I’ve been trying to be nice. I’ve been trying to be positive. I’ve been trying to adopt a new, sunny, smoke-free attitude that assumes certain top firms will do the right thing by their associates and announce spring bonuses along the lines of Cravath, Sullivan & Cromwell, and a bunch of other top-tier firms.
Just last week, we reminded firms that it’s not too late to announce “spring” bonuses. Dewey & LeBoeuf announced spring bonuses that it will pay in the summer. And that’s okay, nobody is really complaining, associates just want their money. If top firms are paying out spring bonuses, associates who have been told they are working at a top firm want to see their cut.
But there are a number of firms that haven’t gotten the message. Did they think their own people wouldn’t notice that they are getting shortchanged compared to the market? Is this a way for those firms to force some attrition? Surprisingly, some of the firms that are being cheap with spring bonuses were lauded for being generous around Christmastime.
Those firms know how the internet works, don’t they? Information can be updated around these parts….
There’s poor, there’s broke, and then there’s whatever you would call the economic state of current law students. They are up against it, and they know it.
It’s particularly tough on 3Ls. We’re in March, so graduating law students without jobs lined up are about to get kicked out of school and on to the street (or “mother’s basement” or “youth hostel” or whatever). So right now is about the time when these kids really start to freak out.
At one law school, fear and angst are reaching a fever pitch, over the most trivial of things. The soon-to-be graduates are having a conniption over having to pay $136 to rent a cap and gown for graduation.
Yep, some of these kids took on tens of thousands of dollars in order to go to law school, but now — at the end — they’re making a stand over a hundred bucks…
Last time we checked in with Columbia law student Julia Neyman, she was sweating her way through a year-long exercise regimen. Her new year’s resolutions were similar to many: she resolved to exercise more and spend less money. Her unique inspiration, though, was to combine these two resolutions into one: she spent 2010 working out at gyms around Manhattan — gyms that usually charge a pretty penny — for free, taking advantage of promotions and trial memberships. She then blogged about her adventures on Buns of Steal.
We thought it was a brilliant idea. (If nothing else, it seemed like a clever campaign to shame Columbia into upgrading its “dark and dank” student gym.) Others were morecritical, calling her a “mooching” “gym grifter.” Neyman says, though, that gyms were “actually really on board with the project.”
Other potential grifters, we advise you start blogs. Neyman says: “I’ve consistently gotten emails and offers from gyms offering for me to come in and work out for free. It was a win-win because for the gyms, my blog was like free advertising.”
Well, now the year is up. Neyman had planned to buy a membership to her favorite gym — revealed after the jump — but instead she has fled to Paris for the semester, where she is helping to turn Frenchmen against lawyers…
It sounds like something firms would try to keep on the down low, through anonymous postings on Craigslist. But in the new economy, it’s apparently no big deal for law firms to ask career services offices to send over students who are so desperate they’re willing to work for free. The ABA Journal reports:
Law schools in Florida have gotten a flood of requests from small and midsize law firms seeking summer associates willing to work for free — but career officials are not pleased…
Robert Levine, assistant dean for career development at Nova Southeastern University’s Shepard Broad Law Center, tells the Daily Business Review that the U.S. Department of Labor encourages unpaid internships to be coordinated through the school’s clinical program.
“It’s a big problem because the students want the experience and the firms need the help,” Levine told the publication. “All of the law schools throughout the state are dealing with this issue.”
Please tell me this is some kind of weird Florida problem, and this kind of behavior will be limited to the Sunshine State…
In a move that can best be described as cheap, Latham & Watkins joins a growing list of firms that will not allow associates to accrue vacation time. Why would a firm deny its associates the opportunity to get paid out for unused vacation days when they leave the firm (voluntarily or involuntarily)? Because it saves them money, of course.
I suppose Latham could have put it this way: “We’ll no longer honor accrued vacation time because we don’t want to be on the hook for extra paychecks after we s***can you.” But where’s the fun in that? Instead Latham tried to sell associates on the idea that its change in vacation policy would allow associates to take unlimited vacation days.
Latham associates weren’t fooled by the memo. Check it out and see if you would have fallen under the spell of spin …
It’s hard to fit the gym into your schedule. Sometimes it’s even harder to fit it into your budget. Especially if you live in New York, where monthly gym membership fees could fetch you a studio apartment somewhere in flyover country. Of course, there are more hard bodies to ogle at Equinox than in Phoenix.
That’s why we spend the long hours at the office, sitting motionless at desks, staring hard at a computer: to make the big bucks so we can afford to go to the gym. It would suck to have a low-paying blue-collar job where you spend all day lifting heavy stuff, manipulating machinery, and running around, because then you couldn’t afford to go to the gym to…
Hmmm…. Well, it’s easy to afford a New York gym membership when you’ve got a Biglaw salary, but it’s not so easy if you’re a New York law student paying for it with your student loans. Is a hard body really worth it with an 8.5% interest rate?
Columbia 2L Julia Neyman, 24, has found a way around this dilemma. As reported by the New York Daily News this week, she’s spending a year taking advantage of free gym promotions across the five burroughs and chronicling it on her blog, Buns of Steal. (Gawker felt the need to point out the double meaning in that title, but we assume you all get it.)
From the Daily News: “Neyman will do whatever it takes to score no-cost gym sessions: lie, finagle, beg and even flirt.”
Well, not exactly, says Neyman. We caught up with her yesterday about her pro bono gym program….
Class of 2008 — $7,500
Class of 2007 — $10,000
Class of 2006 — $15,000
Class of 2005 — $20,000
Class of 2004 — $25,000
Class of 2003 — $30,000
Class of 2002 — $30,000
Cravath’s bonus announcement is always important because the market tends to follow Cravath — as it did last year. Skadden’s 2008 bonuses, at roughly twice Cravath’s levels, were ignored.
Could this year be different? Are the Cravath bonus levels low enough such that a firm of similar or even lower prestige will try to better CSM? Or will other Biglaw shops simply avail themselves of the political cover provided by Cravath — which is arguably what happened last year, when Skadden’s generous bonuses went unmatched (excluding Wachtell)?
So, readers, what do you think? Read the FULL MEMO, take a READER POLL, and COMMENT — after the jump.
For whatever reason, Quinn Emanuel — the highly prestigious, super-profitable litigation powerhouse, with offices in California and New York — has received a disproportionate amount of coverage here at ATL. As we previously wrote, “we have a lot of tipsters over there. It seems that QE associates love to talk about their firm, for good or ill.”
And it’s not just associates. Last night we received an email from John Quinn, the “legal titan” and “known litigation genius” who founded Quinn Emanuel. In his long and detailed email, Mr. Quinn addresses several of the criticisms of QE that have surfaced on ATL. This was our favorite part:
it has been suggested that i do not use capital letters in my typing in an effort to be “cool.” i am not cool; wish i was, but after 56 years i don’t think it is going to happen. the fact is i am not coordinated enough to hit the shift button with one hand and a letter with the other.
Check out his complete email — in which he addresses a whole host of topics, including billables, bonuses, partnership decisions, partner compensation, and even office supplies — after the jump.
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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