Woo, Biglaw! Being a summer associate is the best!
Summer associate class sizes may be smaller than they were back in the good old days, but Biglaw firms seem to have used the shrinking summer pool as an excuse to throw events that were overflowing with an abundance of awesomeness. Offers are still being tossed out like Mardi Gras beads, and life was very, very good for this summer’s crop of Biglaw initiates.
But just how good are we talking here? We think the fact that we received an overwhelming number of nominations for this year’s summer associate event contest speaks volumes. We managed to whittle down the list of 20+ gushing nominations we received to just eight of the most amazing. Some were cultural extravaganzas, others were athletic outings, but all were fun and absolutely fabulous. Thanks to everyone who submitted a nomination.
Did your firm make the cut this year? Take a look to find out…
* Lawyers from top New York City firms like Skadden, Proskauer, Stikeman, Weil Gotshal, Kaye Scholer, and Bailey Duquette took to the ice to compete for the Lawyers’ Cup. The team with Canadian imports won, obviously. [Forbes]
* Andre Bouchard was nominated to replace Judge Leo Strine as Chancellor of the Delaware Court of Chancery. We can only hope he’ll be as outspoken as his predecessor. [WSJ Law Blog (sub. req.)]
* UNC Law has been receiving fewer applications, and perhaps that’s the reason why its acceptance rates have gone up, up, up — from 36 percent to 45 percent — in the last year alone. Yikes. [Daily Tar Heel]
* A woman alleges her Uber driver “fondled [her] legs, groin area and breasts” as she tried to give him directions. That extra customer service is what makes it cost more during peak times. [Chicago Tribune]
* A watch repairman was so pissed about this Yelp review he sicced his lawyer on the man who handed out the two-star report. Of course his lawyer’s one-paragraph demand letter barely makes sense. [Gawker]
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
It’s Friday the 13th, and many consider this day to be unlucky, especially if they’re at a lockstep firm in New York. There simply isn’t any suspense left to be had for these people. It doesn’t matter if you haven’t received your bonus yet because you know exactly what you’re going to get.
Cravath has spoken, and even Sullivan & Cromwell has fallen in line behind the king of bonus compensation. But some firms — like Boies (with a jaw-dropping $300K bonus), Ropes & Gray, and Schulte Roth & Zabel — are giving especially industrious associates some additional monetary awards for all of their hard work.
If you’re employed at a firm like Kaye Scholer and you worked your tail off in 2013, you must be jumping for joy right now. How high did their bonuses climb?
* Woman shoots her husband outside a law firm in Tennessee. She already faced charges in Mississippi for a different shooting. You’d think someone might have taken her gun away before this, but she must be critical to that “well regulated militia.” [WKRN]
* Kaye Scholer lost the co-managing partner of its California offices. They’ve been hemorrhaging partners out there — trouble in paradise. [ABA Journal]
* D.C. Judge Natalia Combs Greene gets ripped for “inappropriate comments.” She should have some choice words in response. [The Blog of the Legal Times]
What do you do when the demand for legal services falls into the gutter? Did you answer: make up a new, unnecessary service to artificially drum up business? Then congratulations, you’re well on your way to making partner!
A Biglaw firm is pitching a “second opinion” service, asking clients to throw a couple of bucks their way to confirm or reject the conclusions of the client’s primary lawyers. Lawyers love being second-guessed, so this practice makes firms and clients alike more than a little nervous.
However, it’s all about how you pitch it, and with the right spin this just might be the best idea anyone’s had to shore up some business in a while….
The Biglaw on-campus recruiting season is a subject of decreasing relevance for most aspiring lawyers, as illustrated by this grim infographic. We are all familiar with the parade of horribles that is the law firm recruitment market, at least from the student point of view. Since the halcyon days of 2007, summer associate class sizes are down at the overwhelming majority of large law firms, often by fifty percent or more. And of course nobody is seriously arguing that class sizes will ever rebound to their pre-recession levels. But 50 percent is not 100 percent; there are still 2Ls who have just made their way through the OCI cattle call.
About a month back, we asked our readers to share their experiences of the OCI process. We wanted to learn where student priorities fall during this era of “New Normal.” For those of you fortunate enough to be in a position to choose among employers, what are the factors driving your decisions? What, if anything, is likely to make you reject an offer? And what, in this unbalanced buyers’ market for legal talent, is the actual interview experience like?
* It looks like it’s time for yet another rousing game of Biglaw musical chairs. This time, 11 of Bingham McCutchen’s securities enforcement partners are hightailing it over to Sidley Austin en masse. [DealBook / New York Times]
* This week in on-shore outsourcing: there may be a job waiting for you at Kaye Scholer’s new operations center (so new we bet you didn’t know about it), so hurry up and apply, because the interviews are soon. [Tallahassee Democrat]
* “We’re trained in the law and persuasion, not firearms.” But maybe you should be? After the targeted killing of attorneys in Texas, prosecutors are now on high alert. [New York Times]
* When looking at the current law school model, Paul Caron of TaxProf Blog urges law deans to take advice from Jimmy McMillan because “law school tuition is simply too damn high.” [Businessweek]
* Change our admissions practices amid the worst legal economy we’ve seen in decades? “Ain’t nobody got time for that,” scoffed Sarah Zearfoss, director of admissions at Michigan Law. [AnnArbor.com]
* Drexel Law will accept applications for its two-year law degree program in May 2014. The higher-ups at the ABA are scheduled to laugh their asses off on or about the same date. [Philadelphia Inquirer]
* “[F]or James Eagan Holmes, justice is death.” In a move that shocked absolutely no one, the prosecution in the Aurora, Colorado movie theater massacre case is seeking the death penalty. [CNN]
As we reported over the weekend, it’s looking like Dewey & LeBoeuf will soon find itself in bankruptcy (perhaps voluntarily, perhaps not). The specter of bankruptcy raises a question for the many former partners of Dewey: dude, where’s my car capital contribution?
Let’s find out — and get the latest dispatches on the Dewey death spiral, including news of a new home for former vice chair Ralph Ferrara….
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: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.