Bonuses

Isn’t it a bit early to be pocketing bonus money?

As law students gear up for fall recruiting season — yes, the Biglaw gravy train still accepts new passengers, even if not as many as before — some rising 2Ls might start to think, after researching firm after firm, “All of these places sound alike! They all have cutting-edge practices in bet-the-company litigation or cross-border M&A. They all have collegial cultures and ‘no screamers.’ They’re all committed to diversity and pro bono.”

But there are real differences between law firms. If you doubt this, just check out Above the Law’s Law Firm Directory. You can see the different letter grades we’ve assigned to firms, based on reports from lawyers who work at each firm and on overall industry reputation.

Further proof that law firms aren’t all the same: while some firms are giving out pink slips, others are issuing bonus checks. And we’re in the middle of July, not exactly peak bonus season. What gives?

double red triangle arrows Continue reading “Associate Bonus Watch: Cahill Summer Bonuses Are Back”

Unlike the latest Harmony Korine movie, filled with neon bikinis, former Disney princesses. and James Franco in bad dreads, my Spring Break consists of hanging with my kids while my wife works 24/7 on a grant application. We don’t make annual pilgrimages to Turks and Caicos; we make bi-weekly trips to Wegmans. But you know what? I signed on for this, and no amount of island sand can replace the sound of my younger boy reading a bedtime story to his little sister for the first time last night.

I read with interest the compensation package for the anonymous in-houser that Lat posted yesterday. In the comments, I pointed out that the package wasn’t outrageous or impossible, just that it was (way) outside of the norm. And that is okay. I chose this life and I am happy to say that it has been a soft landing for me. I have a good job, in a real estate market that is hard to beat — anywhere.

Lat is correct that Susan, Mark and I need to be circumspect about compensation; it would not do for our employers to see a pay scale pasted on these pages. So what can I say about my comp?

double red triangle arrows Continue reading “House Rules: Spring Breakers”

As regular readers of Above the Law know, we offer a wealth of content for in-house counsel. We have three in-house lawyers at major corporations who write columns for us — Mark Herrmann, Susan Moon, and David Mowry — and we supplement their coverage with additional in-house posts by our other writers.

One subject that our columnists tend to shy away from, for understandable reasons, is that of in-house compensation. They’ve written in general terms about comp issues, but they haven’t, say, divulged hard numbers about how much they earn.

But one of our in-house readers reached out to us and did exactly that. Let’s find out how much this person makes. The claim: in-house lawyers are better paid than you might expect….

double red triangle arrows Continue reading “In Defense of In-House Counsel Compensation”

Many good things can be said about Jenner & Block. Above the Law readers who work there give it an overall grade of A-minus. It’s a top law firm for diversity.

The firm has a long and distinguished history of pro bono work. And it’s a leader in the area of government service. Many of its lawyers used to work at the Justice Department, the White House, and other top governmental entities. And many high-ranking government lawyers, such as solicitor general Donald Verrilli Jr., used to work at Jenner.

But what if you’re less interested in public service and more interested in debt service — specifically, retiring your own substantial law school loans? Is Jenner the best place to work?

double red triangle arrows Continue reading “Associate Bonus Watch: Jenner & Block”

Clients seem to be pleased with McDermott Will & Emery these days. The firm jumped up 19 places in the latest survey of best law firm brands.

And associates appear to be happy too. Bonuses for 2012 were just announced at MWE, and the general reaction is positive.

McDermott traditionally announces bonuses later than many other firms. It seems that the latest MWE bonuses were worth waiting for….

double red triangle arrows Continue reading “Associate Bonus Watch: Building Goodwill at McDermott Will & Emery”

For Supreme Court clerks from October Term 2011, the historic Term of NFIB v. Sebelius (aka “Obamacare”), the hot firm to go to was Jones Day. As Tony Mauro recently reported, the firm hired six SCOTUS clerks from the OT 2011 class, which “may be the most clerks signed up by a single firm from a single term” (although Ted Frank suggests that Kirkland & Ellis might have had seven clerks back in 1995).

UPDATE (3/17/2013, 1 p.m.): Per Mauro, K&E has never had six or seven clerks from a single Term.

Leading litigatrix Beth Heifetz — a former SCOTUS clerk herself (OT 1985 / Blackmun), and a Tina Fey doppelgänger — confirmed that Jones Day paid the going rate in terms of SCOTUS clerkship bonuses: $280,000 (on top of the usual base salary and year-end bonus). One of the new hires, Rachel Bloomekatz, is joining JD’s office in Columbus, Ohio. She should be able to survive out there on half a million (the SCOTUS clerkship bonus plus a fifth-year associate’s salary; she’s a 2008 UCLA Law grad).

But what if you’re in the Columbus office and not a SCOTUS clerk? Don’t expect to be shown the money; instead, you might be shown the door….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Days Are Numbered for Some at Jones Day”

As we recently mentioned, 2012 was a banner year for O’Melveny & Myers, in terms of legal work performed and the resulting financial rewards. According to Am Law, “the firm set new records in profits per partner and revenue per lawyer, with the former surging 19.4 percent, to $2.06 million, and the latter rising nearly 10 percent, to $1.1 million.”

O’Melveny’s gross revenue grew by 5.1 percent, to $818.5 million. It’s great to see a law firm with top-line growth. Many firms these days can’t grow total revenue or revenue per lawyer; they just try to cut expenses, resorting to layoffs and similar tactics, to improve profits per partner.

Did OMM’s improved PPP trickle down to associates, in the form of bonuses? Here’s what sources report….

double red triangle arrows Continue reading “Associate Bonus Watch: Sharing the Wealth at O’Melveny & Myers”

‘They stole [accreditation] from us. Sneaky little ABA. Wicked, tricksy, false!’ — FAMU Law

Ed. note: Due to the Presidents’ Day holiday, we will be on a reduced publication schedule today. We will be back in full swing tomorrow. We hope you enjoy your day off (or feel free to lament your lack thereof in the comments).

* “[T]hey don’t want to hear nothing.” Vedel Browne, the man accused of robbing Stephen Breyer at machete-point while the justice was vacationing in his home in the Caribbean, now claims that he’s innocent, mon. [St. Kitts-Nevis Observer]

* You know what, the farmer in the Super Bowl commercial probably didn’t have to deal with bullsh*t like Monsanto’s seed patents, but today’s farmers do, and they’ll argue their case before the Supreme Court this week. [New York Times]

* “I’m a betting man. And I would bet and give odds that Sullivan & Cromwell has never said that publicly.” Who dares question S&C’s stance in the hot mess that is Herbalife? None other than Carl Icahn. [Am Law Daily]

* Here’s an important Biglaw math lesson that’s been provided to us via California-based firms like Irell & Manella, Munger Tolles, and Orrick: a little revenue minus a lot of partners equals profitability. [Recorder]

* Amid a flurry of filings on Valentine’s Day, love must’ve been a battlefield for the embattled Dewey & LeBoeuf refugees who were in desperate search of their once promised 2011 bonuses. [WSJ Law Blog (sub. req.)]

* From the department of things that suck: having to defend your office’s alleged “underhanded tactics” in a $150 million wrongful conviction case while you’re trying to get re-elected as district attorney. [New York Times]

* We got bitches in the office lawyerin’ on, and they ain’t leavin’ till six in the mornin’ — unless they want to be fired. An ex-Travers Smith trainee claims she was canned for leaving the firm “early”… at 6:30 a.m. [Telegraph]

* If it weren’t for Cosmo, this woman wouldn’t have known her landlord was an alleged creeper. A Maryland lawyer now faces criminal charges for allegedly filming his female tenants in the nude. [Washington Post]

* “We wants it, we needs it. Must have the precious!” The ABA officially put Florida A&M on notice that its law school accreditation may be in jeopardy if they don’t shape up in terms of bar passage. [Orlando Sentinel]

* What do you do the second you step off a cruise ship that’s been described as “a floating toilet, a floating petri dish, a floating hell”? You grab the very first lawyers you see, and sue! [Nation Now / Los Angeles Times]

Congratulations to the 11 new partners at Akin Gump. They’re an impressive and diverse group, hailing from offices all across the country.

But not all news out of Akin is happy. Last month, for example, the firm — a perennial contender in our annual holiday card contest — failed to take top honors.

And some Akin associates feel that they got coal in their stockings this winter. Let’s check out the Akin grumps….

UPDATE (2/15/2013, 9:30 AM): Full bonus memo added after the jump.

double red triangle arrows Continue reading “Associate Bonus Watch: Bellyachin’ at Akin”

We’ve been hearing a fair amount of happy news out of Morrison & Foerster lately. Last month, for example, the firm announced 15 new partners — a sizable class.

“We recently made a whole slew of people partner,” said a source. “Looks like our biggest class in a few years and includes several home-grown talents.”

One happy camper even wrote in to rave about the D.C.’s office celebration of Black History Month this past Monday, which featured a conversation between Congressman John Lewis (D-GA), an icon of the civil rights movement, and Congressman Steny Hoyer (D-MD), the House Minority Whip.

“The event was fantastic,” this tipster told us. “Congressman Lewis stayed to chat with MoFo attorneys and staff until 9 p.m.”

But happiness is not universal at Morrison & Foerster. On the subject of associate bonuses, we’ve heard from a few angry MoFos….

double red triangle arrows Continue reading “Associate Bonus (and New Partner) Watch: Morrison & Foerster”

Page 7 of 381...34567891011...38