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The bar has been set for 2009 bonuses by Cravath, and most firms are falling in line.  Check out the ATL Career Center, powered by Lateral Link, for the latest information from the legal markets and updates from users about bonuses and everything else you wanted to know about top law firms.  In the last week, we have updated the firm snapshots for Davis Polk, Orrick, Schulte Roth, Debevoise, Simpson Thatcher, Milbank Tweed, Patton Boggs, Willkie Farr, Skadden Arps and Paul Weiss.  Below are a few of the latest updates from the Career Center’s firm snapshots:

  • This firm announced that that it would not only be continuing its pay freeze and keeping 2010 salaries at 2008 levels, but it would be further cutting salaries for those associates who fail to meet their billable hour goal by more than 300 hours.  
  • This firm debuted its new compensation structure: associates will be grouped into three levels, and advancement from one level to the next will be based on merit, not class year. 
  • This firm matched Cravath for first- through sixth-year associate bonuses, but is giving seventh-year associates a $5,000 bump up from Cravath levels. 

Use the Career Center’s firm snapshots and comparison tool to learn about other bonus news at firms around the country. 

After the jump, we reveal the most popular firms on the Career Center last month.

double red triangle arrows Continue reading “Career Center: Associate Bonus and Compensation Updates”

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Welcome to Part 2 of our Ask The Experts article on long-term career planning, partnership prospects, and in-house careers, brought to you by the ATL Career Center, powered by Lateral Link
Last week, we shared advice about general career development from the Career Center’s Professional Development panelists: Morgan Chu of Irell & Manella, Mike Woronoff of Proskauer Rose, and Vivian Yang, General Counsel at Citysearch.
This week, we’re back with the panelists’ advice on the specific steps that associates need to take if they want to make partner or move in-house. Click here to read the full article and view other resources on the Career Center.  If you have tips or questions that you would like covered in future Ask The Experts columns, please email careercenter@abovethelaw.com.
Alternatively, you can read Part One here, and Part Two after the jump.

double red triangle arrows Continue reading “Career Center: Advice for Midlevel Associates (Part 2)”

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  • The Atlantic
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  • Lateral Link
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  • The Red Cross
  • The Tikvah Center at NYU School of Law
  • University of Massachusetts, Amherst, Isenberg School of Management

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  • Career Center AboveTheLaw Lateral Link ATL.jpg
    Welcome to the latest article in the Ask The Experts series, brought to you by the ATL Career Center, powered by Lateral Link. This week’s experts include Morgan Chu of Irell & Manella, Mike Woronoff of Proskauer Rose, and Vivian Yang, General Counsel at Citysearch, who served as panelists on the Career Center’s Professional Development panel for mid-level associates on long-term career planning, partnership prospects and in-house careers. The panelists shared a lot of valuable information, so we’re making this a two-part article.
    This week we highlight the panelists’ advice to mid-level associates on general career development, such as how to find mentors and use the people you already know to build a network. Next week, we’ll be back with Part Two of the article, with advice on the specific steps that associates who want to make partner or move in-house need to take.
    Part One, after the jump.

    double red triangle arrows Continue reading “Career Center: Advice for Midlevel Associates (Part 1)”

    thank you post it note.JPGA quick word of thanks to this week’s advertisers on Above the Law:

    If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, download our media kits, or email advertising@breakingmedia.com. Thanks!

    Career Center AboveTheLaw Lateral Link ATL.jpg
    Our recent Career Center survey asked about compensation structure for salaries and bonuses at your firms.  The results reveal that reports of the death of lockstep compensation have been greatly exaggerated: a large majority of respondents — over 75% — say their firm still pays base salaries on a lockstep scale.  And despite the tough economy, over 96% of respondents expect a bonus this year.   
    Check out the full survey results after the jump — and visit the Career Center, powered by Lateral Link — for more on which firm has announced an end-of-year salary freeze, the latest firm to join the hybrid-lockstep compensation bandwagon, and which firm is now rescinding offers to new associates.

    Full survey results, after the jump.

    double red triangle arrows Continue reading “Career Center: Show Me the Money”

    thank you post it note.JPGA quick word of thanks to this week’s advertisers on Above the Law:

    If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, download our media kits, or email advertising@breakingmedia.com. Thanks!

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    With most associates just trying to avoid joining the growing ranks of unemployed attorneys, partnership prospects might seem like part of a distant and unfathomable future.  But in what might be a surprise to associates who have been laid off or suffered salary cuts, many law firms are making a healthy number of new partners. The National Law Journal reports that the overall number of partners nationwide in 2009 is actually higher than in 2008. 

    Visit the Career Center, powered by Lateral Link, for more on which firm has a five-year non-equity partner track, which firm does not require capital contributions from new partners, and which firm went from promoting 34 attorneys to partner in 2008 to promoting 0 in 2009. 

    If you are a mid-level associate in Los Angeles and you really want the inside scoop on how to grab that brass ring, come to the Career Center Professional Development panel on November 17, hosted by Lateral Link and Proskauer Rose, for a discussion on long-term career planning, partnership prospects and in-house careers. Panelists include Morgan Chu of Irell & Manella, Mike Woronoff of Proskauer, and Vivian Yang, GC at Citysearch. Attendees will receive 1.25 CLE credit hours.  Click here to learn more or to register.

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