The global law firm of Clifford Chance, a member of the Magic Circle, is one of the biggest names in Biglaw. It’s the world’s #5 law firm in terms of revenue and the #3 law firm in terms of headcount. In the American Lawyer’s inaugural set of rankings for the world’s most valuable law firms, Clifford Chance came in #6. Clifford Chance is so global that it makes the Atlantic Ocean look like a pond.
Here in the United States, Clifford Chance has offices in New York and Washington. What can associates in these offices expect in terms of their bonuses this year?
Enough with all this sadness about these pathetically low bonuses that Cravath has engineered for everybody. Let’s try to be positive. People are getting money. Yay money. Who can be sad when they are getting more money?
In fact, I have a great idea: instead of just writing checks that reflect the general New York bonus scale, Clifford Chance and Covington & Burling should pay the bonuses out in single dollar bills. The partners should sneak into each associate’s office at night and just spread the money around. If you share an office, well, the early bird gets the worm.
See, then it’s fun. It’s a like a game. And it distracts the mind from how ridiculous it is to give the same bonus from 2010 in 2011….
Things have been a little quiet lately on the spring bonus front. For a while we were wondering whether this might be it — i.e., that any firm that hasn’t announced by now isn’t planning on announcing anything.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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, 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.