Associates

Choosy Job Ad Offers Associate the Top Desk Drawer and $28K

Is a frustrated job-hunting lawyer venting with a fake employment ad in Craiglist? Apparently so, according to Above the Law. The ad seeking an “ASSociate Attorney” says the new hire must be willing to make coffee, every hour on the hour, and to work 14-hour days, with the exception Fridays,…

May 8, 2009 3:40 PM CDT

$160K Starting Pay Unlikely to Be Cut by NY Firms, Experts Say

New York law firms are unlikely to cut associate salaries that start at $160,000 absent a move by market leaders such as Sullivan & Cromwell; Cravath, Swaine & Moore; Simpson Thacher; and Davis Polk & Wardwell. The experts aren’t holding their breath. New York firms already reduced associate bonuses after…

May 8, 2009 11:50 AM CDT

Ex-Paul Hastings Associate Pleads in $4.8M Insider Trading Case

A former tax associate at Paul Hastings Janofsky & Walker has pleaded guilty to federal charges of conspiracy and securities fraud in what officials have described as a $4.8 million insider trading case with multiple defendants. “I knew my trading was wrong,” Eric Holzer, 34, told a federal magistrate judge…

May 7, 2009 10:28 PM CDT

‘Calculus of the Damned’: Layoffs Gurus Look at Quantity—and Quality—of Associate Hours

When deciding which associates to let go, law firm managers tend to look for those with the lowest billable hours tallies. But quality counts as well as quantity, reports the American Lawyer. Feedback from partners hence can make a critical difference. Under this “calculus of the damned,” as Texas Lawyer…

May 7, 2009 9:47 PM CDT

Downturn’s Losers: BigLaw, ‘Entitled’ Associates, Top Schools

The downturn has likely ended the traditional BigLaw model that produces $160,000 starting salaries and relies on elite law schools to supply new associates. The situation is so bleak, according to Indiana University law professor William Henderson, that some law firm hiring managers believe associate start dates will be pushed…

May 7, 2009 3:12 PM CDT

Thompson & Knight Lays Off 42

Due to the dismal economy, Thompson & Knight laid off 17 associates and 25 support staff yesterday. The cuts were made in multiple offices of the Dallas-based law firm and focused on real estate and other corporate practice groups impacted by the sudden shortage of bank lending, managing partner Peter…

May 6, 2009 10:41 PM CDT

Most Firms Now See $160K Starting Salary ‘Makes No Sense,’ Managing Partner Says

In the latest signpost pointing the way toward a possible sea change in associate compensation, the managing partner of a 300-attorney Texas-based law firm says it’s time to cut the $160,000 starting salary for first-year associates that was a largely unquestioned BigLaw industry standard only last year. “It simply makes…

May 6, 2009 9:01 PM CDT

Fenwick & West Lays Off 15 Associates and Seven Staffers

The law firm Fenwick & West had held off on lawyer layoffs, until now. The law firm announced 22 layoffs yesterday, and 15 associates are among those being let go, the Recorder reports. The other people laid off were staffers. Fenwick chairman Gordon Davidson told the publication he had hoped…

May 6, 2009 1:55 PM CDT

Milbank Lays Off 49 Lawyers and 40 Staff

Milbank Tweed Hadley & McCloy has laid off 49 associates and 40 staff members, the law firm has confirmed to the Am Law Daily. Above the Law first reported the layoffs yesterday. We understand that while all departments were affected, general corporate was the hardest-hit,” states the ATL post, relying…

May 5, 2009 10:33 PM CDT

Heavyweight Clients Help Ex-Irell & Manella Litigators Launch Own Firm

Bankrolled by a book of business including major corporate clients, a trio of litigation partners has left the Los Angeles office of Irell & Manella to form a new firm that is already looking to grow bigger. The new Kendall Brill & Klieger partnership includes Viacom Inc., CBS and Clear…

May 5, 2009 10:04 PM CDT

Shearman Offers Associates $65K to Take the Year Off

Shearman & Sterling is offering its U.S. associates $65,000 plus the cost of medical insurance to take a year off. Associates participating in the program are strongly encouraged to pursue pro bono or public interest activities, according to a law firm memo provided to the ABA Journal. Participation is subject…

May 5, 2009 2:59 PM CDT

MoFo Further Delays Start Date, Will Pay $5K Per Month + Medical Insurance Cost

In the latest announcement of yet another BigLaw firm delaying the start date for incoming first-year associates, Morrison & Foerster has pushed it back from November 2009 to April 2010 for an unspecified number of attorneys. But even then the firm won’t need all of the new associates it has…

May 5, 2009 12:43 AM CDT

More BigLaw Firms Cut Associate Pay

Recent attorney pay cuts by Nixon Peabody and Seyfarth Shaw seem to be part of a growing law firm trend. However, California-based law firms generally seem more willing to reduce associate salaries than those in New York, consultant Peter Zeughauser tells the Recorder. And in Washington, D.C., firms cutting attorney…

May 4, 2009 6:05 PM CDT

Seyfarth Cuts Pay for Some Partners and Associates, Lays Off 50 People

Yet another law firm is cutting pay for some of its lawyers. Seyfarth Shaw is cutting pay for some segments of its partner and associate teams in amounts ranging from 5 percent to 20 percent, according to Above the Law and the Recorder. Those staffers left behind won’t get the…

May 4, 2009 12:31 PM CDT

Indelicate Balance

Before lawyers feared they’d be laid off, they worried about the time demands of law practice.

May 2, 2009 3:00 AM CDT