thought to myself, “Watch out when dealing with Kasowitz Benson.”
That’s probably wise advice — not just for folks litigating with Kasowitz, but also for people applying to work there. Last year, we covered KBTF’s exploding offers during fall recruiting and cold offers to summer associates — practices that are frowned upon, to put it mildly.
And now we have new allegations of shadiness at Kasowitz, this time coming from people already working at the firm as full-time associates. They involve the hot-button subject of associate bonuses….
(Please note the multiple UPDATES at the end of this post.)
It has been a while since we last covered bonuses at WilmerHale. For whatever reason, associates at the firm are generally tight-lipped on the subject. Given WH’s merit-based compensation system, perhaps bonuses are too individualized to be comfortably discussed.
What can be said about bonuses at WilmerHale? According to Chambers Associate, bonuses go to lawyers who bill 1900+ hours. According to responses to the ATL Insider Survey, these bonuses could be better: even though WilmerHale is a “great” firm with “wonderful” people, “[t]he ‘merit based’ compensation structure is a thinly veiled cost-saving measure.”
But are bonuses getting better at WilmerHale? Maybe….
(Please note the multiple UPDATES added to the end of this post.)
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.