Wachtell Lipton

Is Wachtell in Trouble For Being Good Lawyers?

By

wachtell logo.jpgThe general public really doesn’t understand what top-flight counsel does for their corporate clients. If they did, the pitchforks and torches crowd would be as angry at Wall Street lawyers as they are at Wall Street bankers.
Friday’s “revelation” about the advice given to Bank of America by Wachtell Lipton illustrates the point. Am Law Daily reports:

Amid the piles and piles of formerly privileged documents related to the Bank of America-Merrill Lynch merger, there are a few notes and e-mails from mid-December 2008 showing that BofA’s lawyers at Wachtell, Lipton, Rosen & Katz were saying very different things to their client and to federal regulators.

What dastardly double talk did Wachtell Lipton allegedly engage in? Corporate Counsel reports:

The e-mails show that early on the morning of December 19 [Wachtell litigation partner Eric Roth] advised the bank’s chief executive, Ken Lewis, and its interim general counsel, Brian Moynihan, on how difficult and financially risky it would be to try to invoke a so-called MAC — or material adverse change — clause, which would allow the bank to get out of the merger with Merrill.

But another e-mail from associate general counsel Teresa Brenner to Moynihan, sent several hours later and on the same day as Roth’s e-mail, says, “Eric made a very strong case as to why there was a MAC” during a conference call with some officials from the Federal Reserve.

J’accuse!
Pitchforks on parade after the jump.

double red triangle arrows Continue reading “Is Wachtell in Trouble For Being Good Lawyers?”

82 Comments

Are Some People Still Living in 2007?
(Or: Some early speculation on bonuses.)

By

see no evil hear no evil.jpgIn this economy, if a newly-minted attorney can find a job, especially one paying over $100,000, she should be grateful. Based on our many conversations with law students and young lawyers, we think that most of them understand these new economic realities.
But not all of them. At least one Above the Law reader is still living in the heady days of “NY to 190.” Here’s what she wrote to us:

Can we put some pressure on firms that pay $160K to match at least those few firms that pay more than $160K (doesn’t a DC firm pay $180K and no, or little, bonuses?). It’s getting close to internal bonus discussion time, and any firm paying first years less than a $20K bonus will be paying less than those few firms, right?

Do we reward those firms paying a base of more than $160K with some positive press? If we do, does that put pressure on every other “peer firm” to remain a peer firm?

Honey, what recession-free universe are you living in? A sense of entitlement is so 2006.
A reality check, after the jump.

double red triangle arrows Continue reading “Are Some People Still Living in 2007?
(Or: Some early speculation on bonuses.)”

120 Comments

Fall Recruiting Open Thread: Vault 1-5 (2010)

By

comparing.jpgYesterday, the Vault rankings were released. It is time to dig into them.
To refresh your memory here are the top five firms according to Vault:

1. Wachtell
2. Cravath
3. Skadden
4. Sullivan & Cromwell
5. Davis Polk

As we noted yesterday, the only change in the top five is Skadden jumping over S&C. Is that fair? A lot of you opined that Skadden’s prestige score was settled before it starting deferring associates. But surprisingly few of you noted that Skadden paid out bonuses that were double what Cravath, S&C, and DPW paid.
Is twice as much bonus money worth one extra spot in the rankings? Vault’s managing editor, Brian Dalton, suggests that Skadden’s bonus carried some weight:

Skadden had a good year, climbing over Sullivan & Cromwell to take the #3 spot. Among other factors, the notion of ‘half-Skadden’ is a potent one, though not quite enough to carry the firm past Cravath. (Mildly ironic in that Cravath’s bonus decision spawned that meme.)
Truly striking is the reach of the Skadden brand: Third in the Boston regional ranking, second in Chicago, and–taking over from Latham–No. 1 in Northern and Southern California. (Vault’s regional rankings are calculated using only the votes of the survey respondents in the particular region.) By contrast, in its hometown of New York City, Skadden places fifth. (These regional rankings are coming soon to the site.)

After the jump, should any of these firms in the top five move over to make room for somebody else?

double red triangle arrows Continue reading “Fall Recruiting Open Thread: Vault 1-5 (2010)”

105 Comments

Legal Eagle Wedding Watch 8.2: Turkish Delight

By

champagne glasses small.jpgHow young is too young to get married? Or more to the point, how young is too young to appear in the NYT weddings pages and not look foolhardy or vaguely scandalous? We ask because these newlyweds, ages 22 and 24, strike us as shockingly young. (And it’s definitely not a shotgun wedding — click on the link and you’ll see why.)
At any rate, this week’s featured newlyweds are all older than 22, so it’s a moot point. (If you want to ponder the trends in MAFM [median age at first marriage], here’s more.) Our finalists:

1. Caroline Nyenke and LaRue Robinson
2. Elianna Marziani and James Nuzum
3. Zehra Dincer and Matthew Mazur

Click on the link below for the scoop on these newlyweds.

double red triangle arrows Continue reading “Legal Eagle Wedding Watch 8.2: Turkish Delight”

Lawyerly Lairs: Orrick Shacks Up With Wachtell

By

CBS Building 1 Black Rock Blackrock Wachtell Lipton WLRK Orrick.jpgMega-fraudster Marc Dreier, who recently traded a magnificent penthouse for a cell at the MCC (look him up in the handy Inmate Locator), isn’t the only New York lawyer with new digs.
The iconic CBS Building (aka “Black Rock”), longtime home of Wachtell Lipton, has another prestigious legal tenant. From the New York Observer:

Law firm Orrick Herrington & Sutcliffe was expected Thursday to sign a lease for approximately 220,000 square feet at CBS’ 38-story granite slab known as Black Rock, at 51 West 52nd Street, according to industry sources.

As part of the deal, Orrick is taking the space being vacated by UBS and Cushman & Wakefield, which will consolidate its midtown offices at 1290 Avenue of the Americas. Sources say that UBS paid more than $32 million to terminate its lease early, money which CBS applied to the Orrick deal to absorb the costs of Orrick’s build-out of the noncontiguous space to the tune of $150 a square foot, and which will reduce the firm’s rent in the building.

It’s a great building, with handsome, elegant architecture (courtesy of Eero Saarinen). Because the footprint is relatively small, it doesn’t have the impersonal, warehouse-like feel of many other New York office buildings. The midtown location is super-convenient, and the higher floors offer amazing views. (We know Black Rock well, having spent several thousand hours in it while working at Wachtell.)
An Orrick spokesperson confirmed to ATL that the deal, described by the Observer as “expected,” has closed. Congratulations to Orrick on the fabulous new digs!
Links and press release, after the jump.

double red triangle arrows Continue reading “Lawyerly Lairs: Orrick Shacks Up With Wachtell”

58 Comments

Legal Eagle Wedding Watch 7.12: French Kissing

By

champagne glasses small.jpgRejoice, wedding fans! We have some compelling mid-summer material for you this week: Wachtell, SCOTUS, lesbians, French nobility — read on for the details on all of that and more, as reported in the New York Times and filtered by us.
Our finalist couples:

1. Rebecca Gutner and Rodman Forter Jr.
2. Laura Hammond and Christopher Hemphill
3. Laure de Vulpillières and Vanessa Dillen

Admire these couples’ achievements, after the jump.

double red triangle arrows Continue reading “Legal Eagle Wedding Watch 7.12: French Kissing”

Morning Docket 07.06.09

By

Palin Vogue.JPG* Legal bills to blame for Sarah Palin’s exiting the Alaskan gubernatorial stage. [New York Times]
* Appellate lawyer Gregory Coleman had two dates with the SCOTUS justices in eight days. [Austin American-Statesman]
* The U.S. Treasury will soon have a Department of Automobiles. [Washington Post]
* Cass Sunstein has his fingers in White House policy and his eye on SCOTUS. [Wall Street Journal]
* Given the choice, would you rent the books for your IP class rather than buy them? [New York Times]
* Wachtell remains. (On top of the M&A list.) [Bloomberg]

12 Comments

Associate Bonus Watch: Wachtell Bonuses Go Below 100 Percent

By

law firm associate bonus watch 2008 biglaw bonuses.jpgIt’s getting ugly out there. For the first time since 2005, associate bonuses at Wachtell Lipton have dipped below 100 percent of base salary.

For those of you who aren’t familiar with the subject, here’s how bonuses at WLRK work. First, they’re lockstep, not tied to any billable-hours requirement or performance review. Everyone in the same class receives the same bonus.

Second, Wachtell bonuses are calculated as a percentage of base salary. Sometimes the percentage is the same from class to class; sometimes it’s not. In 2006, for example, there were divergences from year to year. When there are divergences, they generally favor seniority, with more-senior associates receiving bonus percentages that are higher than those given to juniors.

In 2006 and 2007, total bonus compensation at Wachtell (including midyear bonuses in 2006) clocked in at or above 100 percent of base salaries . This year, however, the bonus percentage sank below that threshold. We don’t have the exact number, but we’re hearing around 70 percent of base salary — “good” and “better than expected,” say two sources, but not as good as recent years.

(If this figure isn’t consistent with what you know, please email us. Please mention the class year that is the basis for your information, since sometimes the bonus percentage varies from class to class. Due to that variability, plus the lack of a firm-wide bonus memo, bonuses at Wachtell are less transparent than at other firms.)

Recall also that Wachtell base salaries are on a scale that is slightly above market. First-year associates at WLRK earn a base of $165,000 rather than the usual $160,000 (no Latham shenanigans here). A base salary of $165,000 and a 70 percent bonus would bring total compensation for a (non-stub-year) first-year to just over $280,000.

A Wachtell associate earning under $300,000 is a sad thing. But these are sad times.

Even the Wachtell holiday party was scaled back. More details, plus predictions about the firm’s future, after the jump.

double red triangle arrows Continue reading “Associate Bonus Watch: Wachtell Bonuses Go Below 100 Percent”

105 Comments

Legal Eagle Wedding Watch 12.7: The Luckiest

By

champagne glasses small.jpgIn response to the many queries we receive from couples hoping to be selected for LEWW (yes, we do get them — mostly from grooms, oddly enough), we’d been thinking about drawing up some submission guidelines (sort of like the NYT’s).

But we’ve got a better idea. Three words: pay to play. See, we’ve got this thing, and it’s f****** golden. You don’t just give it away for nothing. Call us; we’ll talk.

Here are this week’s candidates (only two again, because it’s December and the pickings are getting slim):

1. Nancy Kuhn and Bernard Nussbaum

2. Shira Tolins and Benjamin Roth

More on the newlyweds, after the jump.

double red triangle arrows Continue reading “Legal Eagle Wedding Watch 12.7: The Luckiest”

Letting Wachtell Down Easy

By

Dear John rejection letter.jpgA job seeker, who had applications for full-time employment pending with many of New York’s major law firms, recently landed a clerkship. So he decided to withdraw his Biglaw applications.

Here’s the letter he sent — in a spirit of playfulness, not arrogance — to one prominent firm:

Thank you for considering me for an associate position at Wachtell, Lipton, Rosen & Katz. Your firm’s background and experiences are impressive, and I know that your efforts to find an appropriate associate will be most successful.

Unfortunately, I am no longer able to pursue a position with your firm. If for any reason my needs should change, I will let you know. I sincerely appreciate your firm’s interest and wish your firm success in its future endeavors.

Regards,
[redacted]

Marty and Herb must be heartbroken, but we suspect that they’ll get over it. Time heals all wounds.

45 Comments
Page 5 of 11123456789...11