Ten years is a long time. Ten years can take a kid from birth to fourth grade. I wrote my first blog post ten years ago yesterday; it feels like a lifetime ago.
What does a decade mean in the career of a Supreme Court clerk? One law professor has done some stalking of research into the SCOTUS clerk class of October Term 2004 and what they’re up to today. Here’s what he found out….
* Choose your own adventure: Will you read this to see how many times Justice Alito recused himself during OT 2013? Or will you read this to see Justice Alito’s doofy-looking picture? [National Law Journal]
* Hackers took down the entire PACER system as well as various federal court websites on Friday. No, the FBI says it was “technical problems.” Oops, nope, still hackers. [Switch / Washington Post]
* It seems the best way to train new associates is to do the opposite of what Biglaw has been doing for decades. Take Stephen Susman’s word for it — you could probably end up with a $40k bonus. [The Careerist]
* “Everybody’s been very nice to us, even though we’re lawyers.” Shocker. David Boies, Ted Boutrous, and Ted Olson had fun at the Sundance Film Festival promoting “The Case Against 8.” [Associated Press]
* Finally, a happy ending to an absurd science experiment. Over the weekend, a judge ordered that Marlise Munoz, a brain-dead pregnant woman in Texas, be removed from her respirators and ventilators. [CNN]
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….
Earlier this month, I had the pleasure of attending the New York holiday party of Susman Godfrey, one of the nation’s most impressive — and most feared — litigation boutiques. The mood was celebratory (and not just because of the delicious food, provided by celebrated chef Daniel Boulud, and free-flowing drink).
The associates I spoke with — who all enjoy their own private offices, no small perk in the New York law firm world — exhibited a great esprit de corps. Unlike so many other associates I meet, they seemed genuinely glad to be at their firm and enthusiastic about their work.
The fact that bonuses were just around the corner surely helped. We’ve covered Susman Godfrey’s generousbonuses in the past, and they never disappoint.
I recently chatted with founding partner Stephen Susman about what he described as his firm’s “unique approach” to bonuses. Here’s what we discussed — including how big his firm’s bonuses are this year….
* Forget playing with Wade. LeBron took his talents to South Beach to avoid tons of state taxes. [The Legal Blitz]
* Steve Susman of Susman Godfrey just completed the 180-mile trek from Houston to Austin by bike. Susman took part in this MS fundraiser with his grown kids and 35 other Susman Godfrey team members. Kudos. (You can donate via the link.) [National MS Society]
* The Obama administration is entering a showdown over its use of the “state secrets” privilege. The government is concerned that if it cannot shield “no-fly list” paperwork, it might chill their frank discussion of racial profiling. [Politico]
* A new in-house tool to replace outside counsel? Sure it may be cheaper, but can a computer get you playoff tickets? [Associate's Mind]
Even if the big lockstep New York firms are done, associate bonus news continues to roll in from around the country. For example, bonuses are out at Sidley Austin. We’re working on a story for tomorrow; feel free to email us or text us (646-820-8477) with your reactions (to be used anonymously).
Today brings bonus news from Susman Godfrey. The high-powered boutique is known for high-stakes commercial litigation — and high, market-beating bonuses.
(And high-attendance holiday parties too; this year’s fête in New York drew more than 500 guests, many of them boldface names of the legal profession. As I observed on Twitter, “you could staff a great law firm with the guest list at the Susman Godfrey holiday party.”)
So how big were the Susman Godfrey bonuses this year?
As we recently mentioned, Biglaw is not all about the benjamins. There is so much more to the practice of law than the monetary rewards. Focus on doing the best work you can for your clients and your colleagues, and the money will take care of itself (well, at least most of the time).
Of course, it’s much easier to take a relaxed attitude towards money if you have a good amount of it. It’s easy for well-paidpartners to tell young associates not to worry about money, when the partners enjoy seven-figure paychecks while the associates struggle under six-figure student loans.
If you’re a young lawyer dealing with educational debt, you know that every extra dollar counts. Every dollar earned means you’re one buck closer to liberation from loans.
Which leads us to today’s question: which law firms pay the largest starting salaries to their associates?
[We were going to call this post something like "Associate Bonus Watch: Susman Godfrey Beats Cravath Too." But then we felt bad for singling out Cravath for paying unsatisfyingbonuses, when so many other Biglaw firms have followed suit. So we went with a tamer title instead.]
Just as it did last year, the powerhouse litigation boutique of Susman Godfrey announced associate bonuses that put the bonus scales of most other firms to shame. Happy Holidays, Susman Godfrey associates!
(By the way, Susman is a firm that celebrates the season in high style. The holiday party of its New York office, catered by acclaimed chef Daniel Boulud, is already legendary, even though it’s of fairly recent vintage.)
So, the Susman bonuses — what are we looking at here?
Are you a female law student? Have you put on a few pounds during your time in law school? Would you like to be reminded that fit, attractive women have better employment opportunities?
Then maybe you should consider transferring to Cardozo Law School. The Cardozo Health and Fitness Club is holding a networking lunch, but the flier makes it sound like they’re staging an intervention for fat chicks.
The Health and Fitness Club is forcing me to ask: Are Cardozo women really ready to whore themselves out to potential employers?
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 seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.