By the middle of second semester of that first year, everyone saw the system for what it was. We were furious. We realized that statistically, because of the curve, there was no way for many of us to keep our scholarships. But at that point, you’re a year in. They’ve got you. You feel stuck.
– Alexandra Leumer, a 2009 graduate of Golden Gate University School of Law, quoted in an interesting and provocative New York Times article suggesting that law school “merit scholarships” can be a bit of a scam unfair in the eyes of some recipients, due to the fact that so many students lose them after their 1L year by not achieving the required GPA.
It’s April 29. Monarchists have long circled this day as an opportunity to praise the vestigial structures of imperial domination. But this day means a lot to people who earn their fortune through work instead of birth. Today is a huge day for Biglaw associates. For many, today is the day spring bonus payments hit their bank accounts.
Don’t spend it all in one place.
But as we all know, not every Biglaw associate will be enjoying a spring bonus this year. With the payments out, we’re no longer looking at which firms are “lagging” behind in their spring bonus announcements. Now we’re looking at firms that have simply decided they are not paying spring bonuses, regardless of what the market says. Apparently, keeping up with Cravath really will be ruinous to some firms.
So who has officially announced they will not be paying spring bonuses this year? We’ll tell you what we know about three Biglaw firms, and hopefully you can fill in any gaps…
This is what you see in the law firm world. Law firms try to keep up with Cravath, but it might not be financially prudent. You try to keep up with Cravath, and then two or three years later you go bankrupt.
In the throes of the recession, many Biglaw firms jumped on the bandwagon to kill lockstep compensation in favor of a more merit-based system (though some have already fallen off the bandwagon). With a variety of compensation models currently in use among firms today, we want to hear from you about how you get compensated at your firm — and how you prefer to get compensated.
Please take our short survey, brought to you by Lateral Link, and tell us how you are compensated at your firm. Then check back later for the survey results. As always, your survey responses will be kept completely confidential.
I graduated from Northwestern Law in 2009. It is now 2011, my loans are coming due (real due — not the fake, put ‘em in forebearance, due of yesteryear), and I am currently “employed” doing two things: reviewing documents at an embarrassing hourly wage on projects that start and stop without any sort of consistency, and writing “jokes” about the Microsoft Zune every weekday morning, every other week. To borrow from David Foster Wallace, this is water.
And so it is with a sick sort of pleasure that I read Professor Paul Campos’s very interesting piece on The New Republic website yesterday. Coupled with Elie’s post on the Biglaw bloodletting, the article tells me what I’ve wanted to know and, in fact, what I’ve been telling my mom for two years now. Namely, that MJ was right. I am not alone.
What is the true state of unemployment for law school graduates? Professor Campos has crunched some numbers….
The funny thing about spring bonuses is that nobody really planned on them. Firms really thought they were going to be able to get through bonus season paying Cravath’s lowball initial bonuses. Remember when Cravath seemingly set the market, and there was that one partner caught saying “thank God”? That’s what firms were thinking.
Well, spring bonuses have been with us for some time now, and most firms that are going to pay them have announced. Still, there are some firms that seem to be trying to figure out how to delay or avoid paying market compensation for as long as possible.
Schulte Roth is in that category. They’ll be paying spring bonuses, but only if you hit various 2010 and 2011 hours requirements.
And so while Schulte can say that it is “matching” the Cravath scale for spring bonuses, it seems like there are a lot of Schulte people who will not be seeing a single spring bonus dollar. These are the kinds of things that happen when firms are caught off guard by market forces…
If your law school sells its naming rights but keeps tuition flat, would you protest? That’s the question facing students at the University of Maryland School of Law. They woke up on Monday morning to find out that instead of going to an easily identifiably state law school, they’ll soon be going to something called the Francis King Carey School of Law.
(Good thing you can spell that name without the letter ”T.”)
Of course, so long as U.S. News keeps identifying the school as “Maryland” in some fashion (the same way that “Levin School of Law” never obscures the University of Florida affiliation), I doubt this name change will affect how the school is regarded. And since Maryland is not raising tuition, the administration needed to raise cash in some other fashion.
So all things considered, I’m guessing Maryland Law students are pretty happy with this outcome. Right?
It appears that Larry Sonsini, chairman and name partner of the high-powered Wilson Sonsini law firm, is a very good golfer. Earlier this year, while playing golf to celebrate his 70th birthday, the legendary lawyer scored a hole in one.
Sonsini isn’t the only one who’s scoring over at 650 Page Mill Road. His partners are doing deals left and right, and the fees are trickling down to the associates, who just scored some nice pay raises.
Personally, I think it’s time for Biglaw associates in the class of 2010 to drink a tall glass of shut the hell up. They got jobs at a time when many of their classmates did not. They received $160K salaries just after there was a significant effort by some firms to push starting salaries down to $145K. Most of them got to start sometime in 2010… in the same year many of the people in the class of 2009 got to start. And, as far as we know, none of them have been Lathamed and had their careers aborted before they even started.
Are things as easy for the class of 2010 as they were for the class of 2006? No. But sometimes I think that the current n00bs forget that they could have been cast back down with the sodomites in the class of 2009.
But, that’s just me. And I’m old and irritable and have lost sight of the youthful exuberance that makes a person sing “I want it all, I want it all, I want it all, and I want it now.” It turns out that first-year associates don’t want to wait until they mature into a class worthy of a full bonus at the end of 2011. They want whatever bonus money they can get out of 2010, and they are angry at the firms that are not paying up.
The Cravath-level spring bonus for the class of 2010 is only $2,500 at the firms that are paying spring bonuses to first years. And so we have two disgruntled groups: people who work at firms not paying a spring bonus to first years, and people who feel the $2.5K is “illusory” because it’s prorated based on when the associate started at the firm.
A couple of days ago, we told you that NYU 3Ls without jobs lined up are receiving discounts on tickets to their law school formal. It’s a nice gesture, but some NYU Law School students wanted more action from the NYU administration regarding the soon-to-be-unemployed students.
Well, maybe the NYU kids should have gone to school down south.
We are years into this legal-industry downturn, but finally we have a top-10 law school taking a basic step to help students who were unable to secure employment. Since law school doesn’t prepare you for the bar exam, and since bar review prep courses are expensive, this law school will pay bar expenses for graduating 3Ls who don’t have jobs lined up.
Which law school has adopted this policy? And why isn’t every law school doing this?
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@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
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