* Since you’re so funny, crack some jokes about this one, Obama. Senate Republicans will be filing an amicus brief in support of a challenge to the constitutionality of the President’s recess appointments. [New York Times]
* Thanks to this Third Circuit ruling, you can rest easy knowing that you can rely on the First Amendment to protect your homemade sex tapes from all of those strict porn record-keeping and labeling requirements… for now. [Reuters]
* Due to Kelley Drye’s EEOC settlement, the New York State Bar Association is asking firms to end mandatory retirement policies. Because old folks need to make bank till they croak. [Thomson Reuters News & Insight]
* The ABA’s Commission on Ethics 20/20 has decided to ditch its proposal to allow limited nonlawyer ownership of law firms. Cue tears and temper tantrums from the likes of Jacoby & Meyers. [Am Law Daily]
* “If I believe that Chris Armstrong is a radical homosexual activist, I have a constitutional right to express that opinion.” Yeah, yeah, yeah. Tell that to the judge who dismissed your suit, Shirvell. [Detroit Free Press]
* Presenting “her royal hotness”: apparently Pippa Middleton has been seen cavorting around France with gun-toting lawyer Romain Rabillard, of Shearman & Sterling. [Daily Mail]
It was just another day at Shearman & Sterling. Daniel England, a British trainee lawyer based out of the firm’s Singapore office, took a break from whatever thrilling piece of work he was doing to email his friends about their forthcoming vacation in Dubai.
Being a rules-obsessed lawyer, he included a list of “do’s and don’ts” for the group — two of whom work in London’s financial district, the City — to follow on the trip. A few days later, the poor fellow found the email plastered across the British press.
“‘Cheating on our girls is allowed… We must boast about how rich we are’: City boys are ruled offside after rugby tour ‘rules’ email goes viral,” bellowed the Daily Mail on Thursday.
“For four young City high-fliers, the adage ‘what goes on tour, stays on tour’ has unravelled after a private email with their ‘tour rules’ went viral,” crowed The Telegraph.
Agreeing on this point is former Kirkland & Ellis partner Steven Harper (whose apparent pro-associate stance may make him a sort of Biglaw apostate). As Harper points out, “equity partner profit trees have resumed their growth to the sky. As the economy struggled, Cravath’s average partner profits increased to $2.7 million in 2009 and to $3.17 million in 2010 … That’s not ‘treading water.’ It’s returning to 2007 profit levels — the height of ‘amazing’ boom years that most observers had declared gone forever. Watch for 2011 profits to be even higher.”
And yet associate bonuses remain stagnant at 2009 levels. Furthermore, as ATL commenter “The Cravath Cut” is so fond of noting, when viewed as a percentage of profits, bonuses appear especially measly, at least from the associate p.o.v. (The current $7,500 market rate for first-years is just 0.23% of Cravath’s profits per partner. Back in 2007, first-year bonuses equalled 1.36%.) Despite these numbers, if history has taught us anything, it is that you can kill anyone Biglaw’s rank and file will follow Cravath’s lead.
Cravath is among the most profitable firms in the world. We thought it would be interesting to see what the implications of matching Cravath are for those firms with much lower profit margins. Which firms’ partners willingly take the biggest hit by keeping up? Are these firms arguably more “generous”? After the jump, check out those firms that pay the largest percentage of PPP in bonuses.
As they say in the Pokémon movie, you gotta catch ‘em all.
That’s how we approach bonus news here at Above the Law. Today is shaping up as a day that will be full of bonus news. We’ve heard some rumblings about some big, Cravath topping bonuses at a well known shop, but for now, we’ve got a standard Cravath match.
The law firm of Orrick, Herrington & Sutcliffe continues to do battle with its former client, MGA Entertainment. It seems that the maker of Bratz dolls is still acting in bratty fashion, by not paying its legal bills, and Orrick has moved to withdraw from representing MGA. (This is not the first time that Orrick has tried to fire its difficult client.)
Fortunately, things are happier on the transactional side for Orrick. The firm just announced that it’s picking up five bank finance and high-yield partners, for its New York office.
The new arrivals come from four different places, including three firms whose names you will definitely recognize….
Almost half (48%) of Career Center survey respondents said they were too busy billing on the Labor Day holiday to fire up the barbie. That’s more than the 35% of survey respondents who reported working on the Fourth of July, but less than the 73% of respondents who worked on Presidents’ Day, and the 66% of respondents who worked on MLK Day.
The most popular reasons given for skipping out on the Labor Day celebrations were:
56% said that nobody specifically asked them to do work, but they had work they needed to get done. 29% said a partner or associate asked them to do work. 14% said a client asked them to do work. 10% said they needed the hours. 7% said everyone else in their office was working. 3% said that Labor Day is not recognized as an official firm holiday.
Now let’s find out in which practice areas and at which Biglaw firms associates were most and least likely to work on Labor Day….
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….
As many of you know, here at Above the Law we have been tracking which major law firms offer a non-salary benefit that we’ve dubbed the gay gross-up. As we’ve previously explained, quoting a memo issued by Simpson Thacher, the gay gross-up is “[a] ‘gross-up’ for employees who enroll same-sex partners in the Firm’s health benefits plans to offset any federal, state and local income taxes paid on the value of the partners’ benefits which heterosexual spouses are not subject to.”
Today we are pleased to report that two top firms have joined the club. Kudos to Debevoise & Plimpton and Shearman & Sterling for standing on the side of equality. You can read their announcement memos, issued earlier this month, after the jump.
We have added these firms to our list. By the way, for those firms that would rather appear on a list maintained by the New York Times than one maintained by Above the Law, you should note that the NYT is also monitoring which workplaces provide this perk. The NYT list includes employers of many different types, not just law firms, and features some of the nation’s most innovative companies, such as Google and Facebook and Apple.
With the addition of Debevoise and Shearman, which leading law firms provide this benefit? Let’s take a look….
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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