Last month, when the world was bemoaning the Biglaw associate bonus market after Sullivan & Cromwell’s bonuses more or less fell in line with Cravath’s bonuses, I wrote as follows: “I’m keeping my eye out for Latham. It fits with their model. In bad times, suffering to all. In good times, models and bottles…. Latham survivors might get 2010 bonuses that trounce the former market leaders like Sullivan & Cromwell.”
Well, Latham & Watkins just announced its associate bonuses. Latham is a firm that gives out individualized bonuses, but the median payments by class year seem to be higher than the bonuses given out by Cravath, Sullivan & Cromwell, and the firms that followed them.
UPDATE: The preceding sentence was written before S&C’s springtime bonuses were announced.
Our law firm holiday card contest is still underway, but we’re in the home stretch. Voting closes tomorrow, January 9, at 11:59 p.m. (Eastern time). If you haven’t done so already, review the finalists and vote over here.
In the our earlier post, we promised a post in which we’d (1) give shout-outs to some holiday cards that were strong but narrowly missed our cut and (2) poke fun at some of the Christmas cards we found especially disappointing. Here is the promised post.
Let’s look at some of these honorable and dishonorable mentions. Perhaps your law firm’s card is among them?
* Musical chairs: Donald M. Remy leaves Latham to become the new general counsel for the NCAA. No offense, but I hope he’s terrible at his job. The NCAA needs to be sued by all comers until they stop profiteering off the sweat of poor young athletes so that old, rich university presidents can make even more money. [The Chronicle of Higher Education]
* Anything you Google can and will be used against you. [Forbes]
* Did sanitation workers really make the blizzard worse by protesting proposed wage cuts through a “slowdown”? Somewhere there’s a union official freezing his ass off and smiling. [NY1]
* Some people say law school is a waste of time, some people say getting a Ph.D is a waste of time — is anyone starting to feel like “education” is a waste of time? Snooki is rich, famous, and has a book coming out; Sarah Palin might become president. Maybe stupid and uninformed is a perfectly acceptable way to go through life? [Economist]
* Here’s something interesting. Harvard Law School is doing some research on legal mentoring (or lack thereof). They need people (including non-HLS people, of course) to take their survey. [Harvard Law School]
* I wish Princeton had a law school. I bet it would be loads of fun to cover, since their college alums are already so good at getting embroiled in sex-contest scandals. [Jezebel]
* U.S. prosecutors arrested a California woman yesterday on insider trading charges. Immediately after the charges were filed, Michael Douglas’s ex-wife sued the woman for royalties. [CNET]
* A Los Angeles law firm, Glancy Binkow & Goldberg, is being sued for maintaining a hostile work environment and being generally pervy. The article raises several important questions. None more important than this: What the hell is a bikini bar? [Los Angeles Times]
* A primer on Bill Richardson’s possible pardon of Billy the Kid. Emilio Estevez hasn’t been this stoked since the Men at Work premiere party. [WSJ Law Blog]
Now that you’ve figured out what to give your secretary this holiday season, what about the lawyers in your life? Many of you have friends or family members who are lawyers or law students, and if you haven’t done so already, you need to get them — forgive the expression — Christmas presents (or holiday gifts, if you prefer).
Lawyerly types can be tough to shop for. As we’ve previously discussed, lawyers aren’t great about giving gratitude, and they’re often very critical — so your gifts might not be warmly received. Also, many lawyers earn good incomes, meaning that when they actually need or want something, they often just go out and buy it themselves (or let their firm to buy it for them — e.g., the iPad).
So what should you get for the lawyers in your life this holiday season? We have some suggestions….
Earlier this week, we introduced six Washington, D.C. law firm partners chosen by our readers as the best partners to work for. The next six partners we present to you today come from some of the nation’s finest law firms: Gibson Dunn, Kirkland & Ellis, Latham & Watkins, Orrick, White & Case, and Willkie Farr.
For more information about these firms generally, visit the Career Center.
Without further ado, let’s find out who these premier partners are . . .
People, here at LEWW we hate reality TV. Really, really, really hate it. It makes us feel bored, uncomfortable, and grossed-out by humanity, all at the same time. We can watch sports, which we suppose is “reality” in some sense, but other non-scripted programming sends us lunging for the remote. Dancing with the Stars? Gagging at the concept. Jersey Shore? Never seen it; sounds appalling. Even the Food Network is too real for us.
And of course, just thinking about those reality wedding shows makes us break out in hives. That said, we are going to be all over the upcoming royal wedding. Step back, Chelsea, this one is going to be the real deal, and LEWW is already counting the days until April 29. Now, to find a legal angle . . . .
On to this week’s couples. We have four finalists for this special Thanksgiving edition of LEWW:
You have to hand it to the people at Latham & Watkins. Former employees can bitch and moan all they want about being laid-off, but the firm has a certain kind of “star quality.”
Take this story from this month’s American Lawyer. It turns out that when Oliver Stone needed to figure out what was really going on during the height of the recession, he turned to Latham attorneys Alexander Cohen and Brian Cartwright. The lawyers are at Latham now, but their previous government experience gave Stone the inside knowledge he was looking for.
People are talking about an interesting Slate article entitled “Leaving Big Law Behind: The many frustrations that cause well-paid lawyers to hang out their own shingles.” It’s currently the most-read piece on the site. But it’s actually quite similar, even down to some of the sources, to an article that appeared a few days earlier in Crain’s New York Business:
A lawyer’s hourly billing rate used to be a badge of pride — the higher the number, the more valuable (and supposedly brilliant) the lawyer. But over the past 18 months, a strange phenomenon has been sweeping the legal arena: Partners at major law firms are quitting because they want to be able to charge less for their services.
This is, of course, not a new development. Kash and I wrote about it in a December 2009 cover story for Washingtonian magazine, in which we interviewed a former member of the $1,000-an-hour club who left a large law firm and started his own shop so he could offer clients better value. But all the recent coverage — in Crain’s, Slate, and elsewhere — suggests that the trend is picking up steam.
Which kinds of lawyers are leaving Biglaw to hang up their own shingles? Why are they doing it? And how’s it going for them?
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: