Money

Tomorrow, associates at Goodwin Procter will receive individualized news of their bonuses. You may recall that last month, when ATL’s new director of research, Brian Dalton, compiled a list of Biglaw’s ten most generous firms — i.e., the ten firms that pay the best bonuses, when measured against their profits per partner — Goodwin did good, winning fourth place. (The firm fares well in rankings; last month, it made Crain’s list of best places to work in New York.)

Will this year’s bonuses preserve Goodwin’s good standing? Let’s find out. Although the individual amounts are being communicated tomorrow, the firm has outlined its overall approach in a memo….

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Oh, you’re all running here now. You saw the title. Here you come. Click click click. It’s all you want to know. And by you, I mean those who claim to love Biglaw, but would jump to your own place or a smaller firm in a second if you “could make the same money.”

I know.

I know when you call me, when you come to my office to discuss the “possibility of leaving,” that it’s the only thing on your mind. Sure, you want your name on the door, more freedom, more client contact. But you just have one real question. One real fear. One real concern. One thing you need to convince your better half of before you make “the jump.”

Can I make the same money?

Here’s the answer….

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Scrooge McDuck: he is the 1 percent (but not a lawyer).

Lawyers are the fourth most well-represented occupational group among the nation’s top 1 percent (which, for purposes of the study, consists of households with a pretax income of $380,000, excluding capital gains).

– a New York Times analysis of data collected by the University of Minnesota Population Center.

Additional interesting facts and links — including which occupations ranked ahead of lawyers, and what percentage of lawyers belong to the 1 percent — appear after the jump.

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At the start of this new year, what is the outlook like for legal employment? There’s certainly a fair amount of bad news out there, particularly for recent law school graduates.

But what about for denizens of Biglaw, the lawyers fortunate (or unfortunate) enough to work at the nation’s largest law firms? What does 2012 hold for them?

Earlier this month, my colleague Elie made some predictions for the legal profession. I will follow in his footsteps and venture some prophecies of my own for the year….

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The other day, I was at dinner with some Biglaw friends. While I prefer to associate only with my small-firm kin, I needed someone to pick up the check. And, I thought I could do some missionary work and convert my friends in to small-firm lawyers (so I could mine them for story ideas, obviously).

Something unexpected happened during dinner. One of my friends asked me why I believe small-firm life is so different from Biglaw. I went through my standard list of reasons: quality of life, money, autonomy, mentoring, etc. I even cited Tom Wallerstein’s Top Ten.

That was where things took an unexpected turn: my friend did not buy it. Indeed, by the end of our dinner he had me questioning my beliefs. Does size matter, I thought? Needless to say, as a woman who has devoted her “career” to writing about small-firm life, this experience shook me to my core.

Let’s see if you can help me make sense of that night….

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Before you make the jump to go in-house, remember that each in-house opportunity is unique and will present different advantages and challenges. As a former in-house attorney who worked for a well-respected investment management company for almost six years, Lateral Link Director Gloria Cannon believes there are several things you should consider in evaluating each in-house opportunity.

They revolve around three primary topics: job responsibilities/duties, compensation, and lifestyle….

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We’re still catching up on bonus news that broke over the holidays. Remember, if we missed your firm, please let us know at tips@abovethelaw.com.

Just after Christmas, Dechert announced its 2011 end-of-year bonuses. I guess you’d call it a “match” of the Cleary Gottlieb scale. Dechert is paying a pro-rated bonus to first-year associates and has a top payment of $42,500 for very senior associates.

But Dechert isn’t a lockstep firm. You have to meet a requirement in order to get the bonus. That requirement looks very much like an hours requirement, but Dechert doesn’t want you (or its clients) to think that they have an hours requirement — so they have some kind of nebulous performance requirement that can most easily be defined with reference to hours.

Oh, and they’ll dock you if you didn’t input your time, on time, throughout the year….

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John J. O'Brien

Last August, John J. O’Brien, who was once a highly regarded and well-liked partner in the celebrated M&A practice of Sullivan & Cromwell, pleaded guilty to four misdemeanor tax offenses. The charges of conviction were mere misdemeanors, but the amounts involved were large, as you’d expect from a well-paid partner at S&C.

O’Brien was accused of failing to file income-tax returns for tax years 2001 to 2008, on almost $11 million in partnership income. In the end, he pleaded guilty to failing to file taxes relating to $9.2 million in partnership income, for tax years 2003 to 2008.

Earlier today, John O’Brien was sentenced. The sentencing hearing provided some interesting additional information about why O’Brien acted as he did.

So is O’Brien trading Biglaw for the Big House? And if so, how long a sentence did he receive?

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As we recently mentioned, our view is “better late than never” when it comes to bonus news. With this in mind, we are pleased to bring you the bonus announcement of Willkie Farr — which came out in December.

Given Willkie Farr’s status as a top New York law firm, you can probably guess what they did in terms of bonuses….

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The pace of announcements may have slowed down a bit, but make no mistake: we’re still in associate bonus season. If you have bonus news that we haven’t covered, even announcements dating back to last month, please email us (subject line: “[Firm Name] Bonus Memo”). We’re trying to keep as accurate a record as we can of Biglaw bonuses, but we can’t do it without your help. Please don’t assume that someone else will send in the memo; that’s not always the case.

Now, on to today’s bonus news, which comes to us from Kasowitz Benson. The litigation powerhouse, which describes itself as “a national law firm primarily focusing on complex and sophisticated commercial litigation, numbering 375 lawyers,” announced its bonuses last Thursday, January 5.

So how much is Uncle Marc paying to the superior legal minds who work for him?

UPDATE (3:20 PM): Speaking of Gregory Berry, Justice Eileen Bransten of New York State Supreme Court just dismissed Berry’s $77 million lawsuit against Kasowitz.

UPDATE (1/10/12): Read all about the dismissal here.

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