Lawyers are supposed to read. The best lawyers are usually the most voracious readers. One of the tragic consequences of life as an associate is the loss of time for leisure reading. Except for that hard-earned four-day vacation around Thanksgiving time. Or that quick beach jaunt in late August when you realize that not only are all the partners gone for their yearly family vacations, they are not even bothering to answer emails or calls. So you may as well take a long weekend yourself. Pretend you have a life. Endure your friends talking about how their corporate “Summer Fridays” are already tired out, and how they long to get back to a regular schedule after Labor Day. Admit it — you are not doing any serious reading on the beach, or in the airport, or sitting on someone’s pool deck with a homemade margarita. More likely, your brain is fried, and the appropriate level of reading material for you at that stage is a “men’s periodical” or some celebrity rag.
Partners have it a little better. The intellectual ones rekindle their loves for serious fiction, or Ulysses Grant biographies, or even high-priced gardening books so they can converse semi-intelligently with their illiterate (but highly skilled and inexpensive) landscaper. Other partners read junk, or choose not to read at all, only buying glossy magazines for the pictures of high-priced items they are thrilled they can now afford. Or for the cocktail recipes, now that the liquor on their “drink rack” is of better quality, all while their need for a nightly drink or two or three goes up. Leisure reading, or not, however you like.
But there is another kind of Biglaw reading. The type that all partners really should engage in. Daily if possible. It is accessible. Via browser. That’s right — legal blogs. Biglaw partners (and ambitious associates) need to be on top of what is going on in our industry. You know, the one that is changing rapidly. Where there is a battle for survival going on, even between firms that would normally be considered extremely successful, and that in and of themselves are many times larger and more successful than at any point in their own histories. Information is power on this battlefield. Get reading. Some suggestions….
Biglaw reporting season continues. But this year we have an interesting twist: K&L Gates decided to share (covered by Lat and Bruce MacEwen, among others). Thankfully, the sharing is not of the “we overstated our revenue by a couple hundred million, and owe a bunch of old and retired partners way more than that anyway” variety. Rather, the firm released financial information that goes a little beyond what you see in your typical Biglaw firm reports (which I previously discussed).
While I have seen the firm hailed as courageous in some quarters, I am reluctant to declare this a huge leap forward towards Biglaw financial transparency. For one, there are other firms that put out even more complete “annual reports,” like Allen & Overy (thanks to an ATL commenter for that reminder), a firm that seems to be hanging on to a lockstep compensation model for partners. Second, as Lat pointed out, there are even internal sources within K&L Gates asking the types of questions that the firm’s “enhanced” report does not answer.
Personally I find a few things about this whole to-do interesting and a bit frustrating….
Everyone needs a little help sometimes. Even Biglaw attorneys. But Biglaw firms are not the kind of place to find it. No matter what level you are on. The higher up you are on the food chain, the lonelier it can be. And with the good ship Biglaw puttering around listlessly like the Triumph “cruising” through the Gulf, it is no wonder that everyone wants whatever edge they can get. Forget about glamorous trans-Atlantic voyages, most Biglaw captains just want to keep their ships pointed in the right direction nowadays.
And so we have entered a bit of a “coach moment” in Biglaw. As in everyone recognizing that coaches are good. They help you develop a “practice” (otherwise known as finding clients able to swallow your hourly rate), or teach you how to “manage” people and things, or even help you “balance” your life. (By the way, “balance” keeps away “chair sores” from too many hours reviewing term sheets.)
And “Coach” can remind you that an hour in the gym a couple of days a week is a pretty solid idea for someone whose other regular exercise mainly consists of the following: (1) open desk drawer with right hand, (2) reach into box of processed sugar-based item, (3) grab said item, and (4) place in mouth. (Interchange hands for best results. A Biglaw gut or jiggle to be proud of is literally within reach.) Since most people can’t get break such wonderful habits on their own, coaching can help….
“Where do I sit?” seems like an important question. Especially for second-graders on the first day of school. Or for zit-spocked high schoolers angling to spend some class time in the proximity of their crushes. And just like second-graders or hormonal high schoolers, Biglaw partners are known to obsess about their office locations. For example, I have seen partners I used to work for studying the floor plan like a treasure map, for uncomfortably long periods of time.
Surely they were mentally imagining their names transposed over a corner office, or next door to the big conference room, or for the real aspirants, within touching distance of the managing partner’s office. While this behavior is strange when taken to the extreme, it highlights an important reality of Biglaw.
The 2012 Biglaw numbers are starting to trickle in. The American Lawyer (and the rest of the legal press) follows a near-uniform format in reporting them. Revenues — up or down x percent. Profits per partner — slightly to moderately up (if your executive committee was unable to generate higher profits, via financial sophistry or good-old de-equitizations or stealth layoffs, I am very sorry). Revenue-per-lawyer, slightly up. Feel-good comment by managing partner. Slightly passive-aggressive commentary by a “legal consultant.” Repeat, on a daily basis for about a month, until the Am Law 100 (and “interesting” Am Law 200 firms as well) is covered.
As a partner, you obviously hope your firm is reporting good news, even though the likelihood of that news reflecting on your personal situation is pretty low for most Biglaw partners. No one wants to be associated (or own the obligations of) a loser, and when everyone is proclaiming “modest” or “respectable” growth, the peer pressure can be tremendous. Especially where the Biglaw death spiral is a recognized phenomenon, and firms who report poor performance in a generally positive climate are quickly judged negatively, like a figure skater stuck doing double lutzes when everyone else is knocking out triples. Outliers, for good, but mostly for bad, stick out, and their ignominy is frequently paraded on these pages. With bonus Lat commentary for additional effect.
I for one, enjoy reading this kind of reportage…..
Over the last three weeks, we have heard from an In-House Insider, an opinionated source of insight into Biglaw-client relations — see here, here, here, and below. As with the three prior installments, the only changes I made to the Insider’s words were those done to protect their identity, and Insider was given the opportunity to revise their points once I added the questions and commentary. Again, I thank Insider for the candid observations and thoughtful opinions on these core issues….
AP: Any serious observer of Biglaw can see that firms continue to struggle adapting associate development to the new state of Biglaw-client relations. What can Biglaw learn from corporate clients like yourself on that front?
Over the last two weeks, we have heard from an In-House Insider, an opinionated source of insight into Biglaw-client relations — see here, here, and below. As with the two prior installments, the only changes I made to the Insider’s words were those done to protect their identity, and Insider was given the opportunity to revise their points once I added the questions and commentary. Again, I thank Insider for the candid observations and thoughtful opinions on these core issues.
AP: How firms are viewed from a value perspective is often very difficult to gauge from the outside. What criteria do you use to determine if a firm is delivering services to your company appropriately from a billing perspective?
Last week I spoke with an In-House Insider, a Biglaw refugee turned in-house counsel. You can see what our Insider has to say about the state of Biglaw and client relations here and below.
As with the initial installment, the only changes I made to the Insider’s words were those done to protect their identity, and the Insider was given the opportunity to revise their points once I added the questions and commentary.
Again, I thank the Insider for the candid observations and thoughtful opinions on these core issues. Now, on to the discussion….
Now that bonuses, year-end collections, and holiday parties are behind us, it is helpful to remind ourselves (early on in the new year) that it is (paying) clients that make everything possible for Biglaw firms. A few months ago, I was the fortunate recipient of some illuminating correspondence from a Biglaw refugee turned in-house counsel, offering a “customer’s” take on what is both right and wrong with the “current law firm service delivery model.” Because I truly believe in the importance of this column offering an anonymous outlet for informed discussion of Biglaw-related topics (see my posts detailing my conversations with OldSchoolPartner and Jeffrey Lowe), I offered to make my correspondent the resident In-House Insider.
Agreement was not long in coming, together with yet more astute observations about Biglaw. For our initial “discussion,” I have (similarly to how I handled the Lowe interview) added questions and some brief commentary to our Insider’s points, and share this written interview with you. The only changes I made to the Insider’s words were related to their identity, and the Insider was given the opportunity to revise their responses once I added the questions and commentary. I hope we can continue to benefit from this In-House Insider’s perspective in the future. For now, I definitely appreciate when I get contacted by Biglaw-related personalities looking to discuss the issues raised in my column, and share their thoughts with this audience. Without further ado….
Year-end is fast approaching in Biglaw. For litigators, the last two weeks of December are usually some of the calmest of the year. Even the hardest of adversaries are apt to adopt a “Christmas Truce” and halt the lobbing of discovery grenades at each other. Courts start to slow down, and most everyone is happy to “pick things back up” after the turn of the year. But like all things Biglaw, complacency at year’s end is impossible for a Biglaw partner — even when work is relatively quiet. Why? One word: collections.
For tax and other corporate structure reasons that your firm’s comptroller will be happy to explain to you (if you dare to actually engage a non-lawyer in conversation about the business of your law firm), most Biglaw firms want to have every single drop of revenue possible in the door by December 31st at 11:59 p.m. While your typical partner is fairly insulated from money matters at the firm all year, and mostly just wants no surprises when it comes to their compensation, at year’s end everyone is recruited and expected to give their all. To what? Collections!
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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!