The high-powered law firm of Paul Weiss has a legendary litigation practice. But their corporate department is strong too — they’re working on, for example, the big Warner Music deal — and it’s only getting stronger.
Yesterday corporate lawyers at Paul Weiss received an unusual email: “We would like to ask all counsel and associates to attend a meeting tomorrow morning at 11 to discuss some exciting developments affecting the Corporate Department. The meeting will be held in the concourse. Please make every effort to attend.”
The meeting took place earlier today. What was announced?
UPDATE: Please note that several updates have been added to this post, after the jump.
Either your New York firm is paying spring bonuses, or your firm is counting on you being too much of a beta to leave. Today Shearman & Sterling announced that it will be paying spring bonuses, and the bonuses will match the Cravath scale for the spring payout. As with other firms, the Shearman’s spring bonus will be paid out on April 29th.
Man, I hope hookers and coke dealers are prepared for the increased demand for their services that will be coming at the end of April.
You do wonder what kind of effect these spring bonuses are having on the lateral market in New York. Usually, people look to move firms right after the end-of-the-year bonus, making February a really hot month for lateral hires. But now with spring bonuses, people will be compelled to stay at their firms through April. And by then people will feel rejuvenated by the spring, and the next thing you know, associates will tell themselves “you know, if I just hang on a few more months I’ll get a whole new 2011 year end bonus.” Mwahahahaha, only now, at the end, do you understand that true power of Biglaw.
Sorry, didn’t mean to be a downer. The point here is that if you work for a firm that is not paying a spring bonus, leave now. Leave now, while you can, while your lateral competitors are busy planning how they are going to spend their spring bonuses.
Full memo after the jump, congratulations to our Shearman & Sterling friends…
We want to hear about your firm’s bonus news, even if it’s old. If we haven’t reported on it yet, we want to know about it. (Use our site search box in the upper-right-hand corner, or scroll through our Associate Bonus Watch archives, to see which announcements we’ve already covered.)
Here’s some old bonus news (literally “last year’s” news). A few weeks ago, Shearman & Sterling announced its bonuses. They essentially matched the Cravath scale, but with the caveat (also issued last year) that they are at least partly “merit-based” — i.e., adjusted up or down based on performance. The S&S bonuses are being paid out on January 14.
Some Shearman associates might be upset by the lack of upward movement on bonuses. But at least one of them probably doesn’t care that much, since he enjoyed other income in 2010.
I’ll take “Lawyers Who Have Appeared on Jeopardy” for $1000, Alex….
At least one law firm is stepping up to the plate to help domestically-partnered employees with their health-benefit-related tax burdens. The firm of Morrison & Foerster issued the following statement to Above the Law, from firm chair Keith Wetmore: “Starting in 2011, Morrison & Foerster will begin offering an additional benefit payment to assist with the tax obligation that same-sex and opposite sex Staff and Non-Partner Attorneys pay when they elect Domestic Partner health benefits.”
This is excellent news, and we commend MoFo for taking this step. Hopefully it will inspire additional firms to move in this direction. Note also that the policy applies not just to same-sex couples, but also to opposite-sex couples who are similarly situated — which might be a way of addressing the criticismsof some that the gay gross-up is unfair to heterosexual couples.
Meanwhile, elsewhere in “law firms being nice to gay people” news, let’s give some props to Shearman & Sterling….
We feel like we’re taking magic Biglaw pills today and having hallucinatory flashbacks to 2006. The good news has been rolling in. Just today, we covered raises at Sheppard Mullin, and a 100% offer rate for D.C. summer associates at Latham & Watkins.
And over at Am Law Daily, Zach Lowe predicts good things for 2011. There will be more summer associate spots to go around next year, law school kiddies:
On-campus interviewing starts in two weeks at some schools, and early indications are that hiring at premier law firms will jump–in some cases by a lot–after plummeting this summer, according to sources at law schools and firms.
Cravath, Skadden, and Ropes & Gray, among others, plan to hire more warm bodies next summer than this one. This summer was dismal, after all, in terms of summer associate hiring, as demonstrated by these charts from the National Law Journal and Am Law Daily.
The upside of hiring fewer summer associates, though, is an increase in the likelihood of all of them getting hired. We’ve had more reports of 100% offer rates from a few firms today, along with fun ways of spreading the good news. Eyewitness accounts, after the jump.
Shearman & Sterling is setting off some fireworks at the start of this Fourth of July weekend. It sent out a memo this morning to its deferred associates from 2009. (Remember them? They got $65,000 last year if they volunteered to go away until September 2010.)
The deferred associates expected a letter two months ago telling them about their practice groups and start dates, as well as $15,000 salary advance checks starting on June 15th. Those dates passed with no information or money. Today, the firm finally contacted them.
It has announced the start dates for these folks and they’re not in 2010. A Shearman tipster sent along the memo noting:
Here is the text from the just received memo that is f***ing me over… I am so pissed that I can’t really talk about it right now.
Most New York lawyer types have given up on the idea of cooking for themselves; they’re far more likely to get their dinner from Seamless Web than from their own fridge and stovetop. But not Serena Palumbo. She’s now in-house counsel for an Italian bank, and has persevered in making nightly home-made dinners, despite prior stints at Schulte Roth and Shearman & Sterling.
And her perseverance has led to a possible career opportunity: TV celebrity chef. She’s one of the competitors in The Next Food Network Star, a Bobby Flay and Giada de Laurentiis-hosted reality competition, which is exactly what it sounds like.
Palumbo looks great in photos, but a former colleague who caught the premiere told us she struggled a bit in the first episode:
Wolfgang Puck told Giada that the Food Network might have to make room for a new Italian princess.
She did a good job with the food but struggled in front of the camera; she came across a bit forced so she’s not a front-runner but can probably turn things around.
Curses. Corporate lawyers don’t get to spend time in a courtroom, practicing their TV face in front of a jury.
We caught up with Serena by phone this week and asked her how she got onto the show, and more importantly, how she finds time to cook dinner every night at home in Manhattan…
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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