Last week there appeared a column on this site that denigrated clerkships in the middle of the country. I could not decide if the author was attempting satire, but it seemed to be a straight piece. I would like to offer a counterpoint.
I began my career at Biglaw in New York City. The firm began to have troubles, and I saw the writing on the wall as my class dwindled from 40 to 30 to 20. I then heard from a family friend that a federal judge in Oklahoma City was looking for a clerk to assist with some topics with which I was familiar. I scored an interview, we hit it off, and I moved my wife and new baby to OKC for a year.
Full disclosure: I went to 15 schools before graduating high school, and OKC was the place I called “home.” Many decisions about this move were simple: it allowed us to live near family for a year, which was great support for the baby; my wife was working on her dissertation, so she had time to write; and I had a circle of friends from high school with whom I could reconnect.
Further simplifying the issue was that the government payscale is based solely on experience. How much did I earn, as a law firm associate turned law clerk?
Oh, you’re all running here now. You saw the title. Here you come. Click click click. It’s all you want to know. And by you, I mean those who claim to love Biglaw, but would jump to your own place or a smaller firm in a second if you “could make the same money.”
I know when you call me, when you come to my office to discuss the “possibility of leaving,” that it’s the only thing on your mind. Sure, you want your name on the door, more freedom, more client contact. But you just have one real question. One real fear. One real concern. One thing you need to convince your better half of before you make “the jump.”
Scrooge McDuck: he is the 1 percent (but not a lawyer).
Lawyers are the fourth most well-represented occupational group among the nation’s top 1 percent (which, for purposes of the study, consists of households with a pretax income of $380,000, excluding capital gains).
– a New York Times analysis of data collected by the University of Minnesota Population Center.
Additional interesting facts and links — including which occupations ranked ahead of lawyers, and what percentage of lawyers belong to the 1 percent — appear after the jump.
Michigan Law School, a state school, charges $46,586 per year in tuition. It then conservatively expects students to incur another $18K-plus in living expenses to bring the price tag for one year’s worth of a Michigan legal education to $64,716 for in-state residents. That prices out to $194,148 for the full three years, and that’s assuming that Michigan doesn’t raise tuition while you are there.
And Michigan is one of the few places that can, more or less, claim that it’s worth it. To be sure, it’s not worth it for all the students. Remember, Louisville Law Dean Jim Chen just told us that people need to make three to six times their law school’s yearly tuition in annual salary if they go to school on loans and want to one day be financially sound homeowners. Some Michigan grads are banking upwards of $279,516, but certainly not all.
Still, one would expect a significant amount of that high tuition goes toward making Michigan Law what it is, and keeping the professional opportunities rolling for Michigan graduates.
Apparently, keeping Michigan Law what it is involves paying Michigan Law Dean Evan Caminker quite a tidy sum….
While practically every attorney is familiar with the market rate for Biglaw salaries, not as much is known about salaries for in-house lawyers. Unlike Biglaw’s lockstep salaries, in-house salaries vary widely depending on a broad range of factors such as industry, size of legal department, years of experience, etc. Additionally, since in-house salaries are often negotiable, in-house attorneys tend to avoid discussing their individualized pay with one another.
ALM Legal Intelligence has helped to demystify in-house salaries through its 2011 Law Department Compensation Benchmarking Survey. This comprehensive survey analyzed compensation data from 4,951 lawyers employed at 225 corporate law departments. The 2011 median salaries for various management and non-management law department positions are reported in the tables after the jump, along with their changes from 2010….
With Thanksgiving just a week away, turkey may already be on your mind. But hopefully so are family, friends, and a time to reflect on what you are thankful for this year. If you’re having trouble with that last part, the Career Center has put together a list of the top 4 reasons Biglaw associates can be thankful for their jobs this holiday season.
1. Next up, bonus season. Most of you have actually been feeling quite optimistic that bonuses will be bigger than last year’s combined year-end bonus plus spring bonus. Of course, we’ll have to wait until Cravath makes the first move to see whether there’s any truth to those predictions, but at least you know there will be bonuses to be had.
* You call that a raise? After 12 years of stagnant salaries for state judges, New York’s Commission on Judicial Compensation sure has a funny way of “correcting injustice.” [New York Times]
* Hope you had some D.C. firms on your bid list for OCI, because they seem to be on a hiring spree. Is there room for all of these newbies? [Washington Post]
* Maybe if we let Jacoby & Meyers get some non-lawyer investors, they could afford better commercials. Come on, even the ABA thinks the law should be run like a business. [New York Law Journal]
* O’Melveny wants to give new parents advice on transitioning back to work. After losing talent earlier this year, perhaps the firm could have used some transition advice itself? [The Careerist]
* My parents “ruined my life” a lot when I was a teenager, but I never sued over it. Unfortunately for these plaintiffs, being a snotty little brat isn’t a valid cause of action in Illinois. [Chicago Tribune]
I’ve always wondered what kind of salary contract lawyers make these days. Okay, not really, I kind of already know, because a lot of my friends are contract lawyers. But for those of you who aren’t familiar with the wonderful world of contract lawyering, the Wall Street Journal had an interesting article yesterday, by Vanessa O’Connell, on the trials and tribulations of these lawyers-for-hire.
The Journal editors decided to give the piece a cutesy title by using a play on words: “Lawyers settle… for temp jobs.” Lawyers are supposed to be settling cases, and now they’re settling for temporary jobs. Oh, that’s so very witty.
What the WSJ folks might not have realized is that when you’re an unemployed new lawyer in this kind of economy, or even if you’re an older one, you don’t really have the option of “settling.” It’s depressing, but you kind of just accept the fact that this is the hand that you’ve been dealt.
But maybe there is a bright side to this situation after all. Maybe these contract attorneys are making serious bank in these temporary positions….
We recently reported on Wilson Sonsini restoring associate base salaries to pre-recession levels. Wilson Sonsini associates in five major offices — New York, Palo Alto, San Diego, San Francisco, and Washington, D.C. — are now paid on what might be called the New York market scale or the $160K scale (a scale I’ve committed to memory: 160/170/185/210/230/265).
In our story, we quoted a WSGR associate who viewed the firm’s raise as a response to salary hikes by two Silicon Valley peer firms, Cooley and Gunderson Dettmer. At the time of our story, however, Cooley and Gunderson had not raised SV associate salaries to NYC market levels.
UPDATE: To be precise, Cooley had announced a raise at the time of the WSGR memo, but the raise had not yet taken effect. Gunderson did not announce until yesterday.
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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: firstname.lastname@example.org.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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