As we mentioned in Morning Docket, the Wall Street Journal has a good article about how various recession-era cutbacks have become entrenched in Biglaw. If you have been paying attention or are a current law student, you know the issues: smaller entry-level classes, stagnant salaries, and a partnership track long enough to make a first-year Ph.D. student laugh.
Basically, if you were already a Biglaw partner when the recession hit, you are likely to say, “What recession?” Your profits per partner have probably gone up, despite the general economy’s woes. Other industries use economic downturns to retool their business models and develop new ways to compete. Not Biglaw. It appears that Biglaw has used the recession to fire a bunch of people, exclude new partners, and keep associate salaries and bonuses at recessionary levels. They haven’t developed a new business model; they’ve just found a way to reduce the costs of the old business model.
Biglaw partner: It’s great work if you can get it. The WSJ even found one partner who was so busy loving himself and his life that he appears to be totally oblivious to the struggles of everybody else…
Since our initial call for information about summer associate offer rates at major law firms, a number of people have contacted us with reports. As it turns out, there’s a lot of good news floating around out there for summer associates.
This leads us to two conclusions:
Biglaw firms only brought in people they could actually hire.
You class of 2011 people are some boring individuals.
Honestly, listening to your summer stories is like looking at the Facebook photos of a Mormon school group’s vacation to Amish country. We know that people are worried about getting offers in this tough market, but the risk-aversion of the summers this year borders on cowardice.
Live a little, have a drink, ask her for her number. It’s a job interview, not an audience with the Pope.
In any event, 100% offer rates abound. Let’s round them up….
Law firm diversity matters. It matters to corporate clients, many of them public companies that want to demonstrate their commitment to diversity through their selection of vendors and service providers — which is what law firms are, at the end of the day. It matters to the law students and lawyers that firms are trying to recruit — which is the premise behind the data collection conducted by Building A Better Legal Profession.
So there should be keen interest in the latest edition of the American Lawyer’s Diversity Scorecard 2011, which the magazine just released. As Am Law explains, the Scorecard constitutes its annual ranking of large law firms by their percentage of minority attorneys and minority partners.
Let’s take a look at the top firms for diversity. Did your firm make the list?
Let’s all take a deep breath. Associate bonus season, which usually wraps up sometime in January, looks like it’s been extended well into April. This is just more proof that Biglaw firms don’t actually collude. No rational business person would want to be making decisions in April 2011 about how much to pay employees for 2010 performance.
For those trying to keep score, there seem to be the following categories of firms (roughly using a letter-grade system):
A – Firms that are paying Cravath-level spring bonuses in all offices. (Example: Cravath.) [FN1]
B – Firms that are paying Sullivan & Cromwell-level spring bonuses in all offices. (Example: S&C.)
C – Firms that are paying spring bonuses in New York but not elsewhere, like California or D.C.. (Example: Read more below.)
D – Firms that are not paying spring bonuses because their year-end bonuses beat the Cravath year-end bonuses, and they’re hoping their associates can’t add. (Example: CHECK YOUQUINN EMANUEL.)
F – Firms that are not paying spring bonuses and invite disgruntled associates to S some D if they don’t like it. (Example: Jones “We can still hear all the poors who live inside your black box” Day.)
Right now, we want to focus on Group C. Group B gets a pass because they started the spring bonus phenomenon and goddamnit we’re going to respect that. Partners at firms in Groups D & F will have to examine their own motives for why they want their associates to secretly hate them.
But Group C is weird. Why create inter-office jealousy and rage when most top firms are paying spring bonuses in all of their offices? Why look that desperate to save a little bit of money?
And you can’t spell “Weird Cost-Cutting” without White & Case…
Two months ago, when spring bonuses were new and fresh and exciting, we reported on spring bonus deliberations at Cadwalader (which eventually matched the market). At the time, I wrote: “If Cadwalader jumps into the spring bonus pool, we’re going to have to start asking questions about Paul Weiss, Willkie Farr, White & Case (don’t laugh), and other well-known New York City firms.”
Well, I’m not here to say “I told you so.” I’m here to say “I was wrong.” It turns out that you are most certainly allowed to laugh. Because White & Case wants to jump into the spring bonus pool without actually telling people if it is matching the spring bonus market. The White & Case “spring bonus” could be a goddamn unlimited MetroCard for all we know. Do the managers at White & Case think they can appear to be paying market compensation without actually paying market compensation?
Earlier this week, we introduced six Washington, D.C. law firm partners chosen by our readers as the best partners to work for. The next six partners we present to you today come from some of the nation’s finest law firms: Gibson Dunn, Kirkland & Ellis, Latham & Watkins, Orrick, White & Case, and Willkie Farr.
For more information about these firms generally, visit the Career Center.
Without further ado, let’s find out who these premier partners are . . .
500 West End Avenue: former home of Tina Fey, until she sold - to a law firm partner.
After suffering through a brutal recession that was fueled, in part, by the collapse of the real estate market, you’d think that nobody would want to read about real estate ever again. But that’s not what’s happening in the blogosphere, where real estate is hotter than ever.
Above the Law readers are similarly obsessed with real estate. Is it because everyone had to take Property as 1Ls? For whatever reason, Lawyerly Lairs is one of our most popular and well-trafficked features. The last installment, a visit to the $4.7 million Chicago townhouse of outgoing Northwestern Law dean David Van Zandt, continues to be a top post (even though it dates back to before Thanksgiving).
So let’s give you more of the real estate porn you want and deserve. In today’s Lawyerly Lairs, focused on ATL’s home city of New York, we look at the recently acquired, envy-inducing residences of partners at three leading law firms: White & Case, Sullivan & Cromwell, and Linklaters.
The first featured residence even has a celebrity connection: the seller was Tina Fey, fabulous television and movie star (and Sarah Palin impersonator)….
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: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!