In this week’s Career Center Survey, we asked you to predict how Biglaw’s 2011 year-end bonuses will stack up against bonuses based on 2010 performance.
Of the more than 700 responses we received, 28% of respondents think (or is hope the better word?) that the 2011 year-end bonus will be bigger than the combined 2010 Cravath year-end bonus, plus the 2011 Cravath spring bonus.
If those bonus numbers weren’t already forever etched in your mind, here’s a quick reminder of what those totals were….
We’re about a month or so away from the arrival of the 2011 year-end bonus season. You know what that means: time to start freaking out. And maybe make a prediction while you’re at it. Take our short survey, brought to you by Lateral Link, and give us your best guess as to how Biglaw’s 2011 year-end bonus market will compare to 2010.
As always, responses are kept completely confidential. Be sure to check back later in the week to find out where everyone else thinks the bonus market is heading.
I know what you did this summer –- so thanks for filling out the 2011 Summer Associate Experience Survey. We’ve highlighted a few more of the unique and memorable summer programs in 2011. For more summer associate program information, check out the updated summer associate program sections of the law firm profiles on the Career Center, sponsored by Lateral Link.
Now that 2011 summer programs have officially come to an end at Biglaw firms everywhere, law students are returning to their schools a little less naïve about working in Biglaw, a little bloated from all the free food, and seriously missing their fat summer associate paychecks. But how hard did they have to work, and how well were they fed on the firm’s dime?
Here at the Career Center, we know that summer programs are about much more than numbers and stats. So we surveyed summer associates at the top law firms in the country to find out about all aspects of their summer experience. Based on these survey results, brought to you by Lateral Link, we have completely updated the summer associate program sections of the Career Center’s firm profiles.
As befits the end of any school year, we’re also handing out some summer program superlatives to commemorate the 2011 summer class. Click on the links after the jump to see if the firm you work at, or want to work at, made the cut….
According to the more than 1,000 responses we received to this week’s Career Centersurvey, 65% of respondents took the Fourth of July holiday off to celebrate their freedom or something like that. That’s a huge jump from the 27% of respondents who reported not working on Presidents’ Day, and the 34% of respondents who reported not working on MLK Day.
For the unlucky 35% of respondents who reported working on Independence Day, what were the top reasons given for missing out on the festivities?
54% 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.
9% said they needed the hours.
5% said everyone else in their office was working.
5% said that Independence Day is not recognized as an official firm holiday.
Back in the winter months, we surveyed Biglaw associates about working on the MLK Day and President’s Day holidays. Well, over half of respondents said they still clocked in on those holidays. But now that the weather is warmer, the barbecue grills are up and running, and partners are on vacation, surely more of you took Independence Day off, right? Take our short survey, brought to you by Lateral Link, and let’s find out.
As always, your responses are kept completely confidential. Stay tuned later this week when we reveal the survey results. For more information on vacation policies, check out the updated law firm profiles at the Career Center, hosted by Lateral Link.
I know that all of you have been anxiously awaiting the results of the salary survey. I had envisioned the results post to be equal in excitement to the results shows for American Idol or Dancing With The Stars. Indeed, in anticipation of this monumental post, I commissioned a group of MIT grad students to perform a regression analysis, do a double-blind sampling, and make colorful pie charts. Unfortunately, that dream cannot be realized today. I take partial responsibility for the survey design, but going forward please include salary information if you chose to participate in a salary survey and designate your location with specificity (e.g. not “the South” or “California” or “an NFL market”).
It is not all bad news for you. I have some good news.
The good news:
• A few trends emerged;
• The majority of respondents were unhappy with their compensation (maybe not good, but consistent);
• I can tell you with high accuracy the salary information for a few third year associates in various cities; and
• I learned a few new curse words.
Now that I have successfully managed expectations, let’s look at the results after the jump.
If you ask me, I think that the insights offered in this column are all that you need to succeed as a small-firm attorney. I have received many emails, however, suggesting that facts might be as valuable as my opinions. Of course, that’s crazy.
Recently I received an email from a young small-firm associate who wrote that he was going to ask his boss for a raise but, unlike Biglaw, he had no idea what other associates at comparable firms were making. He appreciated the survey results given by my predecessor, Josh Dickinson (available here and here), but he wanted more specificity. And only 650 people responded to the previous survey, the majority of them junior associates who were relatively new to small-firm practice. Let’s see if we can do better than that.
If we get enough responses, I will attempt to compile results that offer the information available to Biglaw associates (i.e., average salary per class year for __ hours billed in ___ city).
Knowledge is power, my friends. Maybe we can all ask for a raise (except for the lucky few who make the amounts we will ask for). Or, if we all make too little, maybe we can arrange a little gathering, a la Madison, Wisconsin.
Back in 2009, when killing lockstep was all the rage, a number of large law firms announced that they would be moving to some form of a merit-based compensation system. Now that we’re a few years into those systems, how many firms have stuck with the plan? And which systems do associates prefer?
Of the 86 distinct Biglaw firms at which survey respondents work, 63% of the firms pay base salaries on a lockstep system, and the remaining 37% of firms use a merit-based system or hybrid-lockstep system for paying base salaries. The vast majority of respondents, 70%, say they prefer the lockstep model for base salaries because of its transparency and predictability.
For year-end bonuses, 70% of the firms utilize a merit-based or hybrid-lockstep system, while 30% have a lockstep system based either on class year or billable hours. According to 62% of respondents, the most preferred type of year-end bonus allocation system is a merit-based or hybrid-lockstep system.
After the jump, find out how various combinations of compensation systems measure up against market.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: