Over the summer, we wondered: what can law firms do to prepare for a possible double-dip recession?
One obvious answer: firms can “right-size” themselves, by making sure that they are as lean and as mean as they can be. And this seems to be what has been happening over the past few months.
We haven’t seen much in terms of lawyer layoffs lately, but staff layoffs are another story. In fact, on the staff side, we seem to be looking at a trend of firms reducing their permanent staff positions in favor of outsourcing.
The National Association for Law Placement (NALP) has produced an extremely useful chart for people trying to figure out where to start their Biglaw careers. They’ve listed the cities that give you the most bang for your buck if you land a high paying Biglaw job.
The NALP “buying power index” sets New York as the baseline. It takes the median starting salary for the class of 2010 and the NYC cost of living index and sets that figure at 1.00. Cities with a better purchasing power than NYC have a value greater than 1.00.
New York ranks #42.
Most of the high-ranking cities also have the benefit of warmth….
* Leah Ward Sears, who shows up on SCOTUS shortlists, wants to impose a mandatory waiting period… on divorces. It’d be interesting to live in a country where you had to wait for a year to get rid of your spouse, but not to buy a gun. [Slate]
* Speaking of marriage…. Tara Reid was maybe engaged to an accountant? [Going Concern]
* Trust me, nobody buys off your ATL bloggers. Without us disclosing it. Because it’s not a bribe if you like money and don’t care who knows about it. [Gawker]
* The study doesn’t say that fat people are more likely to miss work; it says that unhealthy people are more likely to miss work. That’s why I discriminate against thin little stress balls that have a conniption every time they see a slice of chocolate cake. [Business Insider]
* Wait, we have a prison rape elimination act? Did we only just now decide that prison rape should be stopped? But it doesn’t apply to everybody in prisons? I’m so confused. [ACLU: Blog of Rights]
* At least Ken Jennings isn’t going to law school. [Ken Jennings]
It’s late October, so Biglaw bonus news could drop any day now. In 2010, Cravath didn’t kick off the season until November 22. But back in 2009, Cravath announced bonuses on November 2. And in 2007 — yes, the glory days, before the Great Recession — Cravath announced bonuses, regular and “special,” on October 29.
In light of the economic gloom and doom, including the possibility of a double-dip recession, it wouldn’t be shocking if bonuses are modest this year. Better to conserve the cash and avoid layoffs, right? Or maybe repeat what happened in 2010 and save some money for spring bonuses in a few months, when firms might have a better idea of the direction of the economy?
Regardless of how bonuses turn out, there are other pockets of good news in the world of large law firms — even news requiring law firms to open their wallets. Check out the growing number of firms that offer the perk we’ve dubbed the gay gross-up….
A beautiful creature that would gladly eat the animals PETA tries to save.
Animals are not people.
If a PETA person had been sitting next to me when I wrote that, he’d smugly say: “You know, some people said the same thing about black people 200 years ago.” At that point, I would grab the PETA person by the neck with my left hand, pimp slap him across his face with my right hand, throw him down on the ground, and then bellow: “How dare you, sir!”
That’s because I’m a person. And while I acknowledge the historical reality that many people didn’t think black people were “people” at various times in history, that thinking never changed the underlying truth that the color of one’s skin had nothing to do with personhood. You dig? It’s like how the New World was here long before anybody “discovered” it.
Non-human animals are not non-human animals because thinking makes it so. They’re animals because they’re animals. Now I think animals should be way, way more respected then most humans treat them. But applying a human right — such as freedom from involuntary servitude — to animals both denigrates people and disrespects the animals that they anthropomorphise.
What I’m saying is that once again, PETA has gotten it all wrong….
It’s the end of October, and you know what that means: law school finals are lurking. As law students begin to hunker down and make sweet, sweet love to their outlines and flashcards, others are busy thinking up more clever ways to study the same materials.
Visual learners think that drawing pictures will help them cram especially boring law into their brains, but those in the auditory learning crowd know better. And that’s why one law student is writing rap songs about the most boring law of all, Sarbanes-Oxley….
Lawyers, journalists, investment bankers — they are liabilities, not leaders, in the zombie-infested world….
In the zombie apocalypse, your J.D. is worthless — which is actually not so different from the real world of recent years.
– Torie Bosch, in a thought-provoking Slate article entitled First, Eat All the Lawyers, arguing that the boom in zombie-related entertainment reflects, and is fueled by, the economic anxieties of white-collar workers.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…