Wouldn’t it be great if you could just hang out in the venire assembly room and observe all the potential jurors? You could make note of conversations they have, what they’re wearing, books they’re reading, and generally get a head start on the opposition when it comes to evaluating preemptive strikes. If your firm hired a jury consultant, they could get a jump on working out the psychological profiles of the potential jurors.
That’s probably why courts don’t let lawyers hang out in the venire room.
But that didn’t stop one partner from sending his associate on a fact-finding mission against the court’s express rules. And now the whole Biglaw defense team faces a motion from a cranky adversary….
Okay, “drove out” is probably not the right phrasing here, for reasons we’ll explain below. But there’s no denying that people are keenly interested in the drama surrounding the departure of eight Weil partners to Sidley Austin in Dallas.
Let’s take a closer look at the situation, shall we?
Today, we turn toward Texas. Texas is beloved here at ATL as an apparently bottomless source of colorful legal news. The state is a frequent battleground for high profileconstitutional fights while also generating a steady stream of tabloid fodder, from “judges behaving badly” to “tragic homicidal mayhem.” (Of course, there’s also the running joke among the ATL commentariat that, for what a New York Biglaw associate pays for his cramped studio apartment, one can buy a 3,500-square-foot wife house in Texas.)
But of course this is a limited, distorted view of the legal industry in Texas. Texas is a huge, diverse state with a relatively strong economy and a unique legal culture. Biglaw firms thrive in all three major cities, both local outposts of national firms, or more significantly, Texas-bred firms such as Baker Botts and Vinson & Elkins. Our ATL Insider Survey (13,000+ responses and going strong, thanks), asks attorneys at firms to evaluate their employers in terms of compensation, hours, training, morale, and culture. After the jump, we’ll look at how firms in Texas stack up in these categories — and how they compare to the national averages…
A few days ago, conservative political bloggers had some fun with the news of left-leaning commentator Matthew Yglesias buying a $1.2 million condo. But I tend to agree with Jonathan Chait: unless you’re a full-blown communist, there’s nothing inconsistent between being somewhat liberal and owning a nice place. I don’t even have a problem with so-called “limousine liberals” (although owning a $1.2 million apartment is hardly limousine land).
The news of Yglesias’s real estate purchase first appeared in Washingtonian magazine, which has fantastic coverage of the D.C. real estate market. The same column also contained news of several lawyers cutting seven-figure housing deals….
Last year, I complained that the complicated compensation system at Vinson & Elkins was giving me a headache. What’s wrong with a Cravath-style system of lockstep salaries and bonuses? Or a Kirkland- or Latham-style system of lockstep salaries and individualized bonuses? Is it really necessary, for purposes of paying associates, to utilize a system involving deferred compensation?
Luckily for me and my limited quantitative-reasoning ability, V&E has decided to streamline their system. Let’s learn about what they’re doing, which they revealed in the course of announcing their bonuses.
Welcome to our latest round-up of summer associate offer rate news. This post contains the latest list of law firms and offices with 100 percent offer rates. In future posts, we’re going to shift gears and focus on firms with lower-than-average offer rates.
An offer rate that’s lower than 100 percent is not necessarily newsworthy. The fall recruiting process by which summer associates are selected isn’t perfect. Sometimes candidates look great on paper and do well during interviews, but then do something during the summer — turning in disappointing work product, getting drunk and acting inappropriately — that causes them to get no-offered. And sometimes people get no-offered for reasons that aren’t their fault — office politics, discrimination. Stuff happens.
We’re not expecting 100 percent offer rates all around. At the same time, there is such a thing as an unusually low offer rate. If you know of an office with an unusually low offer rate — which we will arbitrarily define here as something under 66 percent, or two-thirds — please email us (subject line: “[Firm Name] Offer Rate”).
Now, on to the updated list of firms and offices with 100 percent offer rates….
The law firm of Vinson & Elkins, one of Texas’s top shops, once represented Enron. I was reminded of this fact in trying to write up V&E’s bonus news (year-end bonuses and spring bonuses, which the firm just announced). Lawyers at Vinson & Elkins seem to thrive on complexity — in the service of hiding what’s really going on with respect to money matters.
Trying to get a grasp on the V&E compensation system gave me a splitting headache. Unfortunately, because the firm plays such an important role in setting compensation for the Texas legal market, attention must be paid.
So let’s discuss the just-announced V&E spring bonuses, as well as the 2010 year-end bonuses that were announced in January 2011, and try to figure out what the heck is going on down there….
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.