We’ve gotten away from plowing through the latest Vault Rankings, but fear not. Your firm is coming up soon.
We’ve been through the top 30 firms. But now we’re getting into a group of firms that really utilized the cost-cutting measures of salary cuts and layoffs to weather the recession of 2009. Did these guys take a big prestige hit? Not really. Here’s the next batch of firms:
We’re rolling through the Vault 2011 list of the “prestigiest” firms in the land, so that you can comment on what it’s like to actually live, work, and breathe those firms (when you’re not choking on all the prestige in the air).
We’ve covered #1-10 and #11-20. Here’s the next round-up. Now it’s time for the London-based Magic Circle firms to join in the elite fun:
This thread covers the firms ranked #11 through #20. This is your chance to discuss these firms — their upsides and downsides and whether Vault got their rankings right. The Vault site has entries for each firm, similar to the Firm Snapshots in our own Career Center.
The “downers” category for most firms tends to be rather general: they treat me like a number, “long hours,” “unfun,” etc. But someone at #20-ranked White & Case had a very specific complaint about the firm’s lack of tech savvy: “The technology is very outdated. We still run Outlook 2003 and are not allowed to use iPhones. The blackberries we are given are over 2 years old and do not work well at times. The firm is not receptive to these issues.”
Little known White & Case perk: every new associate gets their own Commodore 64 for home use.
What are the reviews for the other firms in this bracket?
It’s an approach that’s favored by groups such as Chambers and Partners. Instead of focusing on overall firm prestige, these rankings focus on which firms are great at their chosen specialties.
Of course, there’s a limitation to ranking firms this way. It’s more helpful for lateral hires and clients than to law students or young lawyers choosing between firms (who are often the consumers of Vault guides). Sure, young 2L, you might want to go to the top capital markets law firm in all the land — if you knew what capital markets practice entailed. Which you don’t. Specialization usually comes after you’ve been working for a couple of years, not before you even graduate from law school.
With that disclaimer, it’s still pretty interesting to see which well-known firms rose to the top in some interesting practice groups…
The real utility of the Vault law firm rankings isn’t the opportunity they give to prestige whores who want to lord their status over others. The rankings — conveniently released just before the start of on-campus recruiting — allow law students to get an inside peek at the firms that will soon be coming to campus to vie for their attentions. The firms know a lot about you, but what do you really know about the firms? The Vault rankings are an opportunity to close the informational gap.
Okay, sure, I ripped that opening from something somebody probably wrote in 2005. In a recession economy, law students are probably more concerned with which firms won’t abort their legal careers, instead of which firms have the best cookies.
But still, the rankings give us an opportunity to discuss each firm. And readers of Above the Law are always full of opinions when it comes to the best Biglaw firms.
So sit back, register your Disqus account, and join us as we romp through the Vault 100. We’ll start at the very top — because prestige whoring doesn’t have to be useful in order to be fun…
The 2011 Vault prestige rankings went live this morning. It’s the time of the year when associates get to make fun of their friends, and partners get to brag to their peers. Law is a prestige-conscious field, and the Vault rankings will set the tone for prestige battles over the next year.
The top five remain the same, but the order has changed:
Yesterday we wrote about NALP’s decision to allow firms to blur the equity / non-equity partner distinction. Today, the WSJ Law Blog, the ABA Journal, and Business Insider have coverage of the issue.
But NALP isn’t the only organization attempting to gather information on law firm partnerships. Vault is also in that game, and according to a senior law editor Vera Djordjevich, they have no problem getting the very equity versus non-equity partnership information NALP ignores:
[O]ur diversity survey requests — and most law firms provide — separate numbers for equity partners and non-equity partners. …
The database includes statistics for equity vs non-equity partners for each of the demographic groups the survey addresses (gender, race/ethnicity, sexual orientation and disability). Of the firms that participate in the survey, a small percentage refuse to distinguish between partnership tiers in their reporting, but that fact is generally disclosed in a footnote. For example, Kirkland & Ellis reports that it has more than one partnership tier but includes all data in the equity partner category, explaining that the firm “does not distinguish between equity and non-equity partners for the purpose of external surveys.”
So Vault is at least asking the questions — but are they getting answers? Details after the jump.
The official Vault law firm rankings for 2010 are out today. This list will define law firm prestige for the year to come. Many law students, associates, and partners — especially partners involved in the recruiting process — care greatly about these influential rankings.
Here are the top five most prestigious law firms, according to Vault. This year’s top five is substantially similar to last year’s: Skadden has flipped-flopped with Sullivan & Cromwell. Otherwise the top five remain unchanged from last year.
After the jump, the rest of the brand new Vault top ten, and a note from Vault’s managing editor about what’s new in this year’s rankings.
The new Vault law firm rankings, for 2010, are set to be released later this week. But earlier today, readers sent us this link, which takes you to a page on the Vault website with incomplete prestige rankings for a little over 60 law firms.
We reached out to Brian Dalton, managing editor of Vault, who informed us that these rankings are NOT legit. From Dalton:
These are not the correct rankings. There was a technical glitch on our end and some incorrect rankings have appeared on the site. We will publish the new rankings soon.
And when they do, we’ll be sure to let you know.
Still, even if these rankings are wrong, it’s always fun to gawk. While we wait for the official list to be produced, here are the top five firms on the apocryphal list (note the absence of Cravath):
After the jump, more faux rankings.
The latest edition of the highly influential Vault law firm rankings will be coming out any day now. Participating firms have been notified in advance of how they fared this year — and some of them are already tooting their own horns.
For example, Ropes & Gray sent around an internal email touting its being named Vault’s #1 Best Firm to Work For. Congratulations, Ropes!
Congratulations are also in order for Bingham McCutchen. From the firm’s press release:
Bingham’s ranking jumped significantly in diversity and overall scores in the 2010 Vault ratings, the firm’s best year to date.
In the overall Best Firms to Work For category, Bingham broke into the Top 10 at No. 6 in the 2010 rankings…. In the 2010 Prestige category, which ranks firms based on the evaluations of associates from other law firms, Bingham rose seven slots to No. 56.
Bingham’s rank also rose in every category related to diversity in the 2010 Vault rankings. The firm placed in the Top 20 in the Diversity Women category at No. 15. It also rose from No. 16 to No. 11 in the Diversity Gay & Lesbian category, and climbed from No. 16 to No. 12 in the Overall Diversity category.
Do you know how your firm fared in the soon-to-be-released Vault rankings? Do you have an opinion on how it should have done?
Feel free to discuss, in the comments. Of course, when the new Vault rankings are officially released, we will bring you more coverage. Thanks.
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.