And the bonus news just keeps rolling in. Willkie Farr has matched. The memo:
From: The Executive Committee
Sent: Friday, November 02, 2007 4:51 PM
To: ASSOCIATES – NY; ASSOCIATES – DC
Cc: PARTNERS – NY; PARTNERS – DC
Subject: Associate Bonuses
The Executive Committee is pleased to announce the following year end bonuses for associates:
Class of 2007: Year-end bonus of $35,000 (pro-rated)
Class of 2006: Year-end bonus of $35,000; special bonus of $10,000
Class of 2005: Year-end bonus of $40,000; special bonus of $15,000
Class of 2004: Year-end bonus of $45,000; special bonus of $20,000
Class of 2003: Year-end bonus of $50,000; special bonus of $30,000
Class of 2002: Year-end bonus of $55,000; special bonus of $40,000
Class of 2001: Year-end bonus of $60,000; special bonus of $50,000
Class of 2000 and senior: Year-end bonus of $65,000; special bonus of $50,000
Bonuses will be paid in December, consistent with our customary practices.
All of the Firm’s partners greatly appreciate your hard work and contributions to our success.
We are also pleased to announce that the firm will be paying a special bonus to our administrative staff, whose hard work, dedication and loyalty have been a critical part of our accomplishments.
A bonus for the staff too! Good on ‘em. We haven’t seen any other firms doing this, but we think it’s great. You should always show your staff that you appreciate them too.
We’ve now covered over a third of the Vault 100 law firms in open threads. But that means we still have two-thirds to go (assuming we follow through to the end).
The next five firms are colorful. They include one firm that was featured in the Transformers movie, and another that used to employ a high-priced escort.
For your consideration (in Vault 100 order, prestige scores in parentheses):
Here are two updates about clerkship bonuses (a subject of interest to a limited group of readers — but those who care REALLY care):
1. Willkie Farr & Gallagher: The rumor that Willkie pays a $50,000 clerkship bonus has been confirmed. We understand this applies to both New York and Washington.
2. Akin Gump: In New York, the firm pays a $50,000 clerkship bonus. (We don’t know what they do in other offices.)
In addition, one tipster calls out WilmerHale for, well, trying to pull a Latham.
If you’d like to know why WilmerHale’s $35,000 clerkship bonus may not truly be a $35,000 clerkship bonus, read the rest of this post, after the jump.
Some good news for law clerks heading to the New York office of Covington & Burling after their clerkships. A source at the firm directed us to check out this updated section of their website:
We reward judicial clerks who come directly to the firm following their clerkship(s) with credit for purposes of both salary and partnership consideration, together with a $50,000 bonus for one clerkship and a $70,000 bonus for two clerkships for those who have clerked for a federal judge, or for the highest court in any state or the District of Columbia.
So add a new member to the $50K/$70K Club. But note that Covington is taking the Ropes & Gray approach: the new and improved clerkship bonuses are paid out in New York only. In Washington and San Francisco, the firm still pays a $35,000 clerkship bonus. Update: Also noteworthy, per a commenter: “This is different from the other $70K bonuses in that it only applies to people with two-clerkships, rather than one two-year clerkship.”
In addition, we’ve heard a rumor that Willkie Farr & Gallagher has raised its clerkship bonus to $50,000. But we haven’t seen the email, and Willkie’s website and NALP form don’t reflect this info. If you can confirm, please drop us a line.
A “List of Shame” for top firms paying below-market clerkship bonuses, after the jump.
We’ve been so focused on nationwide associate pay raises that we’ve been neglecting New York City — where lawyers have always earned top dollar. And where they enjoy real estate spoils reflecting their high compensation, which we regularly profile for Lawyerly Lairs.
One of our favorite sources of real estate porn in the deliciously gossipy New York Observer. Here are a few recent “Manhattan Transfers” items, all of which involve lawyers:
1. Crusading Lawyer Inks Sweet $2.4 M. Deal for Harlem Townhouse
The Erin Brockovich of big-sugar class-action lawsuits has bought a stately 108-year-old townhouse on West 137th Street (at right), a leafy block near Harlem’s Strivers Row.
Moral of the story: If you’re a law professor with dreams of a million-dollar home, you need to marry well. Or be Feldsuk.
In addition to having a million-dollar home, Professor Cleveland is also highly attractive, a former Rhodes Scholar, and a former Supreme Court clerk (for Justice Blackmun). Could a life be any more charmed? (Although that Manhattan-Austin commute is probably a real pain…) Update: Per this comment, and as confirmed by this press release, Professor Cleveland — who is “a fantastic teacher,” we’re told — has been snapped up by Columbia. Very nice.
2. Saint David’s Buys Headmaster Two Philip Johnson Condos for $2.99 M
The Saint David’s School, an all-boys prep school, just purchased two adjacent condos for a total of almost $3 million. These apartments will be the home of their headmaster. Who says schoolteachers can’t live well?
One of the principals in this deal is a lawyer: Willkie Farr & Gallagher partner Xavier Dieux is selling one of the two units. Presumably Mr. Dieux is trading up; he was probably living below his means in his condo at the Metropolitan.
3. Davis Polk Stays At Home
This item, reporting on Davis Polk & Wardwell’s 650,000-square-foot renewal at 450 Lexington Avenue, concerns commercial rather than residential real estate. So it may lie slightly beyond the jurisdiction of Lawyerly Lairs.
But it is interesting to see how Davis Polk is perceived by the outside world. The Observer refers to DPW as “cultivat[ing] its reputation as the Cravath, Swaine & Moore for happy people.”
Is that view of DPW accurate? Feel free to debate in the comments.
Yes, the rumors are true: Willkie Farr & Gallagher has raised base salaries for its associates. Here’s the memo:
From: The Executive Committee
Sent: Wednesday, January 24, 2007 11:52 AM
To: ASSOCIATES – DC; ASSOCIATES – NY
Cc: PARTNERS – DC + OF COUNSEL; PARTNERS – NY + OF COUNSEL; Danaher, John; Salvatore, Jeanine; Poster, Margaret
Subject: 2007 Associate Salaries
We are pleased to announce that the annual base salaries for associates in NY and DC have been increased, retroactive to January 1, 2007, as follows:
Class of 2006 – $160,000
Class of 2005 – $170,000
Class of 2004 – $185,000
Class of 2003 – $210,000
Class of 2002 – $230,000
Class of 2001 – $250,000
Class of 2000 – $265,000
Class of 1999 – $280,000
Class of 1998 – $290,000
Adjustments will be reflected in your January 31st paycheck. Adjustments for more senior associates and Special Counsel will be determined on an individual basis.
We continue to be extremely appreciative of our associates’ contributions to the Firm which were instrumental in making 2006 another record year for the Firm. Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
Lots of interesting moves, both actual and rumored, to report upon today. Possible promotion:
* Elena Kagan, the popular (and hot) dean of Harvard Law School, is being considered for the presidency of Harvard University. In government:
* New York Governor Eliot Spitzer is on a hiring spree (just like his successor as AG, Andrew Cuomo). Lloyd Constantine, who currently heads a 40-lawyer firm, will serve as a senior advisor to Spitzer. Debra Bachrach, a partner at Manatt, Phelps & Phillips, will direct the state’s Medicaid program. Joseph Baker, bureau chief for health care under AG Spitzer, will take over as deputy secretary for health and human services. “You’re Fired”:
* Former Apple in-house lawyer Wendy Howell was discreetly discharged, late last year, for her role in the options backdating fiasco. Reunited and it feels so good:
* Structured finance lawyers William Cullen, Janet Barbiere and Bola Oloko, to Thacher Proffitt & Wood, from Sidley & Austin. The trio left Thacher Proffitt together in 1997 (back when Barbiere and Oloko were still associates; they were recently promoted to partnership at Sidley). Other lateral moves:
* Bankruptcy lawyer Steven Wilamowsky, to Bingham McCutchen, from Willkie Farr & Gallagher. Headhunters at Harvard May Pick a Woman [New York Times] NY Bankruptcy Partner Switches Firms [NYLawyer.com] NY Trio Returns to Firm They Left in the ’90s [NYLawyer.com] Spitzer Taps Three NY Lawyers to Fill Key Positions [NYLawyer.com] Apple Quietly Canned Lawyer Who Backdated [The Recorder via Law.com]
So it appears that Willkie Farr & Gallagher has matched market bonuses. We don’t have official confirmation or a memo yet, but we doubt that this is another fake Willkie announcement.
Matching is the default outcome right now. We doubt anyone will have the guts to raise. Most big law firms had a very good year in 2006, and they probably could afford to be more generous with bonuses. But our guess is that they’re being conservative this year, in case the economy heads south in 2007.
On the other hand, we don’t think any Biglaw shop would be stupid enough (or mean enough) to go below market. It would be a scarlet letter to wear for several recruiting seasons to come. So matching market / Milbank is the safest way to go.
One of you was kind enough to respond to our request for the Simpson Thacher bonus memo. We reprint the STB memo, after the jump. Update (1:35 PM): The Willkie Farr memo is also available after the jump. Our thanks to commenter Wendell.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!