Few people are happier about the world’s surviving the Mayan Apocalypse than new partners at top law firms. Can you imagine slaving away in Biglaw for almost (or even over) a decade, finally winning election to the partnership in late 2012, and then having the world end before your hard-won partner status took effect?
Fortunately that didn’t happen. Heck, we didn’t even go over the fiscal cliff. But some people will have to pay higher taxes this year (and for many years to come).
Like these people: the talented and hardworking lawyers who, as of January 1, 2013, became partners of their respective law firms. Let’s find out who they are, so we can congratulate them….
In a recent ranking of the world’s most valuable law firms, the litigation powerhouse of Quinn Emanuel topped the chart in “value per partner” (total firm value divided by number of equity partners). For QE, the “VPP” figure came out to a whopping $17.7 million.
So you can understand why masochistic talented lawyers pursue partnership at the famously hardworking firm with such fervor. Sure, occasionally you’ll hear about a partner walking away from the riches. But for many a young lawyer, making partner at Quinn Emanuel is a dream come true.
Over the weekend, QE announced ten new partners. Who made the cut?
Congratulations to the newly minted Biglaw partners out there. Despite Biglaw’s current problems and murky future, it really is a signature professional achievement. So take a night, or a week, or even two to celebrate. And then get ready to start re-evaluating your entire life, top to bottom. You may not get a better chance, ever.
What am I talking about? Simple. In order to make partner in today’s Biglaw, you have made numerous sacrifices. Whether it be your student debt, your relationships, your waistline, or anything else, your sacrifice has now been validated. You now occupy a new professional status, and the nature of making partner is such that no matter how badly you screw up the rest of your life, you have accomplished something very rare. It is a life milestone, on par with getting married or winning the lottery in terms of its immediate alteration of your identity. A minute ago, you were single. Now, married. A minute ago, you were just another Biglaw associate. Now, you are a partner. Beautiful.
I am not discussing here the “professional” aspects about making partner, such as the need to start building a book of business, and how to handle yourself at the office. You will learn most of what you need to know on that front at your new partner orientation — a gloatfest galore, typically — and you will then spend a career figuring it all out.
Rather, I want to address some of the “personal” ramifications that hearing the good news of your “election” or “promotion” will lead to. Because it would be a shame to waste this golden opportunity to change the things about your life that you are less than perfectly satisfied with….
Time to start practicing the Cravath walk? (Google it if you’re not familiar.)
In an excellentessay reflecting on his time at Cravath, lawyer turned author James B. Stewart had this to say about the associates who made partner: “They weren’t necessarily the brightest…. They weren’t, as I had expected, the hardest-working…. They weren’t the most personable…. Finally it came to me: The one thing nearly all the partners had in common was they loved their work.”
Move over, Virginia. Cravath is for lovers — of work.
The firm just named its latest class of lovers. How many new partners did CSM just make, and what might this suggest about the firm’s market-setting bonuses?
We’ve previously written about Sullivan & Cromwell’s so-called mailroom of death. To make a long story short (see our previous coverage here, here, and here for the full background), a Biglaw mailroom mixup caused Cory Maples, a Alabama death-row inmate, to miss a deadline for filing an appeal. The Supreme Court intervened, and ruled that in light of a “perfect storm of misfortune,” Maples would not be barred from appealing his conviction because of S&C’s epic screw-up.
Of particular note, however, is the fact that this pro bono debacle came about thanks to the apparent forgetfulness of Jaasi Munanka and Clara Ingen-Housz, two former SullCrom associates. Justice Ruth Bader Ginsburg pointed this out in her majority opinion (PDF), stating that “[w]hen the associates left Sullivan & Cromwell, they never notified Maples and didn’t seek leave to withdraw.” Because when you effectively abandon a client, SCOTUS is sure to call you out for doing so.
Both Munanka and Ingen-Housz have since moved onwards and upwards. Munanka is now a partner at Hogan Lovells in Denver, and last we heard of Ingen-Housz, she was an associate at Baker & McKenzie. But as always, our tipsters have been keeping a watchful eye on the situation, and now we’ve got some news about Ingen-Housz’s employment situation….
There’s actually some data driving this discussion. According to Chen, citing research by Professor Henderson, graduates of Loyola University Chicago School of Law are six times more likely to make partner at a major law firm than graduates of the higher-ranked University of Chicago Law School, located just a few miles to the south. It seems that even though Chicago Law grads may have an easier time breaking into Biglaw than their Loyola – Chicago counterparts, the Loyola folks who do make it in the door tend to have longer-lasting law firm careers.
Let’s not pick on U. Chicago. There are other elite law schools with even higher Biglaw “washout” rates….
Which law school helped her land a fabulous Biglaw job?
The general economy started to turn around last year, but the legal job market remains sluggish. In 2011, many top law schools sent fewer graduates into first-year associate jobs at the nation’s largest 250 law firms than they did in 2010. That’s the bottom-line finding of the National Law Journal’s annual survey of which schools the NLJ 250 firms relied on most heavily when filling first-year associate classes.
The results of the survey should be interesting to current law students and law firm attorneys. And they’re of possible practical import to prospective law students who are now choosing between law schools (or deciding whether to go to law school at all, based on a cost-benefit analysis that pits tuition and student loans against post-graduate job prospects).
So let’s look at the top 10 law schools, ranked by the percentage of their 2011 juris doctor graduates who landed jobs at NLJ 250 firms (i.e., “Biglaw”)….
This is not the case for Biglaw partnership (and hasn't been for quite some time).
As mentioned yesterday in Non-Sequiturs, the white-shoe law firm of Milbank Tweed, in a recent press release about its new partnership class, gave a special shout-out to Atara Miller. It identified Miller as “likely the only Orthodox Jewish woman partner at a major Wall Street firm” (emphasis in the original).
The release continued: “Milbank has four other Orthodox partners who cope with the same issues, but each of them has a wife to run the household and children, while Ms. Miller takes on those duties at home.”
A big shot in Biglaw, and a baleboste to boot — that’s nice, very nice. But is it accurate to assert that Miller is unique?
[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 unsatisfyingbonuses, 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?
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.