* So you made some anti-war comments, touched Dick Cheney, got arrested, claimed your First Amendment rights were violated, and your case made it all the way to SCOTUS. Greatest accomplishment? Not getting shot by Cheney. [Huffington Post]
* Whoa, whoa, whoa. You mean to tell me that Wachtell’s name partner, Martin Lipton, the man who created the “poison pill,” supports staggered boards? Consider my mind blown. [DealBook / New York Times]
* M&A maven Dennis Block and real estate rock star Jeffrey Feil each donated $1M to their alma mater, Brooklyn Law School. See, you don’t need to go to a T14 school to make bank. [National Law Journal]
* Protip: not even Dov Charney’s world-renowned creepiness can save you from an arbitration agreement. A former employee’s $260M sex slave suit has been tossed out of court. [New York Daily News]
This just in: Earlier this month, M&A powerhouse Wachtell, Lipton, Rosen, & Katz bestowed generous “mid-year bonuses” upon its associates. The dough was distributed “without prejudice” to Wachtell Lipton’s legendary year-end bonuses, which in recent years have come in anywhere between 40 to 80 percent of an associate’s base salary. (WLRK’s base salaries are already at the top of the New York market.)
Your next question: How much? We hear that associates who graduated law school in the class of 2000 received a midyear bonus of $40,000, and associates who graduated in the class of 2002 received $30,000. So we’re guessing that the bonuses were distributed in $5K increments, with class of 2001 associates getting $35,000. (But perhaps the more senior people received bonuses reflecting bigger jumps; Wachtell, like many other top firms, likes to reward those who stick around.)
If you’re thinking that $40K doesn’t sound like that great a bonus for billing 3000 hours, please remember: This is just mid-year beneficence from Marty Lipton and Herb Wachtell. Year-end bonuses at Wachtell Lipton are expected to be better than ever, owing to the firm’s banner year on the corporate side. Back in the summer of 1998, believed to be the last time the firm doled out midyear bonuses (equal then to two months’ base salary), the end-of-year bonuses roughly equalled base salaries for associates. (For those of you who aren’t familiar with them, WLRK bonuses are lockstep based on seniority — they’re not tied to hours or to an assessment of the associate’s merit.)
What does Wachtell’s move mean for associates at other top New York firms? Well, probably not much — WLRK has always been in a class of its own in terms of compensation, paying bonuses that are more like investment banking bonuses than law firm bonuses.*
But Wachtell Lipton’s move could at least do this: It could prevent firms that raised base salaries earlier this year from “undoing” or “taking back” those raises, by reducing year-end bonuses by a commensurate amount. Now that Wachtell is taking in money so fast it’s GIVING it away — to its own associates — it would ill behoove Cravath and Sullivan to pull such a cheap trick on their associates. In the wake of Wachtell’s midyear bonuses, a top firm that raised associate salaries earlier this year, but then tried to keep total associate compensation unchanged by cutting year-end bonuses, would suffer a definite “shame sanction.”
Disclosure: Yes, we once worked at Wachtell Lipton, from 2000 to 2003 (i.e., we missed some of the fattest years). And yes, we are depressed this morning.
* Yes, obnoxious-lawyers-turned-obnoxious-bankers, we know: I-banking bonuses are often a multiple (x2, x3, etc.) of the banker’s base salary. Banker bonuses frequently run into the seven figures — unlike Wachtell bonuses, which at least have the decency to stay within six figures. And don’t get us started on the hedge fund people…
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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