This morning we mentioned a lawsuit filed against litigation powerhouse Kasowitz Benson and two Kasowitz partners by Gregory S. Berry, a former first-year associate at the firm. Berry’s 50-page complaint, filed in New York state court, contains 14 causes of action, including wrongful termination, fraud, and breach of contract. Berry seeks a whopping $77 million in damages — $2.55 million in estimated lost income, and $75 million in punitives.
According to Berry’s complaint, he “immediately began doing superlative work” at Kasowitz. Alas, the law firm was unable to accommodate his “superior legal mind.” After he began seeking greater responsibility in a way that rubbed some colleagues the wrong way, he got canned.
* Apparently racism still exists, even at prestigious university like NYU. Skip the damn banana, I’ll take $210K instead, thanks. [New York Daily News]
* First they came for the eggs, and I didn’t speak out because I don’t like breakfast. Then they came for the turkey, and I flipped out because my freezer is full of it. [Los Angeles Times]
* Imitation may be the highest form of flattery, but Christian Louboutin plans to appeal last week’s ruling on his red-soled shoes. You go girl, because I don’t want to pay for an imitation. [Daily Mail]
* What kind of a neighbor goes after Girl Scouts for selling cookies in their own driveway? Apparently the kind you don’t want to live next to anymore. [Daily RFT / Riverfront Times]
We’re surprised that more people in the legal profession don’t know about Kasowitz Benson. The firm is relatively young by Biglaw standards — founded in 1993, as a spin-off from Mayer Brown — but very successful. Much of this success is traceable to the leadership of Marc Kasowitz, who continues to run the firm with an iron hand (even though it’s twenty times larger today than at its founding; it started with 18 lawyers and is now up to 350).
Earlier this week, Nate Raymond of the New York Law Journal took a detailed look at the Kasowitz firm. Let’s take a look at some of the highlights….
Thanks to the over 500 people who responded to our summer associate survey and to all the firms who participated in distributing the survey to their summer associates. We will be rolling out the updated Career Center Firm Snapshots in several weeks, but wanted to give you a sneak peak of some of the results.
Today we are highlighting the firm that had the highest response rate among summer associates: Kasowitz, Benson, Torres & Friedman, where 95 percent of summers responded. Based on the responses, we can tell that summer associates really enjoyed their summer at Kasowitz.
Summer associates raved about Kasowitz’s litigation training programs and felt that the firm really cares about training its “young lawyers to be top litigators.” In addition to working on “substantive” and “interesting” litigation work assignments, survey respondents had a great time at Yankees games and on a West Village Art Tour. While most large law firms have been trimming their summer program budgets, summer associates at Kasowitz were still enjoying $50 lunches and $100 dinners. They also attended a firm retreat at a country club in upstate New York.
Want to know more about the associate experience at Kasowitz Benson? Click here for the firm’s profile. And watch out for more summer program updates from the other Big Law Firms in the coming weeks!
We’re still catching up on associate bonus news. There have been some memos we’ve missed, including some from last month (technically, last year). If we haven’t reported on your firm’s bonus announcement, please email us. Don’t assume that one of your colleagues will submit the memo; that’s not necessarily the case.
Today we belatedly bring you bonus news from Kasowitz Benson. On December 31, the firm announced “benchmark” bonuses that appear to follow the Sullivan & Cromwell scale. But the memo notes that these are just “benchmark amounts, which are subject to adjustment to reflect individual performance and hours worked.” In the memo’s bonus table, the words “of up to” appear in between the words “Year-end bonus” and the dollar amount.
In addition, even some Kasowitz associates who received the full market amount aren’t happy. Find out why, and check out the full memo, after the jump.
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: firstname.lastname@example.org.
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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