As we mentioned last month, the downtown law firm of Cahill Gordon got hit hard by Superstorm Sandy. Weeks after the hurricane, lawyers and staff at Cahill are still working out of temporary space. We hear that they’ll be moving back to their normal office space in January.
But no natural disaster can stop money from raining down on Cahill associates. The firm just announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. And who knows — if all goes well, maybe the firm will pay summer bonuses in 2013, as it did in July 2012.
So how much is Cahill paying out this month, in advance of Cravath-level bonuses in January?
Maybe he should check out some of the law firms downtown. While most New York-area law firms focused on getting people back to work as quickly as possible after the storm, some shops continue to experience more structural issues.
Not that those firms are talking about it. I guess some firms don’t like to admit that anything can go wrong in the Financial District….
There’s a lot of talk around these parts about the versatility — or lack thereof — of a law degree. In this kind of a legal job market, career services officers (and let’s face it, your own family) will continue to shout from the rooftops that you can do just about anything with a law degree.
That being said, while a J.D. degree won’t be of much help to you in, say, landscape architecture, it will be of great service to you if you’re able to land a writing gig on one of the most-watched legal dramedies on cable television.
How does one go from Biglaw to the front page of Funny or Die? Furthermore, how does one get a writer’s credit on a new hit series like The Newsroom? Let’s find out….
It’s getting hot in herre [sic] — and not just due to the scorching temperatures we’re experiencing here in New York City. Today we’re experiencing a flare up of Biglaw bonus news. And maybe some partners are starting to sweat, thinking about whether they might have to cough up some extra cash to keep their associates happy.
Okay, that might be a bit of a stretch. The notion of widespread midyear bonuses, comparable to the spring bonuses we saw in 2011, remains laughable an outside possibility. But it’s a little less crazy than it might have seemed a few weeks ago, now that multiple firms have plunged into the summer bonus pool.
The mere fact that it’s paying mid-year bonuses puts Quinn in the top tier of Biglaw. How many other major firms are paying such bonuses this year? The only other one that springs to mind for me is Sullivan & Cromwell (and this year’s S&C spring bonuses were nothing to write home about; but hey, at least S&C paid something).
UPDATE (11:01 AM): We’re just now receiving word of the Cahill summer bonuses. We’ll be covering them in more detail in a forthcoming post. If you have info or opinions to share — by the way, we don’t have the full scale yet — please email us or text us (646-820-8477 / 646-820-TIPS).
So how much are we talking about for the Quinn summer bonuses? And how are QE associates reacting to the news?
It looks like the latest trend for professional women in New York is the “manicure meeting,” a time when participants must sit and listen to each other, instead of sitting and pretending to listen to each other (while at the same time endlessly following the Bill Urquhart directive to CHECK YOU EMAIL).
But how did the manicure meeting come into existence? And more importantly, is this feasible for the women of Biglaw?
Last year, Cravath initially low-balled the bonus market, and Cahill Gordon made them look foolish by using the Cravath scale as a floor for its bonuses. This year, Cravath has come out with another crappy bonus scale, and Cahill is beating the bag out of it again.
This year, Cahill is making a “special bonus” payment right now, in time for everybody’s next paycheck. This is before they even delve into the regular year-end bonuses that Cravath has set at such a low mark.
Almost half (48%) of Career Center survey respondents said they were too busy billing on the Labor Day holiday to fire up the barbie. That’s more than the 35% of survey respondents who reported working on the Fourth of July, but less than the 73% of respondents who worked on Presidents’ Day, and the 66% of respondents who worked on MLK Day.
The most popular reasons given for skipping out on the Labor Day celebrations were:
56% said that nobody specifically asked them to do work, but they had work they needed to get done. 29% said a partner or associate asked them to do work. 14% said a client asked them to do work. 10% said they needed the hours. 7% said everyone else in their office was working. 3% said that Labor Day is not recognized as an official firm holiday.
Now let’s find out in which practice areas and at which Biglaw firms associates were most and least likely to work on Labor Day….
In late December 2010, the elite California law firm of Irell & Manella announced 2010 year-end bonuses that reportedly doubled the benchmark Cravath scale. Although some felt the firm could have been even more generous, given its strong performance in 2010, most Irell associates were quite pleased.
Discontent grew, however, over the following months. Sullivan & Cromwell announced spring bonuses, Cravath announced better spring bonuses, and most top firms followed suit. But not Irell.
Spring turned into summer. Some at Irell feared that the firm was done doling out bonuses until December.
But that fear was misplaced. Yesterday the firm announced “mid-year” bonuses.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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