The venerable firm of Cravath, Swaine & Moore has received a fair amount of criticism for its allegedly subpar bonuses. I’ve previously defended their payouts — in times of economic uncertainty, is paying modest bonuses to avoid later layoffs such a bad idea? — but my view has been poorly received. (For commentary castigating firms for their cheapness, please turn to my colleague, Elie Mystal.)
Partners at Cravath, where profits per partner exceeded $3 million in 2010, are definitely in the top 1 percent. But it seems that even non-partners are doing quite nicely for themselves, despite all the bonus bellyaching.
Check out the million-dollar penthouse — yay real estate porn! — of one of Cravath’s corporate lawyers. And she’s not even a partner….
UPDATE (12/12/11): We’ve gotten our hands on the floorplan, which we’ve added to the slideshow, and we’ve added additional comments about what a “practice area attorney” does at Cravath.
We have a soft spot for Columbia Law School, especially after our excellent visit there on Wednesday (“our” = Lat + Kash). Thanks to the CLS Federalist Society, the sponsor of our talk, for the warm welcome.
Through some combination of gossip, online stalking, hounding their teaching assistants and perusing the Facebook group “Phillip [sic] Bobbitt is Our Hero,” students piece together the following:
Professor Bobbitt, who is 60, arrived at Columbia only 18 months ago, after three decades at the University of Texas. He is an eminent scholar of the Constitution and used to teach modern history at Oxford. He’s a former member of the Carter, Bush I and Clinton administrations and an adviser to foreign heads of state.
Henry Kissinger and Tony Blair blurbed his latest book on terrorism, which both current presidential candidates have reportedly read. He’s the nephew of Lyndon B. Johnson. He can blow smoke rings, and sponsors a national poetry prize in honor of his late mother. Also: He rotates seasonally among his homes, and can’t shake his habit of a nightly cigar and scotch-and-soda.
Read more, including words of wisdom from the worldly-wise professor, after the jump.
In our column for this week’s New York Observer, we take Michael Clayton, the new legal thriller starring George Clooney, and use it as a jumping-off point for a discussion of the senior associate. Here’s an excerpt:
“Who is this guy?”
That’s what an icy general counsel (Tilda Swinton) wants to know about George Clooney—of all people—in the new legal thriller Michael Clayton. At the prestigious New York law firm of Kenner, Bach & Ledeen, Mr. Clooney’s title character has the nifty-sounding job of “Special Counsel,” as well as a snazzy corner office overlooking Sixth Avenue. But while he’s been at the firm for 17 years, he’s never made partner. As a salaried employee, with no management role or equity stake in the firm (as he bitterly notes more than once), Michael Clayton is what we politely call a senior associate.
So, who are these guys? Senior associates are typically associates who didn’t make partner. They’re generally viewed by their colleagues as perfectly competent worker bees, but not superstar material. They’re no longer in junior-associate hell, and they’re very well paid, but their predicament within the legal profession’s prestige-obsessed precincts is difficult: They’re indefinitely trapped in the purgatory of nonpartnership, with its attendant lack of dignity.
But is the “plight” of senior associates overstated? Read the rest of the piece by clicking 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.