[This article was prepared by Justin Flowers, a director in Lateral Link's New York office.]

Part Two

Last week, in the first part of this article, I addressed some of the basic issues surrounding the current legal hiring market for bankruptcy and restructuring/reorganization practices, including: 1) What sort of real opportunities are out there and where are they; 2) How much real practice-specific experience is necessary: and 3) What are the realistic chances for re-tooling from another practice area into such a practice? In this second installment, I am focusing on some further analysis and predictions for what the near future holds for the world of bankruptcy and how it might affect hiring this year, as well as ways to strengthen the case for successfully making the jump if you are not a mid level bankruptcy associate right at this moment.

When will bankruptcy work hit the point that being hired as a re-tool candidate becomes a possibility?

I get a lot of questions like this on firms’ current and future capacity–have things hit the point where busy bankruptcy practices are unable to service the workload and need to bring in re-tools? And if not, when will that happen? The answer is that we don’t know, and no one else does either. No one’s crystal ball is working very well these days. Jack Williams, resident scholar at the American Bankruptcy Institute, recently predicted that Chapter 11 filings will rise at least 40% in 2009 from their 2008 levels, which were already highly elevated in comparison to recent years, according to this article by Mark Douglas of Jones Day. If Mr. Williams’ prediction comes to fruition and the current trend continues or accelerates, it’s conceivable that there could be an eventual tipping point, but only if other practice areas have enough business to prevent further cross-staffing amongst groups. As I mentioned last week, this is the single biggest impediment right now for would be bankruptcy associates looking to lateral in from a corporate or litigation background.

***More after the jump.

Continue reading “Ask the Experts: Straight Talk on Bankruptcy Hiring (Part 2)”

[This article was prepared by Tricia McGrath, a director in Lateral Link's NY office.]

Over the past few months, associates have been dismissed from their law firms at an unrelenting and somewhat alarming pace. Hopefully, these associates will move on to other positions in the near future and resume their careers. Long gone are the days when attorneys spent their entire careers at one (or two!) firms. As such, it is best to be prepared at all times for your inevitable job search – even if you are still gainfully employed. Associates should always be prepared – who knows when an incredible job opportunity will come your way?

I am often surprised when I speak to associates who do not have any of their job-search materials prepared. As Lateral Link does not cold call associates, when I speak to an associate, it is because they are affirmatively investigating their career options. You would think that the “affirmatively investigating” candidate would have prepared a resume. It should be self-evident that you cannot begin a job search without the proper documents. Preparing these documents in advance of needing them is incredibly helpful.

Resume

There is no job search without a current resume! You should always have an updated resume. It is a good idea to keep a master resume in draft format on your home computer. Every few months, add pertinent information to the master document. That way, it will be ready when you need it – without having to recreate the wheel. You can edit the document for your specific job search later. For now, just be concerned about adding current content.

***More after the jump.

Continue reading “Ask the Experts: An Inevitable Job Search”

[This article was prepared by Tricia McGrath, a director in Lateral Link's NY office. For questions please contact Tricia at tmcgrath@laterallink.com.]

This is an interesting time in the legal industry. In the past few months, we have watched the lay-offs of many strong associates and counsel. If you are one of the gainfully-employed associates, what can you do to secure your position at the firm? How can you prevent becoming a casualty in the future? By embracing the changes in the market and increasing your value to your firm!

Business development is about building relationships. You want to get to know people and have them know you. It is all about building a network of contacts that you can leverage in the future. No one expects a junior or mid-level associate to go out and land a Fortune 100 client – that’s not how it works. At your level, you should be building contacts and legal expertise, both of which you’ll need in the future. You should demonstrate to your firm that you have a potentially bright future in rainmaking.

Here are some additional basics for venturing into business development. The earlier you begin to build skills in this area, the more successful you will be either at your current firm or your next one!

Learn from Others

• Each firm has partners who are famous for their rainmaking ability – some are even legendary. Study how these partners get business. Many of them are probably experts in their field and sought out by clients.
• Study how senior associates and junior partners manage their business development efforts, as their strategies might be more suited to you.
• Pay attention to how partners and senior associates interact with clients. Client service is so important.
• If your firm offers seminars on business development, make sure that you sign up.
• After observing others, find a style that works for you.

***More after the jump.

Continue reading “Ask the Experts: Business Development 101 – Increase Your Value (Part 2)”

[This article was prepared by Tricia McGrath, a director in Lateral Link's NY office. For questions please contact Tricia at tmcgrath@laterallink.com.]

This is an interesting time in the legal industry. In the past few months, we have watched the lay-offs of many strong associates and counsel. If you are one of the gainfully-employed associates, what can you do to secure your position at the firm? How can you prevent becoming a casualty in the future? By embracing the changes in the market and increasing your value to your firm!

When I was a junior associate, no one ever contemplated getting business or preparing to do so. Perhaps naively, we didn’t consider that law firms were businesses. We thought that, if we did great work, there would be a place for us at the firm. We all wouldn’t make partner, but we’d get fabulous experience and then move into an in-house position or a law firm outside of the top 20 who would cherish us for our legal skills and training. Although that was only ten years ago, it might as well be one hundred given the changes in the legal market. Today, associates at all levels need to demonstrate value and the skills that will sustain the firm’s business in the future.

Business development is about building relationships. You want to get to know people and have them know you. It is all about building a network of contacts that you can leverage in the future. No one expects a junior or mid-level associate to go out and land a Fortune 100 client – that’s not how it works. At your level, you should be building contacts and legal expertise, both of which you’ll need in the future. You should demonstrate to your firm that you have a potentially bright future in rainmaking.

More after the jump.

Continue reading “Ask the Experts: Business Development 101 – Increase Your Value (Part 1)”

[This article was prepared by Tricia McGrath, a director in Lateral Link's NY office focusing on partner level placements. For questions please contact Tricia at tmcgrath@laterallink.com.]

When a firm is considering a lateral partner candidate, the firm will perform due diligence on the candidate. The firm will be interested in reviewing materials such as a partner business plan and a lateral partner questionnaire, and will investigate and evaluate the partner and their practice. It is equally important for a lateral partner candidate to conduct his or her own due diligence on a prospective firm. As an equity partner, you will become part owner in a “business” and should verify that there will be an appropriate return on your investment of time, energy, skill and capital.

Of course, neither the firm nor the partner can ascertain with 100% certainty that a lateral relationship will work. However, appropriate due diligence can minimize the risk of failure, as important facts are revealed and future expectations can be managed. While there are many areas in which you’d like insight, three top concerns are (1) the firm’s financials, (2) the firm’s management and (3) the firm’s culture.

The Firm’s Financials

Law firms are businesses and, in the past year, we have seen increasing reminders of this. Many firms have ceased operations because of critical flaws in their operations. As a lateral partner candidate, there are many financial criteria that you should investigate. Admittedly, firms will treat financial diligence differently – some firms will be transparent and others will be opaque. Ultimately, you’d like to understand the overall fiscal health of the firm. Here are some suggestions on particular issues. This is certainly not an exhaustive list.

1. Debt: What amount of debt does the firm have on its books? How is the debt serviced?

2. Litigation/potential firm liabilities: Is the firm currently involved in litigation? Are there potential firm liabilities known to the partnership?

3. Leases: Is the firm involved in long-term leases? Brobeck’s dissolution in February 2003 and forced bankruptcy seven months later has been largely blamed on expensive office leases that led to overwhelming debt.

More after the jump.

Continue reading “Ask the Experts: Due Diligence for Lateral Partner Candidates”

[This article was written by Miguel Escobar. Miguel is a Director in Lateral Link's New York office.]

This is the second half of our piece on avoiding common pitfalls during the interview process – Click Here for Part 1

You’ve done it! You’ve landed that coveted interview you first envisioned when entering the lateral market. Now some additional tips for navigating the potentially career-making interview.

(6). Having a cocky or arrogant attitude. For better or worse, working as an Associate at a prestigious corporate law firm is a team sport. While superb credentials can get you in the door, an arrogant or cocky personality can doom an interview. Don’t leave the interviewer with the impression that you will be a prima donna if hired. Exude confidence but refrain from adopting an unpleasant, needlessly stubborn or uncooperative attitude during an interview which you have worked so hard to obtain.

(7). Failing to Ask Questions. Do not wait for your interviewer to invite you to ask questions. An interview should be conversational and fluid, not a one-way monologue. Any questions you direct to the interviewer should allow you to demonstrate your deep knowledge of and genuine interest in the firm. In other words, craft interesting and on-point questions during your interview preparation and have them ready on hand for use throughout the interview.

More after the jump.

Continue reading “Ask the Experts: Interview Pitfalls To Avoid (Part 2)”

[This article was written by Miguel Escobar. Miguel is a Director in Lateral Link's New York office.]

You’ve done it! You’ve landed that coveted interview you first envisioned when entering the lateral market. Following up on previous “Ask the Experts” columns discussing the importance of thorough and meticulous interview preparation, let’s now address some common pitfalls to avoid during this potentially career-making interview. We’ll highlight 5 this week and 5 more next week.

(1). Dissing Your Current Firm. Do not focus on negative feelings you may have about your current firm, its Partners or your fellow Associates. Never make your desire to transition into a personal issue. Focus instead on your substantive reasons for wanting to make a lateral move. Some good reasons to move to another firm include: a desire for more hands-on responsibility and sense of ownership over your caseload, a desire for more growth opportunities and interaction with clients, a desire to focus or specialize in a particular field or even a desire to join the more tight-knit atmosphere of a smaller boutique. Be humble and stress that you have learned a great deal at your current firm but are now simply ready for the next step in your career.

(2). Mentioning billable hours. It’s entirely possible that your current job demands 2600 billable hours per year. It’s also entirely possible that this is your main (and rather understandable) reason for seeking a new position. Nonetheless, do not make the critical mistake of mentioning a desire for better hours as your motivation for choosing a new firm. While your desire for less demanding, “lifestyle” hours may be entirely reasonable, Hiring Partners aren’t eager to hire Associates who complain about their difficult hours.

More after the jump.

Continue reading “Ask the Experts: Interview Pitfalls To Avoid (Part 1)”

[This article was written by May Smythe. May is a Director in Lateral Link's New York office.]

The question of whether to send thank you notes arises more often than one would think. Those in the camp believing it to be a waste of time and paper are quick to say “What is the point?’ “That is so old fashioned,” or “What difference does it make?” Those in the other camp, which includes the famous Judith Martin, a.k.a. “Miss Manners” and other stodgy traditionalists, respond to the question “should I send a thank you note?” with the answer ” always.” The only explanation provided for the rule is that everyone likes to be appreciated.

A Lateral Link survey of several New York firm’s recruiting departments revealed that the thank you note is certainly an expected part of the interview process. One recruiting coordinator noted that the thank you note gives the candidate an opportunity to express his continued interest in the firm. Surely any opportunistic associate should jump at a chance to share with a prospective employer the reasons why he would be a perfect fit at that firm, all the while dazzling him with his eloquence. Another recruiter mentioned that if a thank you note is received, it is placed in the candidate’s file and reviewed as part of the hiring process. A file with no correspondence might suggest to the interviewers that the candidate’s interest in the firm may have waned after his meetings. Although it is unlikely that a perceived disinterest on a candidate’s part would result in his losing a potential job offer, it is important to keep in mind that when conducting a job search, coming across as disinterested might just be the kiss of death.

More after the jump.

Continue reading “Ask The Experts: The Skinny on Thank You Notes”

[This article was written by Tricia McGrath. Tricia is a Director in Lateral Link's New York office.]

Law firm economics have changed substantially over the past decade. Law firms are now run like “businesses,” in corporate America parlance. This year, many associates at top firms who had thought that they were “on track” for partnership were unexpectedly passed over. Unfortunately, market conditions suggest that many more will be passed over in future years.

As a recruiter, I frequently speak with senior associates who were on the wrong side of partnership decisions and, as a result, realized the “out” side of the firm’s up-and-out policy. Many of these overlooked associates are now wondering how the train went off the track so quickly. Don’t the years of solid billables and strong reviews account for anything? For most of these associates, their best-case scenarios are a new position at another big law firm with a three-year partner look–often going in to their new firm as a fifth- or sixth-year–or an in-house position at (in most cases) significantly less compensation. Often, neither of these options is particularly attractive.

How can you protect yourself from becoming a senior associate who has been passed over, has no business, and has limited job prospects? It is not difficult, but you should take action early. As a fifth-year associate, you should take critical stock of your career and your location on the partner track. Admittedly, there is a certain intangible required for making partner that is not easily explained. An honest assessment will help you handicap your chances at partnership more effectively. None of these factors is rocket science, but it is surprising how few fifth-year associates have thoughtfully analyzed them.

More after the jump.

Continue reading “Ask the Experts: For Fifth-Year Associates, It’s Decision Time”

[This article was written by Ryan Belville and Miguel Escobar. Ryan Belville (Vanderbilt University, J.D., 2002) and Miguel Escobar (New York University, J.D., 2005) are directors in Lateral Link's New York office.]

It seems that there are few more dreaded tasks for junior associates than creating a resume from scratch, or even updating an outdated version. However unpleasant, it is critical: a resume is your 30-second “pitch” to a Partner that will make or break your chances to land that coveted interview. Given the ultra-competitive environment that is today’s lateral market, the importance of presenting a clean, effective resume is paramount. Here are ten guiding principles and tips- they ought to save you some time and make your resume stand out as truly interview-worthy.

1.Format According to Your Strengths. There is a bit of a split in thought here as many prefer to start off the resume with the Education section. The decision lies in the basic tenet of resume preparation: highlight your most impressive credentials and put your best foot forward. If your academic pedigree sets you apart, place the Education section first (i.e. attending a top ranked school, receiving honors such as Order of the Coif or Cum Laude, serving on the law review and/or simply having finished at the top of your class). If you are currently employed at a top-tier or particularly prestigious firm (especially one that is based in or has a very strong presence in the region), we suggest you lead with Work Experience.

2.Don’t make the reader dig for the gold. It is important not to bury your best, most substantive work deep in a muddled paragraph. Remember- you have a very short time to make a strong impression: don’t make the reader work for it. Are you a litigator? If so, lead with your deposition work or important legal memoranda; leave the document review assignments on the editing room floor. Corporate attorney? Scoot diligence to the rear and lead with the key instruments you have drafted and negotiated.

3.Include a few representative deals. Lead with a couple succinct sentences outlining your responsibilities for each position in the Work Experience section and then insert 2 or 3 bullet points outlining noteworthy deals or cases. Choose according to your particular experience: you may want to mention a very high profile matter in your given industry, a deal or case that you handled almost exclusively or, if you are looking to focus in a specialized sector, a directly applicable example.

4.List your GPA? We have found that a good rule of thumb is the 3.3 cutoff. If you finished above that marker, absolutely list your GPA. Otherwise, no need to draw attention to less than stellar grades. You should also consider your first-year performance. It is no secret that firms weigh your grade in contracts heavier than that four-person seminar you took during your third-year. If you performed very well during your first year, mention it, i.e. GPA- 3.3 (First Year GPA- 3.5).

5. Judicious Succinctness and the Myth of the One-Page Rule. If you are sitting at your computer asking yourself whether your resume is too long and/or cluttered, the odds are that it probably is. Remember that a reviewing partner is not sitting down to read a treatise here but rather a concise and hopefully persuasive summary of your background. That partner will be searching for the four cornerstones of a legal resume: where you currently are, what you do, where you went to school, and how you did. Those pieces of your background should be readily evident.

More tips after the jump.

Continue reading “Ask the Experts: Creating an Effective Lateral Resume”

With the declarations that we are in the worst financial crisis and economic downturn since the Great Depression, many U.S. workers have been hit hard. Though economic slowdowns can prove catastrophic for some industries, the legal profession generally weathers the storm. When corporate work is down, litigation or bankruptcy work thrives (or vice versa). But with the recent dissolution announcements of major San Francisco-based law firms such as Heller Ehrman and Thelen, the impact of the economy and ongoing credit crunch is being felt by even the top-tier law firms.

Highly credentialed lawyers are learning that the profession of law is now the business of law, and that they along with their law firms are feeling the pinch.

One of the major problems is that no one knows how bad it will get or what is going to happen next. So a large number of law firms have put a hold on lateral and incoming associate hiring until there is a better ability to assess the market. Both law firms and in-house counsel positions have become scarce, particularly for junior attorneys at the bottom of the pyramid structure. Basically, there are too many mouths to feed. In years past, many law firms’ strategies were to grow into mega-firms with hundreds of attorneys – now these same firms are looking to reduce redundancies (i.e. layoffs).

Heller’s dissolution announcement and subsequent layoffs caught many attorneys off-guard and sent them scrambling to find other jobs. For the first time, many attorneys had the rug suddenly pulled from underneath their highly credentialed shoes and were in the throws of finding a job like so many others. With first-year associate starting salaries of $150K-plus, finding a position with comparable pay wasn’t as easy as it used to be, as other firms looked to reign in their costs.

So amid all the doom and gloom, are there still avenues for recent JDs to find a job? Here are a few steps for junior attorneys to approach finding a job in this down market.

More after the jump.

Continue reading “Ask the Experts: Finding a Job as a Junior Attorney in an Economic Downturn”

Many otherwise talented professionals are not good interviewers. When particularly busy or having a bad day, it is not unusual for an interviewer to lose sight of what is at stake for the person they are interviewing and consider the whole thing to be a waste of their time. Some interviewers see their role as weeding out candidates who “can’t take the pressure” and are purposefully challenging, and still others–especially if they will not be working directly with the person hired– just don’t care.

Bad interviews happen, and over the course of a job search, tough interview questions are likely to be asked. As a candidate you are not in a position to control the situation, but what follows are some tips to help you leave a good impression from the other side of the table.

Guidelines

* Do your homework . Anticipate obvious questions, such as “What do you know about the company?” and “What did you think of that article in the Times yesterday?” and do research that lets you answer them. Beyond reviewing the company’s website, Google them and the names of prominent clients to see if they have been in the media recently.

* Prepare fallback answers. It is of course always best to answer an interviewer’s question directly, but if that’s not possible, answer the question you wish they’d asked. (The presidential candidate debates provide a model for this strategy.) Bullet out points in advance about your skills and experience that you want to be sure you make, and segue to talk about what you bring to the table.

More guidelines after the jump.

Continue reading “Ask the Experts: What Is Your Biggest Weakness?”

As the saying goes, “Beauty is only skin deep.” The same can be said about counteroffers. Yes, they come dressed in beautiful packages but shortly thereafter begin to expose their ugly insides.

Over the years, I have heard about candidates turning down offers for various reasons. I have heard everything from fear of current economic conditions to relocation costs. The reason I have heard all too often is the most deadly of them all: The Counteroffer. Yes, I used the word “deadly.”

Accepting a counteroffer has proven to lead to job loss more often than not and in some cases has been career ending.

In an effort to save many from the trials and tribulations that I have witnessed directly and those that I have heard about, I have compiled a list of the top five ideas to consider before deciding to accept a counteroffer.

* First, there is such a thing as an offer that is too good to accept. Many employers will increase salary on the spot plus throw in a bonus to sweeten the deal. If an employer offers you more moneyto stay, remember that the same concerns about the job that lead you to look outward will still exist (too many hours, no opportunity for growth/substantive work, top heavy with senior associates or partners, etc.) As a result, after the euphoric feeling of the pay increase has worn off, you, like many others, will find that the partner that was difficult before has become almost unbearable now. The hours that seemed taxing before are now overwhelming. You must bear in mind that the same conditions that drove you to look initially will be there in full force the minute you turn down the new offer and accept the counteroffer. In fact, many claim that the conditions got worse, not better, after they decided to stay.

* Second, you will now and for the duration of your tenure be considered suspect. Since your supervising attorneys (and many others) are aware that you are unhappy and want to leave, many will no longer treat you as a loyal member of the team. Many will take your decision to resign personally, so if you decide to stay, expect the cold shoulder to get even colder over time. As a result of your desire to depart, you will be considered a fidelity risk to the firm and will be kept out of the loop and away from all of the best assignments. Many firms are reluctant to give the more substantive and career-advancing assignments to those whose long-term viability is in question. This is just one of the many reasons that the statistics regarding those that are no longer in their position 12 to 15 months after they accept a counteroffer range from 69% to 93%, according to The Wall Street Journal.

Additional reasons after the jump.

Continue reading “Ask the Experts: The Pandora’s Box That Is the Counteroffer:
Why You Should Never Open It”

I have been at my current firm less than two years and want to look for a new job, but I’m afraid I’m too junior. Do I have a chance of getting a job somewhere else, or should I stay put another year?

There does tend to be a belief among associates that they must stay at their first job for at least two years, mostly because they are concerned about how employers will view their decision to make a lateral move at a junior level. However, if you have a good reason for wanting to switch firms, then having an early move in your career shouldn’t be a problem.

As far as being able to get a job before the two-year mark, if there are positions available at other firms for first- or second-year associates, then there is a chance of landing a new job. Bo Kim, Manager of Lateral Associate Recruitment at Vedder Price in Chicago , agrees that “there isn’t a hard-and-steady rule. Oftentimes, firms have posted needs for associates with one to two years’ experience.”

Additionally, moving as a junior associate is sometimes a better idea than moving as a mid-level or senior associate. More-senior laterals have to deal with the pressures of integrating into their new firm and meeting partnership criteria at the same time. According to Kim, “moving as a junior associate gives you more time to acclimate to the firm and your practice area before having to worry about partnership.”

More advice after the jump.

Continue reading “Ask The Experts: How Junior is Too Junior?”

Almost anyone who has interviewed for a job is familiar with the point at which the prospective employer asks, “So, do you have any questions for me?” Not everyone prepares for this moment, however, and “No, I don’t think so,” remains a surprisingly common response.

Candidates who decline to ask questions in an interview pass up a significant opportunity to advance their interests. Worse, this lack of initiative can leave the impression that either a) they don’t particularly care whether they get the position, or b) they aren’t knowledgeable enough to anticipate the types of issues involved in the work.

By contrast, asking thoughtful questions in a job interview allows candidates to:

* show you understand the types of issues facing the company,

* demonstrate how you would develop strategies to address such issues,

* highlight your critical thinking and problem solving skills, and

* underscore your interest by taking the time to research the individual company.

In a pool of otherwise equally qualified candidates, asking suitably crafted questions can help you stand out, and at the same time give you valuable information to help you decide whether you would accept an offer there.

1. What not to ask…

It should go without saying that an initial interview is not the time to ask questions about salary, vacation, or other benefits. Similarly, questions relating to turnover rates, how quickly staff are promoted, how often people move between practice groups, and where people go when they leave the job should wait until after an offer is made.

Remember that basic rules of interview etiquette continue to apply as you articulate what it is you want to know. Your interests are not advanced by coming across as a know-it-all, challenging why the company has or has not taken certain actions, or opining on matters you really don’t know much about. You leverage the opportunity to showcase your skills only when the questions you pose are both substantive and appropriate in the context of an interview.

Additional tips after the jump.

Continue reading “Ask the Experts: Impress Prospective Employers by Asking Great Questions”