Do You Have Portable Business? There’s an Opportunity for You on Craigslist
I don’t think there are a lot of people who have been working in Biglaw for only four years and are sitting on a portable book of business. But, if you are, this Craigslist posting may be for you:
ATTORNEYS WITH BOOK OF BUSINESS ONLY! NYC (Midtown)I am starting my own law firm, and will be soon opening my law firm based in downtown NY, I am currently the head of a corporate group at a large fim and I seek entrepreneurial attorneys (attorneys ONLY) to join as either potential partners or for Of Counsel positions to help establish presence in New York, and other major markets. Only attorneys already admitted in NY may apply.
The law firm is seeking lawyers with experience in a range of different practice areas, principally in Securities, Capital Markets, FINRA Arbitration and Securities litigation, also including, but not limited to, general corporate, real estate, tax, energy, tort , intellectual property (including patent, trademark, copyright and technology licensing), white collar criminal defense, litigation, commercial litigation, international and/or labor & employment law.
Successful candidates will have self-sustaining practices as well as a strong desire to work in a collegial, collaborative, flexible and entrepreneurial environment law firm or become part of building their own firm as Of Counsels or join our starting firm benefiting from large marketing, the ability to show prospective clients that they are with a large firm rather than sole practitioneers and cross refer business clients and retain their relations with their clients and increase their portofolio.
Don’t you usually look for a professional headhunter to fill a position like this? I just can’t imagine a person with a self-sustaining practice looking to lateral over Craigslist.
Then again, check out the minimum qualifications. The candidate this firm is looking for might not exist.
Looking at the minimum qualifications the firm wants, this seems to be an exercise in wishful thinking:
Your Requirements: If you do not qualify under those criteria DO NOT RESPOND.* 4+ years experience of practicing law
* 2+ years experience at a large law firm or in-house counsel at a Fortune 1000 company
* JD from a top 50 law school
* Current portable business of at least $150, 000, or strong potential to quickly generate at least that amount.
* Entrepreneurial nature and strong business/client development skills
* Desire to work in a collaborative/collegial law firm environment
If you are four years out of law school, have spent at least two of those years in Biglaw or in-house at a major company, and are sitting on $150,000 of business that will follow you to Manhattan — you are a winner. You are a winner and you know it, and I can’t imagine a universe where you are scouring Craigslist for a job.
If, on the other hand, you are like 99 percent of the people who are looking for a job on Craigslist, isn’t this advertisement a little bit insulting? It’s a little bit like walking into a McDonald’s and demanding a porterhouse.
In any event, I’d love to get a look at the résumés — if any — that this ad generates.
ATTORNEYS WITH BOOK OF BUSINESS ONLY! [Craigslist]
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(50) Comments
Comments
Obey your First!
I imagine if you had those qualifications you'd want to work for a firm that could spell.
We had a CL ad in MN a few days ago looking for a portable book in excess of 400k.
Probably generated an equivalent number of responses.
$150k in portable business is not very much for a lateral partner. Usually the minimum is $500k, so the use of Craigslist for this position makes sense.
Who wrote that second paragraph? Are you JOINING a firm or are you STARTING one as Of Counsel? Or are you joining a STARTING firm (whatever that means)? Absolutely incoherent.
Typo. Clearly a land use/water rights firm looking for 150K in potable business.
I object to ATL's copying of the entire post. Clearly copyright infringement.
$150K, that's extremely easy. BTW - How long could one keep working with a current client before they noticed the different letterhead?
Um, no, its like walking into McDonalds and being offered a porterhouse.
Could the entire CL posting firm apply to be an associate at a better firm? The firm would generate at least 160k in legal work for the year plus a bonus.
Ask Roxanna if she would be insulted being offered this job.
This actually sounds like a good opportunity. I'm in.
"Large fim"
Judging by the quality of the posting's grammar, this "New York law firm" will be based in Mumbai.
Maybe you're using Craigslist to lateral if you want to avoid (for yourself or your new firm) an obscene headhunter's fee. There's not much reason to be paying headhunters in this market.
$150,000 in NYC is really low and hardly worth paying a headhunter...and isn't really an outrageous amount for someone just a few years out to have in biz there.
I have about $5M worth of portable legal business. Is that enough to entice firms to pay me $2.5M per year, which is what I'm making right now. I can't believe I'm posting here, but I haven't felt much pain from the downturn, since all my business is in high end products work, where the fees are huge and the work is abundant. By the way, we haven't laid off any first year associates for lack of business, and we actually haven't laid off anyone in the past 18 months for business reasons. I don't like my firm, because it's run by assholes, but the money is just too good to pass up, unless another firm is willing to beat my current salary.
Only Elie could fit a McDonalds reference in with this topic.
What a fat slob.
17 - start your own shop.
Hire a bunch of midlevels at 90k + bonus one junior partner for 200k, open an office, and walk home with 3.75-4M.
Easy. I'll consult on how to do it for an up front payment of 100k.
I cannot stand people who indicate nonexclusive limitation outside of legal documents - it is such awkward fucking form.
17, 2.5MM for 5MM book is overcompensation. The rule of thumb is comp about 1/3 of book up until about 7MM book, then it gets less than 1/3 going forward (as it takes a junior partner and other expensive people to help run such a big book).
If you were to lateral, you would likely only get offered around 1.7MM tops.
The post reads like it was written by a mentally impaired second-year associate, cutting and pasting from things he found on the web along with his own recollections of drafting document request responses.
"I am starting my own law firm, and will be soon opening my law firm based in downtown NY,"
Wtf ...
It's becoming increasingly clear that the baby boom generation basically mortgaged everything, got rich on credit, and worked us all to career death by age 30. Happy Retirement, a-holes!
23,
They ain't retiring. They are going to wait around to siphon as much as they can until the day each one of them dies, and goes off to the country club in the sky.
There have been several ads like this on Craigslist in the past several months. I know - I've been in touch with some of these posters.
The funniest thing is that Elie thinks that $150k is a large book of business.
Fat slobs don't get clients.
"The candidate this firm is looking for might not exist."
Of course this candidate exists, s/he's just not interested in giving up a great job at a v100 or f500 and going to this "new law firm in downtown NY."
Marshall Dennehey, Havertown, to $44k !
23 and 24,
And they will not die any time soon. We will pay for them to have miracle surgeries and first-rate medical care so they can live until 120.
When the boomers were young, old people had the decency to die at 65. These clowns are selfish and refuse to get off the ride and yield to those of us waiting patiently for our turn.
The boomers and their parents get these perks because they vote. We young folk are too lazy and stupid to participate in democracy so we get screwed.
Your Requirements:
* Must be able to communicate in run-on sentences that lead into confusing and awkwardly-phrased repetitive ideas, and be like the Of Counsels or willing to relocate to downtown NY or midtown NJ, and have an aggressive desire for congenial environments, to become part of a greater effort in starting up a new firm or joining a developing law practice....
@ 16: I notice you say "there" not "here" -- does that mean you don't live in NYC and have no idea what you're talking about?
This is a craigslist scam - some idiot will wire money for some made up purpose and never hear from the poster again.
Well, this post is now on ATL. The firm wins.
When I walk into McDonalds, I demand a McRib and a large Shamrock shake.
34 = racist.
- Irish-American mobster
I would like to make at least $250K. I'm third year at large regional firm. I currently make $185K, with not much of a bonus. I have no book of business, but I'm good at what I do, which is push paper around and pretend to stay busy. I really know how to handle time entires so as to max billable hours, with only minimal ethical issues. I guess I should stay put, what with all the layoffs taking place in BigLaw.
I am 29. Spent just under 2 years at an AmLaw 100 firm. Have my own corporate/tax law practice. Am projected to do 135k this year in business. Still can't find another job at a law firm or enough people with the balls to start one.
We do exist.
37, some lawyers don't have any balls, mostly because they weren't born with any. If you want to lick my balls, you'll have to stand in line, as there are many secretary waiting for their turn.
@17: Liar.
I agree with 20, a brother or sister in arms against awkward writing.
37- I think you are confusing a lack of balls with grounded intelligent thinking. But thanks for tellnig me how great you are doing- I will sleep much easier now.
You know, I have been out 8 years and I personally don't know anyone who is better for going on their own. I'm sure it happens, but usually it doesn't pay to go that way until you hit 40 or so.
Now I get unprovoked emails all the time from my solo friends, telling me how great they are doing. But it's bullshit- most lawyers only tell you they are doing well when they are not doing well- it's to save face.
The most successful people I know are pretty modest, and they don't get into their business unless you ask
Spelling and grammar aside, what's so funny about this post? That its on craigslist? As plenty of folks have pointed out, 150K in portable business is not exactly major rainmaker territory, such that headhunters would be interested. So someone's looking for some other people to share some start-up costs on the way to some autonomy and a six figure income. So what?
Please respond to Marc Dreier... oh, soory, that was in 2008.
41, et al ...
Don't you think it depends on what kind of clients you have? I mean, if you're a structured finance lawyer, then sure, you probably need the big firm. But if 37 has small and midsize business clients, or small pension funds or whatever, isn't it possible it could be a better life and more lucrative?
You may not find it "good" unless BofA is your client, but I know plenty of people at really sophisticated mid-sized firms with sophisticated small and mid-size company clients that make a TON of money. And if they were at major firms, I'm guessing they would just constantly get shit on because their book of business isn't large enough, or they can't command the ridiculously higher rates ... Just a thought ...
I know plenty of people who found happiness going solo or moving to a smaller firm. I know other people who like the big law firm environment, even though they are middle aged overpaid proles with no equity. Different strokes for different folks.
14, you're right. This posting does have terrible grammar. It should be fired immediatley. A little self-reflection is in order, perhaps?
Got to love how the first comma he used is misplaced....
I actually responded to that add and met the founding partners of that firm to be yesterday . They have an innovative structure and they compensate well.
Being a lawyer is not what it used to be after all... I suggest that if you are looking for a collegial group of young partners and want to benefit from an economy of scale and you have reached a $150 of collected business per year you contact those guys as they can help you grow your practice instantly.
21,
According to your rule of thumb, who gets the other 2/3? You only need so much to cover overhead, after a certain point it becomes fixed. So what happens to the rest? Is it being used to compensate under-producing partners and associates?
Elie you and the posters here have no idea what is going on in the legal industry. Why would this involve a head hunter - he is starting his own firm and craigslist is free - duh. You and the other junior associates posting here are in for a rude awakening if you are laughing at this guy. Probably 1% of you will ever have enough business to sustain your own career especially where biglaw is headed. Good luck.
And as for his grammar, entrepreneurs don't have the luxury of billing the client for 3 hours of proofreading to one page - like you all do.
Good luck.
this is 49.
one more thing, winners like us don't have to scour craigslist for ads like this because we have you losers to do it for us. I guess we are winners. And you work for free.