Today’s Lawyerly Lairs column is about a Skadden associate’s search for a home (other than 4 Times Square, where he surely spends most of his waking hours). The firm requires sacrifices of its lawyers, but it also offers rich rewards, including generous pay and ample prestige. There’s a reason that Skadden is a top 10 firm in our new law firm rankings.
Working at Skadden gives you the ability to buy a Manhattan apartment while you’re still in your early 30s. The home we’re about to view is not a lavish lawyerly lair, but it’s a perfectly respectable starter apartment.
Make fun of the University of Chicago Law School’s law-and-economics focus all you want. Their graduates make good use of the training, enjoying tremendous success in the business world. Some of them go on to become billionaires — and then make eight-figure gifts to their alma mater.
The legal eagle featured in today’s Lawyerly Lairs coverage isn’t a billionaire, but he has done very, very well for himself, in both business and politics. And real estate: he just sold his urban mansion for more than $11 million.
You’ll feel pangs of envy when you find out how little he paid for it — and when you see what a beautiful property it is….
A few days ago, lawyer turned television personality Ronan Farrow commented on Twitter, “All my business meetings are like ‘Blue is the Warmest Color’ and all my dates are like ‘Schindler’s List’, am I doing something wrong.” The tweet was widely retweeted and favorited by Farrow’s 250,000-plus followers (despite receiving criticism from some quarters).
It’s surprising that Farrow’s dating life isn’t going better. In addition to being extremely handsome, he’s a Rhodes Scholar and Yale Law School graduate with his own television show and celebrity parents (Mia Farrow and either Woody Allen or Frank Sinatra). What more could one ask for in a lover?
How about some solid real estate? Well, Ronan’s got that too — a New York apartment that he purchased for a seven-figure sum….
Seven years ago this month, M&A lawyer Gregory Ostling was elected to the partnership of Wachtell Lipton, effective January 2007. In our story about the news, we referred to Wachtell as “obscenely profitable and dazzlingly prestigious.”
Because the firm has a single-tier partnership and is fairly lockstep (with just a handful of senior partners off the lockstep), even junior partners at Wachtell do very well for themselves. So maybe it shouldn’t be surprising that a relatively young partner like Greg Ostling just bought not one but two multimillion-dollar apartments at the Beresford — one acquired from a famous athlete, and one from an heiress — which presumably he’s going to combine into a single fabulosity-oozing residence….
Last month, we brought you a Davis Polk fairy tale. Two talented lawyers met at the elite law firm, fell in love, and got married. They lived happily after, in their $6 million apartment (until they sold the apartment to a celebrated Chinese artist).
This couple met at Sullivan & Cromwell, got together, and bought an apartment at 50 Riverside Drive, a beautiful prewar co-op on the Upper West Side. They renovated the place — doing a lovely job, I might add — and then sold it for more than $3 million….
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….
In the battle to stay high (or climb higher) in the all-powerful U.S. News law school rankings, law schools compete with each other to woo star faculty. And this makes sense. Because a school’s peer reputation score “appears to explain around 90% of the variation in overall USNWR score,” as noted by Professor Eric Talley over at TaxProf Blog, it pays for a law school to snag top talent.
How does a law school prevail in the battle for superstars? Well, despite their impressive academic pedigrees and their Big Ideas, law professors just like us: they love luxury real estate.
The venerable firm of Cravath, Swaine & Moore has received a fair amount of criticism for its allegedly subpar bonuses. I’ve previously defended their payouts — in times of economic uncertainty, is paying modest bonuses to avoid later layoffs such a bad idea? — but my view has been poorly received. (For commentary castigating firms for their cheapness, please turn to my colleague, Elie Mystal.)
Partners at Cravath, where profits per partner exceeded $3 million in 2010, are definitely in the top 1 percent. But it seems that even non-partners are doing quite nicely for themselves, despite all the bonus bellyaching.
Check out the million-dollar penthouse — yay real estate porn! — of one of Cravath’s corporate lawyers. And she’s not even a partner….
UPDATE (12/12/11): We’ve gotten our hands on the floorplan, which we’ve added to the slideshow, and we’ve added additional comments about what a “practice area attorney” does at Cravath.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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.
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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: