Back in 2011, the National Association for Law Placement (NALP) produced an extremely useful chart for people trying to figure out where to start their Biglaw careers. The chart, which tracks buying power based on starting salaries for associates, is a great way to find out where you’ll get the most bang for your buck if you land a lucrative Biglaw gig.
NALP’s Buying Power Index continues to use New York City ($160,000) as the baseline. It takes the median starting salary for the class of 2011 and the cost of living index for NYC and sets that figure at 1.00. Cities with a better purchasing power than NYC have a value greater than 1.00. In all, 76 cities have been ranked.
When we first wrote about this, associates in New York City were crestfallen when they found out that their city was number 42 on the list — they realized they were essentially throwing their money down the drain. This year, NYC has tumbled even further down the list.
How badly are they getting screwed, and where can you go if you want greater purchasing power?
– Robert Barnett, longtime Williams & Connolly partner and D.C. power broker, declining to comment to the New York Times about his representation of General David Petraeus, the former CIA Director who stepped down amid a sex scandal. Our jokey headline notwithstanding, “no comment” was probably the best comment here.
(Additional tidbits about who is representing whom in this messy affair, after the jump.)
(A lot of nervous bar takers have turned to Twitter to express their anxiety. Check out a couple of our favorite tweets after the jump. We’ve also got some responses to the Texas and D.C. results, which came out today.)
In the next few months, we’re going to see a lot of lawyers switching jobs in Washington, D.C. Regardless of who wins the election — my current prediction is that Barack Obama will prevail (sorry, Anonymous Partner) — many lawyers will move into and out of government in the weeks before and after Inauguration Day.
For those who joined the Obama Administration early, three or four years is long enough to make them nostalgic for private sector paychecks. What use is a punched ticket if you never redeem it?
In fact, the movement has already started. Today we bring you news of two notable moves from the nation’s capital. One of them involves a lawyer leaving a top government post, and the other concerns an in-house lawyer entering the firm world….
* Hey, “regular students” with “regular backgrounds,” you may be able to get a job as a SCOTUS clerk, because Justice Clarence Thomas is the Supreme Court’s honey badger in that he doesn’t give a sh*t about rankings. [Seattle Post-Intelligencer]
* Because $1.05 bill wasn’t quite enough, Apple is asking for additional damages in its patent war lawsuit against Samsung. Ohh, come on, Judge Koh, it’s just an extra $535 million. Everyone else is doing it, come on. Just give us the money. [Bloomberg]
* The D.C. Circuit suit about White House visitor logs is kind of like a recurring issue we see with law schools, in that transparency here means “[w]e will disclose what records we want you to see.” [National Law Journal]
* Sumner Redstone recently donated $18M to BU Law. Will his successor be as charitable? From Columbia Law to Shearman & Sterling to media mogul: meet Philippe Dauman, CEO of Viacom. [New York Times]
* “The employment statistics really are the collective impact of individual choices.” And one of them was attending law school anyway, despite all of the negative media attention they’ve received. [Cincinnati Enquirer]
* Remember the Harvard Law student who ran for Student Government President and pledged to resign after rewriting the organization’s constitution? Well, he graduated, but at least he got a draft in. [Harvard Crimson]
Before there was Four Loko there was, and still is, the Red Bull and vodka. You can pour nearly any amount of vodka into a glass and just a little bit of Red Bull will cut the taste enough so that you can drink it like water. Plus you’ll get an energy kick. Back in my day, when Red Bull was still made with ephedra, that kick was damn noticeable.
Red Bull and vodka is a great way to start a night. It’s a great way to extend a night. It’s a terrible way to end a night. At the end of the night, you don’t need all that alcohol and energy. You need a cab and a glass of water.
One lawyer in D.C. learned that lesson the hard way. He had a Red Bull and Vodka right before closing time, and ended up “bleeding all over Georgetown.” Now he’s suing the bar for giving him that last drink.
* Come on, people, Dewey really think that it’s fair that these proposed partnership clawback settlements blame only us for the firm’s implosion? The Steves and ex-CFO Joel Sanders don’t think so. [Bloomberg]
* “[E]ven if partners’ capital contributions were used to repay Dewey’s indebtedness—so what?” Well, that’s certainly one way to defend a suit alleging Citibank’s participation in a Ponzi-like scheme. [Am Law Daily]
* A $280K bonus sure seems nice, but do all Supreme Court clerks choose life in Biglaw once they’ve completed their stints at the high court? As it turns out, the answer is no — some view the money as “golden handcuffs.” [Wall Street Journal]
* Because nobody can ogle these crown jewels except Prince William: the royals’ potential suit against Closer magazine over topless pics of Kate Middleton has turned into full-blown privacy proceeding. [New York Times]
* If you’re struggling in law school, it may be wise to take some advice from those who’ve been there before you, like SullCrom’s Rodge Cohen, or the Ninth Circuit’s Chief Judge Alex Kozinski. [National Law Journal]
* In case you’ve been sleeping under a rock, Mitt Romney picked Rep. Paul Ryan as his Vice Presidential running mate. Putting politics aside, this is a great pick, if only because Ryan is so handsome. Seriously, he’s a total stud. [Wall Street Journal]
* “How can I be the one guy with a good degree who is going to be chronically unemployed?” Sadly, many lawyers are still looking for jobs after (multiple) layoffs, but thanks to a lack of positions, employment is just “not in the cards” for them. [New York Times]
* Deadliest clerkship? The Washington, D.C. judge who presided over one of the most violent mass shooting cases in the nation’s capital was reportedly held up at gunpoint last week, with her law clerk in tow. [Fox DC]
* Something is rotten in the state of Denmark Texas. Judge Sam Sparks “know[s] the smell of bad fish,” and now wants to know why the USADA waited so long to bring charges against Lance Armstrong. [Bloomberg]
* After reversing a bankruptcy court’s decision that loan repayment would be an “undue hardship” for a law school debtor, a judge took the time to rip law schools a new one over escalating tuition. [Oregonian]
* Match.com class-action plaintiffs found no love in court after a federal judge ruled that the dating website hadn’t breached its user agreement. Much like their love lives, their claims aren’t getting any action. [Reuters]
* A man who is his own lawyer has a fool for a client: 23% of all cases filed in the federal court for the S.D.N.Y. are brought by pro se litigants, and the vast majority of them seem to have lost their minds. [New York Post]
Lawyers tend to overindulge in the finer things in life — things like designer clothes, fast cars, and luxurious lawyerly lairs. Unfortunately, lawyers also tend to overindulge in alcohol. In fact, according to the ABA, about 13 percent of lawyers qualify as alcoholics. Keeping that in mind, practicing law may be fine preparation for a new career in the wine bar business.
Meet Elizabeth Banker. This former in-house lawyer for Yahoo! and current counsel at ZwillGen is putting her legal career aside to follow something she’s been passionate about since her college days: wine. (Despite sharing a surname, apparently she’s not a fan of Banker’s Club vodka.)
Back in the day, Banker drank gallon-sized jugs of Chablis. Since then, her “tastes have evolved,” and now she’s more of a high-class sommelier. Let’s learn more about Banker’s new business, and find out when opening day will be….
Justice Sotomayor is enjoying D.C. life. Last month, she attended a Nationals vs. Yankees baseball game. (Photo by an ATL tipster.)
A reader down in Washington, D.C., recently shared with us this amusing Facebook status update from one of his friends: “Gentrification (noun): When a Supreme Court justice moves into the [condo above] the first apartment you lived in DC, which used to share a block with an abandoned gas station / drug den and a ‘do not bring guns to [elementary] school’ sign.”
Who’s the justice in question, intrepidly moving into a gentrifying neighborhood? None other than Justice Sonia Sotomayor. The Wise Latina recently acquired a condo in D.C.’s uber-trendy U Street corridor.
How much did she pay for her new place? And what does it look like? Yes, we have pictures….
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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