All those professional responsibility lectures, and bar prep, and boring CLEs that I attended after becoming a lawyer, and all the boring CLEs I dutifully watched on the Internet after I escaped the probationary period, consistently preached the evils of non-lawyer ownership of law firms.
It raises ethical concerns! It dilutes what it means to be a lawyer! This is a profession, not a business! All the usual complaints from a profession convinced that it’s made up of beautiful and unique snowflakes with unimpeachable judgment.
But the better question is, “Don’t non-lawyers own law firms already?” And to the extent the answer is “of course,” shouldn’t the profession be bending over backwards to approve ownership models that better serve the firms and their clients than the status quo?
Years ago, back when I was in Biglaw, I had an unpleasant interaction with Kasowitz Benson. I will spare you the details — they involved who would pay the costs for photocopying certain documents (in the ancient days before e-discovery) — but the Kasowitz lawyer made a promise that she did not honor. I thought to myself, “Watch out when dealing with Kasowitz Benson.”
That’s probably wise advice — not just for folks litigating with Kasowitz, but also for people applying to work there. Last year, we covered KBTF’s exploding offers during fall recruiting and cold offers to summer associates — practices that are frowned upon, to put it mildly.
And now we have new allegations of shadiness at Kasowitz, this time coming from people already working at the firm as full-time associates. They involve the hot-button subject of associate bonuses….
(Please note the multiple UPDATES at the end of this post.)
* Attorney General Eric Holder has until tomorrow to decide whether the government will seek the death penalty in the case against Dzhokhar Tsaernaev. Screw his fan clubs, he deserves it. [Associated Press]
* “Those who know me know I don’t like to lose.” Good thing he didn’t. Leo Strine was unanimously confirmed as Chief Justice of Delaware’s Supreme Court. We can’t wait to see what he’ll bring to his new bench. [Reuters]
* “[N]ominal relief does not necessarily a nominal victory make.” Any day that a lawyer can secure a $1 award for his client and a $34,772 award of fees for himself is a very successful day as a lawyer. [New York Law Journal]
* The mayor of Hoboken, New Jersey, was sued, and she’s blaming Chris Christie and his allies for the whole thing. When the governor found out, he had just finished bringing about world peace. [Star-Ledger]
* Kansas Law will offer in-state tuition to people near Kansas City, Missouri. It must be hurting to fill its seats to make such an offer just because the city name has Kansas in it. [Kansas City Business Journal]
* George Zimmerman’s estranged wife, Shellie, is well on her way to getting a default judgment of divorce. She may be down one dog in her life, but she still wants custody of their two pets. [Orlando Sentinel]
Meet Michael Graffagna, who’s one impressive MoFo… partner. The Harvard Law School graduate, admitted to practice in New York, California, and Japan, heads up the project finance practice at Morrison & Foerster.
Graffagna is now resident in the firm’s Tokyo office. So he and his wife, Midori Graffagna, recently sold their Manhattan pied-à-terre. And oh what a pied-à-terre it was — larger than most Manhattanites’ primary residences.
How large are we talking? How much did the Graffagnas get for it? And which celebrity lives upstairs?
It will likely warm the cockles of many a Biglaw heart to hear that a bunch plaintiffs’ attorneys got smacked around by a federal court for trying to steal funds from Uncle Sam. They may beat your clients — and deservedly so, since your clients were totally poisoning people — but at least they won’t be getting away with their fat paychecks. Bask in that satisfaction as you go back to your less lucrative life.
If you want to know exactly how these lawyers did it (so you know what not to do, of course), then read on.
Or if you just want to point and laugh at the irony of public interest plaintiffs’ attorneys getting tagged for failing to pay their fair share to the public coffers, you can read on for that too….
It has been a while since we last covered bonuses at WilmerHale. For whatever reason, associates at the firm are generally tight-lipped on the subject. Given WH’s merit-based compensation system, perhaps bonuses are too individualized to be comfortably discussed.
What can be said about bonuses at WilmerHale? According to Chambers Associate, bonuses go to lawyers who bill 1900+ hours. According to responses to the ATL Insider Survey, these bonuses could be better: even though WilmerHale is a “great” firm with “wonderful” people, “[t]he ‘merit based’ compensation structure is a thinly veiled cost-saving measure.”
But are bonuses getting better at WilmerHale? Maybe….
(Please note the multiple UPDATES added to the end of this post.)
When we recently ranked top law firms based on responses to the ATL Insider Survey, readers raved about Wilson Sonsini, which took the #5 spot on our list of the top 12 firms. According to one respondent, the firm boasts “entrepreneurial meritocracy, the best client base, endless opportunities, and smart helpful people. It is a unique place, perfect for the self-motivated overachiever.”
In terms of the five specific survey metrics, Wilson fared best in the compensation department. On a 10-point scale, WSGR scored an impressive 8.73 (out of 10) in terms of satisfaction with pay. (The firm’s other scores: 8.63 for culture, 8.33 for training, 7.80 for morale, and 7.33 for hours.)
But will Wilson Sonsini be able to maintain its high score on the comp front? Not everyone is happy with the firm’s latest bonuses….
(Please note the multiple UPDATES added to the end of this post.)
And congrats to Latham lawyers on their 2013 bonuses. The bonuses were announced last Friday and will be paid this Friday.
(Yes, law firm season rolls on, even though it’s past its peak. We’re working on a few bonus stories but need additional data points on some firms — e.g., WilmerHale. If you can help us out, please email us or text us: 646-820-8477.)
If you want to see a bunch of Latham lawyers sporting facial here, click here. If you want information about Latham bonuses, including but not limited to the firm’s bonus memo, keep reading….
* Who doesn’t love fee voyeurism? It pays to be a winner in an antitrust case. How many millions did Robins Kaplan just rake in? Just part of the largest attorney fee award ever handed out in a private antitrust case, no biggie. [Am Law Daily]
* In this glass half-full world, about half of state Attorneys General are in favor of gay marriage — but some of them would go ahead and defend their state’s laws anyway. Boo. [WSJ Law Blog]
* It might be “pretty basic,” but Chris Christie received a document subpoena over the Bridgegate scandal. Not for nothing, but we hear that the governor was in the middle of bringing about world peace when he got the news. [Bloomberg]
* Hofstra Law is the latest school to launch its own “law school law firm” in an effort find jobs for its graduates close the justice gap. Welcome aboard the bandwagon, enjoy your stay! [Hofstra Law News]
* Hunter Moore, the king of online revenge porn, was indicted on 15 federal charges by a grand jury. “We’re superpleased that the FBI have brought this to fruition,” says a victim’s mother. So is everyone else. [TIME]
* “I have this much respect for the American judicial system.” George Zimmerman has a new painting for sale, and this time he’s ripping the Special Prosecutor who charged him with second-degree murder. [CNN]
Law schools believe that if you start making people give to your program early, you increase the chances of turning them into lifelong alumni donors. That’s why schools try to start their alumni giving campaigns while students are still on campus. It’s not that your law school thinks they’ll make a lot of money off of graduating 3Ls. But they believe that a $20 pledge while students are on campus is the gateway drug to a $200,000 donation in twenty years.
It all makes a lot of sense for the law school, but what do the graduating students get out of it? A lot of students will be paying off their law school tuition for decades, and many will have to start making those repayments before they get a good legal job. Law schools spend money on a slick alumni giving team, with the law school dean serving in the role of “fundraiser-in-chief.” But 3Ls need their schools to focus on “job-raising” instead of fundraising.
To the extent that 3L giving is a reflection of the services rendered by the law school over three years of expensive education, you’d expect a lot of law schools to get squat out of their 3L giving campaigns. That is exactly what one law student is suggesting to his fellow classmates.
The fun thing is that this 3L is on the committee for 3L fundraising…
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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