Lat here. In late March, I wrote a story with this title: “Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?”
I’m sad to report that my prediction has come to pass. Sullivan & Cromwell has announced spring bonuses, but they’re nothing to write home about. They are probably too modest for other firms to bother matching. The spring bonuses of Quinn Emanuel will surely exceed the S&C amounts.
Two weeks ago, we talked about how hard Quinn Emanuel associates are working. Now we get to talk about how well Quinn Emanuel associates get paid.
In its year-end bonus memo, issued this past December, Quinn Emanuel said the following:
We know some firms have indicated they will pay additional bonuses this Spring. While we are not announcing any specific level of Spring bonuses now, we will certainly match any bonuses that other competitive firms may offer.
In case you haven’t heard (and you probably haven’t), today is apparently International Be Kind to Lawyers Day. So what are people supposed to do on this high holy day for lawyers? Scream “I’m ga-ga over my attorney!” out their windows? Work the phrase “I object!” into everyday conversations (as suggested by the creator of this event)?
Well, we’ve got an idea that we think our audience will really appreciate. Because the best way to be kind to lawyers in Biglaw is to show them the money. On that note, where are the spring bonuses?
Today brings additional intelligence about spring bonuses at Sullivan & Cromwell (on the heels of yesterday’s report). This information has broad relevance within Biglaw because it’s clear that spring bonuses won’t happen on a large scale unless S&C moves. Four managing partners have already made clear to Am Law Daily that they won’t pay out unless they’re forced to do so. Any such forcing would presumably be done by S&C, which was the first mover behind last year’s spring bonus trend.
From the perspective of associates, there’s good news coming out of S&C, and there’s bad news. Which do you want to hear first?
Yesterday I got to chat with H. Rodgin Cohen, one of the nation’s leading corporate lawyers. Cohen has been accurately described by the New York Times as “the dean of Wall Street lawyers” as well as the “trauma surgeon of Wall Street” (for his heroic work rescuing the nation’s financial system during the 2008 financial crisis).
When he’s not working on bank mega-mergers, Cohen plays a major role in running the venerable firm of Sullivan & Cromwell, where he has spent his entire legal career (except for two years as an Army lawyer). He served as chairman of the firm from 2000 until 2010, when he passed his crown to Joseph Shenker, but Cohen continues to serve in the role of “senior chairman.”
So of course I asked Rodge Cohen about a very hot topic: spring bonuses. What did he have to say?
If this were a nature show, Dewey & LeBoeuf would be a prey animal that looks normal to the naked human eye, but you can deduce that it’s seriously wounded because of the vultures circling around overhead. Everybody seems to be waiting for things to go from bad to worse.
Of course, according to Dewey management, everything is going just fine. I mean, what do you expect them to say? It’s Dewey, not Gondor. The managing partner isn’t going to have press conference where he screams, “Abandon your posts! Flee! Flee for your lives!”
Instead, we have this quote from Dewey Chairman Steven Davis in the Wall Street Journal (subscription): “We are producing the best work in the history of the firm and producing some of its strongest ever results… The overwhelming majority of our partners are excited about our future.”
Well, apparently those “strongest ever results” aren’t translating into “cash money” for people who work at the firm….
* Here’s a reason why Proskauer Rose and Chadbourne & Parke might skip out on spring bonuses this year: millions of dollars worth of blowback from Allen Stanford’s Ponzi scheme. [Thomson Reuters News & Insight]
* And speaking of spring bonuses, a lot of people noticed that Sullivan & Cromwell seems to have misled associates. “Just because it hasn’t happened yet, doesn’t mean it won’t.” Yeah, right. [Am Law Daily]
* Next up in the war on women: a senator from Idaho thinks that women are such strumpets that they might be lying their way into abortions by claiming rape. Because that’s not incredibly insensitive. [Washington Post]
* Apparently George Zimmerman, the man accused of fatally shooting a boy armed with a pack of Skittles, wanted to become a police officer. Looks like it’s time to kiss that dream goodbye. [Los Angeles Times]
* Give me your lunch money, kid! Teachers aren’t supposed to be bullying students, but that’s what one Baltimore mother is alleging in a $200K lawsuit against the city’s school board. [New York Daily News]
Do you remember the first time you said “but you promised” to somebody who was probably older than you and in the process of not giving you what they said they’d give you? It’s a pathetic feeling: you’ve been counting on something, you see it being pulled away from you, and all you can do is throw yourself upon the mercy of another person’s sense of fair play.
That hopeless feeling is what Sullivan & Cromwell lawyers are feeling as a globally-warmed winter gives way to spring. S&C promised they’d be paying spring bonuses. But here we are, in the spring, and the firm is still silent.
Did they think everybody would forget? Or do they just think that breaking their word is no big deal?
What does it mean to be “newly admitted?” To us, it means endless possibilities!
We recognize that you already possess the ability and intelligence to succeed in a variety of legal professions. Our job is to expose you to various practice areas in a way that ensures those very attributes are successfully applied. Our seasoned and successful faculty present unique programs that provide an approachable and practical understanding of the avenues of achievement available as you launch a fruitful, enjoyable and promising career.
Our Live Bridge the Gap weekends satisfy the entire year of New York Newly-Admitted CLE Credits in only two days!
After physically attending a full weekend, you will receive:
• 3.0 Ethics CLE credits,
• 6.0 Skills CLE credits, and
• 7.0 Professional Practice and/or Law Practice Management CLE credits
Date: Saturday, June 8 and Sunday, June 9, 2013 Time: 9:00 a.m. – 4:35 p.m. (EST) Location:
55 Exchange Place
New York, NY 10006
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!