Justice Sonia Sotomayor has earned millions ofdollars in royalties from her bestselling book, My Beloved World (affiliate link). Maybe it’s time for her to upgrade from that perfectly nice but far from lavish D.C. condo.
But she’s still far from being able to purchase the home of her former boss, George Pavia, who hired Sotomayor after she left the Manhattan District Attorney’s office (and later promoted her to partner). The patrician Pavia, managing partner of the Pavia & Harcourt boutique firm, just sold his magnificent townhouse on the Upper East Side for $19.5 million.
Pavia’s former residence is an elegant five-story, red-brick, neo-Georgian townhouse. It sits on a quiet, tree-lined block between Fifth and Madison Avenues, just steps away from Central Park and luxury shopping.
It would be many a Manhattanite’s dream home. But it actually comes with a nightmarish history….
The facade of 1067 Fifth Avenue (via Bridge and Tunnel Club).
Each week, the Big Ticket column in the New York Times real estate section records the most expensive housing deal of the prior week. The most recent column focused on a $16.25 million condo on the 42nd floor of the Trump International Hotel and Tower — a two-bedroom apartment, so that works out to a little more than $8 million per bedroom. Welcome to the world of high-end Manhattan real estate.
The second-place sale, clocking in at $8.325 million, took place across town on the Upper East Side. The apartment in question, once inhabited by a notable New York lawyer, will now welcome a high-ranking partner at a top international law firm.
Oh, and he clerked for the Supreme Court, too. Some people truly do lead charmed lives. And wait until you see the pictures of his new residence….
Contrary to popular belief, many lawyers who toil in Biglaw actually enjoy what they do. This is especially true of partners (as opposed to associates who just pass through on their way to in-house or government opportunities). Some partners enjoy their work so much that they’d do it for free — or at least for much less than the millions they typically receive.
Of course, even if you find fulfillment in the work you do as a law firm partner, you can’t deny that the other benefits are nice. Being a Biglaw partner certainly allows you to provide an upscale lifestyle for your family. And it might permit you to enjoy an early retirement for yourself.
When you earn millions of dollars a year in partner profits, with lucrative retirement benefits on top of that (assuming your firm doesn’t do a Dewey), you don’t need to work until you’re 65 or 70. Instead, you can get an early start on your golden years, pursuing all of the hobbies and interests that you never had the chance to explore while billing 2000-plus hours a year.
That’s exactly what a retired Skadden corporate partner, James Freund, has been doing. Freund, who is now 77, retired from SASMF back in 1996, around the age of 61 (a little early, but not hugely so).
A few years ago, Freund scaled back his lifestyle. He traded in his $5 million townhouse for an apartment — one that cost a mere $3 million. Being a retired Skadden M&A partner is a tough life, but somebody’s got to live it….
Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)
Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.
Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….
We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.
Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.
Who are the parties to this transaction? And what does a $4.6 million apartment look like?
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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