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?
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 generalterms 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….
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?
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….
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….
‘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]
“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….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: