With the summer coming to an end, we are almost done updating the summer associate profiles for all the firms listed in the Career Center. Along with Kasowitz, Benson, Torres & Friedman and WilmerHale, Morrison & Foerster was another one of the firms that encouraged their 2010 summer associates to share their experience with us.
Summer associates at MoFo definitely noticed the amount of transparency at the firm and appreciated how the firm “openly communicate[s] with summers regarding expectations.” If you end up summering at MoFo, don’t be surprised if you get to discuss regulatory matters with clients or draft portions of a brief about to be submitted to the U.S. Supreme Court. While every assignment may not involve earth-shattering issues, summer associates are given the opportunity to participate on various pro bono matters throughout the summer.
When MoFo summer associates aren’t busy selecting assignments in different practice areas or attending training sessions, they get to experience “just the right amount of social events to provide a contrast to the work.” In 2010, summer associates would end the workday sailing the Chesapeake Bay, mediating with a Zen Monk, or touring the Museum of Modern Art. In addition to real work experience and quality social events, MoFo had a not-too-shabby offer rate of almost 100% for the 2009 summer class.
Get more details about the summer associate experience at MoFo and other firms by going to the Career Center. Keep an eye out for future posts as we will be publishing the rest of the summer associate survey results in the next week or so.
We’re rolling through the Vault 2011 list of the “prestigiest” firms in the land, so that you can comment on what it’s like to actually live, work, and breathe those firms (when you’re not choking on all the prestige in the air).
We’ve covered #1-10 and #11-20. Here’s the next round-up. Now it’s time for the London-based Magic Circle firms to join in the elite fun:
Lawyers have been all up in The Tonight Show’s grill this year, thanks to the Jay Leno – Conan O’Brien smackdown. But the lawyers were relegated to an off-screen role. Jay Leno never name-checked Gibson Dunn (that we know of) for repping NBC and helping to put him back on his throne.
Another Biglaw firm did get a shout-out from Leno on Monday night, though. During his headlines bit, Leno got laughs thanks to Morrison & Foerster.
Morrison & Foerster tends to attract quirky types. The firm is demonstrably offbeat, from its mildly bizarre website to its embracing the moniker “MoFo.” So we were not particularly surprised when an artist type auctioning off a piece of conceptual art on eBay turned out to be a lawyer from the firm.
Alfred Steiner is a tech and IP lawyer in MoFo’s New York office. He described the piece to us thusly:
In a conceptually reductive context where works are increasingly defined more by an agreement between artist and collector (whether written or oral, tacit or explicit) than by the tangible manifestation of the work itself, what would a work become if it were reduced to be coextensive with that agreement, that is, if that agreement were the work itself?
Yup, the piece of art is a contract. What we were surprised by was how much a contract from a Morrison & Foerster attorney went for on eBay…
Unlike some firms, MoFo has not given up on the class of 2010. The firm is actively looking forward to welcoming its incoming group of associates, and has started informing them about their start dates.
The firm extended offers to “approximately 65 law students” from its 2009 summer associate class. Their start dates are staggered. Some will get to wear a Halloween costume to the firm. Some will get to be part of the Christmas gift exchange, and some will be starting soon after getting over New Year’s Eve hangovers. MoFo chair Keith Wetmore sent out an email memo this afternoon letting current associates know how many people will be starting when:
Today, we will notify approximately 35 members of the class of 2010 of a November 1, 2010 start date. Approximately 20 members of the class (including a number of those arriving from their clerkships) have been given an accelerated start date of October 4, 2010 due to client demands. The final approximately 25 additional associates will join the class of 2010 on January 4, 2011 based either on their prior election to defer to 2011 or, in a few instances, deferral to align associate staffing with anticipated client demand.
(35 + 20 + 25 = 80. So there are 15 folks mixed in there who are not wearing a cap and gown this May. Some of those starting in January are 2009 grads who took the firm’s deferral package last year. And some of the 20 starting in October will be fresh off the clerkship boat. Yay! Clerks can go home again.)
It sounds like some of these wanna-be MoFoers, who hadn’t previously chosen to defer to 2011, got news of being deferred to January today. But they also got news of a stipend. MoFo is not following the Skadden salary advance lead…
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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