For our purposes, we split “reputation” into two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the perceived desirability of the firm as a potential employer. For some, these factors will be functionally equivalent. For others, these are less overlapping considerations.
To date, we’ve received not quite a thousand survey responses and today we share some preliminary findings. What are you telling us thus far about which firms have the strongest practices? Which firms are some of the most coveted Biglaw employers in major markets?
For about three years now, we have been conducting the ATL Insider Survey through which our audience members share their insights and experiences regarding their own employers and schools (or alma maters). From the data we’ve collected, we have created a slew of content, including our Law Firm and Law School Directories. Many thanks to the approximately 17,000 (and counting!) of you who have responded.
Today, we launch a different sort of survey, one where we ask you to look outside your own organization and share your opinions about other law firms. Who do you respect? Who do you fear? Who are you secretly happy to see on the other side of the table?
The ATL Law Firm Reputation Survey asks those of you working in law firms to rate your peers and competitors. We look at “reputation” as having two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the desirability of the firm as a potential employer. Of course, these two aspects may or may not be closely connected, depending on an individual’s perspective. Does “culture” matter or is it all about “prestige”? You tell us.
Our survey will present you with a couple of (short, randomized) lists of firms for you to rate on both these points, tailored for your geographic location.
There is not nor probably will there ever be a definitive novel or film depicting the law firm experience. Law firm lawyers viewing The Firm or Michael Clayton or Ally McBeal are not going to identify with what they see on the screen. Novels like The Partner Track by Helen Wan or Anonymous Lawyer by Jeremy Blachman might be the closest thing (affiliate links).
A truly realistic portrayal of that particular white-collar salt mine would surely be too boring for the public. On the other hand, the comments from the ATL Insider Survey (14,000 responses and counting; thanks everyone) constitute a sort of undistilled document of the Biglaw hive mind. So what do we hear from this depressing, inspiring, contradictory chorus of lawyerly voices?
The ATL Insider Survey asks practicing lawyers to evaluate their employer in terms of compensation, training, culture and colleagues, firm morale, and hours. The survey also asks, “What would be useful or interesting for a law student or potential lateral to know about your firm?”
Reading through all the responses to this question, a handful of recurrent themes emerge….
The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)
Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)
As was vividly demonstrated by our recent infographic, Biglaw’s summer associate classes have undergone a major and seemingly permanent contraction. For the most part, large — arguably bloated — summer associate classes are a thing of the past. Among the Am Law 50, only eight firms are bucking this downward trend, with actual increases in the size of their summer classes since 2007. These firms are a collection of Wall Street’s oldest and most elite white shoe mainstays: Sullivan & Cromwell, Cravath, Davis Polk, and their ilk. On average, these firms were founded 112 years ago (i.e., during the McKinley Administration). The outlier here is the relative upstart litigation powerhouse Quinn Emanuel, founded only back in 1987.
Besides the durability and strength that comes with such a refined pedigree, what other trends are apparent in this great downsizing of Biglaw’s summer associate classes?
Unless you’ve made some deliberate, heroic effort to not know, you are aware that the most feverishly anticipated baby since 0 A.D. is now finally among us. This is a huge deal. People love babies. People love princesses and what not. So: huge deal. Thus, as we await the naming of the boy Windsor and as a flimsy topical pretext, let’s have a look at how the Magic Circle, the UK’s legal royalty, rate in the ATL Insider Survey.
The Magic Circle comprises five venerable London firms: Allen & Overy, Clifford Chance, Freshfields, Linklaters, and the terrifyingly-yet-diffidently named Slaughter and May. Powerhouse “Slaughters” is the only one of this prestigious group lacking a New York office. The other four are among the most truly global firms and are among the top ten firms in the world measured by revenue. S&M is also the only one of the group for which we lack sufficient survey responses to generate ratings based on the ATL Insider Survey. After the jump, see how the others’ New York offices stack up in terms of Compensation, Hours, Training, Firm Morale, and Culture.
Yesterday, some summer associates watched kitten videos on YouTube.
It’s the middle of June, the sun is shining, and Biglaw summer associate programs are in full swing. An old joke: Satan offers incredible wealth to a man in exchange for his soul. The man replies, “B-b-b-but, won’t I have to go to Hell?” Satan says, “Oh, don’t believe what you’ve heard, Hell isn’t that bad. Here, take a look.” And it’s all cocktail receptions and long lazy lunches at fancy restaurants. So he sells his soul. Later, when he dies, he goes to Hell, and sure enough, it’s all flames, pitchforks and eternal agony. The man protests to Satan, who replies – “Oh, that was our summer program.”
The joke smells a bit like 2006 or so, when Biglaw summer programs were at their largest and most extravagant, and most firms barely pretended any substantive work was part of the equation. Yet even though summer associate classes have been significantly downsized post-recession and the perks aren’t as lavish, the summer associate experience certainly retains much of that Bizarro world detachment from the actual realities of practice.
Summer programs have traditionally served as bait-and-switch recruitment tools used to woo rising 3Ls with wine tastings, sporting events, theater outings and boat rides. Since the recession, many firms have begun to emphasize “real work” as central to their summer associate programs (e.g., here and here). But these claims need to be taken with an ocean of salt. As the Dothraki say, “it is known” that newbie lawyers just aren’t ready to do any real work.
In any event, let’s take a look at the top-rated Biglaw summer associate programs, according to the ATL Insider Survey.
Light years away and in the distant future, perhaps some alien grad student in Defunct Planet Studies will stumble onto the ATL archives. He’ll conclude, not unreasonably, that the legal industry was a sort of oligopoly. That there were only a handful of firms: Skadden, Cravath, Latham, Quinn Emanuel, Tannebaum Weiss, and those few others that get such a disproportionate amount of our attention. And of course, there were only 14 real law schools.
This singular obsession with “prestige,” this mindset that the most elite firms and schools are the only worthy ones, is detached from the experiences of the vast majority of lawyers practicing at the 50,000 other firms and the students at the 180+ other law schools. Back in December, we had a little debate about the effect of prestige in the legal industry. In the spirit of the “prestige obsession is bad” side of that argument, we thought it would be worthwhile to see which firms and schools outside of the very top tiers are, according to insiders, great places to work or learn.
Over the course of 2012, we received close to 10,000 responses to our ATL Insider Survey, where lawyers rate their firms based on compensation, culture, morale, training, and culture, and students and alumni rate their schools based on academics, social life, clinical training, career services, and financial aid advising. Based on our survey, the most highly rated firms and schools also happened to among the most prestigious (e.g., Stanford, Davis Polk), but there is certainly not a correlation between prestige and insider rating.
After the jump, we’ll see which schools outside of the T14 and which firms outside the Vault 50 were rated the highest by their own people….
‘…to take a survey (if you’re a non-practicing lawyer).’
You almost never hear of someone enduring the rigors of med school, becoming a doctor, practicing medicine for a few years, and then just ditching the profession altogether. The same could be said of licensed plumbers and electricians. Yet lapsed lawyers are everywhere: making chocolate, writing novels, blogging, leading the free world, whatever.
Obviously, there are myriad reasons for leaving the profession. Some ex- (or “recovering”) lawyers were nudged out or fired, while others left of their own free will to follow their muses onto different career paths. Some simply hated being a lawyer. Some hated the clients (e.g., “[W]hat do I care about some stranger let alone his problems?” — Columbia Law grad turned soldier-of-fortune Denis Clifford).
Not everyone buys into the idea that a law degree is so versatile (hi, Elie), but some non-practicing JDs do find that that their legal training was great preparation for the next stage of their careers.
We are reaching out to lapsed lawyers to ask them their personal stories. Why did you choose the law in the first place? Why did you leave? What are you up to now? Looking back at your time practicing law, how would you describe your experience? And so forth.
Are you an ex-lawyer? Please click here to take our survey and share your experiences. This survey is the first in a series of research projects in partnership with our friends at AdamSmithEsq, where the Lapsed Lawyer survey will also be hosted.
Apparently also underrated? The corporate group at Cahill Gordon, according to the ATL audience. Cahill received the most mentions as having an “underrated” corporate group in our ATL Insider Survey. Biglaw has a fairly stable roster of alpha dogs in each practice category (Weil in bankruptcy, Wachtell in M&A, etc.), but we wondered which firms’ practice groups deserve more recognition. So, among other things, our survey asks attorneys to nominate firms with underrated (and overrated) practices within the respondent’s own practice specialty. Litigators nominate litigation departments, tax lawyers do the same for tax groups, and so on.
Read on and have a look at the top three underrated firms in each practice area:
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: