This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
As 2013 draws to a close, let’s look back at the 10 biggest stories in the legal profession over the past year. This is an annual tradition here at Above the Law, which we’ve done in 2012, 2011, 2010, and 2009. We’ll fire up the old Google Analytics machine to get data on our most popular posts, based on pageviews, and share the results with you.
Before turning to specific stories, let’s look at the top general discussion topics here at ATL. For 2013, our most trafficked category page was Biglaw, which bumped Law Schools out of the top spot — a spot that Law Schools held from 2010 through 2012. Now that the word is out about the perils of getting a law degree, leading to plummeting applications, perhaps it’s time to move on from the “don’t go to law school” narrative.
After Biglaw and Law Schools, our third most-popular category page was, as usual, Bonuses. This wasn’t a terribly exciting year for bonuses — there were no spring bonuses, and Cravath and its many followers paid out the same bonuses as last year — but people still want to know the score.
Our fourth most-popular category page was small law firms. Small firms, including boutiques, are an area of increasing focus and readership for us — and also where many of the job opportunities are these days.
Moving on from the topic pages, what were the 10 most popular individual posts at Above the Law in 2013?
The week’s almost over, but we’ve got more bonus news for you. While Sullivan & Cromwell, by matching Cravath, might have dashed your hopes of the bonus market climbing higher, there’s still a chance — probably a one-in-a-million chance — that another very special firm could do it.
In fact, every time an associate says, “I don’t believe in higher bonuses,” there’s a would-be Boies-level bonus someplace that falls down dead.
Justice Ginsburg: a full-service wedding provider.
Ed. note: We’ll return to our normal publication schedule on Monday, December 2. We hope to see you at our holiday happy hour on Thursday, December 5 — for details and to RSVP (to this free event with an open bar), click here.
The ruins of a house on the outskirts of Tacloban, capital of Leyte.
Law firms and the legal profession have a long and distinguished tradition of contributing to the public interest. Earlier today, we highlighted five Biglaw firms that are pro bono all-stars.
Most pro bono cases involve clients and causes here in the United States. But in today’s increasingly global world, law firms look beyond borders when it comes to helping the needy.
Yesterday we commended Skadden for its generous support of Typhoon Haiyan relief efforts in my ancestral homeland of the Philippines. And today we recognize several other law firms that have joined in this worthy cause….
Would you rather be a great lawyer or be perceived as being a great lawyer?
For many people, I think the answer to that question varies over time: At age 30, you’d rather be a great lawyer. At age 60, you’d rather be perceived as being a great lawyer.
Because, over time, your reputation may come to track reality. If you’re perceived as great when you’re 30, but you’re actually no good, that truth may out over time. As you age, your reputation may catch up with you.
By the time you’re 60, your professional horizon will have shortened, and it’s less likely that the world will unearth your incompetence. If you’re perceived as being a great lawyer when you’re 60, you may well make it to retirement unscathed.
What of law firms? Would you rather that your firm be great or be perceived as being great?
* The Magic Circle isn’t very magical across the pond in New York City. Four out of five firms from the U.K. — Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, and Linklaters — have yet to pull rabbits out of their hats in the Big Apple. [Am Law Daily]
* Dewey know how much this failed firm’s old domain name sold for at auction? At the conclusion of the sale, it ended up going for $210,689, which was just a shade over the initial asking price of $200,000. Someone just got ripped off. [Law360 (sub. req.)]
* The judge on this case against Skadden Arps isn’t sure that document review should count as anything other than practicing law, “even if it’s not the most glamorous.” Ahh, the luxurious life of a contract attorney. [Am Law Daily]
* Professor Raymond Ku has filed an amended complaint against Case Western Law Dean Larry Mitchell, and now the allegations are even juicier, including a possible ménage à trois. [Cleveland Plain Dealer]
* The number of people who took the LSAT in October has dropped for the fourth year in a row, this time by 11 percent. “This is a big deal” for law professors interested in keeping their jobs. [National Law Journal]
* Legal education needs to adapt to reflect the fact that 50 percent of law students don’t intend to use their law degrees to work in traditional legal fields. In other words, legal education needs to adapt to people too stupid to figure out the only jobs that require a law degree are those in traditional legal fields. [New York Law Journal]
* Harvard is hosting an event on the “business of college sports.” You can learn all about the business of college sports from this video right here. [Sports Agent Blog]
Day in and day out, the demands associated with Biglaw grind people up and lay waste to the hopes and dreams that many once had about what it would be like to work as a high-powered attorney. And more often than not, it is the men who are in charge of this “all work, no play” carnival of tortured souls.
From origination credit to salary wars to leadership opportunities, it is usually the men who are accused of pushing women two steps back in the Biglaw regime. But today, we’ve got insider information on some alleged woman-on-woman crime. This time, it is the women who are ripping their female colleagues to shreds. And it’s not just any women; no, it’s the members of the firm’s Women’s Committee who are doing the damage, and trust us when we say that these cats have claws.
By now, many of you have heard about or seen the video of a Clifford Chance “trainee lawyer” making some unfortunate remarks that could be construed as his views about the practice of law. The video has received coverage on both sides of the Atlantic, and it could cause the young lawyer to lose his training contract with the firm — i.e., his job.
But should it? Let’s check out the clip, which gives new meaning to the term “Downfall Video,” and discuss its career implications for the trainee in question….
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.