The moment we’ve all been waiting for has arrived. The extremely prestigious and profitable Sullivan & Cromwell, which we recently described as “one of the few firms with the wherewithal and the gumption to best Cravath’s already healthy bonuses,” just announced its scale.
Today brings additional intelligence about spring bonuses at Sullivan & Cromwell (on the heels of yesterday’s report). This information has broad relevance within Biglaw because it’s clear that spring bonuses won’t happen on a large scale unless S&C moves. Four managing partners have already made clear to Am Law Daily that they won’t pay out unless they’re forced to do so. Any such forcing would presumably be done by S&C, which was the first mover behind last year’s spring bonus trend.
From the perspective of associates, there’s good news coming out of S&C, and there’s bad news. Which do you want to hear first?
Yesterday I got to chat with H. Rodgin Cohen, one of the nation’s leading corporate lawyers. Cohen has been accurately described by the New York Times as “the dean of Wall Street lawyers” as well as the “trauma surgeon of Wall Street” (for his heroic work rescuing the nation’s financial system during the 2008 financial crisis).
When he’s not working on bank mega-mergers, Cohen plays a major role in running the venerable firm of Sullivan & Cromwell, where he has spent his entire legal career (except for two years as an Army lawyer). He served as chairman of the firm from 2000 until 2010, when he passed his crown to Joseph Shenker, but Cohen continues to serve in the role of “senior chairman.”
So of course I asked Rodge Cohen about a very hot topic: spring bonuses. What did he have to say?
And be careful about what you place in the trash. Law firms have paper shredders for a reason; use them. Consider this your practice pointer for the day.
Earlier this month, an ATL reader sent us a collection of documents relating to Sullivan & Cromwell’s on-campus interviewing program at the University of Michigan Law School. For the record, our tipster didn’t have to go dumpster diving for this find. The documents were contained in a black binder that was conveniently placed on top of an outdoor recycling bin, where it caught our reader’s eye. (As we all know from California v. Greenwood, you have no reasonable expectation of privacy in stuff you leave in the trash.)
So, what was in these documents? The contents will be of interest to partners and associates at other firms, as well as law students going through the OCI process right now….
Friday afternoons are for bad news. When you have some news that you want to disappear into the ether, you announce it on Friday afternoon. It’s a favorite time for disgraced D.C. figures to resign from office in order to “spend more time with their families.”
So why did Sullivan & Cromwell, one of the world’s most prestigious and profitable law firms, decide to announce good news — namely, generous spring bonuses for its associates — late on a Friday afternoon? (Was it perhaps in response to the Latham bonus news from earlier today?)
Yes, Cravath and Skadden and Davis Polk associates, you read that right. S&C is paying out healthy springtime bonuses. They’re supplemental to the 2010 year-end bonuses that S&C announced back in December.
So how much are we talking about? And when will these amounts hit associate bank accounts?
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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