In 2008, a paralegal at Weil Gotshal alleged in a lawsuit that Matthew Powers, co-chair of litigation at Weil at the time, ruled over his domain with the “pimp hand” and the “mojo hand.” The “pimp hand” was used to intimidate and coerce, while the “mojo hand” was used to stroke and cajole.
In 2011, Powers, one of the nation’s leading intellectual-property litigators, left Weil to start his own firm, Tensegrity Law Group. In leaving Biglaw, he also left behind a stable of blue-chip clients, focusing instead on representing plaintiffs on a contingency basis.
Two years into his new venture, some observers are wondering whether Matt Powers has lost his powers….
As we recently mentioned, Biglaw is not all about the benjamins. There is so much more to the practice of law than the monetary rewards. Focus on doing the best work you can for your clients and your colleagues, and the money will take care of itself (well, at least most of the time).
Of course, it’s much easier to take a relaxed attitude towards money if you have a good amount of it. It’s easy for well-paidpartners to tell young associates not to worry about money, when the partners enjoy seven-figure paychecks while the associates struggle under six-figure student loans.
If you’re a young lawyer dealing with educational debt, you know that every extra dollar counts. Every dollar earned means you’re one buck closer to liberation from loans.
Which leads us to today’s question: which law firms pay the largest starting salaries to their associates?
Ed. note: This is the final column by Anonymous Partner based on his interview of a more-senior partner, “Old School Partner” (“OSP”). You can read the first column here and the second column here.
We had been talking for a while, when the conversation turned to Old School Partner’s experiences as a general counsel. He pulled no punches. “I was a very sophisticated consumer of legal services,” Old School Partner told me. In short, Old School Partner, when he turned to outside counsel, had high standards.
Having already decided to leave the security of a leadership position at a Biglaw firm for in-house life, Old School Partner demanded the same attention to detail and professionalism from his chosen outside counsel as he displayed when doing work for his former clients. As an example, he shared how he went about choosing litigation counsel.
“I was looking for counselors,” he told me, and that meant no fluffy credentials without real experience backing them up. “I wanted trial lawyers with real trial experience, who could have the confidence to forego a deposition that was not going to be of any value at trial.” Unlike many clients today, Old School Partner was willing to pay top dollar for real guidance, and did not default to assigning his cases to the lowest bidder or a firm that had a “preferred relationship” with his company. I got the sense that he viewed each case his company was engaged in as a business problem that needed solving, and was willing to pay handsomely for a solution — because he realized that throwing money at a litigation “team” was ultimately less effective and more costly than buying top-drawer help….
It’s been a while since we’ve had a good New York to 190 post. As we’ve discussed before, associate salaries at New York law firms are long overdue for a raise. Starting salaries have stagnated in New York.
What’s worse, total associate compensation has gone down this year from last year, thanks to Cravath’s low bonus and the absence of spring bonuses. The buying power of a New York associate is pathetic.
But one new firm in New York seems poised to change that. The firm isn’t nearly as big as our salary market leaders, but the firm is leaving the stagnated Cravath salary scale in the dust…
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
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