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?
Presumably the Princeton Review folks were referring to career prospects in the legal profession. Fortunately for YLS, its graduates possess many other talents besides drafting motions in limine and negotiating software licenses.
Do singing and dancing count as “employed upon graduation”? Let’s check out the latest efforts of these Elis…
Finding a decent apartment in New York City can be a challenge. But compared to getting Claus von Bülow and O.J. Simpson off the hook — or, for that matter, shaping the brilliant minds of Harvard Law School students — it’s a walk in Central Park.
Alan Dershowitz — distinguished public intellectual, celebrated criminal defense and civil liberties lawyer, and Felix Frankfurter Professor of Law at Harvard — just purchased an apartment in NYC. It’s a homecoming of sorts for Dershowitz, 74. Although he has lived for years in Cambridge, the home of HLS, he was born in the Big Apple.
Dershowitz was born in Brooklyn, but the prominent professor isn’t going back to the borough that GQ dubbed “the coolest city on the planet.” Instead, he’s moving to Manhattan. (C’mon, do you think Dersh put up with thousands of HLS brats over the years so he could wind up right back where he started?)
Which neighborhood is Dershowitz moving to? How fabulous is his apartment? How much did he pay for it? We have answers to all of these questions, plus comments from the good professor about his move….
Last week, we searched this year’s Forbes 400, the list of the 400 richest Americans, for lawyers and law school graduates. Lat pointed out the newcomers and the dropouts since last year’s roundup, but there are still more than thirty other lawyers on the list.
Let’s take a closer look at these affluent attorneys. Their stories will either inspire you with visions of vast wealth or afflict you with jealousy at how many times over they could pay off your loan debt….
No, Professor Jacobson, you won’t be getting her scalp.
Yesterday we mentioned the latest issue to arise in the contentious Massachusetts Senate race between incumbent Scott Brown and Elizabeth Warren, the Harvard law professor turned political candidate and national celebrity. On his blog, Legal Insurrection, Professor William Jacobson of Cornell Law School effectively accused Warren of engaging in the unauthorized practice of law in Massachusetts.
Are the accusations valid? Let’s hear from some experts — and from you, through a pair of reader polls….
Being an associate at a large law firm isn’t easy. Partners can be extremely demanding, sometimes unreasonably so. But because the partners sign the paychecks, most associates, especially associates with student loans hanging over them, have no choice but to obey. The associate’s fantasy of telling his least favorite partner to take this job and shove it is just that — a fantasy.
But not for every associate. Some associates are so wealthy that working in Biglaw is just something they do for fun. In today’s Lawyerly Lairs, we introduce you to an associate whose new apartment puts many a partner pad to shame….
You didn’t bill that — unless you have a valid law license, right?
One of the most exciting U.S. Senate races this fall is the battle taking place in Massachusetts between Scott Brown and Elizabeth Warren. Even though my personal politics are closer to those of Brown — a moderate, socially liberal Republican — I must admit to a weakness for Warren.
How could I not love Liz Warren? She’s a Harvard Law School professor, a brilliant legal mind. She’s a fabulous, fierce female; even her critics concede that she’s a formidable foe. And thanks to her viral video and her star turn at the DNC, she’s a national celebrity. The Brown campaign has tried to use this against her, but not very effectively. After watching this Scott Brown ad, I just wanted to vote for Warren even more.
According to the latest polling data, Warren holds a slight lead. But could that edge be eroded by the latest controversy, concerning whether Warren has engaged in the unauthorized practice of law?
Let’s check out the allegations, which are being leveled against Brown by a Cornell law professor….
So let’s stick with the theme. Today let’s take a look at the richest lawyers — or, to be more precise, the richest law school graduates — in America. (As we noted last year, many of these moguls never practiced law, or practiced only briefly, before making their fortunes in business.)
Our friends over at Forbes just released the Forbes 400, their annual ranking of the 400 wealthiest Americans. As in years past, the list contains a number of lawyers and law-degree holders. How many?
The last time we covered the lavish signing bonuses for Supreme Court clerks who head to law firms after their time at the Court, the bonuses were flirting with $280,000. We say “flirting with” because, at the time, only certain firms were offering $280K. That princely sum was not yet the market rate for talent emerging from One First Street.
A little over a year later, we can report some change on this front. Even though regular associate bonuses and partner profits might be flat this year, the price for Supreme Court clerks is going up, up, up….
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
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…
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