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….
Class of 2008 — $7,500
Class of 2007 — $10,000
Class of 2006 — $15,000
Class of 2005 — $20,000
Class of 2004 — $25,000
Class of 2003 — $30,000
Class of 2002 — $30,000
Cravath’s bonus announcement is always important because the market tends to follow Cravath — as it did last year. Skadden’s 2008 bonuses, at roughly twice Cravath’s levels, were ignored.
Could this year be different? Are the Cravath bonus levels low enough such that a firm of similar or even lower prestige will try to better CSM? Or will other Biglaw shops simply avail themselves of the political cover provided by Cravath — which is arguably what happened last year, when Skadden’s generous bonuses went unmatched (excluding Wachtell)?
So, readers, what do you think? Read the FULL MEMO, take a READER POLL, and COMMENT — after the jump.
Both 2006 and 2007 were extraordinary years for our Firm. In 2006 we paid large year-end bonuses to our associates, and in 2007 we further supplemented those bonuses. As a result of the deterioration of the business environment, the Firm’s financial performance in 2008 will not be in line with those earlier years. While the Firm believes that we should pay year-end bonuses this year, in light of the current business climate we do not think it is appropriate to pay the full bonuses that were paid in 2006 and 2007 or the additional supplemental bonuses paid in 2007.
Just yesterday, Skadden announced that they would match the 2006/2007 bonuses less the “special” bonus paid in 2007. For Cravath to come in under that number is pretty surprising. The official Cravath bonus structure for 2008 is as follows:
Class of 2008 — $17,500 (pro-rated)
Class of 2007 — $17,500
Class of 2006 — $20,000
Class of 2005 — $22,500
Class of 2004 — $25,000
Class of 2003 — $27,500
Class of 2002 — $30,000
Class of 2001 — $30,000
Suddenly, the question is no longer “Is Skadden the ceiling?” Instead, we must ponder “Is Cravath the floor?”
Done being angry? Okay. Now prepared to get very, very frightened:
Given the uncertainty of the economy and the business climate going forward, we will not be able to address the issue of whether there will be any year-end bonuses in 2009 until this time next year. However, associates should be prepared for the likelihood that the economy and the Firm’s financial performance next year will not show a significant improvement over this year and they may receive significantly reduced or no year-end bonuses next year.
Update (6:22 PM): Of all the tips that have crashed ATL’s inbox in the last 45 minutes, this one best captures the raging rage people are feeling:
WTF does Cravath think it’s doing? They’re basically threatening no bonus for NEXT YEAR? They’re not being Nostradamus, they’re trying to force people out. Cravath associates will get that memo, collect their garbage 2008 [bonus] and lateral the hell out before they get screwed again.
Why not just conduct stealth layoffs? Forced attrition is the same thing. Go home, Cravath. You’re embarrassing yourself.
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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: firstname.lastname@example.org.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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