It’s tough to choose just one event from my summer to nominate for The Best Biglaw Summer Associate Event of 2012. First, there was “Wear Your Pajamas to Work Day,” which was so successful the firm extended the event for the entire summer. Another one of my favorites was the cooking class I attended, “Upgrading Your Kitchen: 101 Ramen Recipes.”
Some of the firm’s events were also educational. I particularly enjoyed the invaluable seminar “Dodging Your Debts,” featuring guest speaker Elie Mystal. And each week I looked forward to the “Friday Bonfire,” where the other summer associates and I gathered to roast off-brand marshmallows in the tall fire we’d built with that week’s haul of rejection letters as we basked in the glow of the flames of our legal careers.
Fortunately, most summer associates are working at firms that aren’t in bankruptcy. Let’s take a look at our quintet of impressive entries for this year’s summer associate event contest….
Truth be told, I’m not a fan of law firms giving offers to 100 percent of their summer associates. Whatever happened to selectivity? Given how perfunctory the hiring process is, there has to be at least one mistake in any summer class of decent size, right?
A commenter on our last post about offer rates put it well: “[A] 100% offer rate is not always a good thing. If we don’t want to work with the little weirdo who managed to slip through by pretending he was normal in 20-minute increments in callbacks, there’s a good chance the other SAs don’t either. Firms shouldn’t be so captured by the desire to have 100% offer rates that they give offers to people with serious social issues or work product problems, particularly in small offices where their general offensiveness will really have an opportunity to shine.”
Another reason I don’t like 100 percent offer rates is that I enjoy hearing funny stories of summer associate misbehavior, which often culminate in a no offer or a cold offer. You can share such stories with us by email or by text message (646-820-8477; texts only, not a voice line).
Alas, Biglaw firms are not obliging me. Let’s find out which firms are indiscriminately doling out offers to their summers….
The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.
The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”
Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.
As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….
The National Football League seems to be an unstoppable force of nature, led by a commissioner, Roger Goodell, who has managed to collectively bargain his way into being judge, jury, and executioner of league policy. NFL players often have to go outside of league offices and to United States courts to have their grievances heard, except that the NFL is just as indomitable in court as it is everywhere else.
But if you are going to defeat the NFL in court, claiming collusion is a better bet than most. The NFL has been busted for it before. And it’s really not that hard to infer when 32 or so owners get together to make a market crushing deal….
In our last full post on Dewey & LeBoeuf, the fast-fading New York law firm, we tried to find some moments of humor in this generally depressing story. Now we’ll return to the hard — and gloomy — Dewey news. (We mentioned several D&L items in today’s Morning Docket.)
Without further ado, let’s find out what’s going on….
Or at least that’s what one Biglaw firm seems to think.
Over the weekend, lady lawyers got a serious case of the vapors when word got out that a firm that’s had its fair share of bad press was busy promoting a cooking class for one of its women’s initiatives programs.
Yes, a cooking class — because nothing says “I’m a successful attorney” quite like the ability to serve masterfully prepared hors d’oeuvres (bonus points if the cooking is done while barefoot and/or pregnant).
It’s almost enough to make these women wish they were Lathamed….
The ATL School and Firm Insiders Survey continues to roll along at a nice clip: we expect our 3,000th respondent any minute now. While we’re pleased with this response, of course we encourage all of you who haven’t yet to take 3-5 minutes and head over here to take our absolutely confidential survey. Thanks in advance.
Last week, we shared a few broad trends we’re seeing, and today, we’ll get a little more specific and name some names.
Among other things, the survey asks law students for their perceptions of a select group of firms as potential employers. In our analysis, we’ll look at which firms are considered the most (and least) attractive by law students. We’ll also consider how these perceptions jibe with what lawyers at these firms are telling us….
* Football’s labor lockout legal fees: which Biglaw firms scored huge touchdowns thanks to their collective bargaining work? The three top billers included Latham, Dewey & LeBoeuf, and Patton Boggs. [Am Law Daily]
* The sanctions for filing a 9/11 conspiracy claim cost $15K, but forever being remembered as the lawyers who got benchslapped for drafting “a product of cynical delusion and fantasy” is priceless. [Reuters]
* Jared Loughner is still incompetent to stand trial, and he’ll remain in the loony bin for another four months. You know what that means? Time to make this kid swallow some more pills. [Arizona Republic]
Well, spring bonuses are officially late. Last year, Sullivan & Cromwell announced spring bonuses on January 21. Here we are on January 23rd, and we’re still waiting.
It’s too early to worry. Cravath essentially check-raised S&C with spring bonuses last year. There’s a good chance S&C is just trying to figure out how to avoid having that happen again.
I still think spring bonuses will be coming. There are just too many firms paying out more than Cravath in terms of bonus. Cravath partners might be getting high fives from partners around Biglaw for helping to keep bonuses low. But there are so many firms blowing past Cravath (and Cravath followers) that, eventually, the very smart people Cravath hires will wake up and realize they can make more money elsewhere.
The latest firm to make Cravath bonuses look small is Latham & Watkins. Their median bonus is especially more generous than CSM’s as people become midlevel or senior associates….
The next few State of the Market posts by Lateral Link, as compiled by Director Gary Cohen, will focus on one of the country’s largest states — Texas.
In general, lateral hiring activity in Texas has increased substantially in the past 12 months, with even greater momentum as we head into 2012. Corporate/securities and IP are the busiest major practice areas across the state; however, there are differences between the Dallas, Houston and Austin markets. Overall, the Houston market is the strongest, followed by Dallas, with Austin a distant third. In all markets, partners with solid books of portable business are viable and firms are always on the hunt for new partner-level talent….
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