Last week, federal prosecutors in Manhattan charged two former stockbrokers, Thomas Conradt and David Weishaus, with insider trading. There is a legal angle here (aside from the criminal charges and the civil case being brought by the SEC): Conradt is a lawyer, a member of the Maryland and Colorado bars, and Weishaus graduated from the University of Baltimore School of Law a year after Conradt.
To be honest, though, we’re not intensely interested in Conradt and Weishaus. Their alleged misdeeds occurred while they were working in finance, not law; the contours of Conradt’s legal career are somewhat unclear; and as for Weishaus, it’s not clear that he ever passed the bar or practiced as a lawyer.
As regular readers of Above the Law know, we have a weakness for prestige around these parts. So we’re far more interested in the former Cravath associate who, according to law enforceent allegations, made their misdeeds possible….
Lat here. Earlier this month, I wondered: could the bumper crop of new partners at Cravath bode well for bonuses? Although firms like Cravath generally make partnership decisions with a focus on the longer term, as opposed to based on short-term financial performance, a class of five partners is one of the largest Cravath has had in years. It certainly seems to reflect a good degree of confidence about the firm’s future.
Now we have our answer as to the size of Cravath bonuses. The firm just announced its year-end bonuses for 2012, and they’re not simply a cut-and-paste of last year’s numbers. This year’s bonuses are more generous than last year’s, which is great news (at least for associates trying to pay off their law school loans; partners might be less enthused).
Sit up and take notes, since the Cravath bonus scale sets the bar for most other major law firms….
The third year of law school is an utterly useless waste of time that exists only to fatten the coffers of American law schools and we all know it. The vestigial human tail is more useful for climbing trees than 3L year is for career advancement.
Of course, the third year of law school is never going away, unless you think that law schools are in the business of giving away a third of their income just because it’s the right thing to do. Like the coccyx, it’s so integrated into the whole system that we can’t really just get rid of it. The ABA mandates it, and everybody loves it when their primary regulator requires an artificial price floor.
Today, NYU Law School is announcing an interesting solution to this problem that it has with taking money from students without teaching them anything useful: it’s going to try not teaching them anything at all! That’s right folks, NYU is “revamping” 3L year to give students more opportunities to study abroad. Because whenever you are gouging students for an additional year of education that nobody needs, you might as well make some other university actually deal with them for the year.
Oh, and this plan comes to you with the Cravath stamp of approval. So you know it’s very prestigious….
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.
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?
It took a little longer than most of you expected, but Cravath, Swaine & Moore just announced its 2011 associate bonuses (not long after announcing its new partners). Barring something very unforeseen, these bonuses are what many Biglaw firms, in New York and across the land, will pay out this year to their people. Historically Cravath has set the market with respect to year-end associate bonuses at major law firms.
The Cravath bonuses are what you might expect. They are in line with recent years, nothing crazy high or ridiculously low. Both Occupy Wall Street types and law firm associates can put away the pitchforks.
Let’s take a look at the official memorandum, and engage in some analysis….
Is making partner at a major law firm as desirable as it used to be? In an interesting article in the New York Times about the growing trend of lawyers leaving large firms to start their own boutiques, Margie Grossberg, a partner at the legal recruiting firm of Major, Lindsey & Africa, offered these observations: “In the past, associates found if they worked really hard and did the right things, they made partner. That’s not necessarily the case anymore. The odds are a lot slimmer, and it’s also not as coveted as it once was.”
At the same time, however, let’s face it: being a partner at a top law firm is still highly desirable. The pay, prestige, and perks are tremendous. In a recent survey of new partners by the American Lawyer, over 80 percent of respondents said their new jobs were either what they expected or better than they expected. As Aric Press of Am Law noted, “new partners are basking in the land of more: more money, more responsibility, and more information about their firms.”
Consider the evidence, from the website of Cravath. We’re guessing this change was made a while ago, perhaps when Cravath overhauled its home page last June, but we didn’t notice it until a Cravath alum pointed it out to us just now.
Floyd Abrams of Cahill and Evan Chesler of Cravath: two great lawyers who are also great to work for.
With all the negative press surrounding partners lately — see, e.g., here and here — it’s about time for some good news, about good partners.
Last month we asked you to nominate the best partners you work for, tell us why they are the best, and rate them in six categories: expertise within the practice area, quality of work given to associates, hands-on training given to associates, provision of feedback on associate work, respect for associates’ schedules, and professionalism with associates. And we didn’t even have to pay these associates to say nice things about the partners they nominated.
Over the next few weeks, the ATL Career Center, hosted by Lateral Link, will bring you the list of the best partners to work for, divided up by geographic region. This week we will focus on New York, Above the Law’s home base, and give you the top 24 partners to work for in the Big Apple as nominated by you, our readers.
Judge Posner at ACS panel: For my home equity loan, I got 100s of pages of documentation; I didn’t read, I just signed. #ACS10#Posner#LOL
This generated laughter from the crowd, due to Judge Posner’s status as one of the greatest legal minds of his (or any other) generation. It was amusing to imagine the brilliant Posner flipping page after page of paperwork and mechanically scribbling next to every “Sign Here” flag, without even bothering to read what he was signing. It’s the kind of behavior one would expect from a person earning $35,000 and a buying a $600,000 home two hours outside of Phoenix, circa 2006 — but not from one of America’s leading jurists.
As it turns out, Judge Posner isn’t the only boldface name of the legal profession who skips over the fine print in form contracts….
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!