Last week, we joked about the glacial pace of the 2013 Biglaw bonus season. After all, Cravath made its announcement on December 9, and in that time, we’ve only heard from as many firms as days have passed since that time — seven.
Well, maybe things are finally heating up. Yesterday afternoon, two more firms sent out word of their associate bonuses by class.
Go ahead and queue up the Luther Vandross, because we’ve reached the thrilling conclusion of our annual ATL March Madness.
Our newly expanded tournament pitted 32 teams in the hunt to be declared the law firm with the brightest future. After a string of close calls and upsets, it came down to second-seeded Paul, Weiss against fourth-seeded Gibson Dunn, the spunky underdog who’d knocked off the overall top seed Wachtell.
You don’t want to live in a town where the police and the mob work together.
In a completely unrelated note, today the Second Circuit heard arguments from the SEC — the federal agency statutorily charged to enforce the nation’s securities laws — and Citigroup — a company targeted for securities laws violations that it refuses to admit or deny committing — on the SAME SIDE.
This should be a red flag.
They wanted the Second Circuit to spank Judge Jed Rakoff for having the audacity to ask the SEC to kindly do its job. The nerve of some people.
Well, securities law may not be as sexy as drone strikes, but I watched the SEC try to pull off just as naked an executive power grab.
When it comes to its associates, Paul Weiss has a few “crazy ones.” But when it comes to its associate bonuses, the firm is extremely rational.
Last night, around the time the Skadden bonuses came in, Paul Weiss also announced its 2012 bonus scale. Just as it did last year, the firm matched Cravath. PW will pay bonuses on December 21, the same date as Cravath and Skadden.
Was there ever any doubt that Paul Weiss would match?
The Cleary scale provides for (1) prorated bonuses for class of 2011 members and (2) a top payment of $42,500 for the most-senior lawyers (class of 2003 on up). We’re calling it the “Cleary scale” because some firms that pay a stub bonus to the class of 2011 top out at $37,500 (e.g., Milbank), and some firms that go all the way up to $42,500 don’t pay stub bonuses (e.g., Sullivan & Cromwell and Simpson Thacher).
(These are some pretty fine — and minor — distinctions. As Elie just grumpily remarked to me, “Remember when setting the market involved making it rain instead of figuring out if any pee got on the toilet seat?”)
In any event, it’s nice that Paul Weiss is taking care of its people at both the top and bottom of the seniority scale. Let’s look at the memo….
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.