A New York-based firm with international reach, Cleary Gottlieb Steen & Hamilton's 12 offices and 1,000 attorneys are organized and operated as a single, integrated global partnership. The firm prides itself on its cross-border transactional capacity and inter-office collaboration. The firm's core practice groups include M&A, finance, and tax, as well as a highly regarded international practice, particularly in Latin America. The firm employs lawyers from more than 50 countries, and perhaps because of this diversity, associates say the firm has a pleasantly eccentric environment, filled with very "smart," "quirky," "non-arrogant" people.
Antitrust (#1); Capital Markets: Debt & Equity (#1); Capital Markets: Derivatives (#1); Capital Markets: Structured Products (#1); Corporate/M&A (#2); Financial Services Regulation: Banking & Securities (Regulatory Compliance) (#1); Financial Services Regulation: Banking (Regulatory Enforcement & Investigations) (#1); Financial Services Regulation: Financial Institutions M&A (#1); Financial Services Regulation: Securities (Regulatory Enforcement & Investigations) (#2); Investment Funds: Private Equity: Fund Formation (#2); Tax: Corporate & Finance (#1)
The firm employs a set lock-step system and "pays all U.S. lawyers the same, regardless of location and billables." In terms of bonus amounts, the firm is considered a follower; in 2008, Cleary awarded half-Skadden bonuses, and in November 2009, Cleary announced it will be awarding 2009 bonuses at the same level as those announced by Cravath a week earlier.
Cleary has no formal departmental structure, and new associates are encouraged to experience working in different areas of law. Associates obtain assignments through a free-market system, although there is also an attorney on staff to ensure that junior associates have sufficient work. While some call Cleary's free-market system a "free for all"-"you find work, and if people like your work, they give you more"-others appreciate the "flexibility in moving around in practice areas." Lateral Link Members describe training and associate development as "somewhat lacking" and an area in which "the firm has a long way to go." Cleary is trying to address these issues and "just instituted new practices including hiring a person to coordinate associate development and life." In 2009, Cleary was named by Yale Law Women as one of the "Top Ten Family Friendly Firms." To date, Cleary has not instituted pay freezes, and Lateral Link Members report that morale at the firm is "reasonably good given the state of the economy."
While there is no official minimum billable hours requirement, the expectation is that associates will bill between 1,900 and 2,100 hours. However, Lateral Link Members report that the firm takes a forgiving approach to those who bill below expectations, with consequences likely no worse than a negative review. In fact, one Lateral Link Member notes that "the firm actually does not want billables much higher than the informal targets. I was at 2,500 my second year and was asked to learn to say no."
There is no pressure to put in face time at the firm, and according to Lateral Link members, many Cleary attorneys telecommute a few days a month or work on flex-time schedules. The firm offers four weeks of vacation time for the first five years, and five weeks thereafter, with a maximum rollover of five days.
Cleary is a charter signatory to the Pro Bono Institute's Law Firm Pro Bono Challenge, which pledges 3% of billables as pro bono work. The firm does not require associates to bill a minimum of pro bono hours, but average associate pro bono hours in New York are an admirable 90 hours annually, with 92% of associates doing pro bono work.
The firm has one partnership track, averaging eight years to eligibility. Lateral Link Members say making partner is "possible on merit," but it "requires a conscious decision by the associate to sacrifice all for the chance."
In addition to bar expenses, new associates in New York can expect Cleary to pay for a broker fee required to find housing, as well as travel and lodging in Albany for the Bar Exam. The firm provides new associates with a subsidized cafeteria, international firm-wide retreats, free gym membership, free dinners and car service if working late at night, and their own office in the first-year. Lateral Link insiders note that the firm is generous with unpaid leave and reduced schedules, allowing "unpaid leave up to six months without any required committee approval" as well as "flex time and reduced schedule for non-childcare reasons."
Lateral Link Members report they are kept busy with "real" and "interesting" work during Cleary's 13-week summer program and are expected to complete between 6-10 assignments, which are assigned by an attorney summer coordinator. The firm provides weekly training sessions for summer associates, but some Lateral Link Members in the summer program say they felt "thrown in" without a lot of training. Lateral Link Members concur that the firm "focus[es] on individual[s] and encourages personal development" while at the same time providing a "real experience of being an associate." Summer associates are given BlackBerrys, which come in handy, because although there is no face time requirement, more than one Lateral Link Member in the summer program reports having to work "long hours" and some weekends. Summer associates can attend an unlimited number of attorney lunches, although most Lateral Link Members say they averaged about two per week. At least once a week, the firm puts on an outside social event, ranging from theater nights to hiking trips to scotch tastings to impromptu Michael Jackson tribute concerts.