Money

* Guys in my high school White House dropped threats to veto defense bills authorizing infinite detention of U.S. citizens all the time, it was no big deal. Nothing like bastardizing the Sixth Amendment. [New York Times]

* So much for occupying the court system, eh? This judge won’t budge on dismissals, and more than half of the OWS protesters who appeared in court yesterday accepted an offer over going to trial. [Bloomberg]

* Gibson Dunn says that it will file a motion to dismiss Paul Ceglia’s Facebook suit in January. Now taking bets on whether Ceglia will have another lawyer by then. [Buffalo News]

* Just like Michael Jackson, Conrad Murray’s money was gone too soon. He’s requesting a public defender to handle the appeal of his conviction for involuntary manslaughter. [CNN]

* Lindsay Lohan was finally able to please Judge Sautner during her probation progress hearing. She was also able to please her adoring fans, because she reportedly flashed her bra. [USA Today]

MOAR BONUS NEWS!

Enough with all this sadness about these pathetically low bonuses that Cravath has engineered for everybody. Let’s try to be positive. People are getting money. Yay money. Who can be sad when they are getting more money?

In fact, I have a great idea: instead of just writing checks that reflect the general New York bonus scale, Clifford Chance and Covington & Burling should pay the bonuses out in single dollar bills. The partners should sneak into each associate’s office at night and just spread the money around. If you share an office, well, the early bird gets the worm.

See, then it’s fun. It’s a like a game. And it distracts the mind from how ridiculous it is to give the same bonus from 2010 in 2011….

double red triangle arrows Continue reading “Associate Bonus Watch: Clifford Chance and Covington Play the Match Game”

We mentioned this in yesterday’s Morning Docket, but I think it deserves a full post. For a long time, I have been questioning the value proposition of going to law school. Finally, it seems that somebody who can operate a calculator has my back.

The National Law Journal reports that Jim Chen, Dean of the Louisville School of Law, has come up with an easy-to-apply salary figure to determine whether law school was a financially sound decision on a case-by-case basis.

If you want to go to law school and one day be able to own a home, Chen argues you need to have a salary that is three times your law school’s annual tuition. You need to earn six times your annual tuition if you want to be a truly financially sound home owner if you are carrying three years of law school debt with you.

I’d like for people who constantly defend the value of law school to start pointing out the high-salaried jobs that are needed to make law school worth it….

double red triangle arrows Continue reading “Don’t Defend Your Law School Until You’re Earning Three Times Its Yearly Tuition”


Akin Gump, it seems to me, has taken the reasonable approach for any firm that does not want to be a market leader in terms of compensation: it’s going to wait. Of course the firm is going to match. Most of the firms will end up matching the prevailing market for associate bonuses.

But as far as how much money that’ll be, we just don’t know yet. Instead of making a regular bonus announcement with a flashy bonus scale and the fiction that the numbers bear any kind of relation to the actual profitability of the firm, Akin Gump is just going to wait and see what happens, and then match the market.

It’s a prudent approach to a crazy bonus season….

double red triangle arrows Continue reading “Associate Bonus Watch: Akin Gump Matches in New York, But Won’t Really Get Into This Thing Until January”

[We were going to call this post something like "Associate Bonus Watch: Susman Godfrey Beats Cravath Too." But then we felt bad for singling out Cravath for paying unsatisfying bonuses, when so many other Biglaw firms have followed suit. So we went with a tamer title instead.]

Just as it did last year, the powerhouse litigation boutique of Susman Godfrey announced associate bonuses that put the bonus scales of most other firms to shame. Happy Holidays, Susman Godfrey associates!

(By the way, Susman is a firm that celebrates the season in high style. The holiday party of its New York office, catered by acclaimed chef Daniel Boulud, is already legendary, even though it’s of fairly recent vintage.)

So, the Susman bonuses — what are we looking at here?

double red triangle arrows Continue reading “Associate Bonus Watch: Susman Godfrey Pays Ten-Gallon Bonuses (and Announces New Partners)”

Last year, Cravath initially low-balled the bonus market, and Cahill Gordon made them look foolish by using the Cravath scale as a floor for its bonuses. This year, Cravath has come out with another crappy bonus scale, and Cahill is beating the bag out of it again.

This year, Cahill is making a “special bonus” payment right now, in time for everybody’s next paycheck. This is before they even delve into the regular year-end bonuses that Cravath has set at such a low mark.

So just how special are these special bonuses?

double red triangle arrows Continue reading “Associate Bonus Watch: It’s Cahill Time (aka Time for Cravath Associates To Feel Bad, Again)”

It’s beginning to look a lot like last year’s Christmas at Cadwalader, Wickersham & Taft. CWT announced yesterday that it would be matching the Sullivan & Cromwell bonus scale. It starts at $7,500 for the class of 2010 and tops out at $42,500 for the class of 2003 and more senior. All bonuses will be paid in early February 2012.

But what about spring bonuses? And is Cadwalader planning to show any love for the class of 2011?

Let’s take a look at the memo and find out….

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1185 Park Avenue

We recently took a peek at a $1.7 million apartment on Manhattan’s Upper West Side, in a story entitled Lawyerly Lairs: Cravath Cribs (Part 1). (By the way, we’ve updated that post with the condo’s floor plan, as well as information about what it means to be a practice area attorney at Cravath.)

We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.

Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.

Who are the parties to this transaction? And what does a $4.6 million apartment look like?

double red triangle arrows Continue reading “Lawyerly Lairs: Cravath Cribs (Part 2)
(Partner parts with Park Avenue property.)

No glove, no love.

* The Supreme Court will hear Obama’s challenge to Arizona’s immigration law. Upside: we can probably expect a decision by June. Downside: Lady Kaga has to sit her ass out. [New York Times]

* Depressing fact of the day: unless you’re earning six times your law school’s annual tuition, you’ll probably never be able to afford a home. Thanks a lot, student loan debt. [National Law Journal]

* Wilson Sonsini has announced its 2011 partnership class. Of ten new partners, only three are women. At least they’re beating Cravath’s partnership diversity scale. [DealBook]

* Los Angeles is suing to block an initiative that would force porn stars to wear condoms. Why? It wastes taxpayer money, and would be disastrous to spank banks nationwide. [Courthouse News]

* Stephanie Van Groll may be the “tall, young, hot nymph” whose sexting lawsuit against Kenneth Kratz survived a motion to dismiss, but he is still the prize. [Appleton Post-Crescent]

Bonuses have just been announced at Paul Weiss. The firm is matching what we’ll call the Cleary Gottlieb scale, which seems to be the most generous bonus schedule among the main-line law firms (i.e., excluding outliers like Boies Schiller and Wachtell Lipton).

The Cleary scale provides for (1) prorated bonuses for class of 2011 members and (2) a top payment of $42,500 for the most-senior lawyers (class of 2003 on up). We’re calling it the “Cleary scale” because some firms that pay a stub bonus to the class of 2011 top out at $37,500 (e.g., Milbank), and some firms that go all the way up to $42,500 don’t pay stub bonuses (e.g., Sullivan & Cromwell and Simpson Thacher).

(These are some pretty fine — and minor — distinctions. As Elie just grumpily remarked to me, “Remember when setting the market involved making it rain instead of figuring out if any pee got on the toilet seat?”)

In any event, it’s nice that Paul Weiss is taking care of its people at both the top and bottom of the seniority scale. Let’s look at the memo….

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