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 seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.