Ed. note: This is the latest in a series of posts on partner issues from Lateral Link’s team of expert contributors. Today’s post marks the second of a three-part narrative detailing the make up of a lateral move and is written by Larry Latourette, Executive Director of the Partner Practice at Lateral Link. Read the first part here.
HOW FIRMS EVALUATE CANDIDATES (CONTINUED)
Client Diversification and Conflicts: To diversify risk, firms prefer candidates who have spread their business among a number of clients, rather than concentrating it in just one or two large ones. While they generally like high-profile clients who can raise their profitability and status, the more dominant a company, the more likely it is to create conflicts with others in that industry, whether or not a firm has an immediate conflict; further, such high-profile clients often expect that firms will voluntarily forgo representing even potential competitors (sometimes referred to as the “Microsoft conundrum”). Thus, a candidate with such a client has no chance at any firm that currently represents a competitor.
Bill had worked with a marquee high-tech client over the last decade, which constituted about three-quarters of his portable business. The client had followed Bill through several moves, but its conflicts policies necessitated the moves. So while the heft of the marquee client and its loyalty to Bill mitigated the diversification issue, a number of firms would likely shy away from hiring him because of definite or potential conflicts with his showcase client….
Ed. note: This is the latest installment in a series of posts on partner issues from Lateral Link’s team of expert contributors. Today’s post marks the first of a three-part narrative detailing the make up of a lateral move, and is written by Larry Latourette, Executive Director of the Partner Practice at Lateral Link.
The call came on a cool, clear Thursday morning in April: “Bill” was in trouble. He had joined a midsize firm as a partner nine months earlier. Now, despite assurances to the contrary, the firm had accepted a representation that would be adverse to Bill’s main client. He needed to move, and he needed to move fast.
We met for more than an hour that afternoon covering all the critical issues: his professional history; his expertise; his clients and potential conflicts; his billings, collections, and rates; whether he would be bringing anyone with him; the kind of firm and culture that he was looking for, including additional support he would need; how much longer he wanted to practice; and the level of compensation he could expect.
Each year, about one in 20 partners faces a lateral move. The process can seem irrational and daunting, especially to first-timers. Having gone through a lateral move myself, and overseen the hiring of numerous laterals as a managing partner, I’m more familiar with this arcane ritual than most. Now, after 10 years as a recruiter guiding dozens of candidates through the process, I offer an “anatomy” of a lateral move, using Bill’s experience to demystify the journey and explain how firms evaluate candidates, which materials candidates should typically produce, the normal sequence of events, and how candidates can best prepare for them….
If you’ve been fortunate enough to have power for the last couple of days, by now you’ve probably heard the one about how, if Gangnam Style is a rain dance, we brought Hurricane Sandy upon ourselves. While the identity of the joke’s creator is disputed, its premise can’t be denied.
Gangnam Style is everywhere. Even my parents know what it is, thanks to Dancing With the Stars (sorry if you’re now struggling to scrub that image of Kirstie Alley out of your brain). It’s precisely this sort of over-exposure that makes the younger generations cringe.
Why? Because of that seemingly impulsive need triggered in the middle-aged brain to imitate whatever the kids are doing these days. I guess it was only a matter of time until politicians jumped on the Gangnam Style bandwagon. We now even have our first official campaign ad featuring the dance, courtesy of a judge in Michigan.
So, in honor of the recent Halloween holiday and all things scary, and as a much-needed break from endless hurricane coverage, I give you the following clips of supposedly respectable adults dancing to K-pop. Enjoy, if you dare….
Hey, don’t blame us. We didn’t make this list of the worst law schools in the country.
In the Above the Law Career Center, we just give law schools letter grades, based on user surveys completed by ATL readers. But the Daily Caller has compiled a list of the ten worst ABA-accredited law schools. Mwahaha.
One really strong point about this list is that it’s more outcome-oriented than other rankings. It’s not looking at LSAT scores and GPAs; it’s looking at bar passage rates, cost, and employment data.
So, send your angry emails to the Daily Caller, or your own administrators, if you are unlucky enough to be going to one of these schools…
Seeing as half the Eastern seaboard is underwater or in the dark or throwing a massive party, perhaps the only other topic Americans care about right now is — you guessed it — next week’s presidential election.
Most of us know how granular the campaigning has become these last few weeks, as the candidates vie for the heart and mind of the ever elusive swing voter. But for some time now, both Mitt Romney and President Obama have taken advantage of another highly detailed, technical voter research strategy. They dig up electronic information about voters using data-mining techniques pioneered by everyone’s favorite American institutions: online retailers.
Yep. Because the process voting for president is just the same as deciding what new XBox game to buy…
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
LexisNexis and OverDrive®, the digital library solutions provider chosen by 22,000+ libraries, schools and colleges worldwide, have joined forces to provide a library management solution that suits evolving legal research requirements mobility, simplified library management, and space and budget reductions.
Reduce your library costs and extend the budget.
With LexisNexis® Digital Library, overhead and administrative costs for maintaining a print library are reduced dramatically. Adopt an easy-to-use platform that requires minimal staff resources so your organization can make the most out of your library budget. Plus, multi-year purchase options let your library lock in savings.
Empower your librarians.
Your firm’s librarians will have more time to conduct value-added research. They’ll have greater insight into what resources the staff actually uses so they can make adjustments to the collection quickly using a single website. Librarians can gain greater control, which can lead to better library utilization and increased strategic value to the firm.
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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!