Today’s Lawyerly Lairs column is about a Skadden associate’s search for a home (other than 4 Times Square, where he surely spends most of his waking hours). The firm requires sacrifices of its lawyers, but it also offers rich rewards, including generous pay and ample prestige. There’s a reason that Skadden is a top 10 firm in our new law firm rankings.
Working at Skadden gives you the ability to buy a Manhattan apartment while you’re still in your early 30s. The home we’re about to view is not a lavish lawyerly lair, but it’s a perfectly respectable starter apartment.
Make fun of the University of Chicago Law School’s law-and-economics focus all you want. Their graduates make good use of the training, enjoying tremendous success in the business world. Some of them go on to become billionaires — and then make eight-figure gifts to their alma mater.
The legal eagle featured in today’s Lawyerly Lairs coverage isn’t a billionaire, but he has done very, very well for himself, in both business and politics. And real estate: he just sold his urban mansion for more than $11 million.
You’ll feel pangs of envy when you find out how little he paid for it — and when you see what a beautiful property it is….
A full house for last week’s in-house counsel panel at Betterment.
Last week, Betterment and Above the Law hosted a great panel discussion about working as an in-house lawyer at a relatively young company. The event, hosted at Betterment’s spacious and airy offices in New York’s Flatiron neighborhood, drew a standing-room-only crowd of around 200 people.
How can you get a job as an in-house lawyer for a startup? And what’s life like once you’re there?
Not since its pursuit was enshrined in the Declaration of Independence has “happiness” had a bigger cultural moment than now, and not just because of that “room without a roof” earworm. There is a new and rapidly growing science of happiness, a mash-up of economics and psychology sometimes called “hedonics,” which tells us that money can buy happiness, but only to a point. Meanwhile, in corporate America, we witness the emergence of a new C-suite character, the Chief Happiness Officer, who is responsible for employee contentment. Sort of like an HR director, but smiling and magical.
Recently, the U.S. National Bureau of Economic Research released a paper, “Unhappy Cities,” reporting the findings of a major survey asking respondents about their satisfaction with life. The authors, academics from Harvard and the University of British Columbia, found that there are persistent differences in self-reported subjective well-being across U.S. cities and, unsurprisingly, residents of declining cities are less happy than other Americans. (Interestingly, the authors suggest that these unhappy, declining cities were also unhappy during their more prosperous pasts.)
So there are unhappy cities; there are also unhappy (and relatively happier) law schools. When ATL’s own Staci Zaretsky learned that Springfield, Massachusetts — home of her alma mater, the Western New England University School of Law — made the list of unhappiest cities, it came as no surprise: “It’s hard to tell where the local misery ends and that of the law school begins.” Prompted by Staci’s observation, we wondered whether unhappy cities make for unhappy local law students. Or is the law school experience so intense and self-contained that one’s surroundings have little impact? What are law students in the happiest (and unhappiest) cities in the country telling us about their own personal satisfaction?
Our latest Lawyerly Lairs column is about a gay Filipino lawyer’s hunt for a new home on the island of Manhattan. (No, it’s not about me; I’m quite happy where I am, and I don’t own any dogs.)
Julius Towers, a 36-year-old intellectual property lawyer for Colgate-Palmolive, recently relocated from Queens to Manhattan. His search was complicated by a couple of canines: Felix, a Shiba Inu, and Athena, a golden retriever-poodle cross.
What was Towers’s budget, and where exactly did he wind up?
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In partnership with Betterment, ATL and David Lat will moderate a panel about life in-house, featuring GCs from Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
Hop in the DeLorean and travel back in time with us.
In our two most recent FlashbackFriday posts, we looked at associate compensation in the 1990s. Today we’ll take a break from that topic and mix it up a bit. (We’ll return to cover associate comp in the remaining batch of legal markets at some point in the future.)
According to Black’s Law Dictionary (affiliate link), a judicial diva is “a particularly confident, skilled, and physically attractive female judge.” By this definition, Chief Judge Loretta Preska (S.D.N.Y.) is a judicial diva. She is highly regarded, as both a judge and an administrator, and she never looks anything short of fabulous.
I’ve been fascinated by Judge Preska for years. I had this to say about her back in 2004 at my first website, Underneath Their Robes: “Magnificent. Tall, thin, elegant. Great bone structure, perfectly coiffed silver hair. Note to self: nominate for superhotties contest next year?”
This gorgeous judge now owns a gorgeous apartment. Chief Judge Preska and her husband, a partner at one of the nation’s most profitable law firms, just paid almost $9 million for a penthouse apartment on the Upper East Side….
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.
It’s the legal profession’s equivalent of a long-term relationship.
When Michelle Waites, Senior Patent Counsel for Xerox Corporation, attended The LGBT Bar’s Lavender Law conference several years ago, she wasn’t sure what to expect. She left having forged a lasting business relationship that still endures today.
It was during The LGBT Bar’s event – an annual gathering of more than 1,600 lesbian, gay, bisexual, transgender and allied legal professionals – that Waites first met Marla Butler, a partner at Robins, Kaplan, Miller & Ciresi LLP, who specializes in patent law.
Today, the two are still close friends as well as professional colleagues. Butler’s firm continues to work with Xerox – a business partnership forged via The LGBT Bar.
On November 19th, The Bar will present its first-ever conference outside the United States. Dubbed “A Lavender Law Experience for Europe,” the day-long Business Legal Conference will replicate programs such as the one that brought Waites and Butler together for legal professionals in Europe.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: