It’s the first week of August, and it seems that Biglaw firms are still handing out offers to their summer associates like candy. Don’t worry if you haven’t received one yet, because some firms are still daring enough to wait until their summer associates are back in school before they welcome their new crop of future associates.
Sure, summer associate classes are smaller than they were before the Great Lathaming and Dewey’s Demise, but now that things are starting to look up, offer rates seem stronger than ever.
Following up on Tuesday’s story, here are more firms that have given offers to all of their summers:
For our purposes, we split “reputation” into two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the perceived desirability of the firm as a potential employer. For some, these factors will be functionally equivalent. For others, these are less overlapping considerations.
To date, we’ve received not quite a thousand survey responses and today we share some preliminary findings. What are you telling us thus far about which firms have the strongest practices? Which firms are some of the most coveted Biglaw employers in major markets?
People are always talking about work/life balance at large law firms as if such a thing truly exists. For some associates, it does. They can go out and have a baby, “have a baby,” and do whatever it is they so please in their limited free time. For others, it’s a completely different story. They’re the first ones at the office and the last ones to leave. When they do go home, it’s to look at their family in passing or check their OKCupid accounts with a sigh, sleep for a few hours, take a shower, and put on a different suit. These associates have no lives, and it’s all thanks to their work.
Now, perhaps for the benefit of associates without lives, in the interest of work/life balance, this Biglaw firm is making it possible for its associates and counsel to do even more work than they already do…
Law firms are relatively secretive institutions. Since they’re not public companies — at least not here in the United States, in the year 2014 — they aren’t required to reveal that much about their internal workings. Here at Above the Law, we do what we can to shed light on how law firms work, but there’s only so much we can do.
Every now and then, public filings disclose information about law firm operations — including information about one of the most sensitive subjects, partner pay. Sometimes we learn about partner compensation when a partner files for bankruptcy. Sometimes we hear about it when a partner goes through an ugly divorce.
That’s once again the case today. A complicated divorce, complicated enough to spawn ancillary litigation in the form of contempt proceedings, sheds light on how one white-shoe law firm pays its partners….
* Mmm, the taste of money. Kirkland & Ellis and Ropes & Gray are assisting in TPG Capital’s $750M investment in Chobani, a Greek yogurt everyone (except me) absolutely loves. [Am Law Daily]
* A partner from the DebtStoppers law firm was arrested earlier this week after he was accused of refusing to pay a $950 bar tab. Well, we guess that’s one way to stop debt. [RedEye Chicago]
* The FBI raided an Ohio law firm this week, possibly in connection with a client’s murder outside its doors and one of its attorneys calling in a courthouse bomb threat. [Northeast Ohio Media Group]
* Canadian karma: As it turns out, graduates of the newly approved Trinity Western University Law School won’t be able to practice law in Ontario because of the school’s “abhorrent” anti-gay policies. [GlobalPost]
* Tony Buzbee, regent of the Texas A&M System, donated $1M to Texas A&M Law to fund the Johnny Football Endowed Chair. Okay, not really, but it’d be a lot cooler if he did. [Fort Worth Star-Telegram]
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
* Barack Obama is trailing George W. Bush when it comes to leaving his mark on the federal courts, but that’s probably because Senate Democrats didn’t go nuclear quickly enough. [Blog of Legal Times]
* When it comes to 2013, one thing’s for sure: it wasn’t boring. Many of this year’s movers and shakers hailed from top Am Law 100 law firms — like Ted Cruz (formerly of Morgan Lewis). [American Lawyer]
* John Ray III isn’t going to sit back and allow a jury to shut down his discrimination and retaliation case against Ropes & Gray. He filed a notice of appeal last week, and he’s pissed off. [National Law Journal]
* Utah has until the end of January to figure out how it’s going to go about defending its same-sex marriage ban before the Tenth Circuit. Just a thought: the “it’s still gay, even if the balls don’t touch” theory of law isn’t going to cut it. [Deseret News]
* A lawyer for the Texas judge accused of strangling his girlfriend is offering media outlets a superb defense story on behalf of his client. He wasn’t trying to kill her, he was trying to save her! [New York Daily News]
We’ve just entered August, so you know what that means: the start of on-campus interviewing season. If you’re a law student researching firms or a lawyer involved in your firm’s recruiting efforts, check out Above the Law’s law firm directory, where law firms get letter grades in different categories. Law firms might look alike on the surface, but there are very real differences between them, as our grading system reflects.
For example, law firms diverge when it comes to diversity. While every firm gives lip service to diversity, some firms have the goods to back up their claims, while others do not.
Let’s check out the latest diversity rankings, from two different news outlets, to see which firms are truly diverse….
We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.
One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.
So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
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 seven years. You can reach them by email: firstname.lastname@example.org.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.