Ask the Experts

Linear extrapolations are widely suspected of being unreliable, but maybe not widely enough. Stated differently, it’s a category error to engage in static, not dynamic, analysis. Stated yet differently, the interesting challenge is almost never to ask, “What can we do to solve this problem?” but instead, “What happens after we take this approach to solving the problem?”

Here’s an example. A long-running contributor to structural disequilibrium in the metropolitan New York traffic congestion pattern is that bridges across the East River are toll-free, whereas almost all other bridges and tunnels in the area carry tolls as high as $12 one-way. Not surprisingly, the East River bridges are chronically congested and “over capacity.” (The experts’ knowing diagnosis that they’re “over capacity” always amuses me; drivers are paying in time, not money: The “capacity” of the bridges is what it always has been.) So periodically proposals are floated to impose tolls on these bridges, with seemingly reliable projections of how much revenue would be collected based on today’s vehicle traffic multiplied by the average toll.

This is a linear extrapolation, a static analysis, and it’s wrong. It overlooks the question, “How will people alter their behavior in light of the tolls?” Obviously, the answer is that some will carpool, some will take mass transit, some will telecommute more often, some will use different combinations of bridges and tunnels. Whatever happens, toll revenue will fall short of {[today's traffic volume] x [proposed toll]}.

Now, in law school land, we have a stunning example of market dynamics at work….

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Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.

Richard J. Morvillo, co-founder of Morvillo LLP, is a nationally-recognized expert in SEC enforcement matters. Over the past 35 years, he has been involved in over 200 SEC investigations, including some of the highest profile cases the SEC has handled. Rich was recently named by Best Lawyers in America as the “2013 Lawyer of the Year – Securities Litigation,” and Chambers USA has recognized Rich as “one of the deans of the securities enforcement bar.” He has served on the adjunct faculty of Georgetown University Law Center, teaching a course in “Professional Responsibility in Corporate and Securities Practice.” See his complete bio here.

1. What is the greatest challenge to the legal industry over the next 5 years?

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Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Kate Neville, founder of Neville Career Consulting, offers helpful tips for law school graduates who would like to expand their career options.

The year 2009 is well known within the legal industry as the year there were more attorneys laid off than in all of the previous years combined. It is also the year that the number of people who took the LSAT exam reached a record high. Though law school applications have since dropped precipitously, that dichotomy remains a problem. There continue to be more licensed attorneys than there are legal jobs available in the current economy.

Continue reading at the ATL Career Center….

Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.

One of the thorniest issues any leader has to deal with is telling senior-level underperformers that they’d be better off elsewhere. It calls on every skill in the manager’s bag of tricks, from financial analysis to subtler cultural and personality judgments, and accurate perspective on the impact on the organization overall of asking a high-profile person to leave.

To be honest, it’s also one of the most difficult challenges we deal with in advising firms about their paths forward. Although at times it’s crystal clear what needs to be done, far more often you have no such luxury of being able to shortcut analysis and judgment, and you have to work through all the potential interactions and repercussions to decide with some degree of confidence what to do. Then of course you actually have to do it. You’d be surprised — or maybe you wouldn’t — how often otherwise hard-headed and decisive leaders never quite get around to that part of it….

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Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.

For years, I’ve been hearing firms describe their cultures as “entrepreneurial,” and I hardly paid the slightest attention. Like “collegial” or “collaborative,” it just seemed like so much white noise. Then finally I heard it once too often and had to face cold reality: I had absolutely no idea what these people — a lot of smart, articulate people — were talking about.

Let’s go to the dictionary, where we find:

/äntrəprə no͝orēəl/

1. characterized by the taking of financial risks in the hope of profit; enterprising

Other notions orbiting around the concept of entrepreneurism include engaging in genuine innovation and invention (to the extreme of shattering the status quo), proceeding decisively in the face of profound ambiguity and uncertainty, and shouldering the personal risk of sacrificing years of reliable income provided by others for whatever rewards you can persuade the market to deliver — with a meaningful risk those rewards could be nonexistent.

This is an audience participation column, so I ask you this: Would you describe your own firm as “entrepreneurial?” Are there firms you admire or look down upon that you’d describe as “entrepreneurial?” What mental image or behavior, what cultural archetype or partner personality type, pops into your mind when “entrepreneurial” is used to describe a firm?

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Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.

Jami Wintz McKeon is chair-elect of Morgan Lewis and leader of the firm’s litigation practice. She is responsible for the strategic and day-to-day operation of the litigation practice, made up of 700 litigators in 25 global offices.

1. What is the greatest challenge to the legal industry over the next 5 years?

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Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Debra M. Strauss, Associate Professor of Business Law at Fairfield University, offers helpful tips for landing a judicial clerkship.

You may be panicking now that that the Federal Law Clerk Hiring Plan appears to be in its state of demise. But this is not the first effort or the last to put some control on the timing of judicial clerkship applications! That’s why I gave the entire historical context in my book — Behind the Bench: The Guide to Judicial Clerkships — knowing that the “new” timing guidelines might not endure but would be likely to suffer the same fate as previous initiatives. To help you understand where we are now, it is important to know a bit of the background that preceded the latest Federal Law Clerk Hiring Plan. In addition, here’s some valuable advice I gave students the last time there were no timing guidelines to make the best of the situation.

Continue reading at the ATL Career Center…

Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.

Gary Luftspring, managing partner at Ricketts, Harris LLP, enjoys a high-level litigation practice. He’s successfully represented clients in a significant and growing number of major cases and was named by Lexpert as a litigator who is “consistently recommended.” Read his full bio here.

1. What is the greatest challenge to the legal industry over the next 5 years?

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Ed. note: This post is sponsored by NexFirm. At NexFirm, we see dozens of new firms launch each year, and we seem to bond with both the people and the practice every time around. Their accomplishments feel like our success, and their disappointments, our failures. It makes for a great professional relationship, but it can also be painful when we see them repeat the same, predictable, new firm mistakes — especially ones that can be avoided with some guidance and forethought.

Attorneys who are launching their own firms tend to wring their hands over every small decision and miss the big picture. You feel overwhelmed, so you want to work feverishly to tackle your to-do list. After a long day full of “doing” without much “thinking,” you feel like you’ve really accomplished something. It’s an easy trap to fall into. It’s crucial to be thoughtful about the big things, set time aside to think about them, and treat them like the other action items on your list.

Start with these, the low hanging (albeit important) fruit:

1. Leave, Don’t Quit.

Focused on the unpleasant task of giving notice, worrying that you might piss someone off or — worse yet — be impeded from transitioning matters, you can easily miss the best marketing opportunity you will ever get. Use your resignation to ask your employer to give you business. Beg them, guilt them, scare them, do whatever you need to do, but make it happen. There is no one that knows you and your work better. If you can’t convince them to help you, in at least some small way, you are in trouble…

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Megan Grandinetti — an attorney, health coach, and yoga teacher, whom we recently profiled — offers seven health tips for junior associates.

Law school does not prepare you for what it takes to be a junior associate. As a junior associate, you are experiencing a brand new kind of stress (the really bad kind!), which on its own can cause weight gain. Stress can also increase your blood pressure, prevent you from sleeping, give you unpleasant digestive symptoms (yuck), and wreak havoc on even the healthiest relationships.

Because you might be in a bit over your head, with very little time to take care of yourself, it is really easy to make choices that are bad for your health when you start your legal career.

Here are seven easy tips to help you make the first couple of years just a little bit healthier.

Continue reading at the ATL Career Center…

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