Let’s not play around this year. Let’s not play the cute little game of waiting for Cravath to set the bonus market and then waiting for everybody to inevitably follow Cravath. Let’s not wait for a few outliers to “beat” Cravath while Cravath thinks about maybe doing spring bonuses.
Lower Manhattan is trying to dry off. New Jersey seemingly washed away. If Biglaw wants to help its own people, it’ll get money into their hands as quickly as possible. That’s what will help people in the Tri-State area recover as they clean up from the storm. Biglaw firms should announce (and pay) their bonuses, as soon as possible, so their associates can have some income certainty (and extra income) as they recover.
And Biglaw should end the miserly, recession-era trend of cutting or canceling staff bonuses. This year all the secretaries and paralegals who are being asked to come in and work under unreasonable circumstances should share in the massive profits generated by their firms.
Let’s not mess around. Get the bonuses, whatever they’re going to be, into the hands of the people who have earned them, so they can more easily manage their own personal disasters…
Associates bitch when partners won’t share the wealth, but nobody says a peep when legal support staff get shafted. The very concept of staff bonuses has gotten lost in the recession shuffle, despite the fact that the support staff who remain are being stretched so thin.
Well, it looks like Vinson & Elkins remembers that staff are people too. Today multiple tipsters report that legal support staff at V&E will be receiving a bonus. Our sources didn’t know how much they’re getting, but they’ll be getting something.
UPDATE: Reports a Vinson & Elkins source, “As a matter of clarification, the staff bonus that [was just announced] by V&E is an EXTRA bonus being paid by Management. V&E staff already received their normal staff bonuses in December. Viva la V&E!!”
Compare this to Jones Day. In November, the firm broke its legendary code of silence about compensation just to say that their staff would not be getting bonuses. That’s not nice. That’s like a recovering paraplegic going through years of physical therapy to get to the point where he can give his doctor the finger.
So really Vinson does deserve quite a bit of credit here. Good job by them.
And oh yeah, the firm also told associates that they would be getting bonuses this year… and suggested that the bonuses would be better than the Cravath scale….
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.