JD Journal » Cleary Gottlieb Steen & Hamilton http://www.jdjournal.com Legal Industry News Wed, 08 Feb 2012 01:14:49 +0000 en hourly 1 http://wordpress.org/?v=3.3 LawCrossing Survey of Lawyer Salaries of Best Law Firms http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/ http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/#comments Wed, 28 Dec 2011 20:14:14 +0000 aostler http://www.jdjournal.com/?p=32781 A recent LawCrossing Survey of Lawyer Salaries of Best Law Firms survey asked attorneys about their experiences working for 94 different law firms. While the survey asked a variety of questions regarding associate life, vacation time, benefits, and firm demands, one of the more interesting components involved the salary and bonus assessment. What follows is a concise summary of the survey’s results with regards four separate areas: salary and bonus amounts for 2011; salary scale; the target bonus amounts for 2010; and the factors that go into determining bonuses for each firm.

 

Law Firm Name 2011 Salary & Bonuses Salary Scale 2010 Target Bonus Level Bonus Factors
Akin Gump Strauss Hauer & Feld LLP Akin Gump Strauss Hauer & Feld have salaries that start at $160,000. The salary structure in Houston offices is a year behind market trends. Typically, the firm follows lock-step bonuses, even paying the New York market bonus in December 2010. Some associates also receive a $10,000 merit bonus based on number of hours worked. $160k $7k,
$10k,
$15k,

$20k,

$25k,

$30k,

$35k

 Class year determines bonuses.
Allen & Overy LLP Starting salary is $160,000. Salary and bonus systems are both “lockstep.” Billable hours have no bearing on bonuses. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Class year determines bonuses.
Alston & Bird LLP $160,000 starting salary for new associates. Merit considerations come into play when determining bonus amounts including billable hours. Top performers in first through fourth years can earn up to $25,000 extra. Top performers in fifth year + can earn up to $50,000 extra. $135k,

$140k,

$145k,

$155k

  N/A Billable hours and subjective conditions determine bonuses. Bonuses are 4%, 7.5%, or 12% of salary at the following billable hours markers: 1,900, 2,000, and 2,100.
Arnold & Porter LLP Arnold & Porter uses lockstep salaries based on class year with a base starting at $160,000. Subjective factors and billable hours determine bonus amounts. 2010 bonuses were considered “above-market,” at $10,000 to $50,000 on average with a maximum of $70,000. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses including quality of work and work quality in relation to seniority. Qualifying factors are not transparent but the basics include: 1,800 billable hours and pro bono work.
Baker & McKenzie The Baker & McKenzie firm has a lockstep salary system with some exceptions given for individuals based on performance. Starting salaries are $160,000 except for Miami offices, where it is $130,000. Bonus amounts are considered to be below market. $160k  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Baker Botts L.L.P. Salary is merit-based at Baker Botts. The four salary categories are determined by number of years with the firm (1, 2-3, 4-6, and 7+), but seniority promotions are not automatic. Starting salary is $160,000.  Texas offices have the highest bonus incentives. Bonuses are paid in March. Federal District and Circuit Court clerkship bonuses are given in the amounts of $35,000 and $50,000 to Texan and non-Texan offices, respectively. $160k,

$170k,

$170k,

$185k,

$185k,

$185k

  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Baker Hostetler LLP Starting salaries fall between $115,000 and $160,000 then slip into a hybrid lockstep system than combines billable hours, performance, and other factors into consideration. Individual salaries do not always match market levels, nor do bonuses, which are largely discretionary. $160k  N/A 5% bonus administered after completing 1,950 hours. Additional 12.5% bonus is possible, though rare, and based on performance.
Bingham McCutchen LLP Bingham McCutchen follows a hybrid lockstep system that determines base salary levels. Starting salary is $160,000. Bonuses are at market level but not paid out until March. Judicial clerkship bonuses are also available. $160k,
$170k,
$185k,

$210k,

$230k,

$250k

 $7k,
$10k,
$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Bryan Cave LLP Salary at Bryan Cave in coastal and Chicago offices is $145,000 for the first year, $150,000 for the second year, and $155,000 for the third year. Base salary is lower in all other offices. In general, compensation is determined by lockstep and merit-based factors. Bonuses are also tiered but it is unclear how much members will receive each year. Judicial clerkship bonuses are available in some cases. $125k  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent. Bonus tiers reside at 1,950, 2,100, 2,250, and 2,400 hours.
Cadwalader, Wickersham & Taft LLP Cadwalader, Wickersham & Taft have a lockstep salary system that starts at $160,000 for all offices except Charlotte, which starts at $130,000. Spring bonuses in 2011 matched the market scale. $160k,
$170k,
$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses, though merit-based factors are only considered after 1,900 billable hours have been logged.
Cahill Gordon & Reindel LLP Cahill offers a lockstep salary system that starts at $160,000 and stays consistent depending on the associate’s class. Bonuses were distributed in payments ranging between $15,000 to $20,000 in December 2010 and another at market scale in January 2011. Mid-year bonuses were also paid in June 2011 for $5,000 to $25,000. $160k  N/A Class year determines bonuses.
Chadbourne & Parke LLP Chadbourne & Parke has a starting salary of $160,000 and bonuses that meet the market scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses.
Cleary, Gottlieb, Steen & Hamilton LLP A lockstep system is used for setting salaries at Cleary, Gottlieb, Steen & Hamilton with a base of $160,000. They match market scale bonuses across the board. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Bonuses are determined by class year of the associate.
Clifford Chance LLP Clifford Chance uses a lockstep system to determine salaries, which start at $160,000. Bonuses meet the market scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 The process by which bonuses are determined is not transparent.
Cooley LLP Cooley uses a lockstep system to determine salaries, which start at $160,000 and meet the market level. Bonuses usually meet the market scale but a lack of overall transparency makes it difficult to gauge average amounts. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. Some of these factors are believed to include performance, client relationships, quality, and partnership potential, though the process is not transparent.
Covington & Burling Covington & Burling use a lockstep system to determine salaries, which start at $160,000. Bonuses are lower than similar firms though the firm has a reputation for contributing to a better quality of life for its associates. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses though subjective factors may contribute like pro bono work, recruiting, involvement, performance, etc.
Cravath, Swaine & Moore LLP Cravath, Swaine & Moore use a lockstep system to determine salaries, which start at $160,000. The firm sets and surpasses market bonus amounts for both end-of-year and spring bonuses. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Crowell & Moring LLP Crowell & Moring use both a lockstep system and merit-based approach to determine salaries, which start at $160,000. Bonus amounts vary. $160k  N/A Billable hours and subjective conditions determine bonuses. 1,900 billable hours must be logged for bonus eligibility.
Davis Polk & Wardwell Davis Polk & Wardwell use a lockstep system to determine salaries, which start at $160,000. However, paychecks are only administered once a month. Bonuses match the market and came in at the top of the market for spring bonuses in 2011. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Debevoise & Plimpton LLP Debevoise & Plimpton uss a lockstep system to determine salaries, which start at $160,000. Bonuses matched market levels in 2009 and 2010, while their spring bonuses for 2011 came in at the top of the market on the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Dechert LLP Dechert uses a lockstep system to determine salaries, which start at $160,000 in most markets and at $145,000 for Charlotte, Philadelphia, Princeton, and Hartford offices. 2010 bonuses met the Cravath scale for standard performance and were doubled for those who were extremely productive. $145k,

$152k,

$160k,

$170k,

$180k,

$190k,

$200K,

$210k

  N/A Billable hours and subjective conditions determine bonuses. 1,950 billable hours nets a Cravath-level bonus. More hours increases this amount.
Dewey & LeBoeuf LLP Dewey & LeBoeuf uses a lockstep system for determining salaries, which start at $160,000 and increase each year after that. Bonuses are in keeping with the Cravath scale, but are paid out in March or April. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

 $35K Billable hours and subjective conditions determine bonuses. Associates that billed 2,000 hours qualify for bonuses with additional bonuses available for high performance.
Dickstein Shapiro LLP Dickstein Shapiro has a lockstep starting salary of $160,000. After that, salaries are below market level. By the third year, associates can work for higher hourly pay. Bonuses are paid out in December. $160k,

$165k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. After 2,100 hours, the bonus level increases every 100 hours.
DLA Piper DLA Piper has a lockstep starting salary of $160,000 in most markets and $145,000 in smaller markets.  A newer compensation structure features three tiers that are separated by 2-4 years and accession through the ranks is based on performance. 15% of the salary is awarded at the end of the year, based on a performance review. If no salary is withheld, bonuses are given.  Income and bonuses are generally viewed as below market levels. In previous years, bonuses ranged from $5,000 to $50,000. Top performers now receive market-level bonuses. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. An end of year performance review determines if associates receive their 15% withheld portion of their salary. A rating of 4 or 3 warrants this; a rating of 2 warrants a 5% payment; and a rating of 1 warrants no withheld salary or bonuses.
Dorsey & Whitney LLP Dorsey & Whitney uses a merit-based compensation system. Starting salary is $145,000 in California and New York and $110,000 to $120,000 in smaller markets. Bonuses are behind market scale discretionary. $110k  N/A Billable hours and subjective conditions determine bonuses, though they are mostly discretionary. They are not determined in a transparent way.
Edwards Angell Palmer & Dodge LLP Edwards Angell Palmer & Dodge have a lockstep system for starting salaries at $145,000 in New York and Boston and $125,000 in Providence. Senior associates have a range of salaries, determined by unclear means. 10% of salary relies on meeting the minimum billable hours. Bonuses are less than market scale. $145k  N/A Billable hours and subjective conditions determine bonuses.
Fenwick & West LLP Starting salaries at Fenwich & West are $160,000 at all offices. Bonuses are typically lower than market levels. $160k  N/A Billable hours and subjective conditions determine bonuses. 1,800 and 1,950 billable hour tracks are available for different salary and bonus potential.
Fish & Richardson P.C. Fish & Richardson salaries are lockstep and start at $160,000. Bonuses ranged from $17,500 to above $50,000 in 2009 and even higher bonuses in 2010. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses. 1,900 nets a bonus with every additional 100 hours increasing this amount.
Foley & Lardner LLP Foley & Lardner has a hybrid lockstep system with a tiered system for bonuses. Starting salary is $160,000 in major markets and between $110,000 and $145,000 in smaller markets. Deferred salary payment of $15,000 is made to those who work over 1,950 hours. Lockstep system dissolves after the fourth year. Bonuses vary and ranged from $0 to $50,000 in 2009. $130k  N/A Billable hours and subjective conditions determine bonuses though the process is not transparent and largely discretionary.
Freshfields Bruckhaus Deringer LLP Freshfields Bruckhaus Deringer uses a lockstep system with salaries starting at $160,000. Non-U.S. offices moved to a milestone system in 2011 based on performance only. U.S. office bonuses follow market standards but actually came in at the top of the Cravath scale for spring bonuses in February 2011. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses.
Fried, Frank, Harris, Shriver & Jacobson LLP Fried, Frank, Harris, Shriver & Jacobson have a lockstep system with salaries starting at $160,000. Bonuses match market levels and reached up to $35,000 in 2009. Spring bonuses in 2011 matched the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. A minimum of 1,950 hours must be logged to qualify.
Fulbright & Jaworski L.L.P. Fulbright & Jaworski have a lockstep system with salaries starting at $160,000. Bonus amounts vary but fall short of market standards. $160k  N/A Billable hours and subjective conditions determine bonuses. Hourly bonuses are given to those that log 2,000 and above with additional amounts given to those every additional 100 hours. Discretionary bonuses are also awarded based on merit.
Gibson, Dunn & Crutcher LLP A lockstep scale is used to determine salaries at Gibson, Dunn & Crutcher, and start at $160,000. Bonus amounts are in line with market levels for year’s end and in the spring. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. Logging over 1,950 qualifies associates for bonuses. Higher billable hours increase bonus amounts considerably. The process is not transparent.
Goodwin Procter LLP Goodwin Procter uses a hybrid lockstep system to determine base salary levels, which start at $160,000, while including flexibility for merit-based assessments. Bonuses met the Cravath level, though individual associates complained about a lack of transparency in the assessment process. Spring bonuses did match the Cravath level in 2011. $160k,

$170k

 $30k,

$35k

 Billable hours and subjective conditions determine bonuses though the process is not transparent.
Greenberg Traurig, LLP Greenberg Traurig has a lockstep and merit-based system to determine salaries. Both salaries and bonuses are discretionary, leading to a tendency toward the firm playing favorites. Bonuses fall behind market levels and many associates don’t receive a bonus at all.  N/A $160k Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Hogan Lovells LLP Salary is determined by billable hours. Those that bill 1,800 hours receive a below-market salary and those that bill above 1,950 receive a market-level salary. Bonuses match the Cravath scale. $160k,

$165k

  N/A Billable hours and subjective conditions determine bonuses. Those that bill 2,000 hours receive a Cravath-level bonus.
Holland & Knight LLP Holland & Knight has a hybrid lockstep system, with salaries starting at $145,000. After that, salary is determined by seniority, billable hours, profitability, and quality of work. Bonuses were awarded in 2011 for performance at a rate of $2,500 for first through fourth year associates and $5,000 for fifth year and up associates. $145k,

$150k,

$155k,

$160k,

$170k,

$180k,

$190k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Hughes Hubbard & Reed LLP Hughes, Hubbard & Reed has a lockstep salary system that starts at $160,000 and is based on subjective variables after that including billable hours, pro bono work, contribution to the firm, and quality, though the reviews are not very detailed and only sub-par reviews cause an associate to miss out on a salary raise. Bonuses were at above-market levels in 2009 but dropped to market level in 2010. $160k,

$170k,

$185k,

$210k,

$230k

  N/A Billable hours determine bonuses. At least 1,950 hours are required to qualify.
Hunton & Williams LLP Hunton & Williams have a lockstep system and base salaries that start at $145,000 or $160,000 depending on the size of the market. Salary after that is determined by seniority and merit-based factors. Bonuses fall behind the market levels and are not distributed until May or June. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. It is thought that 2,100 to 2,200 hours are required to qualify for bonuses.
Irell & Manella LLP Irell & Manella has starting salaries that start at $160,000. Bonuses fell between $15,000 and $70,000 in 2009 and doubled Cravath-level bonuses in 2010. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and class year determine bonuses, with a minimum of 2,000 hours required.
Jackson Lewis LLP Jackson Lewis has different base salaries depending on the market, the lowest of which is $125,000. This is way below market levels. Bonuses are also below market levels. $125k,

$130k,

$135k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. A minimum of 1,900 hours is required.
Jenner & Block LLP Jenner & Block has a lockstep starting salary of $160,000 that switches to merit-based after the first year. Salary determinations are highly subjective as are bonuses. Bonuses ranged from $2,000 to $38,000 in 2009 and has fallen behind market levels in subsequent years. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Jones Day Jones Day has a merit-based salary system that includes factors like billable hours, pro bono, contribution, quality of work, and business development. Starting salaries range from $145,000 to $160,000 depending on the market. Bonuses are incorporated into salaries depending on each associate’s contribution. Typically, bonuses fall above market levels. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
K&L Gates K&L Gates has starting salaries that fall between $115,000 and $160,000, depending on market size, then slip into a merit-based system that takes into account billable hours, quality of work, contribution, performance, and other factors. Bonuses are discretionary. $130k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. 1,950 hours are required to qualify for a bonus.
Kasowitz, Benson, Torres & Friedman LLP Kasowitz, Benson, Torres & Friedman has lockstep starting salaries of $160,000. It keeps with market levels for bonus amounts, though does not exceed it. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Factors determining bonus amounts are not clear.
Katten Muchin Rosenman LLP Katten Muchin Rosenman has a lockstep salary system that starts at $130,000 and $160,000 depending on the market. After that, salaries are based on class year, billable hours, and performance. Bonus amounts fall behind market levels, however. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses.
Kaye Scholer LLP Kaye Scholer has a lockstep starting salary of $160,000. Bonus amounts follow market trends. Qualifying associates in 2009 received between $20,000 and $40,000. Cravath-level bonuses were awarded in 2010. $160k,

$170k,

$185k

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours determine bonuses. 1,950 hours (1,800 billable) is the minimum requirement.
Kilpatrick Townsend & Stockton LLP Kilpatrick Townsend & Stockton has a merit-based system to determine salary. Starting salary is $135,000 to $160,000 depending on the market. Bonuses follow market levels. $135k  N/A Billable hours and subjective conditions determine bonuses though the process is not transparent.
King & Spalding LLP King & Spalding has a lockstep system for determining salaries, which start at $135,000 and $160,000 depending on the market. Bonuses lag behind market standards but a lack of billable hours minimum compensates for this fact. 2010 bonuses met the Cravath scale. $135k,

$140k,

$145k,

$155k,

165k,

$175k,

$185k,

$190k

 $22k,

$22k,

$27k,

$30k

 Billable hours determine bonuses, though discretionary factors can come into play. A minimum of 2,050 hours is required
Kirkland & Ellis LLP Kirkland & Ellis has a lockstep system that starts at $160,000. Double the market value bonuses are available to those that bill high hours. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses. Above 2,200 garners increased bonus amounts.
Knobbe Martens Olson & Bear LLP Knobbe Martens Olson & Bear has a lockstep system to determine starting salaries. Base salaries begin at $140,000. Bonuses lag behind market levels because they’re based on the number of hours billed that fall above the quota. $140k,

$150k,

$160k,

$170k,

$180k,

$190k,

$200k,

$210k

  N/A Bonuses are based on billable hours.
Kramer Levin Naftalis & Frankel LLP Karmer Levin Naftalis & Frankel has a lockstep system that starts at $160,000. Bonuses follow market levels, though they are usually not paid out until February. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours determine bonus amounts. 2,150 hours are needed for a full bonus.
Latham & Watkins LLP Latham & Watkins have a lockstep system that starts at $160,000. Bonuses are typically above market levels, sometimes so much as double. Spring bonuses were also awarded in 2011 that met the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. A minimum of 1,900 hours is required to earn the base bonus.
Linklaters Linklaters has a lockstep system with salaries starting at $160,000. Bonuses are lockstep as well, and fall in line with market levels. 2011 spring bonuses fell below Cravath scale level, however. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours and subjective conditions determine bonuses.
Manatt Phelps & Phillips Manatt Phelps & Phillips uses a hybrid lockstep system with salaries starting at $125,000 and bonuses that fall below market levels. $125k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Mayer Brown LLP Mayer Brown has a lockstep salary system that starts at $160,000 for the first class year and has a range of salaries for every class year after that depending on billable hours, quality, pro bono, and other factors. Bonuses match market levels. End of year 2010 and spring 2011 bonuses met the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours determine bonus eligibility with a minimum of 2,000.
McDermott, Will & Emery Starting pay at McDermott, Will & Emery is $145,000 though a merit-based system was implemented in 2011 that made it so associates only received their full pay if they worked 2,000 billable hours. Bonus amounts meet market levels and they aren’t awarded until March. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
McGuireWoods LLP McGuireWoods uses a hybrid lockstep system to determine salary amounts. Starting salary is $130,000 with assessments each year after resulting in pay raises based on billable hours, pro bono, quality, performance, and other factors. Bonuses tend to be below market levels though working more hours will garner a higher payout. $130k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Milbank, Tweed, Hadley & McCloy LLP Milbank,Tweed, Hadley & McCloy uses a lockstep system to determine salaries, which start at $160,000. Year-end and spring bonuses for 2010 and 2011 met the Cravath level. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Class year determines bonuses.
Morgan, Lewis & Bockius LLP Morgan Lewis uses a hybrid lockstep system with starting salaries at $145,000 in most markets. Bonuses keep up with market levels but increases are implementing very slowly. End of year bonuses for 2010 were paid in January 2011 for double the Cravath level. $145k,

$150k,

$160k,

$170k,

$180k,

$190k,

$200k,

$210k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Morrison & Foerster LLP Morrison & Foerster has a lockstep system with salaries starting at $160,000. The firm follows market levels for bonuses, with more being awarded to those who bill a high number of hours and perform well. Bonuses ranged from $7,500 to $65,000 in 2010. Spring 2011 bonuses matched the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and subjective conditions determine bonuses. 1,950 hours warrants a standard bonus; 1,500 hours, a special bonus.
Munger, Tolles & Olson LLP Munger, Tolles & Olson uses a lockstep system with salaries starting at $160,000. First year associates received a flat $5,000 bonus in 2009 with rates matching market levels for following class years. $160k  N/A Billable hours and subjective conditions determine bonuses, including billable hours, quality of work, and other factors.
Nixon Peabody LLP Nixon Peabody uses a hybrid lockstep system that starts at $145,000. Raises are dependent on performance. Bonus worth 30% of salary is possible. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
O’Melveny & Myers LLP O’Melveny has a lockstep system with salaries starting at $160,000. Bonuses follow market levels and not every associate receives a bonus. Spring 2011 bonuses were on the Cravath scale. $210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. 1,950 hours is the minimum to qualify.
Orrick, Herrington & Sutcliffe LLP Orrick, Herrington & Sutcliffe uses a talent model to determine compensation, with different amounts for associates, managing associates, and senior associates. Advancement is dependent on merit only. 2009 bonuses ranged from $5,000 to $75,000. 2010 bonuses met the Cravath scale. Spring 2011 bonuses met the Cravath scale.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. There is no minimum billable hours requirement, though pro bono work factors in.
Patterson Belknap Webb & Tyler LLP Patterson Belknap Webb & Tyler has a lockstep system with salaries starting at $160,000. Bonuses follow market levels. $160k,

$170k,

$185k,

$210k

  N/A Billable hours and class year determine bonuses. Special bonuses given to those that log more than 2,100 hours.
Patton Boggs LLP Patton Boggs uses a hybrid lockstep system to determine salaries with three tiers separated by billable hours: 1,650, 1,800 and 1,950. Bonuses are paid in March and fall behind or meet market levels depending on several factors.  N/A  N/A Billable hours and subjective conditions determine bonuses. Two options are available: 1. Based on billable hours above minimum 2. Based on hours, pro bono, work quality, etc.
Paul, Hastings, Janofsky & Walker LLP Paul, Hastings, Janofsky & Walker use a lockstep system to determine salaries. Bonuses match market levels and are paid out in March. 2010 bonuses matched Cravath scale for top-tier associates. Spring 2011 bonuses met the Cravath level for all associates. $230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. Minimum 1,950 hours to qualify.
Paul, Weiss, Rifkind, Wharton & Garrison Paul, Weiss, Rifkind, Wharton & Garrison uses a lockstep system to determine starting salaries. Bonuses are paid in December and match market levels.  N/A $37k,

$42k

 Class year and subjective conditions determine bonuses.
Perkins Coie LLP Perkins Cole uses a lockstep system to determine starting salaries ranging from $120,000 to $160,000 depending on the office’s location. After that, merit plays a role in class year salary. Bonuses include equity in an investment plan. $120k,

$120k

  N/A Billable hours and subjective conditions determine bonuses, including productivity.
Pillsbury Winthrop Shaw Pittman LLP Pillsbury Winthrop Shaw & Pittman has a lockstep system with salaries starting at $155,000 with raises made each year depending on if associates met a minimum number of billable hours. 2010 bonuses matched the market level at $15,000 for qualifying associates. $155k  N/A Billable hours and subjective conditions determine bonuses, including productivity. Minimum billable hours required is 1,950.
Proskauer Rose LLP Proskauer Rose has a lockstep system that start at $110,000 to $160,000 depending on the location of the office. Bonuses follow the market scale, with 2010 bonuses falling in line with the Cravath scale. $170k $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Class year determines bonus amount.
Quinn Emanuel Urquhart & Sullivan LLP Quinn Emanuel Urquhart & Sullivan falls behind the market scale for salaries. Bonuses were awarded in 2010 at 150% of the Cravath scale plus $5,000 per additional 200 hours past the base level. Spring 2011 bonuses matched the Cravath scale for those billing 2,000 hours and beat it for those billing above 2,100.  N/A $11k,

$15k,

$22k,

$30k,

$37k,

$45k,

$52k

 Class year and billable hours determines bonus amount with a 2,100 hour minimum.
Ropes & Gray LLP Ropes & Gray has a lockstep system for determining base salaries. Bonuses match market levels at were at the Cravath level in 2009 and 2011.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. A minimum of 1,900 hours is required.
Schulte Roth & Zabel LLP Schulte, Roth & Zabel has a lockstep system with salaries starting at $160,000. Bonuses match the market levels. Spring 2011 bonuses met the Cravath scale.  $160k  N/A Class and billable hours year determines bonus amount with a 2,000-hour minimum.
Shearman & Sterling LLP Shearman & Sterling have a lockstep salary system. Bonuses match the market level, though deviated slightly in 2010 when merit-based determinations were put in place. Spring 2011 bonuses matched the top of the Cravath scale.  N/A $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Class year, billable hours and subjective conditions determine bonuses, though the process is not transparent.
Sidley Austin LLP Sidley Austin has a lockstep system to determine salaries and advancement. 2010 and 2011 bonuses met or exceeded the Cravath scale.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process isn’t transparent. Minimum 2,000 hours are needed for full market-rate bonus
Simpson Thacher & Bartlett LLP Simpson Thacher & Bartlett has a lockstep system to determine salaries, which are at the top of the market. Bonuses met the Cravath scale in 2009 and 2010. Spring 2011 bonuses also matched the Cravath scale.  N/A $35k,

$35k

 Class year determines bonus amounts.
Skadden, Arps, Slate, Meagher & Flom LLP Skadden, Arps, Slate, Meagher, & Flom have a lockstep system for determining salaries. Bonuses meet market level in 2010 and were paid in December. Spring 2011 bonuses also met the market.  N/A $35k Class year and billable hours determine bonus amounts.
SNR Denton SNR Denton uses a lockstep salary system that starts at $160,000 with 12-15% of that paid out as a base bonus in the next year. After the first year, a three-tier system allows for raises based on merit. $150k,

$155k,

$157k,

$160k,

$165k,

$179k,

$205k,

$210k

  N/A Billable hours and subjective conditions determine bonuses.
Squire, Sanders & Dempsey LLP Squire, Sanders & Dempsey uses a merit-based system to determine salaries, which start at $117,000 and vary depending on class and performance. $117k  N/A Billable hours and subjective conditions determine bonuses.
Steptoe & Johnson LLP Steptoe & Johnson use a lockstep system with some variable aspects, which start at $165,000. Bonuses falls below the market, though a supplemental bonus system does award additional money to those who bring new business to the firm. $165k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Stroock & Stroock & Lavan Stroock & Stroock & Lavan uses a lockstep scale and pays at market rates. 2009 bonuses met the Cravath scale for those who met the billable hour minimum.  N/A Class year, billable hours and subjective conditions determine bonuses. 1,900 hours is the minimum requirement.
Sullivan & Cromwell LLP Sullivan & Cromwell uses a lockstep system to determine salaries. Compensation is typically ahead of the market, though it has matched it in 2009 and 2010. 2010 bonuses met the Cravath scale in December for years 1-6 and gave even more than that to years 7-8. Special bonuses are also occasionally awarded in the spring. In 2009 they ranged from $500 to $8,500. $37k,

$42k

 Class year determines bonuses.
Venable LLP Salaries at Venable vary depending on class and merit, but they start at $145,000. Bonuses fall below the market. $145k  N/A Billable hours and subjective conditions determine bonuses.
Vinson & Elkins L.L.P. Vinson & Elkins uses a lockstep system to determine salaries, which start at $160,000 for first years. A lockstep bonus is also given to first years, but all years after that provide higher bonus amounts depending on billable hours. 2010 bonuses were above the Cravath scale, though spring 2011 bonuses fell below it. $170k  N/A Billable hours and subjective conditions determine bonuses. For senior associates, bonus levels are higher at 1,950, 2,150, and 2,300 hours.
Wachtell, Lipton, Rosen & Katz Wachtell, Lipton, Rosen & Katz uses a lockstep system to determine salaries, which start at $165,000. Bonuses are a percentage of an associate’s base salary. $165k  N/A Bonuses are determined by salary percentage.
Weil, Gotshal & Manges LLP Weil, Gotshal & Manges uses a lockstep system to determine salaries, which start at $160,000. Bonuses meet the Cravath scale. As of 2011, the firm no longer pays a special bonus to particularly high performing members.  N/A Class year determines bonuses.
White & Case LLP White & Case uses a lockstep system to determine salaries, though payment varies from office to office. Bonuses meet market levels and are paid out in January. Spring 2011 bonuses were paid out in April and were highly variable.  N/A Billable hours and subjective conditions determine bonuses, including pro bono, contribution, and quality of work. The process is not transparent.
Williams & Connolly LLP Williams & Connolly uses at lockstep system to determine salaries, which start at $180,00 for first year associates. Bonuses are not awarded and are built into the base salary, instead. $180k,

$190k,

$230k

  N/A No bonuses are awarded.
Willkie Farr & Gallagher LLP Willkie Farr & Gallagher uses a lockstep system to determine salaries in its U.S.-based offices. Bonuses are paid out in December each year to all associates at market levels. 2009, 2010, and spring 2011 bonuses met the Cravath scale. $35k,

$35k

 Class year determines bonuses.
WilmerHale Starting salaries at WilmerHale are $165,000 though the firm is moving to a merit-based structure in 2012, at which time a higher percentage of salary will be paid out in bonuses determined by performance, quality of work, pro bono work, and other factors. Spring 2011 bonuses met the Cravath scale. $165k,

$210k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Wilson Sonsini Goodrich & Rosati Wilson Sonsini Goodrich & Rosati use a hybrid lockstep and merit-based system to determine salaries, which start at $160,000. Bonuses are at the market level, with a few associates getting higher than that. Bonuses ranged from a max of $9,000 for first years to $49,000 for senior associates. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. Bonuses levels cap at 1,900, 2,100, and 2,400 hours.
Winston & Strawn LLP Winston & Strawn uses a lockstep system to determine salaries, which meet the market levels. 2009 and 2010 bonuses met the Cravath scale. 2011 spring bonuses were not awarded. Billable hours and subjective conditions determine bonuses, including pro bono, quality of work, contribution and other factors. The process is not transparent. Over 2,200 hours nets an additional bonus.

 

This LawCrossing attorney salary survey was first published on LawCrossing.com. If you would like to provide updates to this information, feel free to provide them anonymously by commenting below.

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]]> http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/feed/ 0 Cleary Gottlieb Announces Plans to Open Office in Seoul, Korea http://www.jdjournal.com/2011/11/28/cleary-gottlieb-announces-plans-to-open-office-in-seoul-korea/ http://www.jdjournal.com/2011/11/28/cleary-gottlieb-announces-plans-to-open-office-in-seoul-korea/#comments Mon, 28 Nov 2011 14:49:52 +0000 rebneely http://www.jdjournal.com/?p=31924

Leading international law firm Cleary Gottlieb Steen & Hamilton LLP announced today its plans to open an office in Seoul, Korea during the first half of 2012.

The firm’s announcement comes after the recent ratification of the Korea-U.S. Free Trade Agreement by both countries; this resulted in the opening in 2012 of the Korean legal services market to U.S.-based law firms.

Partner Yong Guk Lee and counsel Jay Hoon Choi, both currently based in Hong Kong, will relocate to Seoul.

Cleary Gottlieb managing partner Mark Leddy was quoted as saying in a press release at the firm’s website: “Our plan to open an office in Korea as soon as we are able reflects our 30 year commitment to Asia. During that period, our Korea practice has become the leading international practice covering Korea. Having Cleary Gottlieb lawyers in Seoul will allow us to serve both our Korea-based clients as well as clients outside the region doing business there more efficiently and effectively.”

As well, several associates fluent in Korean from the firm’s Korea practice will relocate to Seoul. In addition, the firm also plans to relocate other members of the Korea practice team to Seoul over a period of time. Cleary Gottlieb attorneys in Seoul will continue to be fully integrated with the firm’s larger Asia practice.

Cleary Gottlieb has had a robust Korea practice for over twenty years. With over 30 lawyers worldwide fluent in Korean – this includes four partners, two counsel, one senior attorney and ten associates based in Hong Kong – the firm possesses a team of uniquely talented, native Korean-speaking lawyers.

In addition, the firm has a broad network of relationships with leading Korean law firms with whom it works hand in hand to ensure that clients receive exceptional Korean law advice.

Cleary Gottlieb opened offices in Hong Kong in 1980 and in Beijing in 2006. The firm has operated continuously in Asia through times of extraordinary changes in the economies of many Asian countries. The firm has developed a thorough understanding of the region and an unmatched ability to work for clients based in Asia and for those based outside of Asia doing business there. Currently, the firm has more than fifty lawyers resident in Asia serving the needs of those clients.

Cleary Gottlieb has significant experience in a broad range of public and private sector transactions, as well as litigation, arbitration and enforcement matters, involving Korea. The firm assists Korean clients with their capital raising, overseas investment and other activities and assists non-Korean clients in direct investment in Korea. These transactions often require advice with respect to a range of issues, including finance, corporate governance, tax and disclosure of information. As well, the firm has broad experience and has enjoyed great success in litigating and arbitrating important disputes on behalf of Korean clients and in matters involving Korea. The firm also handles sensitive criminal and regulatory matters, including conducting internal investigations, for Korean clients and for companies facing such issues in Korea.

Cleary Gottlieb Steen & Hamilton LLP was founded in 1946, and has over 1,100 attorneys worldwide.

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]]> http://www.jdjournal.com/2011/11/28/cleary-gottlieb-announces-plans-to-open-office-in-seoul-korea/feed/ 0 AT&T Will Use Sullivan & Cromwell in $39 Billion Purchase of T-Mobile USA http://www.jdjournal.com/2011/03/22/att-will-use-sullivan-and-wachtell-in-39-billion-purchase-of-t-mobile-usa/ http://www.jdjournal.com/2011/03/22/att-will-use-sullivan-and-wachtell-in-39-billion-purchase-of-t-mobile-usa/#comments Tue, 22 Mar 2011 18:44:28 +0000 aostler http://www.jdjournal.com/?p=29306 AT&T Logo

AT&T has plans to buy T-Mobile USA from Deutsche Telekom for $39 billion.  The lead firms that are going to be representing AT&T and Deutsche Telekom are Sullivan & Cromwell and Wachtell Lipton Rosen & Katz.

Sullivan and Cromwell is using a team led by New York partner Joseph Frumkin and LA partner Eric Krautheimer, which is giving advice to AT&T on the deal.  LA partner Hydee Feldstein is giving advice to the company on financing, while Frankfurt corporate partner Wolfgang Feuring is in charge of any German law matters.  Two other partners from New York are also part of the team.  These two partners are Andrew Mason, tax partner, and benefits/executive compensation partner, Matthew Friestedt.  Regulatory advice is also being given to AT&T by Crowell & Moring and Arnold & Porter.

Wachtell Lipton Rosen & Katz is representing Deutsche Telekom in the deal.  The firm is being led by corporate partners Steven Cohen and Adam Emmerich.  Two other firms, Cleary Gottlieb Steen & Hamilton and Wiley Rein are also giving advice to Deutsche Telekom.

An equity stake in AT&T will be given to Deutsche Telekom as part of the deal, and a representative from Deutsche Telekom will join AT&T’s board of directors.

Although AT&T and T-Mobile have approved the deal in both of their company boards, if this goes through, it will create the biggest cellular carrier in the United States.  Combining T-Mobile USA’s 34 million subscribers with AT&T’s 95.5 million will push them above Verizon’s 94.1 million subscribers.

According to the Wall Street Journal, this deal is likely going to be of “particular concern to antitrust enforcers because the industry’s two dominant companies – Verizon Wireless, a joint venture of Vodafone Group PLC and Verizon Communications, and AT&T – are already so far ahead of anyone else, raising the specter of an effective duopoly in mobile telephony.”

According to the companies, this deal will provide both parties with “an optimal combination of network assets to add capacity sooner than any alternative, and it provides an opportunity to improve network quality in the near term for both companies’ customers.  In addition, it provides a fast, efficient and certain solution to the impending exhaustion of wireless spectrum in some markets…”

In “approximately 12 months” the deal is expected to close, according to a statement from AT&T.  If the deal does not end up going through, AT&T will pay a $3 billion breakup fee.

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]]> http://www.jdjournal.com/2011/03/22/att-will-use-sullivan-and-wachtell-in-39-billion-purchase-of-t-mobile-usa/feed/ 0 Cravath to Give Special Spring Bonus to its Associates http://www.jdjournal.com/2011/02/01/cravath-to-give-special-spring-bonus-to-its-associates/ http://www.jdjournal.com/2011/02/01/cravath-to-give-special-spring-bonus-to-its-associates/#comments Tue, 01 Feb 2011 13:52:38 +0000 marvins http://www.jdjournal.com/?p=28876 After setting the financial benchmark for year-end bonuses in late November, Cravath, Swaine & Moore  confirmed that the firm will also provide special spring bonus to all of its associates. Cravath is the fourth AM LAW 100 firm to join the latest industry trend.  Sullivan & Cromwell, Simpson Thacher & Bartlett, and Cleary Gottlieb Steen & Hamilton have also announced that special bonuses, ranging from $2,500 to $20,000, will be issued to their associates.

However, Cravath has set the bar higher as it revealed that its special bonuses would be significantly higher than the bonuses provided by the other firms announcing spring bonuses. For instance, Cravath’s payments to fourth-year associates are $15,000, an amount that is $5,000 higher than the extra payments to fifth years at the other three firms. Fifth through seventh year associastes at Cravath  will receive payments of $20,000 as compared to the other three firms which announced that their fifth, sixth, and seventh-year associates would receive $12,500, $15,000 and $17,500, respectively.  Payments for part-time lawyers will be on a pro-rated basis.

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]]> http://www.jdjournal.com/2011/02/01/cravath-to-give-special-spring-bonus-to-its-associates/feed/ 0 Cleary Gottlieb Steen & Hamilton Elects New Managing Partner http://www.jdjournal.com/2010/12/20/cleary-gottlieb-steen-hamilton-elects-new-managing-partner/ http://www.jdjournal.com/2010/12/20/cleary-gottlieb-steen-hamilton-elects-new-managing-partner/#comments Mon, 20 Dec 2010 16:29:25 +0000 marvins http://www.jdjournal.com/?p=28495  Cleary Gottlieb Steen & Hamilton LLP has elected a new managing partner to lead their firm. Cleary, a leading international law firm for the past 60 years, elected Mark Leddy, an antitrust partner based in Washington DC, to replace Mark Walker in the managing partner post beginning in January 2011. Walker has been the managing partner since 2005. Under Walker’s term, the firm has successfully expanded in Asia, acquired an office in Beijing, launched a Hong Kong practice and is now preparing to enter the Brazilian market.

Leddy, who joined the firm as a partner in 1986 after 14 years in the US Department of Justice, said that he is committed to carrying on the outstanding work done by Walker. “I will continue Mark Walker’s strategy of thoughtful expansion, while at the same time maintaining our one-firm structure and our strong tradition of legal excellence, innovation and internationalism.” Leddy also expressed his admiration for the outgoing managing partner. “By any measure, Mark Walker has been an outstanding managing partner and leader. Mr. Walker has significantly enhanced our litigation strength in the United States and Europe.”

Meanwhile, Walker is in full support of the incoming managing partner. “Mr. Leddy impressed me with not only his abilities as a lawyer but also his strengths as a thoughtful leader.”

Cleary Gottlieb Steen & Hamilton LLP has about 1,100 lawyers spread across 12 offices. In 2009, the firm registered $965 gross revenue, a 27% increase from its 2008 revenue.

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]]> http://www.jdjournal.com/2010/12/20/cleary-gottlieb-steen-hamilton-elects-new-managing-partner/feed/ 0 Cleary to Launch a Hong Kong Law Practice http://www.jdjournal.com/2010/12/03/cleary-to-launch-a-hong-kong-law-practice/ http://www.jdjournal.com/2010/12/03/cleary-to-launch-a-hong-kong-law-practice/#comments Fri, 03 Dec 2010 13:33:32 +0000 marvins http://www.jdjournal.com/?p=28330 Cleary Gottlieb Steen & Hamilton revealed its plan to launch a Hong Kong law practice with a partner recruited out of Norton Rose, a UK based law firm.   Cleary, like several other US firms before it, is responding to a rapidly growing legal market in Hong Kong, driven by Hong Kong IPO’s.  Freeman Chan, who is leaving Norton Rose to head up Cleary’s Hong Kong practice, is a member of The Takeovers Appeal Committee of the Securities and Futures Commission of Hong Kong.

Cleary managing partner Mark Walker explained that the plan is a vital step given the present market condition. “Adding Hong Kong law capability to our existing, successful Asia practice is a natural and important extension of our firm’s global business model, which combines strong local law and international law practices around the world.”

l

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]]> http://www.jdjournal.com/2010/12/03/cleary-to-launch-a-hong-kong-law-practice/feed/ 0 Morning Roundup http://www.jdjournal.com/2010/11/22/morning-roundup-231/ http://www.jdjournal.com/2010/11/22/morning-roundup-231/#comments Mon, 22 Nov 2010 14:32:56 +0000 joshua http://www.jdjournal.com/?p=28069 JD JournalGood morning everyone! Today is Monday, November 22nd. Here’s a quick look back at Friday’s news.

Brinks Hofer Gilson & Lione, one of the largest intellectual property law firms in the U.S., promoted four attorneys to shareholder…

Ulmer & Berne LLP was recognized for strategic growth…

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]]> http://www.jdjournal.com/2010/11/22/morning-roundup-231/feed/ 0 Cleary Gottlieb Announces Plans to Open Office in Sao Paulo http://www.jdjournal.com/2010/11/19/cleary-gottlieb-steen-hamilton-announces-plans-to-open-office-in-sao-paulo-brazil-in-2011/ http://www.jdjournal.com/2010/11/19/cleary-gottlieb-steen-hamilton-announces-plans-to-open-office-in-sao-paulo-brazil-in-2011/#comments Fri, 19 Nov 2010 16:01:35 +0000 joshua http://www.jdjournal.com/?p=28046 Cleary Gottlieb Steen & Hamilton announced its plans to open an office in Sao Paulo, Brazil in 2011, subject to approval of Brazilian authorities.

Cleary managing partner Mark Walker said in a statement from the firm: “Brazil is a significant part of our Latin America practice, which began over 50 years ago and includes more than 100 lawyers.”

New York partner Juan Giráldez and Rome partner Francisco Cestero will manage the Brazil office. Both will relocate to São Paulo. Giráldez focuses on international financing and business transactions, in particular capital markets transactions, M&A, cross-border financings, joint ventures and privatizations. Cestero has assisted América Móvil, the largest wireless operator in Latin America, in over 10 international acquisitions and joint ventures.

Cleary plans to staff the São Paul office with around 10 lawyers who will focus on capital markets, project finance and restructuring, cross-border mergers and acquisitions, regulatory issues, corporate governance, and litigation.

Cleary’s planned move into the market is the latest in a string of Brazil entries over the past two years by Am Law 100 and Magic Circle law firms, includeing Skadden, DLA Piper and Chadbourne & Parke. The market is appealing to firms with strong cross-border capital markets and infrastructure practices.

A leading international law firm with 12 offices located in major financial centers around the world, Cleary Gottlieb Steen & Hamilton LLP has helped shape the globalization of the legal profession for more than 60 years. Organized and operated as a single, integrated global partnership, Cleary Gottlieb employs approximately 1,100 lawyers.

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]]> http://www.jdjournal.com/2010/11/19/cleary-gottlieb-steen-hamilton-announces-plans-to-open-office-in-sao-paulo-brazil-in-2011/feed/ 0 Skadden Tops The World in M&A Advisements http://www.jdjournal.com/2010/07/06/skadden-tops-the-world-in-ma-advisements/ http://www.jdjournal.com/2010/07/06/skadden-tops-the-world-in-ma-advisements/#comments Tue, 06 Jul 2010 16:22:43 +0000 joshua http://www.jdjournal.com/?p=24626 Thompson Reuters’ quarterly study of worldwide mergers and acquisitions shows Skadden, Arps, Slate, Meagher & Flom had the best first half of the year advising on 82 deals worth $137 billion.

Skadden secured top deals in telecoms and media to regain the top spot it held at the end of 2009. However, Skadden’s market share did decrease by more than 8 percentage points to 12.8 percent since the first half of 2009.

Among Skadden’s deals was the second-largest of the six-month period, U.S. phone operator CenturyLink’s $22 billion acquisition of Quest Communications International Inc., according to a Reuters press release.

Skadden is also representing News Corp’s proposed $13.7 billion bid for British satellite broadcaster BSkyB.

Cleary Gottlieb Steen & Hamilton jumped to 2nd from 17th place for the first half of the year after advising on 57 deals worth $111 billion.

Jones Day had the heaviest volume with 175 transactions worth $50.8 billion.

The number of global deals rose 3.8 percent from the first half of last year, while their value jumped 9.4 percent, taking the total to $1.1 trillion — the strongest opening six month period for global deals since 2008.

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]]> http://www.jdjournal.com/2010/07/06/skadden-tops-the-world-in-ma-advisements/feed/ 0 The Obama Administration Names Federal Judge Nominees http://www.jdjournal.com/2010/03/11/the-obama-administration-names-federal-judge-nominees/ http://www.jdjournal.com/2010/03/11/the-obama-administration-names-federal-judge-nominees/#comments Thu, 11 Mar 2010 16:22:04 +0000 sara http://www.jdjournal.com/?p=21134 Judge Kathleen O’Malley and Raymond Lohier Jr. have been nominated by President Barack Obama for federal appellate judgeships.

O’Malley has been nominated for the Federal Circuit. She has been a judge on the U.S. District Court for the Northern District of Ohio since 1994. She also teaches patent litigation at Case Western Reserve University School of Law, where she received her law degree. O’Malley has served as the first assistant attorney general and chief of staff to the Ohio attorney general. She was chief counsel to Ohio Attorney General Lee Fischer from 1991 to 1992. She is a former associate at Jones Day and made partner at Porter Wright Morris & Arthur during her tenure from 1985 to 1991.

Raymond Lohier Jr. has been nominated for the U.S. Court of Appeals for the 2nd Circuit. Lohier received his law degree from New York University and he currently serves as an assistant U.S. attorney in the Southern District of New York and heads the office’s Securities and Commodities Task Force. From 1997 to 2000 Lohier was a senior trial attorney in the Justice Department’s Civil Rights Division. He was also an associate at Cleary Gottlieb Steen & Hamilton from 1993 to 1997.

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]]> http://www.jdjournal.com/2010/03/11/the-obama-administration-names-federal-judge-nominees/feed/ 0 Cravath Confirms: No Partners to be Named in 2009 http://www.jdjournal.com/2009/12/23/cravath-confirms-no-partners-to-be-named-in-2009/ http://www.jdjournal.com/2009/12/23/cravath-confirms-no-partners-to-be-named-in-2009/#comments Wed, 23 Dec 2009 21:44:41 +0000 Aine Ford http://www.jdjournal.com/?p=18466 Making partner at a big New York firm has been a possibility for only the shining stars of the legal profession. In this recession, however, the chances of becoming partner have quickly gone from bad to worse. At many prominent firms, the number of new partners has significantly dropped: four at Cleary Gottlieb Steen & Hamilton (six in 2008); two at Wachtell, Lipton, Rosen & Katz (six in 2008); two at Debevoise & Plimpton (six in 2008); and three at Weil, Gotshal & Manges (seven in 2008). Finally, and by far the most dismal of all: Cravath, Swaine & Moore has just announced that it will not be making any new partners this year.

While Cravath has always carried the reputation of being hard to break into partnership, there has yet to be a year where not one associate has made partner. There have been rumors that the firm was hit harder than other firms during the economic crisis, as Cravath did suffer a 24 percent drop in its profits per partner for 2008.

Cravath’s deputy presiding partner, Allen Parker, denies that this decision has been influenced by the economic crisis, but rather attributes it to the fact that no one has met the firm’s standards. There are reports that only a handfull of attorneys from the class of 2002 are left with the firm and that the superstars all got out several years ago.

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]]> http://www.jdjournal.com/2009/12/23/cravath-confirms-no-partners-to-be-named-in-2009/feed/ 0 Cuomo v Bank of America, Round 2 http://www.jdjournal.com/2009/09/09/cuomo-v-bank-of-america-round-2/ http://www.jdjournal.com/2009/09/09/cuomo-v-bank-of-america-round-2/#comments Wed, 09 Sep 2009 22:43:39 +0000 joshua http://www.jdjournal.com/?p=16827 Yesterday, New York Attorney General Andrew Cuomo began running for Governor errr trying his case in the media when he publicly called on Bank of America to waive attorney-client privilege so that he, AG Cuomo, could determine what crimes if any were committed. Well, it appears the game is afoot and Bank of America is just as familiar with the court of public opinion. Today, Lewis Liman from Cleary Gottleib, BofA’s outside counsel, reminded Cuomo that the Bank has not invoked the privilege and that Cleary has asked to meet with Cuomo on several occasions to clear the matter up. Both sides claim to want to have a heart to heart, but first they want to make sure everyone knows the other guy is stalling. We’ll keep you posted as developments warrant.

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]]> http://www.jdjournal.com/2009/09/09/cuomo-v-bank-of-america-round-2/feed/ 0 Attorney-Client Privilege Under Fire on the East Coast? http://www.jdjournal.com/2009/09/08/attorney-client-priviledge-under-fire-on-the-east-coast/ http://www.jdjournal.com/2009/09/08/attorney-client-priviledge-under-fire-on-the-east-coast/#comments Tue, 08 Sep 2009 22:21:41 +0000 joshua http://www.jdjournal.com/?p=16794 In two unrelated stories making headlines today, the ability of attorneys to give corporate clients unvarnished and frank advice is coming under fire.

In New York, AG Cuomo is taking on outside counsel for Bank of America, saying in a letter to Lewis J. Liman of Cleary, Gottlieb, Steen & Hamilton, “…attorney-client privilege is hindering this office’s ability to make fair and fully informed decisions as to what charges, if any, to bring and whether individual Bank of America officers should be charged.”

We also have news out of Rhode Island where the 1st Circuit in U.S. v. Textron Inc. has ruled that tax accrual documents do not fall under the work product protections, even if prepared with litigation in mind, because their principal purpose is accounting, not legal. This creates a split between the circuits and makes the issue ripe for the Supreme Court.

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]]> http://www.jdjournal.com/2009/09/08/attorney-client-priviledge-under-fire-on-the-east-coast/feed/ 0 Yale Law Women Choose 2009 Top Ten ‘Family-Friendly’ Firms http://www.jdjournal.com/2009/08/20/yale-law-women-choose-2009-top-ten-family-friendly-firms/ http://www.jdjournal.com/2009/08/20/yale-law-women-choose-2009-top-ten-family-friendly-firms/#comments Thu, 20 Aug 2009 21:05:03 +0000 Erik Even http://www.jdjournal.com/?p=16411 Yale Law Women has announced its 2009 Top Ten Family Friendly Firms List:

Arnold & Porter
Cleary Gottlieb
Covington & Burling
Jenner & Block
Katten Muchin Rosenman
Mayer Brown
Munger, Tolles & Olson
Patton Boggs
Sidley Austin
WilmerHale

From the press release:

YLW believes that the discussion of family friendly firm policies remains salient in the midst of the current recession… YLW hopes leading firms will use this period of transformation as an opportunity to develop more flexible work arrangements and career paths for their attorneys…

Twenty-five percent of firms who responded to our survey offer formal “off-ramp/on-ramp programs,” which allow attorneys to leave the firm for a number of years to pursue other types of legal practice or to take time off to spend with their families.

Flexible and part-time work options are also becoming the norm: 99% of part-time requests were granted on average, and 41% of responding firms automatically grant part-time requests if conditions in a written policy are met…

…YLW remains concerned about the dearth of women in leadership positions, the gender gap in those who take advantage of family friendly policies, and the possibility that working part-time can derail an otherwise successful career.

Yale Law Women is a non-partisan organization that promotes the interests of women within the law school and beyond. To this end, YLW cultivates debate and discussion of issues pertaining to women and gender broadly defined; promotes speech and action by YLW members on issues of import to women; devotes resources to student support and professional development; recognizes and fosters outstanding achievement; and advocates in service of women’s interests in society.

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]]> http://www.jdjournal.com/2009/08/20/yale-law-women-choose-2009-top-ten-family-friendly-firms/feed/ 0 Lateral Hiring Up 100% in London http://www.jdjournal.com/2009/03/26/lateral-hiring-up-100-in-london/ http://www.jdjournal.com/2009/03/26/lateral-hiring-up-100-in-london/#comments Thu, 26 Mar 2009 16:52:36 +0000 Erik Even http://www.jdjournal.com/?p=9634 UK FlagOver five years, London firms’ hiring of lateral partners has almost doubled, from 42 hires in 2004 to 79 in 2008.

The data come from a Legal Week study tracking hiring at 33 US and UK firms’ London offices.

Orrick, Weil Gotshal, Arnold & Porter, Cleary Gottlieb, Cravath, and Skadden all brought on laterals.

On the other hand, Shearman & Sterling, Dechert and White & Case cut lawyers.

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]]> http://www.jdjournal.com/2009/03/26/lateral-hiring-up-100-in-london/feed/ 0 Debevoise Reports Revenue Up http://www.jdjournal.com/2009/03/02/debevoise-reports-revenue-up/ http://www.jdjournal.com/2009/03/02/debevoise-reports-revenue-up/#comments Mon, 02 Mar 2009 22:20:08 +0000 Erik Even http://www.jdjournal.com/?p=7996 New York’s Debevoise & Plimpton announced that its 2008 gross revenue climbed 7.2%, while profits per partner fell nearly 3%.

Revenue grew to $760.8 million, but profits per partner dropped to $2.23 million.

The drop-off in profitability followed declines at other New York-based firms, such as Skadden, Arps, Slate, Meagher & Flom; Sullivan & Cromwell; and Davis Polk & Wardwell. Only a few, such as Cleary Gottlieb Steen & Hamilton and Weil, Gotshal & Manges, have posted positive results.

Debevoise’s profits per partner dropped in part because the firm had more equity partners in 2008. The firm’s overall income actually increased 1.3% last year to $318 million. But the number of equity partners also increased.

Revenue per lawyer inched up slightly by less than 1% to $1.2 million.

The firm cut associate bonuses in December, after Cravath, Swaine & Moore set the market floor at $17,500 for a first-year associate bonus.

Debevoise & Plimpton LLP is a prominent international law firm based in New York City. Founded in 1931 by Eli Whitney Debevoise and William Stevenson, the firm currently employs about 680 lawyers in eight offices throughout the world.

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]]> http://www.jdjournal.com/2009/03/02/debevoise-reports-revenue-up/feed/ 0 Report: Women Still Not Making Partner http://www.jdjournal.com/2009/02/24/report-women-still-not-making-partner/ http://www.jdjournal.com/2009/02/24/report-women-still-not-making-partner/#comments Tue, 24 Feb 2009 22:48:42 +0000 Erik Even http://www.jdjournal.com/?p=7381 According to a report released by the San Francisco-based Project for Attorney Retention, which surveyed 100 American law firms, only 23 of those firms had partnership classes consisting of at least 40% women in 2008.

Fourteen of the 100 firms did not include any women.

The survey included 100 law firms, which were chosen based on prior years’ surveys, firm size, reputation, and availability of information.

From the report:

The best: Cravath (67%), Dickstein Shapiro (67%), Wiley Rein (60%), Andrews Kurth (57%), Bryan Cave (56%), Arent Fox (50%), Baker & Daniels (50%), Hogan & Hartson (50%), Holland and Hart (50%), King & Spalding (50%), Luce Forward (50%), Simpson Thacher (50%), and Sullivan & Cromwell (50%). A special mention goes to Farella Braun, whose only new partner is female (100%).

The worst: None of the following firms made a female partner this year: Cadwalader, Cleary Gottlieb, Dechert, Foley Hoag, Kaye Scholer, Lowenstein Sandler, Milbank, Schulte Roth, Steptoe, Strook, Venable, Wachtell, White & Case, and Wilkie Farr.

PAR is an initiative of the Center for WorkLife Law at the University of California Hastings College of the Law.

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]]> http://www.jdjournal.com/2009/02/24/report-women-still-not-making-partner/feed/ 0 SEC Still Hunting to Fill Legal Positions http://www.jdjournal.com/2009/02/08/sec-still-hunting-to-fill-legal-positions/ http://www.jdjournal.com/2009/02/08/sec-still-hunting-to-fill-legal-positions/#comments Sun, 08 Feb 2009 17:58:52 +0000 Erik Even http://www.jdjournal.com/?p=6179 US Securities and Exchange Chairman Mary Schapiro has named David Becker, a partner at Cleary Gottlieb Steen & Hamilton, as chief legal officer and senior policy adviser, one of her first appointments since taking office.

Becker, 61, as general counsel will coordinate legal cases and advise on enforcement actions, and will have an additional role in developing and implementing SEC policies. He was SEC general counsel from 2000 to 2002.

Becker served as SEC Chairman Arthur Levitt’s chief lawyer and participated in policy and regulatory initiatives

Schapiro has asked Commissioner Elisse Walter, a Democrat, to seek candidates who may replace other senior managers at the agency, including Enforcement Director Linda Thomsen.

Schapiro earned a JD degree from George Washington University in 1980.

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]]> http://www.jdjournal.com/2009/02/08/sec-still-hunting-to-fill-legal-positions/feed/ 0 Cleary Gottlieb Clearly Did Well in 2008 http://www.jdjournal.com/2009/01/17/cleary-gottlieb-did-well-in-2008/ http://www.jdjournal.com/2009/01/17/cleary-gottlieb-did-well-in-2008/#comments Sat, 17 Jan 2009 20:45:23 +0000 Erik Even http://www.jdjournal.com/?p=4018 New York-based international law firm Cleary Gottlieb Steen & Hamilton saw both revenue and profits per partner rise in 2008.

Gross revenue rose 8% to $965 million, and profits per partner increased about 12% to $2.4 million.

But revenue per lawyer was basically flat, down less than 1%.

Nearly half the firm’s lawyers are overseas, helping to cushion the blow from the dramatic slowdown in the United States

Cleary advised the SEC and Federal Reserve Bank of New York during the collapse of Lehman Brothers. It then advised Barclays in its acquisition of Lehman Brothers’ North American investment banking and capital markets businesses.

The firm employs over 900 lawyers globally.

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