Tuesday, November 17, 2009 11:10 AM - By Above the Law
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.
Tuesday, November 10, 2009 4:50 PM - By Above the Law
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.
Thursday, November 5, 2009 12:02 PM - By Above the Law
Lately, Big Law firms have been changing their salary structures more often than associates can keep up with. With an increasing number of firms abandoning lockstep compensation, associates have been left in the dark about what compensation levels actually are.
This week, our ATL / Lateral Link survey asks for your help to track the latest changes to starting salaries and the salary ranges for firms that have moved away from lock-step compensation. We’ll use the information to update the ATL Career Center and bring you the results next week.
type="text/javascript" > If you have information about your firm that you want to share with other Career Center users, please email us at careercenter@abovethelaw.com.
Although Halloween is just around the corner, things are looking less scary in the Bay Area. With tech stocks soaring, start-ups and emerging companies are doing more deals and looking to grow.
Time for more lawyers! The Job of the Week, brought to you by Lateral Link, is with a prominent firm that’s back on the prowl for the best and the brightest corporate lawyers to handle these deals.
Description: A top-tier firm is seeking a mid-level corporate associate with 3 to 4 years of strong corporate experience at a reputable law firm, and excellent academic credentials. Experience should include public offerings, mergers and acquisitions, capital markets, private equity, venture capital investments, and/or technology transactions. Candidates with strong experience representing emerging companies are preferred. California bar is required.
For more information about this position, please view Position #5440 on Lateral Link. Membership in Lateral Link is free, and you can apply at www.laterallink.com.
Wednesday, October 28, 2009 3:35 PM - By Above the Law
The 2009 billable year hasn’t even ended at most firms yet, but October has been full of announcements from Big Law firms across the country about major changes to associate compensation. Check out the ATL Career Center, powered by Lateral Link , for the latest information from the legal markets and updates from users about who is paying what when. In the last week, we have updated the firm snapshots for Schulte Roth & Zabel, Katten Muchin Rosenman, Morrison & Foerster, DLA Piper, Fenwick & West, Bingham McCutchen, Dorsey & Whitney, Foley & Lardner, and Nixon Peabody. Below are some recent nuggets of golden and not-so-golden news about compensation from the Career Center’s firm snapshots:
This firm announced that, in January 2010, it will move away from a lockstep compensation system to one that emphasizes merit-based factors as a more significant component of compensation decisions. The firm says the combination of base pay and discretionary and productivity bonuses will keep overall compensation at or above current levels, but associates worry they may see significantly less pay if they don’t achieve the necessary merit marks.
This firm has confirmed that it will be paying bonuses in early 2010, an announcement associates can only hope is the first of many. Although the firm anticipates the amounts will be less than previous years, bonuses are still predicted to range from $5,000 to $50,000.
This firm recently cut starting salaries to $145,000 in all of its offices (other than New York and Asia). The firm has indicated it will continue to monitor the situation and may re-adjust salaries (up or down) in light of legal market trends if necessary.
This firm is also taking the merit-based compensation route: although it plans to retain a lockstep scale for base salaries, the firm has announced that its practice group leaders will now have greater discretion in awarding year-end bonuses. Billable hours will continue to factor into bonus determinations, but so will qualitative and quantitative factors, such as financial productivity, profitability and teamwork.
Use the Career Center’s firm snapshots and comparison tool to find out what other bonus and salary changes firms across the country are making. And as always, we encourage you to send information about your law firm experience to careercenter@abovethelaw.com.
Friday, October 23, 2009 11:05 AM - By Above the Law
The last couple Jobs of the Week have featured positions with AmLaw 100 firms on the East Coast and West Coast. We feel that we may be neglecting those of you in the middle of country, and since the hiring freeze is starting to lift at some companies, we decided to offer up an in-house position in Ohio for the Job of the Week, which is brought to you by Lateral Link.
Title: Corporate Counsel
Location: Cincinnati, OH
Description: Bank holding company with more than 1,200 branches in the Midwest and Southeast is seeking several attorneys with corporate experience to join their in-house team. Attorneys with experience in one of the following areas will be considered - general corporate (2-6 years), commercial creditors’ rights (5-15 years), bank regulation (4-8 years) and consumer regulatory (2-6 years). Candidates should have significant experience with a law firm or corporation in the relevant areas of expertise. Ability to interface successfully with senior management. Knowledge of the areas of expertise including technical knowledge. Good issue spotting, risk assessment, and problem solving skills.
Tuesday, October 20, 2009 12:05 PM - By Above the Law
Last week’s Career Center survey asked whether you think there will be enough work for the class of incoming associates at your firm. The good news is that, despite the all the hype about some firms indefinitely deferring new associates, the vast majority — 91% — of new associates are starting at their firms in Fall 2009 or are scheduled to start in the first half of 2010. The bad news is that a majority of respondents think there won’t be enough work for all this new blood, at least not in the practice areas they want to work in.
Check out the full survey results after the jump, and visit the Career Center, powered by Lateral Link , for more on which firm unexpectedly pushed up start dates, the latest firm to offer new associates "walk-away" money, and a firm that has made major changes to their lock-step compensation structure.
Although Above the Law is based in New York, we adore our West Coast readers. We try to post stories that would be of special interest to them as often as possible, typically later in the day to account for the time difference. (We have one such post coming out after this one; we’re not done for the day.)
And we regularly visit the Left Coast. For information about two upcoming events that we’ll be participating in later this week — a talk at King Hall on Thursday, and a social networking conference at Boalt Hall on Friday — check out the links below.
P.S. As previously explained, we generally don’t do event plugs on the ATL main page, unless we or one of our advertisers is involved. But if your event is free / non-commercial, you can promote it in ATL’s Community section. If your event is not free, you can advertise it with us. E.g., the Legal Reform Summit in D.C. (October 28), or the ABA Law Firm Marketing Strategies Conference in Philadelphia (November 12-13). Thanks!
Tuesday, October 13, 2009 4:09 PM - By Above the Law
Although start dates have been deferred to 2010 for some new associates, many others have already started at firms and more will be joining them over the next few months . Will there be enough work for the newest class of associates?
Or are current associates still struggling to make their own hours? Has the economy recovered enough to prevent a survival-of-the-fittest battle over due diligence and doc review? In today’s ATL / Lateral Link survey, we ask what you think is in store for new associates. We’ll let you know the results next week, but in the meantime, you can check out the ATL Career Center, powered by Lateral Link, where you’ll find the latest information on starting dates, billable hours expectations and the best firms for the kind of work you want to do.
If you have information about your firm that can share with other Career Center users, please email us at careercenter@abovethelaw.com.
Tuesday, October 13, 2009 11:11 AM - By Above the Law
Fall is here, reflected in the chillier temperatures we’ve been experiencing here in New York. But here’s an opportunity for reminiscing about the glorious days of summer.
Check out this slideshow of photographs from our fabulous summer rooftop gathering, sponsored by our friends at Applied Discovery. If you’ve ever wanted to see our very own Kashmir Hill play Wii Tennis, this is your chance!
If you’d be interested in sponsoring an Above the Law event, please email us at advertising@breakingmedia.com (subject line: “ATL Events”). Thanks!
The Dodgers win, the Angels win, and everything is looking up in Los Angeles — including the job market.
The Job of the Week is brought to you by Lateral Link. As we mentioned last week, things are picking up all over — Lateral Link has opportunities for corporate attorneys, tax attorneys, and IP attorneys, all over the U.S. and Asia.
Description: A litigation powerhouse is seeking a mid-level litigation associate. This firm is very particular and candidates must have prior experience from an AmLaw 100 firm and should have graduated in the top 10% of their law school class.
For more information about this position, please view Position #5414 on Lateral Link. Membership in Lateral Link is free and you can apply at www.laterallink.com.
Thursday, October 8, 2009 11:59 AM - By Above the Law
Welcome to the first in a series of monthly “Ask the Experts” posts, brought to you by the ATL Career Center, powered by Lateral Link. Over the next few months, we’ll be talking with legal career experts, everyone from recruiters to hiring partners to professional development staff. The conversations will focus on what associates and law students need to know to be successful in this turbulent job market.
This week, we spoke with Tricia McGrath, a Director at Lateral Link who works with partner and associate candidates on law firm searches, and with candidates seeking in-house positions. We asked Tricia for advice on what kind of résumés get an employer’s attention. Visit the Resources section on the Career Center to get the answers to the following questions, as well as advice on the one thing you should never do.
Q: How detailed should my resume be?
Q: My career counselor recommended that my résumé begin with my experience and end with my education. Is this a good idea?
Q: Should a résumé ever be more than one page?
Q: I was laid off from a Top-20 law firm a few months ago. When my severance ran out, I took a contract attorney position to help pay the bills. This isn’t the type of job I want to call attention to when I’m applying to firms - do I need to include it on my résumé?
Q: Should I bother explaining to prospective employers why I was laid off, or is the less said the better?
Read the full article, as well and see other resources, on the Career Center. If you have tips or questions that you would like covered in future Ask The Expert columns, please email careercenter@abovethelaw.com.
A quick word of thanks to this week’s advertisers on Above the Law:
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