Bonus season is upon us, but some people aren’t satisfied with the extra wad of cash they’ve received. In the eyes of disgruntled associates, these are the same bonuses that were handed out last year — only this time around, they’re stale and being served cold.
The angry associates will trudge along to their Biglaw holiday parties, muttering under their breath about the five-figure sum the partners have low-balled them with this year. The name Cravath will be grunted with disdain and paired with an eye roll, and whispers of “Why didn’t I choose Boies Schiller during OCI?” will be followed by mournful sighs.
Cheer up, everyone. There’s a very obvious solution waiting for you just inside the doors of the party you didn’t want to attend….
Retiring to a stately manor in the countryside and spending your remaining days drinking scotch and smoking cigars. A quaint life away from it all, secluded from the hustle and bustle of all those people in the big city. That sounds like a lovely retirement plan. Or the ambition of an Austen protagonist. In any event, one young lawyer out there wants this retirement to become his reality, and he’s taken to the Internet seeking donations to fund his early retirement. He’s only seeking $5 million. That’s some expensive scotch.
If you want to help out this lawyer with a small donation, I guess there’s just one more tidbit of pertinent information you should know:
Just when we thought this day couldn’t get any better for law firm bonuses, we’ve got more good news from Cahill Gordon & Reindel, a firm that has consistently proven that it truly values all of its associates’ hard work.
Once again, the firm has announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. Keep in mind that these “special” bonuses are on top of the summer bonuses that were paid out in July. This firm doesn’t make it rain — it makes it pour.
It’s Friday the 13th, and many consider this day to be unlucky, especially if they’re at a lockstep firm in New York. There simply isn’t any suspense left to be had for these people. It doesn’t matter if you haven’t received your bonus yet because you know exactly what you’re going to get.
Cravath has spoken, and even Sullivan & Cromwell has fallen in line behind the king of bonus compensation. But some firms — like Boies (with a jaw-dropping $300K bonus), Ropes & Gray, and Schulte Roth & Zabel — are giving especially industrious associates some additional monetary awards for all of their hard work.
If you’re employed at a firm like Kaye Scholer and you worked your tail off in 2013, you must be jumping for joy right now. How high did their bonuses climb?
Still, as Staci Zaretsky observed earlier today, there’s a one-in-a-million chance that some firm that hasn’t announced yet will beat Cravath. And if you’ve bought a ticket for Friday’s $400 million Mega Millions drawing, you believe in one-in-a-million — actually, one-in-259-million — chances.
Three firms just announced their year-end associate bonuses for 2013. Let’s scratch off these tickets and see what lies underneath….
The week’s almost over, but we’ve got more bonus news for you. While Sullivan & Cromwell, by matching Cravath, might have dashed your hopes of the bonus market climbing higher, there’s still a chance — probably a one-in-a-million chance — that another very special firm could do it.
In fact, every time an associate says, “I don’t believe in higher bonuses,” there’s a would-be Boies-level bonus someplace that falls down dead.
I love how this picture is somehow demeaning to both men and women. Being a stay-at-home spouse does NOT involve filing your nails while someone goes out there with a sledgehammer.
This weekend, the New York Times ran a big, splashy article about house husbands and their wealthy, “Wall Street” wives. The premise is that successful Wall Street women are doing it with the help of stay-at-home spouses… you know, the way that wealthy Wall Street men have been doing it for generations.
It’s an annoying premise. Of course, working a high-intensity job is easier when somebody is taking care of everything else at home. But, as Slate’s Jessica Grose points out, the problem is that anybody is expected to work to the point that they have to outsource their entire domestic lives.
Vivia Chen points out another problem in her article in Time. The New York Times article focuses on very wealthy women and their kept men. But is this really a trend? Are husbands really willing to stay home when their wives make a more “pedestrian” salary — like, say, what a lawyer makes?
A major theme of the 2013 bonus season so far: WWSCD — What Will Sullivan & Cromwell Do? With a few exceptions — like Boies Schiller, land of the $300,000 bonuses — everyone has fallen in line behind Cravath.
But we (and many others) wondered whether S&C, Cravath’s arch-rival, might up the ante. As I wrote while discussing the Cleary Gottlieb bonuses, “When it comes to challenging the compensation dominance of Cravath, House Shenker (or should it still be House Rodge?) is the strongest contender. Recall that it was Sullivan & Cromwell’s generous 2011 spring bonuses that ignited a trend that spread throughout Biglaw.”
The other white shoe just dropped: S&C just announced. Did SullCrom beat Cravath? Or mention possible spring bonuses?
(Please note the UPDATES at the end of this post.)
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.