Earlier this week, we asked readers to submit possible captions for this photo:
Let’s have a look at what our readers came up with, and then vote on the finalists….
Apparently, there is news happening today that is not coming from the Supreme Court. No, I’m not talking about the impending contempt vote on Attorney General Eric Holder — which is going to look really partisan after what Roberts did today.
I’m talking about news from one of the most prestigious law firms in the country. Evan Chesler, presiding partner of Cravath Swaine & Moore is at the end of his term. Chesler will now be “Chairman” of Cravath, and the firm has elected a new presiding partner.
Who will lead Cravath as it establishes the “new normal,” post-recession?
The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.
The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”
Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.
As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….
Californians tend to be quite protective of the state’s reputation as a progressive paradise. Where equality is important for everyone, no matter your race, gender, sexual orientation, whatever. Where organic food is simply better, no matter how much it costs. Where the earthquakes are a fine price to pay for an entire year of temperate weather.
So, when the New York Times ran an extensive article this weekend about an accomplished female attorney who sued the major venture capital firm where she is a partner for sex discrimination, it puts a real fly in the state’s — and specifically the tech industry’s — collective ointment.
Let’s take a look at the specifics of the suit, as well as what it might mean for attorneys who work within the emerging “brogrammer” culture in Silicon Valley…
As we mentioned last week, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. And despite all the doom and gloom permeating the legal profession, as well as the stagnant bonuses for associates lucky enough to make it into Biglaw, partners at large law firms are living just as large as ever.
In a way, the recovery in Biglaw is not unlike the recovery in America in general. If you were already well-off, you’re doing great now. It’s just not trickling down to anybody else. See, e.g., anemic spring bonuses.
Interestingly enough, the division of the world into “haves and have-nots” continues even into the world of major law firms. Partners at super-top-tier firms are putting even more distance between themselves and partners at less high-powered or less profitable firms.
Let’s look at the numbers, shall we?
If you consider Sullivan & Cromwell’s Spring Tip as if it were a real tip on a meal that cost $160,000, S&C tipped at .6%. Not 6%, but .6%.
Cravath Swaine & Moore should be able to match that if every partner at the firm went home and shook the loose change out of their couches.
So, I’m not even going to ask if they’ll match. That’s a pathetic question. I’m going to ask if Cravath will beat the S&C spring bonus.
I mean, it’s not hard. S&C has set the bar so low that Cravath can crawl over it. For the love of God, I’ll get a better “spring bonus” from Breaking Media than S&C associates are getting.
If Cravath moves, we can assume S&C will follow….