Why do we love to write about celebrity author and lawyer Elizabeth Wurtzel? Because people love to read about her. Even a passing mention of La Wurtzel garners thousands of pageviews, and her name routinely shows up in the top search terms that bring readers to Above the Law.
We aren’t alone in devoting significant editorial real estate to Liz Wurtzel. New York Magazine just published a mammoth essay by this bestselling memoir writer and former Boies Schiller associate. The piece, exceeding 5,500 words, appeared in print as well as online — accompanied by photos of Wurtzel looking much younger than her 45 years.
Wurtzel looks fabulous in the photos, but the essay itself is something of a downer. If you enjoy hating on Wurtzel, taking schadenfreude from her financial, romantic, and bar exam failures, you need to read it….
Today brings news that David Boies, one of the finest trial lawyers of our time, is working for $50 an hour. Who says you can’t afford affordable, high-quality legal representation in this country?
Fortunately, the associates who work for him are taking home quite a bit more. As we alluded to earlier today, Boies Schiller & Flexner just announced — and paid out — some pretty amazing associate bonuses.
Let’s get some numbers and reactions. We also have comments from David Boies himself, who spoke with us this morning about a wide range of subjects — associate bonuses, of course; his firm’s overall performance in 2012, its best year ever; and what the U.S. Supreme Court might do in Hollingsworth v. Perry (aka the Proposition 8 case), which he has been litigating alongside Ted Olson, his opposing counsel from the Bush v. Gore days….
* In other breaking news that no one will care about now that bonus season is upon us, Justice Ruth Bader Ginsburg swapped out her neck doily for a blingy necklace from Glamour. [Josh Blackman's Blog]
* You know what the ancient Romans would’ve hated more than watching the fall of the Roman empire? The Citizens United decision. Cato, Cicero, and Julius Caesar wouldn’t have been impressed with this. [Slate]
* Why go to law school if you’re already doing well financially? Perhaps you’re just another prestige hunter. If you are, then all the better for you, because that seems to be what all of the law schools are selling these days. [Inside the Law School Scam]
* Don’t cry for Argentina: they may be in the middle of a billion-dollar bond dispute, but the uber-prestigious lawyers on either side of the case (Boies; Olson) are enough to make you forget about their troubles. [Reuters]
* A Biglaw attorney from Alston & Bird with a rare sleep disorder confronts Big Pharma and… doesn’t win. At least not yet. But on the bright side, she’s not sleeping for 18 hours anymore. [The Last Word on Nothing]
* We’re honored to announce that Above the Law was named as one of the ten law blogs in the ABA Journal’s inaugural Blawg 100 Hall of Fame. Please click here if you’d like to help us win again this year. [ABA Journal]
* After the jump, Bloomberg Law’s Lee Pacchia speaks with Bill Lawlor, a Dechert partner, who claims “hope springs eternal for M&A attorneys.” Will the mergers and acquisitions market begin to boom once again?
The issue of gay marriage can be divisive, but the book has in many ways been uniting. In addition to bringing together Corvino and Gallagher — who have done numerous joint events to promote the book, despite their very divergent views — even the book’s blurbs have made for strange bedfellows. In the words of Dan Savage, author of the Savage Love sex advice column, Debating Same-Sex Marriage “is the first and, without a doubt, the last book in the whole sordid history of books that will be blurbed by both me and Rick Santorum.”
Over the weekend, I interviewed Corvino about the issues discussed in the book, with a focus on legal issues relating to same sex-marriage….
So it seems that there will be two David B’s in the building. Boies Schiller was founded, of course, by the legendary David Boies, one of the greatest litigators of our time — known for his work on such marquee cases as Microsoft, Bush v. Gore, the Perry / Prop 8 case (which could end up in the Supreme Court), and too many others to mention.
Let’s take a closer look at David Bernick’s résumé, and analyze what his arrival means for BSF….
Over the past few weeks, we’ve heard some surprising rumblings of discontent from Boies Schiller. Why do we say “surprising”? Because the complaints have been about compensation, which is typically something that BSF lawyers never complain about.
Boies Schiller, the litigation powerhouse founded by the legendary David Boies, is an amazing firm. Its lawyers work on some of the biggest and most important cases of our time, and their compensation reflects that. In addition to paying above-market base salaries — the BSF scale starts at $174,000 — the firm pays bonuses that blow the NYC market out of the water.
In recent years, Boies has made two bonus payments to associates, one in December and one in April. But this year, April came and went, and many lawyers did not receive any payout. Of those who did receive payments, many were surprised at the small size.
* Lat was on Minnesota Public Radio today giving a measured defense of unpaid internships. Kids at my high school were unpaid interns all the time. It was no big deal. (By the way, ATL is seeking a paid intern.) [Minnesota Public Radio]
* Earlier today, the internet temporarily exploded when the Ninth Circuit issued its opinion declaring Prop 8 unconstitutional. Here are comments from David Boies and Ted Olson, the lawyer heavyweights who argued the case. [Metro Weekly]
Or, if you prefer, a ruling on marriage equality. We knew this ruling was coming because the Ninth Circuit kindly informed us in advance that its opinion would be issued today: “The Court anticipates filing an opinion tomorrow (Tuesday, February 7) by 10:00 a.m. in Perry v. Brown, case numbers 10-16696 and 11-16577, regarding the constitutionality of Proposition 8 and the denial of a motion to vacate the lower court judgement in the case.”
The Ninth Circuit’s practice of providing advance notice of certain opinion filings is very helpful to those who cover the court. It would be nice if other circuit courts followed the Ninth Circuit’s lead. (Yes, I just typed that sentence.)
Just to be clear, the people who think that Cravath is the “compensation leader” in terms of Biglaw firms are incorrect. Wachtell Lipton, for example, regularly pays more than the people at Worldwide Plaza. Cravath does not set the top of the market in terms of associate bonuses.
The first firm to make Cravath associates feel impoverished this season appears to be Boies Schiller. Yep, the house that David Boies built is once again paying money to its people like bonuses are a reward for hard work.
But some say the payouts don’t appear to be quite as generous as last year. Others disagree. But you really don’t have to try that hard to beat Cravath anymore…
* You know what, screw the neighborhood. There goes the freakin’ country. Congress’s bipartisan, not-so-super committee has failed to reach an agreement for a deficit reduction deal. [CNN]
* “When the government takes action . . . there are legal limits to what they can do.” And one of those limits is that they can’t screw over any of the AIG shareholders, right, Maurice? [New York Times]
* While NBA players were busy consolidating their antitrust suits in Minnesota, David Boies was being called out by the NBA’s general counsel. Keep it on the in court, Buchanan. [USA Today]
* Remember that time we got arrested at an Occupy Wall Street protest and then sued over it? Probably not the kind of story you want to reminisce about with your future husband. [Bloomberg]
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.
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…