Staci here. We’re sure many of you have applied to clerk for or have actually clerked for federal appeals court judges. We’re sure that waiting for a response after you submitted all of your paperwork was simply agonizing.
If you got the job, congratulations; we bet you were absolutely elated. If you got rejected, you might have been disappointed. But if you got a rejection letter like the one we’re about to show you, you must’ve been downright, well, confused. While we’ve seen the good, the bad, and the ugly in federal clerkship rejection letters — see, e.g., here and here — we’ve never seen anything quite like this before.
This is something we think you’re going to want to take a look at. Call it “rejection via resignation”….
It’s Tuesday, November 26, past 5 p.m. Do you know where your bonus is?
When we surveyed our readership about 2013 law firm bonuses, 57 percent of respondents predicted that the first firm (traditionally Cravath) would announce during the week of Thanksgiving. That’s basically over. It’s theoretically possible we could get an announcement later tonight or sometime tomorrow, but it seems unlikely.
I recently participated in an excellent symposium about the future of legal education that was sponsored by the Seton Hall Law Review. Congratulations to the law review editors on putting on a great event, and thanks to them for inviting me to be a part of it.
Most of the presentations took the form of detailed papers that will be published in the law school’s symposium issue. But there were a few moments of levity, represented by the following seven notable quotations (comments that I found either amusing or interesting):
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….
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.
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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