One of California's oldest law firms, Orrick, Herrington & Sutcliffe LLP has grown into a worldwide legal presence, with more than 1,100 lawyers in 21 offices in Asia, Europe, and North America. The firm is known for its public finance practice as well as its work in litigation, securities, tax, intellectual property, and mergers and acquisitions. In 2008, the firm was one of just a handful of law firms named to Fortune's "100 Best Companies to Work For." On the whole, Lateral Link Members are pretty satisfied with the firm, saying that it is a "great place to work" and their "considerate," "diverse" colleagues provide "access to some really neat ideas." Although the firm is generally more "respectful" of personal lives than some peer firms and offers the "potential" for work-life balance, one East Coast associate notes that the "touchy-feely West Coast firm [environment] does not always translate to the New York office."
Capital Markets: Securitisation (#2); Capital Markets: Structured Products (#2); Labor & Employment (#2); Transportation: Road (Infrastructure) (#1)
Currently, salaries at the firm are based on a set lock-step system, but the firm has announced that beginning in 2010, it will end lock-step compensation and move to a three-tier compensation system for associates. The firm has announced a pay freeze, and 2009 salaries will remain at 2008 levels. In 2007, Orrick revamped its bonus structure and in 2008 Orrick's bonuses were above market for 2000 and 2100 hours. The firm has implemented the concept of "client representation hours" for purposes of determining hours for bonuses. These hours include client billable work, pro bono, and work for firm as client, but do not include hard or other business development hours or training. Although there is an hours-based factor to bonuses, bonuses remain discretionary. The firm had committed in early 2008 to award Skadden Arps-level bonuses, but when bonuses were awarded in early 2009, the amounts varied among associates. According to the firm, variations in bonus amounts were based on announced criteria including quality of work, business generation and firm contributions.
The firm offers numerous formal training programs, ranging from a three-day orientation for new associates to a mid-level retreat to regular practice group trainings, which are particularly frequent during the first two years of practice. While Lateral Link Members concur that the firm "means well," they also report that associates are largely "on [their] own for development [and] training." The firm has a formal mentoring program, as well as a confidential career coaching program, but according to Lateral Link Members, "it is up to the associate to be proactive about" mentoring, and the associate "must approach the partner mentor, and not vice versa." The firm has a formal "green" program, implementing environmentally friendly practices in its offices. In 2008, the firm received a 100% rating on the Human Rights Campaign's Corporate Equality Index. In addition to layoffs in late 2008, the firm laid off an additional 100 attorneys and 200 staff in March 2009.
The firm requires associates to bill a minimum of 1,950 hours and mandates that at least 2,000 client representation hours be billed (including pro bono and Orrick as a client) for an associate to receive a bonus. Lateral Link Members say that the consequences of not hitting the hours target used to be just a "bad review," but in this market, a low-billing associate is more likely to be laid off.
Lateral Link Members concur that there is minimal pressure to put in face time, although most try to be in the office during normal working hours and admit that face time requirements "var[y] by department." The firm provides four weeks of annual vacation, which automatically roll over for up to six months, although Lateral Link Members report that utilizing available vacation can be difficult, particularly more than "two weeks consecutively." Lateral Link Members say they rarely work on weekends and holidays, with one third-year associate noting he has "only worked one weekend" and "always made [his] billables without a problem."
The firm encourages attorneys to perform 25 hours of pro bono work annually, and 65% of associates perform an average of 86 hours each annually. There is no cap on the number of billable hours attorneys are permitted to work on, and pro bono is counted equally with billable hours for purposes of bonuses. While Lateral Link Members admit that "the pro bono policy at [the] firm is generous," some say that "working on pro bono cases is not valued in terms of performance evaluation."
The firm has one partnership track, averaging seven to ten years to eligibility. The firm has promoted attorneys on reduced-hours schedules to partnership. Lateral Link Members report that associates who do not make partner on their first attempt will be considered for partner the following year.
Benefits at Orrick include a subsidized cafeteria in some offices, monthly social gatherings, an on-site gym in the Washington, D.C. and San Francisco offices, and emergency childcare. Associates receive their own offices as first-years. New associates receive a $10,000 starting stipend and relocation benefits, including a $5,000 reimbursement for moving costs, temporary furnished housing in some markets, and 20% of the broker fee in some markets.
The firm operates summer programs in its Los Angeles, New York, Orange County, Sacramento, San Francisco, Silicon Valley, and Washington, DC, offices. Summer associates are not assigned to any specific department and are encouraged to work with numerous practice groups. The firm recently announced that the starting date for the class of 2009 would be pushed back to January or March 2010, while the start date for the class of 2010 will be subject to an even lengthier deferral, with the start date anticipated in 2012 to accommodate a one-year deferral accompanied by a fellowship program. Additionally, the firm has announced a public interest externship to that same group, offering them a $75,000 stipend to work for a year at a public interest organization.