Here in the great state of New York, marriage equality is the order of the day — as it is in five other states, plus D.C.. But due to the Defense of Marriage Act, the federal tax code does not recognize same-sex unions. As a result, as explained by the law firm of McCarter & English, “the Internal Revenue Code treats the value of employer-provided healthcare benefits for a civil union or domestic partner as ‘imputed income’ to the employee. This means that employees who elect domestic partner benefits must pay income tax on the value of those benefits, which is in direct contrast to employees with different-sex spouses.”
To address this inequality, a number of law firms — including McCarter & English, as of this June — have adopted what we here at Above the Law have dubbed the “gay gross-up.” This benefit consists of “a bump in income such that, post-tax, the employees are in the same position as similarly situated employees electing healthcare benefits for their opposite-sex spouses.”
In addition to McCarter, a number of prominent law firms have adopted this policy since our last report. Let’s find out which ones….
UPDATE (8/25/11): We’ve added to the list since it was originally published. See the updated list below.
Welcome to our latest round-up of summer associate offer rate news. This post contains the latest list of law firms and offices with 100 percent offer rates. In future posts, we’re going to shift gears and focus on firms with lower-than-average offer rates.
An offer rate that’s lower than 100 percent is not necessarily newsworthy. The fall recruiting process by which summer associates are selected isn’t perfect. Sometimes candidates look great on paper and do well during interviews, but then do something during the summer — turning in disappointing work product, getting drunk and acting inappropriately — that causes them to get no-offered. And sometimes people get no-offered for reasons that aren’t their fault — office politics, discrimination. Stuff happens.
We’re not expecting 100 percent offer rates all around. At the same time, there is such a thing as an unusually low offer rate. If you know of an office with an unusually low offer rate — which we will arbitrarily define here as something under 66 percent, or two-thirds — please email us (subject line: “[Firm Name] Offer Rate”).
Now, on to the updated list of firms and offices with 100 percent offer rates….
Since our initial call for information about summer associate offer rates at major law firms, a number of people have contacted us with reports. As it turns out, there’s a lot of good news floating around out there for summer associates.
This leads us to two conclusions:
Biglaw firms only brought in people they could actually hire.
You class of 2011 people are some boring individuals.
Honestly, listening to your summer stories is like looking at the Facebook photos of a Mormon school group’s vacation to Amish country. We know that people are worried about getting offers in this tough market, but the risk-aversion of the summers this year borders on cowardice.
Live a little, have a drink, ask her for her number. It’s a job interview, not an audience with the Pope.
In any event, 100% offer rates abound. Let’s round them up….
Last week, summer associate programs began to draw to a close. After a summer of funextravagance work, summer associates are eager to find out if they’ll be getting offers of full-time employment.
We expect the answer to be yes at most places. Sure, during the height of the recession, no offer rates spiked. But Biglaw firms seem to have corrected that problem. As almost any jobless 3L can tell you, firms simply started hiring fewer people to be summer associates in the first place.
What’s bad news for many 3Ls is good news for those who were lucky enough to snag summer associate positions. You know what they say: getting in is the hardest part. Right?
Above the Law has received various reports from summer associates at Biglaw firms, crowing about 100 percent offer rates….
Congratulations to Bradley Butwin, firm-wide chair of litigation at O’Melveny & Myers. The firm just announced that Butwin, a 51-year-old, New York-based partner, will take over from A.B. Culvahouse Jr. as chairman of the firm. The timing of the handover remains to be determined.
The news from earlier this week continues that trend. Allen & Overy is opening a second U.S. office with, you guessed it, O’Melveny partners (specifically, financial regulatory partners Barbara Stettner and Chris Salter, and counsel Charles Borden).
Up until now we’ve been reporting that there has at least been stability in OMM’s firm leadership. But that may no longer be the case. Today’s report suggests that firm chairman A.B. Culvahouse Jr. may be forced out sooner rather than later….
UPDATE (7/2/11): Additional comment from the firm, after the jump.
It’s that time of the year again: American Lawyer magazine has just released its A-List for 2011. The Am Law rankings attempt to evaluate which law firms have got the right stuff to become elite:
The A-List was created in 2003 in an effort to assess (and rank) the nation’s largest and most prominent law firms in a holistic way. It takes into account financial performance, which is represented by the inclusion of firms’ revenue per lawyer, and other important measures of law firm performance, such as attorney diversity, pro bono work, and associate satisfaction. The latter is measured by a firm’s results on our Associates Survey. Pro bono and diversity scores are also a reflection of a firm’s showing on our annual Pro Bono Survey and Diversity Scorecard.
So, which firms made the grade this year? And which firms are the true elite of the elite?
We have recentlycovered a number of notable partner departures from O’Melveny & Myers. While some of the losses were “not undesired,” as one source put it, others were bad news for OMM.
But, in fairness to the firm, there is good news coming out of O’Melveny these days as well. Let’s discuss some of it.
First, OMM has responded to some of the partner departures with fresh leadership. Firm chairman A.B. Culvahouse remains at the helm of the ship, but several practice groups now have new heads. As recently reported by Am Law Daily, Steven Tonsfeldt is the new leader of the M&A practice group, C. Brophy Christensen and Eric Reimer will take over the corporate finance/capital markets group, and Robert Rizzi will head the tax group. Congratulations to all of them on their new posts.
Second, OMM is busy — so busy that it is calling up some of its incoming associates and asking them to come in earlier. These associates were originally given start dates in December 2011 but are now wanted in the early fall.
(By the way, we are working on a story for next week about start dates at major law firms. Feel free to send us info about your firm if you have any.)
So what specific start dates are O’Melveny’s incoming associates being offered now, and how do they feel about the change?
Of course, partners come and partners go at large law firms — but some of these nine were major rainmakers and practice group heads. Paul Weiss snagged Gregory Ezring, who chaired O’Melveny’s corporate finance and capital markets practice, and Brad Okun, who headed O’Melveny’s tax practice. Meanwhile, Weil scored Harvey Eisenberg, a leading private-equity adviser, and M&A partner Douglas Ryder.
Could something more be going on at OMM?
“You guys are missing a huge story about O’Melveny,” a tipster recently told us. “In the last two years or so, around 60 partners have disappeared.”
“The pace is now quickening,” this source added. “Since January 1, around 10% of the OMM partners, including many practice group leaders and other key rainmakers, have departed.”
These numbers sound significant — but, in fairness to O’Melveny, they should be viewed in context. Let’s hear what the firm had to say about them….
The high-powered law firm of Paul Weiss has a legendary litigation practice. But their corporate department is strong too — they’re working on, for example, the big Warner Music deal — and it’s only getting stronger.
Yesterday corporate lawyers at Paul Weiss received an unusual email: “We would like to ask all counsel and associates to attend a meeting tomorrow morning at 11 to discuss some exciting developments affecting the Corporate Department. The meeting will be held in the concourse. Please make every effort to attend.”
The meeting took place earlier today. What was announced?
UPDATE: Please note that several updates have been added to this post, after the jump.
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@example.com.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
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