We feel like we’re taking magic Biglaw pills today and having hallucinatory flashbacks to 2006. The good news has been rolling in. Just today, we covered raises at Sheppard Mullin, and a 100% offer rate for D.C. summer associates at Latham & Watkins.
And over at Am Law Daily, Zach Lowe predicts good things for 2011. There will be more summer associate spots to go around next year, law school kiddies:
On-campus interviewing starts in two weeks at some schools, and early indications are that hiring at premier law firms will jump–in some cases by a lot–after plummeting this summer, according to sources at law schools and firms.
Cravath, Skadden, and Ropes & Gray, among others, plan to hire more warm bodies next summer than this one. This summer was dismal, after all, in terms of summer associate hiring, as demonstrated by these charts from the National Law Journal and Am Law Daily.
The upside of hiring fewer summer associates, though, is an increase in the likelihood of all of them getting hired. We’ve had more reports of 100% offer rates from a few firms today, along with fun ways of spreading the good news. Eyewitness accounts, after the jump.
It’s not every day that a partner leaves the storied firm of Cravath, Swaine & Moore. But it’s not every day that a suitor with comparable prestige, wealth, and WASPiness comes calling. Dealbook reports:
Morgan Stanley said on Thursday that it has hired Francis P. Barron, a partner at the law firm Cravath, Swaine & Moore, as its chief legal officer. Mr. Barron will replace Gary G. Lynch, who will remain with Morgan Stanley as a vice chairman in London…. The hiring is the latest management shake-up under James P. Gorman, Morgan Stanley’s chief executive since the beginning of the year.
At Cravath, where he has worked for 32 years, Mr. Barron specialized in litigation, corporate matters and advising boards. Among his clients are financial firms like Morgan Stanley, Citigroup, UBS and Goldman Sachs, as well as General Electric.
Moving from a law firm to Wall Street isn’t uncommon. On New York magazine’s recent list of hottest Wall Street bachelors — co-authored by Bess Levin, of our sister site Dealbreaker, and Jessica Pressler — two out of the 15 “foxes of finance” have law degrees (one from Harvard and one from Seton Hall).
A move at this high a level, from a Cravath partnership to an investment bank, is less common. But such moves happen — and, interestingly enough, Frank Barron isn’t even the first ex-Cravath partner to wind up in a top position at Morgan Stanley….
Some summer associates are already halfway through their Biglaw summer experiences. We hope that Northwestern’s “No More I Love Yous” is not ringing true for you, and that your offices don’t bear any resemblance to the photo from our last Caption Contest.
We have heard that you’re not eating out as often or spending as much on lunch. That is inexcusable! Sure, times are tough, but the firms have brought in far fewer SAs this year, so they should be able to splurge a bit.
Skadden and Paul Weiss both had 102 summer associates in 2009, and have just 34 and 58, respectively, this year. Cravath cut its summer class from 121 to 22. Weil dropped from 96 in 2009 to 20 this year. With those drastic reductions in numbers, being a summer associate this year should be like being an only child — you get spoiled.
(By the by, we hear that a San Diego office dropped its numbers by one this month — anyone with information, email us!)
Please tell us about your spoils. Which firm has the best summer associate event this year? We’re holding a contest: make your submissions for Biggest & Bestest Biglaw Event of Summer 2010 by email or in the comments.
We had five finalists for the prize last year: Cleary Gottlieb, Sidley Austin, Cadwalader, Carlton Fields, and Fish & Richardson. Which firm won?
Forget Queer Eye and the Biggest Loser. When it comes to makeovers, we’re far more entertained when Biglaw firms overhaul their websites. Especially when they involve mind games (MoFo), body shots (Ballard Spahr and Cox Smith), or hotties (Davis Polk).
Cravath previously had an Internet 1.0-type website. It was extremely basic; its sole function seemed to be to list email addresses. The dull site failed to capture the arrogance prestige of this elite law firm.
The new site, on the other hand, does capture this aspect of Cravath. The Biglaw way is not to be the biggest, but to be the best, according to Cravath’s philosophy page:
At Cravath, we hire only the top students from the nation’s finest law schools, we train those associates through rigorous rotation of practice, we elevate partners exclusively from within and we compensate partners on a lockstep model throughout their careers. The Cravath model has been adopted by many prominent law firms and consulting firms. While some firms have abandoned the model over time to promote lateral growth and global expansion, we have not. We do not seek to be the largest firm by number of offices, lawyers or specialty groups. We promote excellence in client service, at the expense of short-term profit. We believe that maintaining a true partnership of the finest educated and trained lawyers is the single, best manner of handling our clients’ most challenging legal issues, most significant business transactions and most critical disputes.
The new site also has a newsy feel about it. Check out the front page — it looks like The Cravath Swaine Journal.
And Cravath has learned to embrace photos. At least for its partners and senior associates. Though Cravath attracts the best and the brightest young lawyers, as noted above, it doesn’t want to show them off on its website. If you’re a junior associate, no bio or photo for you on the site!
On Sex and the City, Samantha was never seen scrolling through comments on news blogs to make sure her clients’ reputations weren’t being maligned. Instead, she attended fancy New York parties and talked up her roster of good-looking clients.
But SATC is dated. The work of public relations professionals has been made harder (and less glamorous) by the explosion of online news sources. We know that law firm PR folks spend a healthy amount of time monitoring the legal blogosphere to do damage control for their firms. Another place they need to watch is Wikipedia.
The crowd-source encyclopedia has become the go-to reference site for most Internetters. Society’s sages often warn people not to take everything they find in Wikipedia at face value — since the information does not necessarily come from experts and is not systematically vetted — but that advice often goes unheeded.
Because Wikipedia is such an important source of information, and so easily edited, some try to manipulate entries to give them a positive or negative spin. Lawyers at certain firms have been found guilty of this before (e.g., Wachtell). Sometimes dueling manipulation of an entry reaches the level of what Wikipedia calls an edit war — when two or more editors are continually overriding one another’s changes.
The Wikipedia gods ordered an end to the war on the page of Latham & Watkins. BLY1 noticed that the page was put on lockdown. A note from the Wikipedia war god says:
NOTE: IF YOU HAVE COME HERE TO EDIT ABOUT LAYOFFS, THINK TWICE. EDITS MUST BE FACTUALLY VERIFIABLE, AND NEUTRAL. IF YOU ARE CONNECTED TO THIS COMPANY IN ANY WAY WE ADVISE YOU *NOT* TO TOUCH IT.
Someone kept inserting references to Latham’s layoffs and how hard hit first-year associates were. That info has now been scrubbed from the page.
We decided to take a stroll though the revision history of other law firm pages to see who needs to do clean up, and who has done clean up. Cravath, for example, had a very interesting description for a short time…
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.
In light of the recent debut of Skaddenfreude, ATL’s column chronicling attorney compensation, it’s a neat coincidence that the New York Times has an entire article discussing compensation for first-year associates at major law firms.
We’ll get to that article in just a second. First, though, a brief amendment to our prior Skaddenfreude request. We received this thoughtful email from a reader:
is it too late to add a line for hours billed? that would add more of an element of schadenfreude too, don’t you think? this is more like freudenskadden — feeling sick about how much more money they make.
Good point. We stand corrected! So yes, in your Skaddenfreude submissions — we’ve received a bunch already, thanks, keep ‘em coming — please include your annual billable hours (either an estimate of this year’s or last year’s actual).
If you’re not a law firm attorney, feel free to include an estimate of how many hours you work in a year. If you’re a legal academic, throw in some bragging about how you make six-figures, or close to it, for only nine months of work.
Okay, that’s the Skaddenfreude amendment. Now, on to discussion of the Times piece — after the jump.
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!