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?
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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