Wilson Sonsini

Associate Bonus Watch: Wilson Sonsini Announces Bonuses and Base Salary Scale

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Today everyone’s talking tech, thanks to Facebook’s upcoming IPO. In light of how Silicon Valley is dominating the news cycle, it seems fitting to discuss the recent bonus and salary news from Wilson Sonsini — one of SV’s top firms, and counsel over the years to many startup companies turned tech giants.

(But not Facebook, at least with respect to the IPO. That’s being handled by Fenwick & West and Simpson Thacher.)

So what kind of bonuses did WSGR just announce? Let’s find out….

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Morning Docket: 12.13.11

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No glove, no love.

* The Supreme Court will hear Obama’s challenge to Arizona’s immigration law. Upside: we can probably expect a decision by June. Downside: Lady Kaga has to sit her ass out. [New York Times]

* Depressing fact of the day: unless you’re earning six times your law school’s annual tuition, you’ll probably never be able to afford a home. Thanks a lot, student loan debt. [National Law Journal]

* Wilson Sonsini has announced its 2011 partnership class. Of ten new partners, only three are women. At least they’re beating Cravath’s partnership diversity scale. [DealBook]

* Los Angeles is suing to block an initiative that would force porn stars to wear condoms. Why? It wastes taxpayer money, and would be disastrous to spank banks nationwide. [Courthouse News]

* Stephanie Van Groll may be the “tall, young, hot nymph” whose sexting lawsuit against Kenneth Kratz survived a motion to dismiss, but he is still the prize. [Appleton Post-Crescent]

Career Center Survey Results: Who Labored on Labor Day?

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Almost half (48%) of Career Center survey respondents said they were too busy billing on the Labor Day holiday to fire up the barbie. That’s more than the 35% of survey respondents who reported working on the Fourth of July, but less than the 73% of respondents who worked on Presidents’ Day, and the 66% of respondents who worked on MLK Day.

The most popular reasons given for skipping out on the Labor Day celebrations were:

56% said that nobody specifically asked them to do work, but they had work they needed to get done. 29% said a partner or associate asked them to do work. 14% said a client asked them to do work. 10% said they needed the hours. 7% said everyone else in their office was working. 3% said that Labor Day is not recognized as an official firm holiday.

Now let’s find out in which practice areas and at which Biglaw firms associates were most and least likely to work on Labor Day….

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Which Law Firms Are Most Diverse? Let’s Look at the Rankings

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An old white male and his younger diverse peeps.

Law firm diversity matters. It matters to corporate clients, many of them public companies that want to demonstrate their commitment to diversity through their selection of vendors and service providers — which is what law firms are, at the end of the day. It matters to the law students and lawyers that firms are trying to recruit — which is the premise behind the data collection conducted by Building A Better Legal Profession.

So there should be keen interest in the latest edition of the American Lawyer’s Diversity Scorecard 2011, which the magazine just released. As Am Law explains, the Scorecard constitutes its annual ranking of large law firms by their percentage of minority attorneys and minority partners.

Let’s take a look at the top firms for diversity. Did your firm make the list?

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Nationwide Pay Raise Watch: West Coast Action

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We recently reported on Wilson Sonsini restoring associate base salaries to pre-recession levels. Wilson Sonsini associates in five major offices — New York, Palo Alto, San Diego, San Francisco, and Washington, D.C. — are now paid on what might be called the New York market scale or the $160K scale (a scale I’ve committed to memory: 160/170/185/210/230/265).

In our story, we quoted a WSGR associate who viewed the firm’s raise as a response to salary hikes by two Silicon Valley peer firms, Cooley and Gunderson Dettmer. At the time of our story, however, Cooley and Gunderson had not raised SV associate salaries to NYC market levels.

UPDATE: To be precise, Cooley had announced a raise at the time of the WSGR memo, but the raise had not yet taken effect. Gunderson did not announce until yesterday.

Let’s learn more….

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Associate Salary Watch: Wilson Sonsini Restores Pay to Pre-Freeze Scale

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It appears that Larry Sonsini, chairman and name partner of the high-powered Wilson Sonsini law firm, is a very good golfer. Earlier this year, while playing golf to celebrate his 70th birthday, the legendary lawyer scored a hole in one.

Sonsini isn’t the only one who’s scoring over at 650 Page Mill Road. His partners are doing deals left and right, and the fees are trickling down to the associates, who just scored some nice pay raises.

What is Wilson Sonsini up to? Let’s find out….

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Matt Kluger, Ex-Biglaw Associate Charged With Insider Trading, Is A Gay Dad — and Once Sued Fried Frank Over It

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Matthew Kluger aka Big Gay Matt

“Aww, Matt, why do you have to go around giving us a bad name?”

Ever since Matthew Kluger was charged in a massive insider trading case, involving an alleged conspiracy that spanned 17 years and generated more than $32 million in profit, the foregoing question could be asked by many groups: Cornell grads, NYU law grads, Cravath lawyers, Skadden lawyers, and Wilson Sonsini lawyers.

Tonight we can add more groups to the list: Fried Frank lawyers, and gays — specifically, gay dads.

As reported by the Wall Street Journal earlier tonight, Matt Kluger worked at yet another major law firm: Fried Frank. After he was fired by the firm in 2002, he sued, claiming that partners there discriminated against him because he’s gay — and a father of three, with parenting responsibilities.

Just when you thought this case couldn’t get any weirder, it just did. Matthew Kluger is gay. And a dad. With three kids. Thanks for sending America such a positive image of LGBT parents, Matt!

Let’s take a closer look at Kluger’s suit against Fried Frank — and additional details about Matt Kluger’s complicated personal life, gleaned from ATL tipsters….

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Ex-Associate at Three Top Firms Charged With Massive Insider Trading

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Matthew Kluger

There’s no contest today for Lawyer of the Day honors. The clear winner is Matthew Kluger, a former associate at three leading law firms, who has been charged in a massive insider trading case. Kluger stands accused of reaping more than $32 million in profit over the course of a 17-year conspiracy, which also allegedly involved a trader, Garrett Bauer. (Kluger and Bauer might not be as big as Raj Rajaratnam, who’s pretty hefty, but their supposed scheme is nothing to scoff at.)

The charges were filed by Paul Fishman, U.S. Attorney for New Jersey (disclosure: my former office). Fishman claims that Matt Kluger passed along insider information that eventually made its way, via an unnamed co-conspirator, to Garrett Bauer, who traded on it. According to the complaint, Kluger and Bauer invested more than $109 million in the scheme, which yielded profits of more than $32.2 million.

Where did Kluger allegedly obtain the inside information? From the three Biglaw firms where he once worked on M&A deals….

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Associate Bonus (and Salary) Watch: Wilson Sonsini

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In our coverage last month of top law firm partners to work for, Wilson Sonsini did well. See here and here.

(Speaking of Wilson Sonsini partners, the firm recently announced nine new ones — including Rick Frenkel, of “Troll Tracker” fame. Congratulations!)

Not only does WSGR have some great partners to work for, but they will also pay you if you work there. Getting paid is… nice.

How much will Wilson Sonsini associates receive in 2010 bonuses and 2011 base salaries?

Let’s look at the memo that went out yesterday….

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Associate Bonus/Salary Watch: Wilson Sonsini Announces Bonuses A Few Days After Firing Staff

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2009 Associate bonus watch above the law.JPGLast week, Wilson Sonsini was busy shuffling staffers out the door. Today, Wilson Sonsini is proud to announce bonuses for the lawyers — just in case any of them were feeling bad about their recently departed secretaries.
The firm-wide memo just went out; here’s the bonus news:

Merit Bonus
The firm will pay merit bonuses for FY10 to all eligible non-member attorneys. Continuing with the criteria implemented last year, the merit bonus program provides for hours-based awards to all attorneys in good standing who achieved 1,900 or 2,100 bonus-eligible hours over the course of the 2009 calendar year. In addition to the hours-based component, attorneys also may receive a discretionary amount based on work quality and overall contribution to the firm. …
This year’s total bonuses range from a maximum of $9,000 for eligible associates from the class of 2008 to a maximum of $49,000 for eligible associates from the 2002 and earlier classes.

While the top number is more than the Cravath scale, we have no idea how many lawyers actually exceeded the Cravath bonus. I’ll spare you the familiar rant about the uselessness of providing the high score without mentioning the average payout associates received. Suffice it to say: nobody’s fooled.
UPDATE: We now have the full bonus memo for WSGR, which appears after the jump.
Wilson Sonsini also announced salary news today. After the jump, you’ll see that it looks suspiciously like a thaw of one class year.

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Nationwide Staff Layoff Watch: Wilson Sonsini Makes Cuts

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wsgr logo.JPGLast week, Seyfarth Shaw kicked off a round of 2010 layoffs. Today, Wilson Sonsini followed suit.
The firm just announced that it is laying off staff. Here’s an excerpt from the firm-wide memo:

[A]fter a long and thorough analysis, we have concluded that these changes have made it necessary to downsize the ranks of our staff by approximately 20 employees nationwide, primarily in the secretarial area. We emphasize that the downsizing is a regretful but prudent business decision and no reflection on the skills and performance of the employees involved, who already have been informed of the specifics of this decision. The firm will provide separation pay and support services to help them transition.

It looks like another law firm just got a look at its 2009 profit numbers and found them unappealing. But at Wilson, this is the second year in a row that the new year has brought about new layoffs. In January 2009, Wilson Sonsini laid off 113 people (68 staff) because of the economy. At least this round of New Year’s layoffs isn’t as deep.
In September, Wilson froze the salaries of its secretaries, evidently the firm decided it needed to make a stronger move.
Good luck, Wilson Sonsini friends.
Read the full firm memo after the jump.

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Accountants Help Keep Lawyers in Business

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Thumbnail image for DTa.jpgIf at first you don’t succeed, try, try again. From our sister site, Going Concern:

[A] judge in Seattle has allowed a revised lawsuit to proceed that lists “Washington Mutual officers and directors, underwriters, and the auditing firm Deloitte & Touche” as defendants.

The revised lawsuit was trimmed down to a “concise” 267 pages from the original 388 that the judge described as “verbose” and “disorganized”.

“Verbose” and “disorganized” would also describe many lawyers we know. On the defense side, though, it’s an all-star cast. From Am Law Litigation Daily:

The lineup for the defendants includes Simpson Thacher & Bartlett attorneys Barry Ostrager and Rob Pfister for former WaMu officers; Ronald Berenstain of Perkins Coie for former WaMu outside directors; Barry Kaplan of Wilson Sonsini Goodrich & Rosati for former WaMu CEO Kerry Killinger; Peter Wald of Latham & Watkins for Deloitte; and Jonathan Dickey of Gibson Dunn & Crutcher for the underwriters.

Read more about this lawsuit, and comment, over at Going Concern.
Lawsuit Against Deloitte Gets New Life [Going Concern]