Davis Polk

Well, the tournament has been a “shocker,” right? I know folks from Wichita State and they are psyched to flash inappropriate gestures on national TV for another round.

Sadly, Oregon got bounced out of the Sweet Sixteen, which made me a little sad, though not as sad as my whole bracket getting bounced when Indiana lost by double digits. I’d finally put my faith in the Big Ten and they repaid me with that?!?

In any event, the ATL bracket finally got some action too, with a couple of upsets. Including my beloved Cleary…

double red triangle arrows Continue reading “ATL March Madness: The Law Firm With the Brightest Future — Round Three”

Last week my NCAA bracket soared to the lead in our office bracket pool. And then crashed to reality when my New Mexico Final Four pick got cut down by Harvard. It was a bitter pill to swallow when I have to talk to Harvard grads daily.

At least the Ducks are still in the tournament.

Meanwhile, the ATL March Madness bracket rolls into the Sweet Sixteen. At least so far, you all love the chalk….

double red triangle arrows Continue reading “ATL March Madness: The Law Firm With the Brightest Future — Round 2″

Continuing our annual tradition honoring March Madness, Above the Law is running a law-related bracket, advancing law firms or law schools based on the outcome of reader polls. If you’ve been around for a while, you know the drill. But remember, I’m the new guy, so I’ve made a couple changes to the format this year.

Last year, you hoisted the Lantern of Diogenes to find the Most Honest Law School, and determined that the University of Michigan Law School was the most on the level. And they backed your faith by admitting that one of their graduates had become a shepherd.

This year, it’s time to talk about law firms. Specifically, your collective editors pose this question: Which law firm has the brightest future? The economy is still fragile and people are writing books with scary titles like The Lawyer Bubble: A Profession in Crisis (affiliate link). The firms in our competition may look healthy today, but we all could have said the same thing at one time about Howrey, Brobeck, Heller, or Dewey.

What firm’s future is so bright their senior partners gotta wear shades?

double red triangle arrows Continue reading “ATL March Madness: The Law Firm With the Brightest Future”

Congratulations! You made it!

Few people are happier about the world’s surviving the Mayan Apocalypse than new partners at top law firms. Can you imagine slaving away in Biglaw for almost (or even over) a decade, finally winning election to the partnership in late 2012, and then having the world end before your hard-won partner status took effect?

Fortunately that didn’t happen. Heck, we didn’t even go over the fiscal cliff. But some people will have to pay higher taxes this year (and for many years to come).

Like these people: the talented and hardworking lawyers who, as of January 1, 2013, became partners of their respective law firms. Let’s find out who they are, so we can congratulate them….

double red triangle arrows Continue reading “New Partner Watch: Incoming Partner Classes at 10 Top Firms”

Marathons and triathlons are so passé. They’re just not thrilling enough; you need an endurance event that’s going to make you feel truly alive. Enter Tough Mudder, a 10 to 12 mile obstacle course designed to test participants’ all-around strength, stamina, mental grit, and camaraderie. This isn’t a race, it’s a challenge, and participants are greeted upon entry with an ominous sign that reads, “Remember You Signed a Death Waiver.”

If you choose to sign up for one of these events, some of the extreme challenges you’ll experience include trudging through a mile of waist-deep mud, sprinting through blazing fire, being submerged in ice water so cold that hypothermia is a real possibility, and running through 10,000 volts of electricity. If that sounds crazy, it’s because it is.

This is the kind of torture that could only have been dreamed up by a former Biglaw tax attorney….

double red triangle arrows Continue reading “Career Alternatives for Attorneys: Tough Mudder”

Where’s the coke?

* NALP is becoming the harbinger of doom for law practice. Here’s some cheerful news: the percentage of female associates in Biglaw dropped for the third year in a row. Perhaps they’re going the way of the Clifford Chance mommy. [National Law Journal]

* Biglaw hotties are coming to a continent near you! Davis Polk & Wardell will be adding a litigation practice to its existing shop in Hong Kong, and they managed to poach two big name Clifford Chance litigators in the process. [DealBook / New York Times]

* According to the ACC, in 2012, base salaries for general counsel rose 1.9 percent, while cash bonuses dropped 7.9 percent. But really, who’s going to complain about a six-figure bonus? [Corporate Counsel]

* A Delaware jury ruled that Apple infringed on several patents in a mobile-device technologies case filed by MobileMedia Ideas. Somewhere, Samsung’s bigwigs are laughing their asses off. [WSJ Law Blog (sub. req.)]

* A woman was arrested in Spain for trying to smuggle in cocaine from Colombia. Seems pretty standard, except for the fact that she was hiding the coke in brand new breast implants — three pounds of it! [CNN]

Perhaps they were just waiting around for Sullivan & Cromwell. Not long after S&C announced bonuses, on Thursday afternoon of last week, Davis Polk announced bonuses, on Friday.

They matched the Cravath scale. Shocking, we know.

What about Morrison & Foerster? They just announced bonuses too, for associates in their New York office….

double red triangle arrows Continue reading “Associate Bonus Watch: Davis Polk and MoFo (New York)”

Around here, one can’t mention the concept of something being “overrated” without reference to one of the weirdest and most enduring ATL comment memes, a play on the late, great Hitch’s assertion that the four most overrated things in life are “champagne, lobster, anal sex, and picnics.” So who are the, um, lobsters of Biglaw?

Last week, we had a look at what our audience considered to be the most underrated Biglaw firms, by practice area. Today, inevitably, we turn it around and have a look at what you’re telling us are the most overrated firms.

Among other things, our ATL Insider Survey asks attorneys to nominate firms with overrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.

To be sure, these survey results need to be taken with some buckets of salt — we realize that, for some, answering this question might be a chance to take an easy shot at a more successful rival or competitor. Of course, there are crazy people who will tell you that such paragons as Benjamin Franklin or Tom Brady are “overrated,” but that probably says more about the person making that statement than anything else. But that said, these survey responses are a fun glimpse at which firms Biglaw attorneys think are more sizzle than steak….

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A wise man once said, “Ask yourself whether you are happy, and you cease to be so.” Lawyers, allegedly an unhappy lot, are asked if they are happy all the time. Vault asks, Am Law asks, and in a roundabout way, so do we.

To date, we’ve received nearly 8,000 responses to our ATL Insider Survey. Among other things, our survey poses this question to law firm lawyers: “If you had the chance to do it all over again, would choose to work for your firm?”

Unsurprisingly, those who answer “yes” tend to highly rate their firms in such areas as compensation, culture, and training. For those that wish they could take a Mulligan when it comes to their choice of employer, the inverse is true. Here is a comparison of ratings scores (on a scale of 1-10) for the various aspects of law firm life, broken out by responses to the “Mulligan” question:

SUBJECT ”Yes” ”No”
Compensation 7.81 5.35
Hours 7.38 4.81
Firm Morale 7.7 3.53
Training 7.45 4.32
Culture and Colleagues 8.56 4.56

Hardly counterintuitive stuff, we know, but it allows us to use the “Mulligan” response as a proxy for overall happiness/satisfaction, as it’s so broadly predictive of the nature of the individual’s assessment of his firm.

Back in April, we shared our survey findings showing that Davis Polk was the top firm when it came to morale (to date, this holds true.) Today, we look at whether there are notable differences regarding satisfaction based on practice area. If we slice our survey data by practice, we find that there certainly are. So after the jump, let’s look at how practice groups stack up against one another in terms of the happiness of its practitioners….

double red triangle arrows Continue reading “And Biglaw’s Happiest Campers Are…”

Maybe they’re on to something….

Here’s an interesting irony: some of the Biglaw firms that spend the least amount of time thinking about money are the ones that enjoy the most of it. A number of super-elite New York law firms have lockstep compensation systems, in which partners are paid purely based on seniority, and these firms are among the most profitable in the country. These firms focus on doing great work for their clients, not on divvying up the spoils from such work — and, in the end, there’s more than enough filthy lucre to keep everyone smelling like money.

On an individual level, some of the wealthiest lawyers in Biglaw — the ones who make partner, and remain partner, for years and years — don’t fixate much on money either. They focus instead on their work, which they seem to just love (often more than any hobbies, and sometimes more than their families). As for the money, well, it just comes — in copious quantities.

Let’s take a closer look at these phenomena….

double red triangle arrows Continue reading “Biglaw: It’s Not All About the Benjamins”

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