We’re tempted to do what we proposed last year regarding Sidley Austin bonuses, by simply writing: “Sidley bonuses are out. The scale is not transparent, so some people may be happy with their bonuses and others may be unhappy. Here is an open thread for you to discuss. Thank you.”
That would at least spare us from some of the criticism we’ve received for our coverage of the Sidley bonuses in recent years. In 2010, we initially wrote a very positive post, which we got criticized for by people who saw it as too positive. In 2011, we went in the other direction, reporting that Sidley’s bonuses drew yawns from associates — an assessment that drew flak for us from happy campers at Sidley (and there are many happy campers at the firm; it enjoys an A- rating from ATL readers who work there).
So we realize that covering the sensitive subject of Sidley bonuses is a bit like trying to reach a budget deal: you can’t make everyone happy, just varying degrees of unhappy. But we’ll give it our best shot….
Even if the big lockstep New York firms are done, associate bonus news continues to roll in from around the country. For example, bonuses are out at Sidley Austin. We’re working on a story for tomorrow; feel free to email us or text us (646-820-8477) with your reactions (to be used anonymously).
Today brings bonus news from Susman Godfrey. The high-powered boutique is known for high-stakes commercial litigation — and high, market-beating bonuses.
(And high-attendance holiday parties too; this year’s fête in New York drew more than 500 guests, many of them boldface names of the legal profession. As I observed on Twitter, “you could staff a great law firm with the guest list at the Susman Godfrey holiday party.”)
So how big were the Susman Godfrey bonuses this year?
* NALP is becoming the harbinger of doom for law practice. Here’s some cheerful news: the percentage of female associates in Biglaw dropped for the third year in a row. Perhaps they’re going the way of the Clifford Chance mommy. [National Law Journal]
* Biglaw hotties are coming to a continent near you! Davis Polk & Wardell will be adding a litigation practice to its existing shop in Hong Kong, and they managed to poach two big name Clifford Chance litigators in the process. [DealBook / New York Times]
* According to the ACC, in 2012, base salaries for general counsel rose 1.9 percent, while cash bonuses dropped 7.9 percent. But really, who’s going to complain about a six-figure bonus? [Corporate Counsel]
* A Delaware jury ruled that Apple infringed on several patents in a mobile-device technologies case filed by MobileMedia Ideas. Somewhere, Samsung’s bigwigs are laughing their asses off. [WSJ Law Blog (sub. req.)]
* A woman was arrested in Spain for trying to smuggle in cocaine from Colombia. Seems pretty standard, except for the fact that she was hiding the coke in brand new breast implants — three pounds of it! [CNN]
The global law firm of Clifford Chance, a member of the Magic Circle, is one of the biggest names in Biglaw. It’s the world’s #5 law firm in terms of revenue and the #3 law firm in terms of headcount. In the American Lawyer’s inaugural set of rankings for the world’s most valuable law firms, Clifford Chance came in #6. Clifford Chance is so global that it makes the Atlantic Ocean look like a pond.
Here in the United States, Clifford Chance has offices in New York and Washington. What can associates in these offices expect in terms of their bonuses this year?
* Just how quickly will state-by-state legal education be able to respond to changing market conditions? Thus far, both New York and California have proven themselves to be pretty damn nimble. [Legal Ethics Forum]
* Here’s a cute docket sheet entry from Judge Marcia Cooke in the Southern District of Florida. Thanks for not being a grinch this holiday season, Your Honor! [Southern District of Florida Blog]
* A town in Germany has started using “female friendly” parking spaces, because parking a car is just so hard for we womenfolk to do when we’re supposed to be barefoot and pregnant in the kitchen. [Telegraph]
* Hiram Chodosh, once named as a law dean hottie, has been named the fifth president of Claremont McKenna College. Of course, the former title is cooler than the latter, don’t you think? [Sacramento Bee]
Last year, I complained that the complicated compensation system at Vinson & Elkins was giving me a headache. What’s wrong with a Cravath-style system of lockstep salaries and bonuses? Or a Kirkland- or Latham-style system of lockstep salaries and individualized bonuses? Is it really necessary, for purposes of paying associates, to utilize a system involving deferred compensation?
Luckily for me and my limited quantitative-reasoning ability, V&E has decided to streamline their system. Let’s learn about what they’re doing, which they revealed in the course of announcing their bonuses.
The moment we’ve all been waiting for has arrived. The extremely prestigious and profitable Sullivan & Cromwell, which we recently described as “one of the few firms with the wherewithal and the gumption to best Cravath’s already healthy bonuses,” just announced its scale.
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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.