No, silly — we’re talking about real estate, an obsession that I share with many Above the Law readers. There’s a reason why Lawyerly Lairs is one of the most popular, well-trafficked features on this site.
Last month, we visited a few attorneys’ homes in Washington, D.C. This visit to our nation’s capital proved so popular that one of our D.C.-based readers volunteered up her own home for your scrutiny.
'So then I said to them, 'We have, like, a staggered board AND a poison pill. So suck on that!''
The halls are alive with… the sound of vermin? As we’ve mentioned earlier today, some top law firms (and even one top law school) are experiencing problems with rodents, insects, and other pests.
And, unfortunately, some of these critters have crept into company canteens. Thanks to New York City’s controversial system of rating restaurants, in which establishments receive letter grades based on their health and sanitation violations (or lack thereof), we know which law firm cafeterias are worth patronizing (and which ones are best avoided).
Let’s take a look at which Biglaw behemoths have the best — and the buggiest — dining rooms….
Garden Place: one of the loveliest blocks in Brooklyn (or all of New York City, for that matter). If you have $10 million to spare, you can live here too.
A friend of mine recently made partner at a top New York law firm. A senior partner called to offer congratulations: “Now you can finally move out of Brooklyn!”
But my friend doesn’t want to move out of Brooklyn — and with good reason. Over the past few years, what was once viewed as a dangerous, dirty, and downmarket borough has become hot, happening, and high-end. It’s not for nothing that GQ famously dubbed Brooklyn “the coolest city in the planet.”
Brooklyn may be newly hip (and increasingly expensive), but some people have known about its charms for years. Take this partner at a leading New York law firm, a longtime resident, who has placed his Brooklyn Heights townhouse on the market — for an eight-figure sum….
Which former Cabinet member sold the house with the blue door?
Are we too New York-centric in Lawyerly Lairs, our inside look at the homes (and occasionally offices) of lawyers and law students? Perhaps. It makes sense that we focus on Gotham, since Above the Law is headquartered here. But we realize that other cities and states boast great real estate too (and not just the 3500-square-foot houses enjoyed by the average associate at a Texas law firm).
Today let’s take a trip down to the nation’s capital. We’ll check out a few Lawyerly Lairs down in Washington, D.C. — including the $2 million Georgetown home shown above, recently sold by a former Cabinet member turned law firm partner….
Penny Lane and Brian Frye, in the Catskills home they've placed on the market.
As we have mentioned, we’re trying to diversify the coverage here at Lawyerly Lairs. After all, the world does not consist entirely of Park Avenue apartments owned by mega-rich law firm partners (as seen here, here, and here). Toward that end, we recently wrote about the housing search of some NYU Law students.
But that was still in New York City. Let’s leave Manhattan behind and head to upstate New York, where we’ll visit the beautiful Catskills house of a law professor and his filmmaker wife….
They took on six figures of (non-dischargeable) debt to go to law school, and now they hang their laundry in the street.
Most installments of Lawyerly Lairs, our inside look at the nests of legal eagles, involve residences (and occasionally offices) of utter fabulosity. Just look at our latest Lairs: a $5.9 million apartment on Park Avenue, a $4.6 million prewar coop on the Upper East Side, and a $1.7 million penthouse on the Upper West Side.
We realize that most Americans, or even most lawyers, don’t live in such luxury. And we’re interested in learning about how the other half lives. If you’d like to have your home featured in Lawyerly Lairs, even if it isn’t a million-dollar mansion, feel free to email us, subject line “Lawyerly Lairs.” (If you’re trying to sell your home, send us the listing; exposure to Above the Law’s large audience could be beneficial.)
We’ll get the 99 percent ball rolling with a look at two current law students who braved the brutal renters’ market here in New York. What school do they attend, and how did their hunt turn out?
Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)
Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.
Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….
What draws people to the practice of law? Some do it for the paycheck, some do it for the prestige, and some do it for the excitement and fun of it all.
Veteran New York litigator Edward Hayes belongs firmly in the final camp. Although he has amassed fame and fortune over almost four decades of practicing law, his legal career reflects a quest for adventure.
And what adventures Hayes has had. After graduating from the University of Virginia and Columbia Law School, he joined the Bronx District Attorney’s office, where he prosecuted homicides (which there was no shortage of in the Bronx in the 1970s). He then launched his own practice, handling civil and criminal matters for such clients as the estate of Andy Warhol, notorious “Mafia cop” Stephen Caracappa, acclaimed architect Daniel Libeskind, actor Robert De Niro, celebrity editrices Anna Wintour and Tina Brown, billionaire publisher Si Newhouse, and then-paramours Sean Combs and Jennifer Lopez (after they were arrested together back in 1999).
Eddie Hayes has even found his way into literature. He served as the basis for Tommy Killian, Sherman McCoy’s defense lawyer in Tom Wolfe’s great novel, Bonfire of the Vanities. Wolfe dedicated the book to Hayes, a close friend of his for many years.
This past summer, I enjoyed the privilege of spending a day with Ed Hayes. We met up at Penn Station and took the train out to his vacation home in Bellport, Long Island, where we enjoyed a leisurely lunch, dining outdoors and overlooking the water. (There are Lawyerly Lairs-style photos of his house, after the jump.)
During our time together, Hayes reminisced about his extraordinary life in the law, offered career advice for fellow lawyers, and showed me how to properly prepare a caprese salad….
We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.
Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.
Who are the parties to this transaction? And what does a $4.6 million apartment look like?
The venerable firm of Cravath, Swaine & Moore has received a fair amount of criticism for its allegedly subpar bonuses. I’ve previously defended their payouts — in times of economic uncertainty, is paying modest bonuses to avoid later layoffs such a bad idea? — but my view has been poorly received. (For commentary castigating firms for their cheapness, please turn to my colleague, Elie Mystal.)
Partners at Cravath, where profits per partner exceeded $3 million in 2010, are definitely in the top 1 percent. But it seems that even non-partners are doing quite nicely for themselves, despite all the bonus bellyaching.
Check out the million-dollar penthouse — yay real estate porn! — of one of Cravath’s corporate lawyers. And she’s not even a partner….
UPDATE (12/12/11): We’ve gotten our hands on the floorplan, which we’ve added to the slideshow, and we’ve added additional comments about what a “practice area attorney” does at Cravath.
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…