Still no news. The message boards are quiet (aside from complaints about the “trolls,” and admonitions not to “feed” them).
At this point in time, we’re guessing that no major bonus news will break this week. But we’re happy to be proven wrong. As soon as you hear something, please email us.
Last night, a fake Willkie Farr bonus memo was making the rounds (just like the fake Milbank Tweed bonus memo). We posted the memo quickly, in the interest of timeliness, but papered it up and down with disclaimers: unconfirmed, not verified, do not rely, etc. An hour or two later, after conferring with our Willkie sources, we came back and declared it to be fake. Somefolks were annoyed that we posted the fake memo to begin with. So we’d like to explain how we operate around here, by quoting from two reader comments. Comment 1:
ATL posts them immediately because these things are time-sensitive. No one should rely on this info before it gets confirmed, but the easiest way to confirm it is to get it out to a wide audience quickly and let it be debunked. I for one don’t care whether it’s initially accurate or not, I just appreciate the effort to shed light on one of the many mysterious aspects of big firm life — compensation.
The blogosphere way of doing things is to publish stuff ASAP, then to correct or modify as the story develops. The mainstream media way of doing things is to hold a story – sometimes for a long time – until it’s all confirmed. It is not surprising that ATL takes the blogosphere approach.
Also, when ATL originally posted the memo, there were boldface, all-caps disclaimers all over the post. You’d have to be a moron to rely upon anything posted with all those caveats.
So this is how we’re going to operate around here. We’ll put up purported “bonus memos” ASAP, but with disclaimers, while we work on confirming and fact-checking them. But please don’t treat such memos as authentic until we append a confirmation (or remove the disclaimers).
Striking a balance between speed and accuracy is a constant struggle, in both the blogosphere and the mainstream media. This is our explanation of how we strike the balance; we hope you find it helpful. Thanks for reading. Earlier: Prior ATL coverage of bonuses (scroll down)
The fake bonus announcement memos really aren’t that funny, people. Everybody gets all worked up for an hour or two, and then the ruse is exposed.
The purported Willkie Farr bonus memo, which surfaced earlier tonight, is not authentic. From one of our sources at Willkie:
This is clearly a fake. FYI, Willkie never sends out bonus memos this early in December, and in any event, it wouldn’t come from Matt Feldman, who is a bankruptcy partner. It would come from someone like Jack Nusbaum (chairman) or Thomas Cerabino (a high-ranking partner on the Executive Committee).
This was confirmed by a second Willkie source, who reported receiving no such memo.
We have sources at pretty much all the top firms. It doesn’t take us very long to contact them for confirmation (or denial). We also have no qualms about contacting the supposed senders of these memos, whether they’re HR people or Biglaw partners, for verification and comment.
So please stop wasting your time — and ours. Thank you. Earlier: Associate Bonus Watch: Willkie’s Bonus Memo??? Prior ATL coverage of bonuses (scroll down)
Update: As explained here, the supposed Willkie Farr “bonus memo” reprinted below is a fake.
From: “Matthew A. Feldman”
Sent: Wednesday, December 06, 2006 6:29 PM
Subject: Associate Bonuses
We are pleased to announce that the firm will once again award year-end bonuses for associates.
Class of 2006 – $40,000
Class of 2005 – $45,000
Class of 2004 – $55,000
Class of 2003 – $60,000
Class of 2002 – $70,000
Class of 2001 – $80,000
Class of 2000 – $95,000
Class of 1999 – $110,000
Class of 1998 – $120,000
The Compensation Committee thanks everyone for their hard work in making 2006 a successful year.
Matthew A. Feldman
787 Seventh Avenue
New York, N.Y. 10019-6099
F: 212-xxx-xxxx Willkie bonuses announced [Infirmation/Greedy NY Board]
We’ve fallen a bit behind in telling you who is going where, and why. So here’s a short recap of notable recent moves within the legal profession: From Law to Finance:
* It’s rare for partners to leave Wachtell Lipton, but it does happen. Earlier this month, former WLRK corporate partner Mitchell Presser left the firm, to join Fox Paine. Presser, renowned at Wachtell for his impeccable taste in sushi, focuses on deal structuring and new investment opportunities at Fox Paine. New Partners:
* Simpson Thacher & Bartlett: Eight new partners in New York. Corporate: Barrie Covit, John Ericson, Ellen Reilly Patterson, Kathryn King Sudol. Executive compensation and employee benefits: Gregory Grogan. Real estate: Sasan Mehrar. Litigation: Michael Garvey and George Wang (whom we know, and who are both very fine lawyers — congrats, guys).
* Willkie Farr & Gallagher: Eleven new partners in New York. Corporate and financial services: Leah Campbell, Mark Cognetti, Morgan Elwyn, Rita Molesworth (luv the name), Adam Turteltaub. Litigation: Mary Eaton, Scott Rose, and former AUSA Michael Schachter. Tax: Christopher Peters. Business reorganization and restructuring: Rachel Strickland.
You may recall Michael Schachter as the superstar federal prosecutor in the Southern District of New York, who helped send Martha Stewart to prison (where she learned to make delicious dishes using vending machine fare and the inmates’ communal microwave).
* Weil Gotshal & Manges: Twenty new partners around the country. That’s too many for us to reprint here, so check out the list in the press release.
A majority of these twenty partners are women, and two are “flex-time partners.” Details here. Out the Door:
* Myron Olesnyckyj, former general counsel of Monster Worldwide Inc. (which owns Monster.com). Stock options backdating. Yawn.
* And a bunch of execs at ACS and Quest Software, also because of backdating. Some lawyers, some not. Double yawn. NY Biglaw Associates Making Partner [NYLawyer.com] Another GC Axed Over Stock-Options [NYLawyer.com] Backdating: More Resignations, More Legal Business [WSJ Law Blog] Weil Gotshal Elects Twenty to Partnership and Appoints Five as Counsel [Weil Gotshal & Manges] Weil’s Partnership Class Has More Women Than Men: News? [WSJ Law Blog]
Tons of moves to report today — and these are just the highlights: New Partners:
* Latham & Watkins — which, as discussed yesterday, is very popular with Supreme Court clerks — has elected 26 new partners, in offices around the country. That’s enough lawyers to start a whole new law firm.
You can check out their names here. If you graduated from law school around 1998, you probably know some of them. “Magic Circle” Hiring Spree:
The top British law firms — aka the “Magic Circle” firms — continue to cast spells over U.S. practitioners, who have been flocking to their American offices in droves.
* Louis Kimmelman, former co-chair of O’Melveny & Myers’s international arbitration practice, is heading to Allen & Overy’s rapidly growing New York office. Kimmelman regularly appears before the International Court of Arbitration of the International Chamber of Commerce, the American Arbitration Association, and other tribunals.
* Finance lawyers Zarrar Sehgal and Anthony Lopez III, to Clifford Chance (NY), from Milbank Tweed and Cahill Gordon, respectively. Lateral Moves:
* Corporate and securities lawyer Michael Student, to Brown Rudnick, from Holland & Knight.
* Tax lawyer James Tander, corporate lawyer Patrick de Carbuccia, and real estate lawyer Michael Pollack, to Reed Smith (NY). They come from, respectively, Skadden Arps, Willkie Farr, and Withers Bergman of (New Haven, CT). Government to Private Sector:
* Sharon McCarthy, a former deputy chief of the U.S. Attorney’s Office for the Southern District, to litigation and tax boutique Kostelanetz & Fink, as a partner. Internal Promotions:
* Paul Tvetenstrand, a partner in the structured finance practice group, has been elected chairman and managing partner of Thacher Proffitt & Wood. Latham & Watkins Elects 26 New Partners [Latham & Watkins] NY Partners Switching Firms, NY Lawyers On the Move [NYLawyer.com] More NY Partners Switching Firms [NYLawyer.com] Firm Promotes 26 to Partnership [NYLawyer.com] NY Practice Leader Switches Firms [NYLawyer.com]
Out the Door:
* CNET’s former general counsel, Sharon Le Duy — resigns — another casualty of the stock options backdating scandals. Lateral Moves:
* ERISA lawyer Dana Scott Fried, to Loeb & Loeb, from Brown Raysman Millstein Felder & Steiner.
Is Dana Fried an ERISA hottie? Perhaps. You be the judge; here’s his bio (with photo).
* Corporate and securities lawyer Mark Thierfelder, to Dechert, from O’Melveny & Myers.
* Tax specialist James Tander, corporate lawyer Patrick de Carbuccia, and real estate lawyer Michael Pollack, all to Reed Smith (NY); they come from, respectively, Skadden Arps (as counsel), Willkie Farr (as an associate), and British trusts and estates boutique Withers Bergman (as head of the real estate practice). CNET Joins the Backdating Parade; Its General Counsel Resigns [WSJ Law Blog] Firm Boosts NY Office With Three Lateral Partners [NYLawyer.com] NY Partners Switching Firms, NY Associates Making Partner [NYLawyer.com]
Lawyer weddings come, and lawyer weddings go. The weekend of September 16-17, a veritable cornucopia of attorney nuptials, was followed by the weekend of September 23-24 — not an embarrassment of riches, but just an embarrassment.*
No way are we writing about Cheryl Connolly and Kyle Lewis — Lewis was wounded in Iraq, so the guy’s been through enough. Here are the couples in contention:
Who will secure the final berth in the September 2006 Couple of the Month contest? Find out, after the jump.
* Speaking of embarrassments, we realize we are weeks behind in Legal Eagle Wedding Watch (“LEWW”). We’re writing about weddings that took place last month; some of these couples are probably divorced by now. See — we really do need some help around here! If we can find the right writer, we’d even consider outsourcing LEWW.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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