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Musical Chairs: A Cahill Gordon Partner’s Mysterious Departure

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Recent news about Cahill Gordon has been very positive. In December, the firm announced year-end bonuses that made Cravth’s widely-adopted year-end bonus scale look paltry by comparison. Cahill can afford to be generous: last month, Am Law reported that the firm enjoyed record profits and revenue in 2010, with profits per partner last year of…

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Tags: Biglaw, Bill Hartnett, Cahill Gordon, Cahill Gordon & Reindel, Michael E. Michetti, Michael Michetti, Musical Chairs, Partner Issues, Partners With Issues, Weirdness, William Hartnett, William M. Hartnett


The 2012 Vault Rankings: Proof Of Short Memories

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On February 27, 2009, Latham & Watkins laid off 440 associates and staff. These official layoffs came after months of quietly and stealthily laying off employees. That year, Latham fell from #7 to #17 on the Vault 100 list of the most prestigious law firms. It was one of the biggest single year drops ever…

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Tags: Biglaw, Cahill Gordon, Cahill Gordon & Reindel, Cleary Gottlieb, Covington, Covington & Burling, Cravath, Cravath Swaine & Moore, Davis Polk, Davis Polk & Wardwell, Kirkland, Kirkland & Ellis, Prestige, Rankings, Simpson Thacher, Skadden, Skadden Arps, Sullivan & Cromwell, Vault rankings, Wachtell, Wachtell Lipton, Weil Gotshal, Williams & Connolly

Associate Bonus Watch: Cahill Gives Out ‘Mid-Year’ Bonuses

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All right everybody, be cool, no need to break out the Drudge siren. Yes, Cahill Gordon, which previously smashed the year-end associate bonus market back in December, has just announced “mid-year” bonuses. But this announcement is unlikely to start a trend. Remember, because Cahill’s bonuses were already so high, the firm did not announce spring…

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Tags: Associate Bonus Watch, Associate Bonus Watch 2011, Biglaw, Bonuses, Cahill, Jonathan Schaffzin, Mid-Year Bonuses, Money, Spring Bonuses, Springtime Bonus Watch

Musical Chairs: Paul Hastings Snags Another Leveraged Finance Partner from Cahill

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Back in March, we wrote about the mysterious departure from Cahill Gordon of leveraged finance partner Michael Michetti. Now, three months later, we can report that the Michael Michetti mystery has been solved: he is joining Paul Hastings, which just trumpeted his arrival in a press release. Michetti is not the first former Cahill partner…

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Tags: Biglaw, Cahill, Cahill Gordon, Cahill Gordon & Reindel, James Clark, James J. Clark, Jonathan A. Schaffzin, Jonathan Schaffzin, Lateral Hiring, Lateral Moves, Laterals, Leveraged Finance, Michael E. Michetti, Michael Michetti, Musical Chairs, Partner Issues, Paul Hastings, Rich Farley, Richard E. Farley, Richard Farley, William Hartnett, William M. Hartnett

Associate Bonus Watch: Irell Announces Mid-Year Bonuses

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%…

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Tags: Advertising, Biglaw, Cahill, Cahill Gordon, Cahill Gordon & Reindel, Career Center, Clifford Chance, Davis Polk, Davis Polk & Wardwell, DLA Piper, Hogan Lovells, Holidays and Seasons, Intellectual Property, Labor Day, Ropes & Gray, Shearman & Sterling, This Is an Ad, Trusts and Estates, Wilson Sonsini

Students Making Fun of Biglaw Interviewer Overheard By MOST OF THE AIRPORT

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Every couple of years, people need to be reminded not to have private conversations in public. Who could forget Acela Bob, the Pillsbury partner who talked about firing people on a crowded train? UVA Law students, that’s who. We have another installment of: when popping your collar goes wrong….

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Tags: Advice, Airplanes / Aviation, Airports, Biglaw, Cahill Gordon & Reindel, Callback interviews, Callbacks, Inappropriate Venue, Interview Stories, Interview Tips, Interviews, Job Searches, Law Schools, OCI, On-Campus Interviewing, Practice Pointers, Rudeness, UVA Law

Associate Bonus Watch: It’s Cahill Time (aka Time for Cravath Associates To Feel Bad, Again)

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Cahill Gordon Reindel LLP small

Last year, Cravath initially low-balled the bonus market, and Cahill Gordon made them look foolish by using the Cravath scale as a floor for its bonuses. This year, Cravath has come out with another crappy bonus scale, and Cahill is beating the bag out of it again. This year, Cahill is making a “special bonus” payment right now, in time for everybody’s next paycheck. This is before they even delve into the regular year-end bonuses that Cravath has set at such a low mark. So just how special are these special bonuses?

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Tags: Associate Bonus Watch, Associate Bonus Watch 2011, Biglaw, Bonuses, Cahill, Cahill Gordon & Reindel, Money


Non-Sequiturs: 01.19.12

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* Dressing shrinks as wizards when they testify would be an AWESOME idea. I’m serious. Why can’t we have this? And titles, too. “Your Honor, I call Dr. Freud — Ph.D in weakness management and keeper of the sacred staffs of Ivory guard — to the stand.” [Overlawyered] * iTextbooks! Could be awesome, could widen…

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Tags: Airplanes / Aviation, Airports, Ben Quarmby, Books, Boutique Law Firms, Brazil, Cahill Gordon & Reindel, Guns, Guns / Firearms, Justin Shur, Justin V. Shur, L.L.M., LLMs, Math, Math is hard!, Mathematics, MoloLamken, Musical Chairs, Non-Sequiturs, Partner Issues, Small Law Firms, Steve Molo, Steven Molo, Transportation Security Administration, Trials, TSA

Manicure Meetings? Apparently That’s a Thing Now for Many Professional Women in New York

Associate Bonus Watch: Summer Fun at Quinn Emanuel(And news from Cahill Gordon too.)

Associate Bonus Watch: Cahill Gordon Brings the Heat

Associate Bonus Watch: Early Word About Cahill Gordon Bonuses

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Bucket of gold coins small

At a meeting yesterday, Cahill Gordon’s chairman announced the firm will be paying “special” bonuses (on top of the usual market-matching bonuses). Is this a good sign for Biglaw bonus season, or is Cahill just exceptional?

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Tags: Associate Bonus Watch, Associate Bonus Watch 2012, Associate Bonuses, Biglaw, Bill Hartnett, Bonuses, Cahill, Cahill Gordon, Cahill Gordon & Reindel, Money, William Hartnett, William M. Hartnett

Career Alternatives For Attorneys: Television Screenwriter

Some Downtown Biglaw Firms Seem To Be Struggling With Sandy Recovery

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Lower Manhattan took some hits from Superstorm Sandy.

President Barack Obama is coming to New York City today to check in on the city’s recovery from Superstorm Sandy.

Maybe he should check out some of the law firms downtown. While most New York-area law firms focused on getting people back to work as quickly as possible after the storm, some shops experience more structural issues.

Not that those firms are talking about it. I guess some firms don’t like to admit that anything can go wrong in the financial district….

We got this report via text message on Monday from a tipster at Cahill Gordon about the firm’s temporary office space:

Cahill Gordon moving into temp space today. Open floor plan and no offices for associates. Seems better suited for telemarketers than lawyers… despite ‘asking’ all associates to show up today they haven’t yet connected all phones or internet access.

That seems less that ideal. It’s not just a point of pride and prestige, but open floor plans don’t work great for lawyers who handle sensitive documents and advise on client confidences.

We reached out to Cahill to ask about how “temporary” this arrangement is going to be, but they still haven’t responded. Maybe they’re still trying to turn on the phones.

Still, the Cahill situation does sound temporary. At Sullivan & Cromwell, the storm might have dealt the firm more serious consequences. While everything looks fine at S&C on the outside, beneath the surface, things were a bit soggy. From The Real Deal:

125 Broad Street, a 1.45-million-square-foot tower where the law firm Sullivan & Cromwell is a major tenant, was inspected on Nov. 2: “All three sublevels fully flooded, all mechanicals on lowest floor flooded.”

What’s on the S&C sublevels? From a tipster:

I can assure you that the topmost level of the basement was a caseroom–really a rabbit warren of caserooms–full of boxes of documents (and many computers).

So the question is, which clients’ documents were down there? And what happens to soggy documents, anyway?

Great questions! We asked S&C, but they have not responded to our inquiries.

But we’re not clients of S&C. I would imagine that at some point, the firm’s clients will want to know about the security (or the existence) of their documents.

Obviously, the human cost of Sandy in New York was borne most tragically by the people of Staten Island. But Lower Manhattan didn’t exactly get off unscathed.

Now that Obama has been reelected, maybe he can do something about the whole seas rising thing.

Obama to Visit Storm-Ravaged Areas in New York [New York Times]
Surveying FiDi’s ‘restricted’ commercial buildings [The Real Deal]


Morning Docket: 12.10.12

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Puerto Rico beach writing

* “The people who are paying us say this is what we want.” When it comes to cross-border mergers, law firms aren’t becoming behemoths for the hell of it. The end goal is to be able to edge out the rest of the competition. [Wall Street Journal (sub. req.)]

* It’s been six weeks since Hurricane Sandy hit the east coast, and “[e]verybody wants to go back downtown,” but some Biglaw firms in New York City — firms like Harris Beach and Cahill Gordon — are still stuck in their temporary offices. [New York Law Journal]

* Following Jeh Johnson’s adieu to the DoD, drone-loving Harold Koh will be packing up his office at the State Department and returning to Yale Law to resume his professorship next month. [WSJ Law Blog (sub. req.)]

* According to the Bureau of Labor Statistics, the legal sector is employing 5,800 more people than it was at this time last year. We’d be in good shape if 40,000 people hadn’t graduated law school in May. [Am Law Daily]

* Another day, another wrist slap: Villanova Law has been placed on probation for by the Association of American Law Schools over its grade-inflation scandal. Does that even mean anything? [Philadelphia Inquirer]

* The Lanier Law Firm, known for its spectacular Christmas parties, hosted some country superstars at this year’s event. Guess we know where Faith Hill and Tim McGraw go for legal assistance. [Houston Chronicle]

* A slim majority of American adults think that federal government employees should just sit back, relax, and smoke a bowl instead of enforcing federal laws against marijuana use. [FiveThirtyEight / New York Times]

* “I’m sorry they are confused in the White House.” Puerto Rico’s statehood referendum received a majority of votes, but lawmakers say the results of the two-part plebiscite are too confusing to add a 51st state. [CNN]

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Tags: AALS, Association of American Law Schools, Biglaw, BLS, Bureau of Labor Statistics, Cahill Gordon, Cahill Gordon & Reindel, Celebrities, Christmas Parties, Disasters / Emergencies, Drugs, Faith Hill, Federal Government, Grade Inflation, Harold Koh, Harris Beach, Holiday Parties, Holidays and Seasons, Hurricane Sandy, Jeh Johnson, Job Searches, Lanier Law Firm, Law Firm Merger Mania, Law Firm Mergers, Law Professors, Law Schools, Marijuana, Morning Docket, Music, Musical Chairs, New York, New York City, Parties, Puerto Rico, Sandy, Sandy Aftermath, State Department, Statehood, Superstorm Sandy, Susan Westerberg Prager, Tim McGraw, Villanova Law, Villanova University School of Law, Yale Law School

Associate Bonus Watch: Cahill Gordon’s Never-Ending Bonus Bounty

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As we mentioned last month, the downtown law firm of Cahill Gordon got hit hard by Superstorm Sandy. Weeks after the hurricane, lawyers and staff at Cahill are still working out of temporary space. We hear that they’ll be moving back to their normal office space in January.

But no natural disaster can stop money from raining down on Cahill associates. The firm just announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. And who knows — if all goes well, maybe the firm will pay summer bonuses in 2013, as it did in July 2012.

So how much is Cahill paying out this month, in advance of Cravath-level bonuses in January?

The “special” bonuses for this year don’t come as a surprise. Back in October, chairman William Hartnett informed the troops that bonuses would be forthcoming:

[I]n a meeting with Cahill corporate associates, chairman William Hartnett had some words about bonuses. He stated that Cahill associates would be receiving “extra” bonuses at the end of the year — namely, the “special” bonuses that the firm sometimes pays out, in its discretion, in December. The firm then pays Cravath-level bonuses in January. So, according to Bill Hartnett, Cahill associates will receive “above market” bonus comp this year.

How much above market? Here’s what we’re hearing about the December “special” bonuses:

Class of 2011: ?
Class of 2010: $10,000
Class of 2009: $15,000
Class of 2008: ?
Class of 2007-2005: $25,000

(We’re guessing that the missing number for the class of 2008 is $20,000, but we haven’t confirmed. If you can confirm or fill in other blanks, please email us or text us, 646-820-8477.)

UPDATE (4:51 PM): The class of 2011 is receiving $10,000 as well.

UPDATE (9:00 PM): Class of 2008 associates received up to $25,000 each, actually — but there was a catch (which may apply to other class years as well). Associates had to rack up a minimum number of hours to get the full amount; otherwise they received a smaller amount. The maximum potential amount for the class of 2008 was $25,000.

Remember that these “special” bonuses are on top of Cravath-scale bonuses that will be paid in January 2013. And recall that Cahill associates previously received mid-year bonuses of $5,000 to $10,000 over the summer (in a year when most firms did not pay spring bonuses).

So what does it all add up to? One of our Cahill sources runs the numbers for one class:

Take someone in the class of 2005. They got $10k over the summer and $25k today, plus they’ll get Cravath [amount of $50K] in January, so they beat the market by $35K. [Total 2012-related bonus comp] for that class will be $85k with the Cravath amount and two specials.

Congratulations, Cahill associates, on some of the best bonuses in Biglaw. Maybe you’re not yet back in your offices, but the bonuses, “special” and otherwise, are a nice consolation prize.

Earlier: Some Downtown Biglaw Firms Seem To Be Struggling With Sandy Recovery
Associate Bonus Watch: Early Word About Cahill Gordon Bonuses

The 2013 Am Law 100: A Year of ‘Slow Growth’

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Morning Docket: 05.10.13

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Jodi Arias

* Growth was “steady” for New York’s top firms, with Latham & Watkins and Skadden Arps leading the pack in terms of gross revenue — which wasn’t surprising, considering their Am Law 100 gross revenue ranking. [New York Law Journal]

* Dewey know when we’ll be able to stop using this pun? Hmm, at this rate, probably never. Steve Otillar and Citi recently settled their dueling suits over the ex-D&L partner’s capital contribution loan to the failed firm. [Am Law Daily]

* Cahill Gordon was supposed to investigate the Rutgers basketball scandal, but the firm cited a conflict of interest, so Skadden Arps stepped in. [Insert the joke of your choice here. I don't like or watch this sport.] [Reuters]

* Surely you’ve heard about Justice Orie Melvin’s sentence by now. As it turns out, shaming a judge like you’d shame your dog online might not be enforceable… which is too bad. [Pittsburgh Post-Gazette]

* When we last spoke about “controversial” commencement speakers, we didn’t bring up the fact that Nancy Pelosi would be pulling double duty at UC Davis and Baltimore. Thoughts? [National Law Journal]

* She’s got a death wish: the aggravation phase of the Jodi Arias trial was postponed at the last minute yesterday, and some think it’s because of the interview she gave after the verdict was announced. [CNN]

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Tags: Basketball, Biglaw, Cahill Gordon, Cahill Gordon & Reindel, Capital Contributions, Citi, Citibank, Commencement, Crime, Dewey & LeBoeuf, Graduation, Graduation speakers, Joan Orie Melvin, Jodi A. Arias, Jodi Ann Arias, Jodi Arias, Jodi Arias Verdict, Latham, Latham & Watkins, Morning Docket, Murder, Nancy Pelosi, Pennsylvania, Rutgers, Rutgers University, Sentencing Law, Skadden, Skadden Arps, Skadden Arps Slate Meagher & Flom LLP, State Judges, State Judges Are Clowns, Steven Otillar, Steven P. Otillar, Trials, UC Davis Law, University of Baltimore Law, University of Baltimore School of Law

From Across the Desk: Capital-Markets Centric Firms

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