Last week, federal prosecutors in Manhattan charged two former stockbrokers, Thomas Conradt and David Weishaus, with insider trading. There is a legal angle here (aside from the criminal charges and the civil case being brought by the SEC): Conradt is a lawyer, a member of the Maryland and Colorado bars, and Weishaus graduated from the University of Baltimore School of Law a year after Conradt.
To be honest, though, we’re not intensely interested in Conradt and Weishaus. Their alleged misdeeds occurred while they were working in finance, not law; the contours of Conradt’s legal career are somewhat unclear; and as for Weishaus, it’s not clear that he ever passed the bar or practiced as a lawyer.
As regular readers of Above the Law know, we have a weakness for prestige around these parts. So we’re far more interested in the former Cravath associate who, according to law enforceent allegations, made their misdeeds possible….
We haven’t had one for a while. In the past few years, things have followed the usual pattern: the market leader, Cravath, announces bonuses, and everyone else follows.
The last truly interesting bonus season took place in 2008. That year, instead of waiting for Cravath, Skadden moved first and offered generous bonuses (regular year-end bonuses at 2007 levels, just no “special” or supplemental bonuses). The following day, Cravath announced bonuses that were essentially half of Skadden’s. This led my colleague, Elie Mystal, to develop and deploy the term “Half-Skadden” to refer to the bonuses offered by Cravath and its (many grateful) followers.
But this year raises an interesting question: Could Cravath get… Cravathed? Could this be the year of “Half-Cravath” bonuses?
UPDATE (11:00 AM): Or maybe not. Note the update at the end of this post about one leading firm that just matched Cravath.
* Chief Justice John Roberts gave a Solicitor General’s Office attorney a vicious tongue-lashing for failure to be upfront about policy changes between presidents. Now that’s what we’d call a verbal benchslap! [Thomson Reuters News & Insight]
* When asked if they’d be following Cravath’s bonuses, a dozen Am Law 100 firms didn’t even care to respond or discuss the matter. It seems the partners would rather keep their associates squirming with suspense a while longer. [Am Law Daily]
* Watch out, world, because Catholic University of America just hired a Biglaw senior partner to lead its law school. Say hello to Dean Daniel Attridge, formerly managing partner at the D.C. office of Kirkland & Ellis. [National Law Journal]
* A federal judge ordered tobacco companies to disclose in product warnings that they chemically induce smoking addictions to turn a profit, but those fools will keep puffing their cancer sticks anyway. [WSJ Law Blog]
* This just in from Flori-duh: you know you’re probably going to have a bad day in court when the judge won’t declare a mistrial even though the prosecutor technically wasn’t a member of the state Bar. [Miami Herald]
Lat here. Earlier this month, I wondered: could the bumper crop of new partners at Cravath bode well for bonuses? Although firms like Cravath generally make partnership decisions with a focus on the longer term, as opposed to based on short-term financial performance, a class of five partners is one of the largest Cravath has had in years. It certainly seems to reflect a good degree of confidence about the firm’s future.
Now we have our answer as to the size of Cravath bonuses. The firm just announced its year-end bonuses for 2012, and they’re not simply a cut-and-paste of last year’s numbers. This year’s bonuses are more generous than last year’s, which is great news (at least for associates trying to pay off their law school loans; partners might be less enthused).
Sit up and take notes, since the Cravath bonus scale sets the bar for most other major law firms….
Time to start practicing the Cravath walk? (Google it if you’re not familiar.)
In an excellentessay reflecting on his time at Cravath, lawyer turned author James B. Stewart had this to say about the associates who made partner: “They weren’t necessarily the brightest…. They weren’t, as I had expected, the hardest-working…. They weren’t the most personable…. Finally it came to me: The one thing nearly all the partners had in common was they loved their work.”
Move over, Virginia. Cravath is for lovers — of work.
The firm just named its latest class of lovers. How many new partners did CSM just make, and what might this suggest about the firm’s market-setting bonuses?
Greetings from San Francisco, home of the world champion Giants, surprisingly noisy trolley cars, and the faint smell of cannabis pretty much everywhere. We’re in town to attend Ark Group‘s conference on “The Brave New World of Entry-Level Recruiting,” which examines how the world of law student recruiting by firms has changed (and will continue to evolve) since the onset of the Great Recession. Moderated by Bruce MacEwen, who kicked off the proceedings by framing the day as an opportunity for “frank conversation” between schools and firms, the conference featured an absolute Murderers’ Row of industry thought leaders, including Orrick‘s Ralph Baxter, legal academia’s apostate Paul Campos, NALP’s Jim Leipold, Indiana/Maurer‘s Bill Henderson, three Biglaw hiring partners, and deans from Berkeley, Stanford, and Hastings.
Read on for some highlights and takeaways from yesterday’s conference.
I remember when I first started practice, a Cravath partner said that you have to make it a priority to go on trips, see friends, and have a life.
– Goutam Jois, a litigation associate at Gibson Dunn, commenting on where he got his inspiration for achieving work/life balance in Biglaw. Jois leads a double life, practicing law by day, and performing stand-up comedy by night. He recently won the title of America’s Funniest Attorney after winning a contest at the Gotham Comedy Club.
Unless you are working on fixing this, you might not be ‘essential’ today.
I was feeling pretty goddamn sorry for myself yesterday afternoon. I was working when it felt like everybody else on the Eastern seaboard had the day off. I wanted to sit in bed and watch Homeland instead of writing whatever the hell I wrote yesterday. I couldn’t even get a pizza delivered. When New York City immigrants aren’t out there trying to make a buck, you know things are shut down.
But then a crane nearly fell down and I realized that a bunch of people were “remoting in” and trying to work or appear to be work, and it made me feel better. Who are these clients that needed “service” yesterday? What the hell do they want today? Honestly, the worst part about being a lawyer with clients is that I believe “client” is Greek for “unreasonable omega-hole.”
Did you work yesterday? What is your firm’s “storm plan” to keep you billing hours instead of taking A DAY OR TWO off? There are some fun stories about Cravath’s and Orrick’s emergency keep working plans. Let’s take a look and take a poll to see who is really working today…
The world keeps getting smaller, but the law firms keep getting bigger. The American Lawyer magazine just announced its Global 100, the world’s 100 largest law firms in terms of total revenue, and Biglaw seems bigger than ever.
Despite the challenging economic climate, law firms continue to grow. In three key categories — revenue, profits per partner, and attorney headcount — the top firm for 2012 boasts a bigger number than last year’s #1 firm….
* A former Cravath law librarian is fighting his “effective termination” from Southern Illinois University School of Law over alleged threats to bash a colleague in the head with a crowbar. How déclassé! What, was a champagne flute not available? [National Law Journal]
* Is New York’s new mandatory pro bono requirement for admission to the bar too rigid a licensing rule? Compared to what it could have been, no, but obviously others disagree on this point. [Am Law Daily]
* New York Law School’s dean thinks that experience in City Hall gives him an edge. In other news, after being sued over its employment stats, NYLS had the most applicants ever since 2008. Sigh. [New York Law Journal]
* Jamie McCourt doesn’t think it’s very fair that she only got a $131M divorce payout when her ex-husband, Frank McCourt, ended up with $1.7B after he sold the Dodgers. #filthyrichpeopleproblems [Bloomberg]
* “I’m in shock and I’m angry and I’m hurt and I’m flabbergasted and I’m livid.” You’d feel the same if you saw that your engagement photo was being used in an anti-gay marriage mailer. [City Room / New York Times]
* Don’t mind me, I’m just watering my hippies: in a proposed settlement, the University of California is offering $30K to each of the students who were pepper-sprayed by a police officer at UC Davis last year. [CNN]
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.