JD Journal » Schulte Roth & Zabel

Schulte Roth & Zabel Announce Bonuses

jim — Wed, 21 Dec 2011 20:35:24 +0000

The law firm of Schulte Roth & Zabel LLP has announced that it will match the bonus scale set by the law firm of Cravath Swaine & Moore LLP earlier this month. The announcement of the bonus scale for Schulte Roth & Zabel LLP comes with a bit of a twist though. The twist is that half of the bonuses will be paid in the month of December and the other half of the bonuses will be paid in the spring of 2012, according to Law360.

The associates working at Schulte Roth will receive the same bonus amount, depending on how many years they have been with the firm, as the scale set up by Cravath. That scale includes $7,500 for first-year associates and $37,500 for seven-year associates. There is another caveat, Schulte Roth will also issue $10,000 bonuses to associates who worked 2,300 billable hours this year and $20,000 bonuses to associates who worked 2,500 billable hours this year.

The first half of the bonuses will be paid to associates on December 29 and the other half of the bonuses will be paid to associates on March 15, according to the law firm.

The bonus scale announced by Cravath back in November has become somewhat of a benchmark for the legal industry this year. Second-year associates will be receiving bonuses of $10,000. Third-year associates will be receiving bonuses of $15,000. Fourth-year associates will be receiving bonuses of $20,000. Fifth-year associates will be receiving bonuses of $25,000. Sixth-year associates will be receiving bonuses of $30,000. The most senior-level associates at Cravath are the ones hired in 2004.

The law firm will also issue late spring bonuses, for 2011, to its associates. The belated spring bonuses will range from $2,500 to $20,000, for associates hired between 2002 and 2010. The belated spring bonuses will be issued in chunks as well; with the first payment being issued in December and the second payment being issued in March. Associates hired in 2009 will receive a spring bonus of $7,500; associates hired in 2008 will receive a spring bonus of $10,000; associates hired in 2007 will receive a bonus of $15,000; and associates hired from 2002 to 2006 will receive bonuses of $20,000.

In recent weeks, there have been a handful of law firms that topped the bonus scale set forth by the firm of Cravath. Those firms include Sullivan & Cromwell LLP, Debevoice & Plimpton LLP, Cleary Gottlieb Steen & Hamilton LLP, Simpson Thacher & Bartlett LLP and Clifford Chance LLP. Clifford Chance LLP reportedly announced that they will be handing out bonuses of $42,500 for associates hired in 2003 or earlier.

The bonus scale announced by Cravath for 2011 closely matches the scale they used in 2010, whch were exactly the same for each associate level except for the seventh-year level, which received lower bonuses in 2010.

Revenues and Profits Down at Schulte

sara — Tue, 09 Feb 2010 16:28:29 +0000

New York City based firm Schulte Roth & Zabel reported a decline in gross revenue and profits in 2009. Gross revenue was $397,000,000, dropping 5.5% since 2008. Profits per equity partner were $2,130,588, dropping 7%. According to partner Alan Waldenberg the firm views 2009 “as an extremely strong year” in light of “what happened in the world and what happened to a lot of our clients.” Waldenberg says that the firms corporate and transactional practices were down but litigation, restructuring and trust and estate practices were up.

Founded in 1969, Schulte Roth & Zabel is a general practice firm with over 450 attorneys. In addition to New York City, the firm has offices in Washington, D.C., and London.

Layoffs at Schulte Roth

joshua — Tue, 17 Nov 2009 19:19:43 +0000

Reports are trickling in, but it looks as though at least 13 associates at Schulte Roth have received pink slips today. We have reports that some of the layoffs at least came from the real estate practice group, but no hard numbers as of yet. We’ll update this as more tips come in. If you have any additional information to share, send us an anoymous tip here.

Schulte Roth & Zabel is one of the top 100 largest law firms by revenue. The firm was founded in New York City in 1969 and launched in London in 2002. The firm also has an office in Washington, DC. Schulte employs nearly 450 attorneys in its three offices.

Schulte Roth Picks up 5 from Mayer Brown

joshua — Mon, 19 Oct 2009 23:32:54 +0000

Five securities litigation lawyers started working at Schulte Roth in Washington today after leaving Mayer Brown. The team is led by Richard Morvillo, who had been the chair of Mayer Brown’s securities enforcement practice group. Peter White and Pat Conti are also joining as partners, while Jeffrey Robertson and William Mann join as of counsel.

Washington DC is Schulte Roth’s first domestic expansion (the firm also opened an office in London in 2002). It was founded in New York in 1969 and there are over 450 attorneys working out of the three offices.

Schulte Roth Offers for Summer Associates

joshua — Thu, 01 Oct 2009 21:29:19 +0000

Schulte Roth ran an abbreviated eight week summer program this year, and back at the end of July announced they were not making any offers yet, but would get around to it eventually. Eventually arrived yesterday. Early reports indicate that approximately two-thirds of this years group received offers, but the firm has not confirmed that number. The firm has already announced that next year the summer program will be 11 weeks and that they anticipate having enough offers for every summer associate.

Schulte Roth & Zabel Not Extending Job Offers to Summers

Erik Even — Wed, 22 Jul 2009 19:36:36 +0000

New York City’s Schulte Roth & Zabel, which in April laid off 20 attorneys and deferred 2009 associates to 2010, has informed its current Summer associates that no job offers will be made at this time.

Usually, the firm extends job offers for the next year to Summer associates at the end of the program, which concludes this week.

The firm says it will make some offers eventually, but no decisions have been made as to how many, or if any start dates will be deferred.

If you have any details about Summer associate hiring at Schulte, please — send us a confidential tip!

The Week in Law Firm Layoffs

Erik Even — Sat, 25 Apr 2009 18:03:13 +0000

This week in law firm layoffs:

Schulte Roth & Zabelz; 20 lawyers

Duval & Stachenfeld: undisclosed lawyers

Schnader Harrison: 8 lawyers, undisclosed staff

Clifford Chance: 20 staff

Kirkland & Ellis: 80 staff

Spencer Fane: 8 staff

Herbert Smith: 33 lawyers, 51 staff

Howrey: 25 staff

Total: 61 lawyers, 184 staff

Week of April 12th: 67 lawyers, 50 staff, 115 unidentified

Week of April 5th: 144 lawyers, 310 staff

Week of March 29th: 199 lawyers, 474 staff

Week of March 22nd: 455 lawyers, 219 staff

Week of March 15th: 91 lawyers, 177 staff

Week of March 8th: 574 lawyers, 812 staff

Schulte Roth & Zabel Lays Off 20 Lawyers; Defers Start Dates

Erik Even — Fri, 24 Apr 2009 18:50:31 +0000

Late last year, New York City’s Schulte Roth & Zabel laid off 30 lawyers.

This week the firm asked 20 attorneys to update their CVs. The layoffs affected the corporate, real estate, and litigation practices.

Those asked to leave have been given two months notice, and will get outplacement assistance.

The firm has also shortened its 2009 summer program to 8 weeks, and has deferred start dates for incoming associates to January, 2010. There is a $20,000 stipend, and some associates will be offered a public interest deferral that pays $75,000.

Schulte Roth Laid Off Up to 30 Associates

Erik Even — Mon, 02 Mar 2009 17:07:21 +0000

Above the Law reports that late last year, Schulte Roth let go up to 30 associates.

We’ve been receiving reports of layoffs at Schulte Roth & Zabel since last summer, but were unable to confirm them until now. These days, it can be difficult to differentiate between “performance-based layoffs” and “economically-motivated layoffs.”

Schulte’s spokespeople say all layoffs in 2008 were performance-based. They deny any recent layoffs in their office, saying that any departures in 2009 have been voluntary. Between 20 to 30 associates left in the fall; “approximately” 20 of them were let go for performance-based reasons after their reviews in November. The others were supposedly voluntary departures…

One of those laid-off from Schulte informs us there was no severance package, though associates were given 2-3 months notice at Thanksgiving, asked to leave at the end of January or the end of February…

…they did not get bonuses or pay raises.

Via ATL.

Report: Women Still Not Making Partner

Erik Even — Tue, 24 Feb 2009 22:48:42 +0000

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.

Bingham Sees Increased Profits, Revenue — Credits Downsizing

Erik Even — Fri, 23 Jan 2009 22:11:20 +0000

Bingham McCutchen saw both revenue and profits rise in 2008, the firm reports.

Gross revenue for the Boston-based firm totaled $767 million in 2008, a 3.2% increase over 2007; profits per partner went up 6.4% to $1.42 million.

The firm reports a 5.5% increase in revenue per lawyer, to $950,000; and a 6.7% increase in compensation for all partners, to $960,000.

Firm Chairman Jay Zimmerman points to the firm’s reduced head count, down 2.2% in 2008, as an important factor that contributed to this increase. The reduction allowed lawyers to maintain a high level of work, he said.

Bingham made several significant lateral hires in the second half of the year, beefing up its securities, antitrust and restructuring practices. The additions include securities lawyer Geoffrey Aranow, most recently the managing partner of Heller Ehrman’s Washington, DC, office; as well as restructuring partner Jeffrey Sabin from Schulte Roth & Zabel. The firm also brought on three antitrust partners from Clifford Chance in November.

Bingham McCutchen LLP is an international law firm with approximately 1,000 attorneys in 11 US offices and three international offices^.It represents clients in corporate litigation, cross-border restructurings and insolvencies, financing and securities, government affairs and a wide variety of corporate and technology transactions.

The law firm was named 41st best company to work for in 2008 by Fortune.