Partner Profits
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Antitrust, Biglaw, Department of Justice, Eric Holder, Federal Judges, Judicial Nominations, Litigatrix, Money, Partner Issues, Partner Profits, S.D.N.Y., Senate Judiciary Committee
Ex-Cravath Partner Turned Judicial Nominee Has Underwhelming Net Worth
As I’ve previously mentioned, one of my favorite parts of the judicial nomination process is the attendant financial voyeurism. Judicial nominees are required to make detailed disclosures about their finances, allowing us to learn about their income and net worth. For example, thanks to her nomination to the Supreme Court last year, we got to […] -
Biglaw, In-House Counsel, Partner Issues, Partner Profits
Inside Straight: How De-Equitizing Partners Can Undermine A Business Model
Last week’s Am Law 100 list revealed publicly a trend that partners at big law firms have been feeling acutely: The largest law firms have de-equitized partners in the last two years in an unprecedented way. In the words of one of the articles, “Equity partner head count alone slipped 0.9 percent last year, after […] - Sponsored
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Biglaw, Partner Profits
2010 Numbers Are In: Biglaw Profits Up, Bodies Down
Profits per partner numbers are out and they confirm what we’ve all suspected: 2010 was a really good year to be a Biglaw partner. The Am Law 100 reports that 2010 PPP rose 8.4%. That’s a significant improvement over 2009, when PPP rose only 0.3% Kind of makes you wonder what the hell firms were […]
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Akin Gump, Associate Bonus Watch 2010, Biglaw, Bonuses, Money, Partner Profits
Associate Bonus Watch: Akin Gump Jumps on Spring Bonus Bandwagon
It’s definitely a good Friday over at Akin Gump. The firm just announced spring bonuses. Better late than never. We’ve been receiving complaints from financially achin’ Akin associates for weeks. Earlier this month, for example, one Akin Gump lawyer complained about the firm not paying spring bonuses despite robust profits in 2010 (profit per partner […] -
Associate Salaries, Biglaw, Bonuses, Money, Partner Issues, Partner Profits
Biglaw Firm Warns Associates They'll Be 'Disappointed' With Comp
You know associates are pissed when they end their emails to Above the Law with lines like this one, from a message we received last night: NO ONE SHOULD COME HERE. EVERYONE HERE SHOULD LEAVE. That’s what happens when you tell your associates that they’re going to get paid significantly below market and like it. […] -
Biglaw, Boutique Law Firms, Musical Chairs, Partner Issues, Partner Profits, Preston Gates & Ellis, Small Law Firms
Musical Chairs: A Departmental Defection at K&L Gates in Seattle
We’ve previously discussed the trend of partners leaving Biglaw to launch their own firms. We’ve seen a lot of this action in New York and D.C., home to such well-regarded boutiques as MoloLamken, started by former Shearman & Sterling and Baker Botts partners, and BuckleySandler, started by former Skadden partners. It’s happening out on the […] -
Associate Bonus Watch 2010, Biglaw, Bonuses, Howrey LLP, Money, Partner Issues, Partner Profits
Associate Bonus Watch: Seyfarth Shaw
This week, Seyfarth Shaw announced the arrival of two construction litigators from Howrey, David Mancini and James Newland Jr. The two partners have been on the Seyfarth website for a while, as we noted last week, but Seyfarth made it official on Monday with a press release. The other big news this week at Seyfarth: […] -
Biglaw, Money, Partner Issues, Partner Profits
How Much Money Do You Need To Feel Rich? Let's Start With $7.5 Million.
And now is the time on Above the Law where Elie gets to say “I told you so.” About five months ago, I mentioned on this site that making $250,000 a year does not make you rich. People got angry with me for saying that. In the comments and around the internet. Apparently stating an […] - Sponsored
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Antonin Scalia, Biglaw, FDA, Linda Greenhouse, Morning Docket, Partner Issues, Partner Profits, SCOTUS, Supreme Court, Texas
Morning Docket: 03.11.11
* Johnson & Johnson will have to fix several factories after an agreement with the FDA prompted by massive product recalls. This still doesn’t explain why my bottle of Tylenol may contain tree nuts. [Bloomberg] * Charlie Sheen hammered out a custody agreement With Brooke Mueller. That’s nice. [People Magazine] * Texas may consider a […]
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Arlen Specter, Celebrities, Gay Marriage, Lindsay Lohan, Morning Docket, Partner Profits, Politics, Solo Practitioners
Morning Docket: 03.10.11
* Mel Gibson has reached a plea agreement in a battery case involving his ex-girlfriend. #losing #BeaverBlood [Associated Press] * Meanwhile, Lilo isn’t accepting her plea deal. No ma’am. Not for all the Texas booger sugar in the world. Well, maybe for all the Texas booger sugar. But that wasn’t really offered. [New York Post] […]
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Biglaw, Labor / Employment, Lawsuit of the Day, Old People, Partner Issues, Partner Profits, Racism
Old White Man Sues Firm, Alleging Racial, Gender, and Age Discrimination
You don’t see this everyday. Raymond Carey, a 57-year-old white male partner at Foley & Lardner, is suing the firm, alleging that it paid him less than it would have paid a “female, non-Caucasian, younger partner.” Sadly, it appears the only evidence Carey has for his claims is that he wasn’t paid as much as […] -
Money, Movies, Partner Issues, Partner Profits, Small Law Firms
Size Matters: I See London, I See France
Ed. note: This is the latest installment of Size Matters, one of Above the Law’s new columns for small-firm lawyers. As has become my tradition, Sunday night I watched the Academy Awards while drinking an Oscar-themed martini. While watching the three-and-a-half-hour award show, I was reminded of a few life lessons that I have learned […] -
Biglaw, Money, Musical Chairs, Partner Issues, Partner Profits
When Poaching Partners, It's All About the Benjamins
I like it when the artifice drops and Biglaw is shown to be dominated by greed. I don’t necessarily use the word “greed” pejoratively. I like money, you like money, and if somebody offered you more money to do what you are doing already, you’d take it. I just like it when people can admit […]
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Associate Bonus Watch 2010, Biglaw, Bonuses, Layoffs, Money, Partner Issues, Partner Profits
The State of Biglaw: With Layoffs Down Dramatically, Will Spring Bring Bonuses?
This evening, many of us — and six Supreme Court justices, according to an announcement this morning from the Court — will listen to the State of the Union address. Don’t be shocked if President Obama tells us that the state of the union is “strong.” When was the last time a president appeared before […] -
Biglaw, Money, Partner Issues, Partner Profits
Quinn Emanuel Profits Per Partner Head Higher Into the Stratosphere
Friday brought good news for associates at Sullivan & Cromwell. The firm announced generous springtime bonuses, which will double bonus compensation for some of the more junior classes. If you missed the news, which broke late on Friday, check it out over here. But Friday brought even better news about litigation powerhouse Quinn Emanuel. As […] -
Musical Chairs, Partner Issues, Partner Profits
More on Cadwalader's Capture of Energy Lawyers from McDermott
Sometimes lawyers at Cadwalader are the victims of theft. And sometimes they’re the ones doing the stealing. Here’s the promised follow-up to yesterday’s post about Cadwalader’s successful raid on the energy law practice of McDermott Will & Emery. It’s big news in Biglaw. As of now, nine partners are moving — Paul Pantano, Karen Dewis, […] -
Biglaw, Money, Partner Issues, Partner Profits
The Two Faces of K&L Gates
The end of the year was a pretty interesting time for partners at K&L Gates. Our sources report that right before the close of the year, the partners received a blistering message from Peter Kalis, the managing partner of the firm. Just 24 hours later, K&L Gates partners received an email from Kalis that was […] -
Biglaw, Money, Partner Issues, Partner Profits
Partners, I Feel Your Pain
If you thought that obsessing about money and feeling underpaid and underappreciated when it comes to your compensation stops once you become a Biglaw partner, think again. Am Law Daily reports on a new study done by Major Lindsey & Africa. The study shows that 61% of partners think they should be paid more. Oh, […] -
Associate Bonus Watch 2010, Biglaw, Bonuses, Partner Issues, Partner Profits
Associate Bonus Watch: What's Up With S&C?
As of this writing — Thursday, December 16, at 10:30 AM — Sullivan & Cromwell has not yet announced its bonus scheme. We suspect that several other top firms that have yet to announce bonuses, like Davis Polk, Simpson Thacher, Cleary Gottlieb, and Debevoise, are simply waiting for the white smoke to emerge from 125 […] -
Biglaw, Partner Issues, Partner Profits, Williams & Connolly
A Look at New Partner Classes at Ten Top Firms (and an Open Thread)
‘Tis the season — for new partner elections at large law firms. Although there are some exceptions, most firms pick and announce their new partner classes around November and December, with partnership effective on January 1 of the following year. These partnership announcements sometimes contain interesting information, if you read between the lines. As we’ve […]