Cleary Gottlieb

Maybe they’re on to something….

Here’s an interesting irony: some of the Biglaw firms that spend the least amount of time thinking about money are the ones that enjoy the most of it. A number of super-elite New York law firms have lockstep compensation systems, in which partners are paid purely based on seniority, and these firms are among the most profitable in the country. These firms focus on doing great work for their clients, not on divvying up the spoils from such work — and, in the end, there’s more than enough filthy lucre to keep everyone smelling like money.

On an individual level, some of the wealthiest lawyers in Biglaw — the ones who make partner, and remain partner, for years and years — don’t fixate much on money either. They focus instead on their work, which they seem to just love (often more than any hobbies, and sometimes more than their families). As for the money, well, it just comes — in copious quantities.

Let’s take a closer look at these phenomena….

double red triangle arrows Continue reading “Biglaw: It’s Not All About the Benjamins”

He’s going to Disney World? No, not this veteran M&A lawyer….

Let’s say you graduated from a leading college, summa cum laude, and from an elite law school, also summa. You began your legal career as a transactional lawyer at one white-shoe law firm, where you made partner. You left that firm for investment banking, where you encountered significant success. Then you returned to the legal world, first as an M&A partner at one top firm, then at another. At your final firm, you served as global co-chair of the firm’s renowned mergers and acquisitions group, working on some of the biggest deals around the world.

Then, in your 70s, you decide to leave your firm and also the legal world. Where would you go next?

double red triangle arrows Continue reading “Musical Chairs: A Prominent Deal Lawyer’s Unusual Move”

Who wants to do some document review?

We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.

One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.

So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….

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Stephanie Adams

* Vedel Browne, the man charged with robbing Justice Stephen Breyer, will enter a plea of not guilty. Why turn yourself in and then claim innocence? That makes no sense, mon. [Washington Post]

* Guess which Biglaw firms helped to broker the $173B Greek debt deal? Cleary Gottlieb, Allen & Overy, and White & Case. It’s too bad they’re going to get paid in gyros. [Am Law Daily]

* England has approved of the use of Facebook for service of legal documents. If the files went to “Other” messages, the defendant can probably claim ineffective service of process. [Associated Press]

* A Florida firm is suing the BBB after receiving a grade of “F.” It’s not the firm’s fault its clients complain — they’re just too dumb to “understand legal complexities.” [Orlando Sentinel]

* Former Playboy Playmate Stephanie Adams won a $1.2M jury award in her excessive force case against the NYPD. You don’t drop a woman with implants to the ground, she could pop. [New York Daily News]

The floodgates are open and we are awash in bonus news. Sources are reporting that Simpson Thacher and Cleary Gottlieb are both matching the Sullivan & Cromwell bonus scale.

That means a little extra money for those at the very top of the scale.

But does it mean spring bonuses?

double red triangle arrows Continue reading “Associate Bonus Watch: Simpson Thacher and Cleary Matching S&C”

Earlier this week, we introduced the first group of top New York partners whom our readers nominated as being great to work for. Today we present you with another eight partners from the Big Apple.

They hail from some of the heaviest hitters among Biglaw firms: Paul Weiss; Simpson Thacher; Kasowitz Benson; Cleary Gottlieb; Debevoise & Plimpton; Cravath; and Akin Gump.

Let’s learn who they are….

double red triangle arrows Continue reading “Career Center Survey Results: Top Partners to Work For – New York (Part 2)”

Here in the great state of New York, marriage equality is the order of the day — as it is in five other states, plus D.C.. But due to the Defense of Marriage Act, the federal tax code does not recognize same-sex unions. As a result, as explained by the law firm of McCarter & English, “the Internal Revenue Code treats the value of employer-provided healthcare benefits for a civil union or domestic partner as ‘imputed income’ to the employee. This means that employees who elect domestic partner benefits must pay income tax on the value of those benefits, which is in direct contrast to employees with different-sex spouses.”

To address this inequality, a number of law firms — including McCarter & English, as of this June — have adopted what we here at Above the Law have dubbed the “gay gross-up.” This benefit consists of “a bump in income such that, post-tax, the employees are in the same position as similarly situated employees electing healthcare benefits for their opposite-sex spouses.”

In addition to McCarter, a number of prominent law firms have adopted this policy since our last report. Let’s find out which ones….

UPDATE (8/25/11): We’ve added to the list since it was originally published. See the updated list below.

double red triangle arrows Continue reading “Biglaw Perk Watch: The Gay Gross-Up Is All the Rage”

Mon dieu, je déteste mon propriétaire.

* Led by Cleary and Wachtell, five Biglaw firms were involved in the $12.5B Google/Motorola deal. Talk about a total prestige orgy. [Am Law Daily]

* Casey Anthony will be appealing her check fraud probation order in Florida. WHERE’S THE JUSTICE FOR THAT GIRL’S CHECKING ACCOUNT!!?!? [CNN]

* Those pushing for a law school at Indiana Tech admit the state doesn’t need another law school, but “another kind.” The kind that doesn’t exist, amirite? [Chesterton Tribune]

* Your pets don’t need millions from your estate after you go to the big dog park in the sky. But if you feel so inclined, Fifi will probably use the money to dye her hair back. Pink is so not her color. [Reuters]

* For some young lawyers in Nevada, passing the bar is easier than getting a job. Meh, I guess I should’ve considered moving to Nevada. [Fox News]

* Lawyers in Texas are excited about a Twitter Brief Competition. All filings should be under 140 characters. Just imagine: @Appellant Ur lawyer sucks, ttyl #affirm [Tex Parte Blog / Texas Lawyer]

Ebony and ivory, billing together in perfect harmony.

We’ve talked a lot in these pages about the value of diversity. It’s important to clients, it’s important to law firms, and it’s important to the legal profession as a whole.

Given the significance of diversity, it’s not surprising that several organizations and news outlets focus on it, especially with respect to large law firms. In the past few weeks, we’ve discussed diversity data from Building A Better Legal Profession and from the American Lawyer, for example.

Today brings news of more diversity rankings, this time from the ranking gurus over at Vault. They’ve compiled a list of 25 best law firms for diversity.

Which firms made the cut? Is your firm on the list?

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On February 27, 2009, Latham & Watkins laid off 440 associates and staff. These official layoffs came after months of quietly and stealthily laying off employees.

That year, Latham fell from #7 to #17 on the Vault 100 list of the most prestigious law firms. It was one of the biggest single year drops ever on the Vault list. At the time, I asked: “Is this as far as [Latham] will fall?”

Two years removed from that question, I’m staring at the brand-new Vault 100 rankings. Latham & Watkins is ranked #11.

Memory, my friends, is not something they screen for on the LSAT…

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