(This has caused some to wonder whether Cahill will be paying spring bonuses, like Cravath and many other firms. In light of the spring bonus phenomenon, how does Cahill compensation compare to Cravath et al.? One Cahill source suggests Cahill is still ahead, but we’d love to see the numbers run by someone who knows the full Cahill scale. Feel free to send us an email, or comment on this post.)
The most recent news out of Cahill, though, is strange rather than glowing. Last week, a prominent partner was escorted out of the building by security and removed from the Cahill website. A firm-wide email then went out informing all staff that he was no longer a member of the partnership. (We haven’t seen this email, but feel free to send our way.)
Hey now, this is just coming into our tips box, but we’ve now got two sources reporting that Cahill Gordon will be giving between $15,000 and $20,000 in bonuses to all associate classes this month.
And then giving bonuses according to the standard 2010 Cravath scale in January — “at least” the Cravath scale, according to our tipsters.
UPDATE: We’re up to more sources than I can count. This is solid; Cahill is blowing up the bonus market.
So, some Cahill Gordon associates are going to take home total bonus money that’s $20,000 $35,000 (see the UPDATES after the jump) more than Cravath associates and associates at firms that blindly followed Cravath.
Cahill Gordon, the new definition of competitive market salary in New York City!
But wait, there’s more. Because of the mid-year bonuses that Cahill associates already received, they’re actually making even more money than most of their Biglaw peers (there are UPDATES after the jump)…
Bonus season is in full swing, and it appears that most Biglaw firms are falling in line behind Cravath. The chances of a firm besting the Cravath scale in any meaningful way grow slimmer everyday.
But according to one tipster, there is still hope for associates, and it’s coming from an unlikely place. A tipster believes that Cahill Gordon intends to double the Cravath bonus. But not all at once. Cahill doesn’t want to look like it’s breaking the market.
Now it might sound weird for Cahill to be willing to pay more but not wanting to get credit for it — but let’s check out what this tipster has to say…
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
* Musical chairs: Charles “Chuck” Greenberg — former head of Pepper Hamilton’s sports law practice, and the new managing partner and CEO of the Texas Rangers — is taking his team of sports lawyers to Reed Smith. [Am Law Daily]
* Crowell & Moring gets embroiled in litigation over legal fees and settlement money from a lawsuit arising out of the 1986 hijacking of Pan Am Flight 73 in Pakistan. [ABA Journal]
Yes, you read that headline correctly. Out of nowhere, Cahill Gordon & Reindel has decided to give out a mid-year bonus. Not Cravath, not S&C, but Cahill Gordon. The same Cahill Gordon that is one of the few firms to have significant layoffs in 2010. This is the firm that could push the market towards mid-year bonuses?
Apparently so. A tipster reported the bonus scale to Above the Law. It’s not a huge amount of money, but it’s something….
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.
Watch to find out what some of our subscribers received in their May box!
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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.
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