We will have a new winner in this year’s Coolest Law Firm contest. When Above the Law first ran this bracket back in 2008, you picked Latham & Watkins as the victor. This time around, they got… Lathamed, in the first round. Cravath crushed Latham by a 60% – 40% margin. That was the second-highest margin of victory among all of the first-round match-ups.
As we move into the Elite Eight, some of our readers are asking us to give a more clear definition of what is “cool.” We respectfully decline to do so. It’s up to you to tell us what makes a top law firm cool. Is it job security, making maximum bank, prestige points? It’s really up to you. Personally I think the coolest law firm would be the one most likely to represent bad-ass clients on the correct side of moral issues, but… eeek, that’s not really what Biglaw is all about.
So bring your own prejudices to the table when you vote in the next round of the Coolest Law Firm Tournament. Use whatever reasoning makes sense to you. Just don’t go with chalk because you can’t be bothered to actually form an opinion — don’t be boring, son….
In a postcript to our detailed post speculating about the future direction of the spring bonus phenomenon, we noted “an isolated report of one firm on the S&C spring bonus scale going back and raising to the Cravath scale,” but said we required additional corroboration.
As many of you know, one of our running features here at Above the Law is Lawyer of the Day. We don’t literally name one every day, but we like to keep you informed of the famous and infamous lawyers of the world. At the end of the year, we give you guys an opportunity to vote for a Lawyer of the Year.
Apparently you guys like to vote on lawyers, so why limit the experience to once a year? Above the Law has decided to let you crown a lawyer every month. We’ll pick the nominees (going forward, feel free to submit nominees to us at email@example.com, and you’ll vote for the most deserving. There are no specific criteria — just vote for the lawyer or lawyers you think most deserve the title.
A new year, a new job. That seems to be the thinking of many within the legal profession, based on the proliferation of professional moves we have to report (and not just out of Howrey).
We’ll start with one move that’s aspirational rather than actual. Legal and political superstar Ted Cruz — the Morgan Lewispartner who heads the firm’s Supreme Court and appellate practice, and who was recently named one of the 25 greatest Texas lawyers of the past 25 years — will run for the U.S. Senate seat being vacated by the good senatrix Kay Bailey Hutchison (R-TX). Check out the announcement on his website, or read this BLT post.
Like many lawyers turned politicians, including our current president, the 40-year-old Cruz is a Harvard Law grad (and one of The Elect — Rehnquist / OT 1996). Graduates of HLS’s rival to the south, Yale Law School, tend to take more quirky paths.
That brings us to the second move of the day. YLS grad Yul Kwon — a former Second Circuit clerk and McKinsey consultant, the first Asian-American winner of Survivor, and one of People’s “sexiest men alive” (in 2006) — has left the Federal Communications Commission. Kwon served as deputy chief of the consumer and governmental affairs bureau at the Commission.
‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year.
These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve previously observed, “Partnership decisions often shed light on the current state of a firm, its prospects for the future, and its priorities. How many new partners did a firm make? How does the number of new partners this year compare to past years? In which practice areas did it make new partners? How many of the new partners are women or minorities?”
After the jump, we look at new partner news from ten top firms — perhaps you know some of these law firm superstars (and soon-to-be millionaires)? — and we invite you to discuss the new partners at your firm….
The happiness emanating from the offices of Biglaw partners is palpable. Cravath paid a 2009 bonus despite a stronger 2010, and lowballing associates means more money for partners. Partners are giving anonymous quotes expressing their happiness. Skadden whipped off its Cravath-matching bonus memo so quickly it looked like a damn blog post. And, predictably, consultants are now scrambling to support the low bonus numbers.
It would seem that Biglaw has successfully colluded settled upon this year’s bonus schedule, and it is what it is.
But what if a firm already privately promised its associates a bonus scale that is better than last year? Would such a firm happily break its unwritten word just because Cravath set the bonus bar so low? Looks like we’re going to find out.
If you’ve been reading the comments on our bonus posts, you already know that Kirkland & Ellis associates expect to be paid more than the Cravath scale, because that’s what Kirkland has told them…
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!