Michigan Law School, a state school, charges $46,586 per year in tuition. It then conservatively expects students to incur another $18K-plus in living expenses to bring the price tag for one year’s worth of a Michigan legal education to $64,716 for in-state residents. That prices out to $194,148 for the full three years, and that’s assuming that Michigan doesn’t raise tuition while you are there.
And Michigan is one of the few places that can, more or less, claim that it’s worth it. To be sure, it’s not worth it for all the students. Remember, Louisville Law Dean Jim Chen just told us that people need to make three to six times their law school’s yearly tuition in annual salary if they go to school on loans and want to one day be financially sound homeowners. Some Michigan grads are banking upwards of $279,516, but certainly not all.
Still, one would expect a significant amount of that high tuition goes toward making Michigan Law what it is, and keeping the professional opportunities rolling for Michigan graduates.
Apparently, keeping Michigan Law what it is involves paying Michigan Law Dean Evan Caminker quite a tidy sum….
Earlier this week, Kirkland & Ellis associates started receiving phone calls about their bonuses. Many associates are reporting that their bonuses “shattered the market.” In the words of one K&E source, “It is mad money. Huge year for everyone here.”
It’s important to note that Kirkland has a “black box” bonus structure, in which the payouts are highly individualized and based on performance and hours. Every year, there are some winners and losers.
Right now we’re hearing a lot of chatter from K&E winners. Many are reporting bonuses that are significantly higher than Cravath — which really isn’t hard to do, given how terribly low the Cravath bonuses are this year (so low that partners at other firms are thanking their Cravath counterparts). More to the point, we’ve got K&E people saying they made more than they would have at Quinn Emanuel (which is impressive!).
But, there’s a catch. While some firms like Sullivan & Cromwell anticipate paying spring bonuses, some of our Kirkland friends are telling us that this bonus is inclusive of a spring payout. So K&E might not pay a spring bonus, even if other firms do…
In the world of Biglaw, the subject of bonuses is a hot-button issue. People will disagree, often vehemently, on whether the bonuses paid by a particular firm are generous or cheap. To paraphrase an old joke, if you ask two people about bonuses, you’ll get three opinions.
Given these frequent differences of opinion, whenever we publish an Associate Bonus Watch post, we’re eager to get opinions and additional information from you, our readers. As you can see from looking back at our prior bonus coverage, we often update our bonus posts to add new information or another point of view. You can send us reactions to your firm’s bonuses — or news of bonuses we have not yet covered — by email or by text message (646-820-8477 / 646-820-TIPS).
After stealing all the Whoville toys, the Grinch planned to re-gift them to his army of lawyers.
I’m much more likely to throw away a gift or give it to charity than to regift something I already have or don’t want. I think I’d live in fear of the original gift-giver meeting up with the regift recipient and talking about how I was a bad friend for orchestrating the whole mess. I’d rather those two people meet up and say, “Did Elie get you anything? No? Too bad. I was hoping he did and you could tell him it sucked. That’s what he told me when he opened my present.” There’s something intangibly sneaky and dishonest about regifting. It’s just not classy.
Of course, people do it all the time. And not because they lack class so much as they lack money. Even if it’s tacky, regifting usually comes from a good place: you want to give presents to more people than you can afford to shop for.
But there’s nothing laudable (or forgivable) about how one small law firm in California goes about re-gifting. They want to send gifts to their clients — so they commandeer the gifts sent to their secretaries and staff, and regift them.
I think this firm missed the “spirit” part of this holiday season….
This actually happened last Wednesday — but, due to the less-than-exciting nature of the news, we doubt anyone has been prejudiced by our delay in reporting it. The law firm of Dewey & LeBoeuf announced associate and counsel bonuses, on the Sullivan & Cromwell scale (i.e., the Cravath scale, but topping out at $42,500 instead of $37,500).
Even if not surprising, it is nice that Dewey is matching market. As you may recall, Dewey made our list of the top ten most generous law firms — i.e., ten firms that generally match Cravath-level bonuses, despite having significantly lower profits per partner than Cravath. Partners at these firms take a financial hit to keep their associates happy.
Just like last year, there are a few footnotes to the Dewey bonus news that merit comment. And there’s some positive news for top performers, too….
Schulte Roth & Zabel really came up with a creative way to make this terrible bonus season even worse for SRZ associates.
Schulte is matching the Cravath scale, but not all at once. Half of the bonus is being paid now, the other half in March. It’s Schulte’s way of issuing a retention bonus without actually spending any extra money.
It also sets Schulte up nicely to avoid paying spring bonuses next year. Not that Schulte management really cares what people think about them. The firm didn’t pay spring bonuses last year. Even though the firm is making people whole with a “spring bonus” payment to those who should have gotten one last spring, the money is still tied to hitting 2011 hours targets.
It’s really one of the most disingenuous bonus memos we’ve seen. While technically the firm is matching Cravath, it’s doing it in a nickle-and-dime way that makes it pretty clear the Schulte partnership begrudges every last cent they have to pay out in bonuses.
If the associates don’t like it, they know where the door is….
Over the weekend, I had dinner with a friend of mine who used to work as a paralegal at a small law firm. She told me about how one year, for the holidays, all the lawyers chipped in to get her a gift certificate to a spa, so she could get herself a massage.
I said it sounded like a nice gesture. This was not the reaction my friend was going for in telling the story; she viewed the gift as an insult. Her view: Christmastime is the time to show me the money.
I can understand that perspective for secretaries or administrative assistants. As we’ve discussed before, if you’re an attorney you should give your secretary a holiday gift that’s either cash or a cash equivalent (like an AmEx or Visa gift card). As a legal secretary once told us, “if you decide on giving gift certificates [to specific stores], I sincerely hope your next bonus will be paid in the same currency.”
But paralegals, at least at large firms — my friend who got the massage certificate worked at a small firm — are a trickier proposition. Over the course of a year in Biglaw, a lawyer might work with many different paralegals, on a wide range of matters. Are you expected to give gifts to all of them?
So what should a lawyer do with respect to holiday gifts for paralegals? And, of course, what’s the “going rate” for holiday gifts for secretaries in 2011?
Let’s conduct some reader polls, and open up the comments for discussion….
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.