Breaking

Lat here. Going into the 2013 Biglaw bonus season, indicators were looking mixed.

Cravath, the supremely prestigious and profitable law firm that’s the traditional market leader on bonuses — as in the firm most widely followed by other firms, not necessarily the firm that pays the biggest bonuses — announced another large partner class. Last year, that boded well for bonuses.

On the other hand, Biglaw’s overall performance has been somewhat anemic this year. The stock market might be hitting new highs, but many law firms are running in place.

People have been waiting forever for Cravath to make its big announcement. Now the wait is over: at 4:45 p.m. today, Cravath announced its 2013 year-end bonuses.

How are they looking? What’s getting stuffed inside associate stockings this holiday season?

double red triangle arrows Continue reading “Breaking: Cravath Announces Year-End Bonuses; Let the 2013 Bonus Season Begin!”

Lat here. Earlier this month, I wondered: could the bumper crop of new partners at Cravath bode well for bonuses? Although firms like Cravath generally make partnership decisions with a focus on the longer term, as opposed to based on short-term financial performance, a class of five partners is one of the largest Cravath has had in years. It certainly seems to reflect a good degree of confidence about the firm’s future.

Now we have our answer as to the size of Cravath bonuses. The firm just announced its year-end bonuses for 2012, and they’re not simply a cut-and-paste of last year’s numbers. This year’s bonuses are more generous than last year’s, which is great news (at least for associates trying to pay off their law school loans; partners might be less enthused).

Sit up and take notes, since the Cravath bonus scale sets the bar for most other major law firms….

double red triangle arrows Continue reading “Breaking: Cravath Announces Year-End Bonuses; Let the 2012 Bonus Season Begin!”

Today Chief Judge Vaughn Walker (N.D. Cal.) issued his ruling in Perry v. Schwarzenegger, the constitutional challenge to Proposition 8, California’s ban on gay marriage. The case was famously brought by Ted Olson and David Boies, two of the nation’s top lawyers (who previously faced off in Bush v. Gore, on opposite sides of the case). We first learned of the news at 4:35 PM today (via Chris Rovzar of New York magazine).

In his 136-page ruling, Chief Judge Walker — a Bush I appointee to the federal bench who is generally viewed as a moderate, not some crazy San Francisco liberal — ruled that Prop 8 is “unconstitutional under both the due process and equal protection clauses.” Accordingly, he “order[ed] entry of judgment permanently enjoining its enforcement.”

A permanent injunction? Expect Prop 8 proponents to turn to a higher court in 3, 2, 1…. But is the famously left-leaning Ninth Circuit going to be much help?

For excerpts from the opinion and more links, see below….

UPDATE: This post has been revised extensively since it was first published.

Note especially the update near the end of this post regarding Judge Walker’s STAYING THE ENTRY OF JUDGMENT.

We have also added a READER POLL, after the jump.

double red triangle arrows Continue reading “Breaking: Proposition 8 Ruled Unconstitutional!!!”