When we covered the American Lawyer’s annual summer associate satisfaction survey last year, we noted that “[b]eing a summer associate just isn’t what it used to be.” All work and no play may make summer associates dull boys and girls, but it also makes them highly confident they’ll receive offers of full-time employment when their programs end.
Despite the fact that it’s a “buyer’s market for law firms,” many of them tossed out offers to their summer classes like Mardi Gras beads. Summer associates were no longer praying for offers, as they were in certain years past; no, this summer, they almost expected offers to be handed to them.
These were the conclusions drawn from the American Lawyer’s 2014 Summer Associate Survey. Am Law polled 5,085 law students at the nation’s largest firms about their summer experiences and used the results to rank 96 programs. This year’s crop of would-be lawyers was seemingly at ease about their situations, despite the fact that there is still a general unease permeating through Biglaw.
This summer’s overall rankings were overwhelmingly positive. If you’re a law student trying to figure out where to spend your summer, you’re probably asking: which law firms came out with the highest scores?
Glenn Close as Alex Forrest: she’s not going to be ignored.
One of the biggest Biglaw stories of 2014 so far has been the lawsuit filed by Angela Kovalesky against her ex-boyfriend, New York lawyer Samir Tabar. The beautiful blond Kovalesky alleged that Tabar physically abused her, threatened her with a knife, and stalked her — by dropping a dog tracker into her purse, among other things.
These allegations didn’t sit well with Tabar’s employer, Schulte Roth & Zabel. Not long after the filing of Kovalesky’s salacious suit, SRZ terminated Tabar’s employment. His impeccable pedigree — Oxford, Columbia Law, and Skadden Arps, plus some time in finance — couldn’t save him from the ax.
But what if turned out that the allegations were fabrications? What if it turned out that Kovalesky, not Tabar, was the actual abuser? What if it turned out that Kovalesky was, well, a psycho ex-girlfriend — about as sane as Alex Forrest in Fatal Attraction?
This is, in a nutshell, what Tabar alleges, in his answer and counterclaims in Kovalesky v. Tabar. And it’s what his new gorgeous girlfriend — actually, his fiancée — also asserts, in her own lawsuit against Angela Kovalesky….
Remember Adriana Ferreyr? She’s the 30-year-old Brazilian telenovela star who’s suing octogenarian moneybags George Soros because he didn’t buy her a $1.9 million apartment (or a $4.3 million apartment; the nerve of that old codger). When we last checked in on her, she was busy hiring Davis Polk alum William Beslow to fling legal arguments at the geriatric gigolo almost thrice her age she once banged, presumably hoping to make billions.
Ferreyr’s adventures in gold-digging continue this month with claims of her wild and crazy antics at a recent deposition in New York. She may only be known as a Hoveround ho in this country, but that doesn’t mean she’s not going to act like a diva.
Adriana Ferreyr doesn’t care if you’re a legal legend of the bar. She’ll still slap the glasses right off your stupid face…
If you work for a white-shoe firm, don’t let your messy personal life make scuff marks on your fancy footwear. For example, if you were to decide to stalk your ex-girlfriend, then you’d need to keep it on the down low. You can’t just toss a dog tracker into her purse, take creepy pictures of her while she sleeps, get sued for $4 million, and expect the resulting lawsuit to get ignored by the tabloids.
These are just some of the allegations lodged against an Ivy League associate who hails from a successful Am Law 100 firm. You’ve got to see the rest of his ex-girlfriend’s claims to believe them….
Please note the UPDATES to this post, found below.
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….
We’ve extensively discussed in these pages the dangers of “reply all.” As you can see by paging through those archives, numerous members of the legal profession — associates, partners, deans of prominent law schools — have embarrassed themselves, often in entertaining fashion, with one little click of a button. They thought they were sending a private email to one individual, but whoops! They actually just hit “reply all.”
It’s great when hilarity ensues upon (mis)use of “reply all,” but it’s more common for it to be just annoying. In our age of overcommunication, people need to think more carefully about whether everyone on the original email needs to receive your reply. Do all the other people invited to the holiday party need to know when you’re arriving and what you’re bringing?
(In fairness, sometimes the sender is to blame. Protip: use “bcc.”)
But sometimes “reply all” can actually be a good thing. No, seriously….
Still, as Staci Zaretsky observed earlier today, there’s a one-in-a-million chance that some firm that hasn’t announced yet will beat Cravath. And if you’ve bought a ticket for Friday’s $400 million Mega Millions drawing, you believe in one-in-a-million — actually, one-in-259-million — chances.
Three firms just announced their year-end associate bonuses for 2013. Let’s scratch off these tickets and see what lies underneath….
Many longtime observers of the legal profession argue that it’s not what it once was and that it’s increasingly focused on the bottom line. But even when trying to improve the bottom line, many law firms go about it in a kindler, gentler manner. Traces of Biglaw’s gentility remain.
Today we have news of another firm that’s reducing its ranks — not through layoffs, but through generous voluntary buyout packages….
Summer associate class sizes might be shrinking, but for those law students lucky enough to make it into a summer program, life is good. The offers are being given outliberally, and the summer events are just as fun as ever.
Need proof? Just consider the six excellent events that we’ve selected for the finals of this year’s summer associate event contest. Some were cultural extravaganzas, others were athletic outings, but all were fun and fabulous. Thanks to everyone who submitted a nomination.
Vote below for your favorite. Without further ado, here they are:
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: