Associate bonuses at market-leading Cravath and all of Cravath’s followers are staying the same this year. As I’ve stated in these pages, and on CNBC and Bloomberg, this is a good thing. In times of uncertainty and instability for Biglaw, treading water is a victory.
But just because this year’s bonuses are good news doesn’t mean there isn’t better news out there. Today the better news comes from the litigation powerhouse of Boies Schiller & Flexner, where the average bonus was $85,000 and the top bonus was $300,000 — even higher than last year’s $250,000.
Even if you bill like a maniac — and BSF’s compensation system does reward the industrious — how on earth do you get to a $300,000 bonus? We spoke with legendary litigator David Boies, founding partner and chairman of the firm, to find out….
As we mentioned earlier, prominent litigator David Bernick is leaving Boies Schiller for Dechert. Bernick joined Boies Schiller just a year ago, to much fanfare, so some were surprised to see him go so quickly.
But others were not shocked. As the always insightful Alison Frankel observed on Twitter, “Is anyone who knows David Bernick surprised he was mismatch at firm dominated by David Boies?”
Perhaps not. Some of our readers predicted this union wouldn’t last long….
We heard some interesting rumors about what led to La Wurtzel’s departure from BSF. On Friday afternoon, one tipster breathlessly told us the following: “Wurtzel was fired from Boies Schiller after she demanded a window office (she had been working in an internal office similar to what staff use). The partners looked at her hours — which are so minimal that it’s amazing she is still employed at all — and gave her the boot. She is also still not licensed. She passed the bar — but what about character and fitness?”
This morning brought more lawyer layoff news. As reported by Peter Lattman over at DealBook, David Boies’s celebrated litigation firm, Boies Schiller, last week laid off three associates.
(The DealBook piece refers to the dismissals as “layoffs,” and we’ve used that terminology in the title of this post and the first paragraph. But whether these terminations should be considered true “layoffs” is open to question — please keep reading.)
As noted in Am Law Daily, the three associates “worked on the firm’s representation of British private equity firm Terra Firma in its unsuccessful civil suit against Citigroup.” Now that the three-week trial is over, presumably the firm felt it could let the women go — and perhaps make them the “fall guys” (or gals) for the adverse result.
Two of three associates used to work in the firm’s former office in Short Hills, New Jersey. After that office was spun off last year into what is now Stone & Magnanini, the two jumped across the Hudson to join the New York office of Boies. So perhaps they didn’t have powerful patrons at BSF – NYC to protect them from the ax.
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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.
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Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!