Hop in the DeLorean and travel back in time with us.
In our two most recent FlashbackFriday posts, we looked at associate compensation in the 1990s. Today we’ll take a break from that topic and mix it up a bit. (We’ll return to cover associate comp in the remaining batch of legal markets at some point in the future.)
During a time when demand for legal services is flat, average revenue per lawyer is down, and managing partners’ overall confidence in the market is slipping, the proper keeping of time for all of those billable hours generated by toiling associates has never been more important. For better or worse, law firms are desperately trying to incentivize associates to submit their hours on time.
As we mentioned way back in 2010, “Time keeping is more accurate when you do it every day (as opposed to trying to recreate your days at the end of the week or month). Firms are struggling to collect from their clients. And, for what it’s worth, billing hours is part of the job for attorneys.”
Another part of an attorney’s job is the ability to follow rules. One Biglaw firm just rolled out a new time entry policy, and if its associates don’t follow these rules, they can expect some pretty negative consequences when bonus season comes around…
The old ball and chain, dischargeable in bankruptcy only in the most limited of cases. Go ahead, try and prove you’ve got a ‘substantial hardship’ preventing you from paying. We dare you.
* Now that a federal judge has classified California’s death penalty as unconstitutional, it’s only a matter of time before the issue reaches the Supreme Court. We have a feeling the justices will likely roll their eyes. [National Law Journal]
* Word on the street is that Bingham McCutchen has got the urge to merge, and has apparently spoken to a handful of potential partners over the course of the past three months. We’ll have more on these developments later. [Reuters]
* As it turns out, it was neither Wachtell Lipton nor Jenner & Block that managed to snag the coveted GM litigation oversight job. Nice work, Quinn Emanuel — you’re considered a “well-respected outside law firm.” [WSJ Law Blog]
* Congrats, Flori-duh, you did something right. A state court judge has ruled that Florida’s ban on gay marriage violated the U.S. Constitution in the latest post-Windsor victory for equality. Yay! [Bloomberg]
* Thanks to their hundreds of thousands of dollars in law school debt, many graduates are considering declaring bankruptcy. Too bad most won’t be able to get their loans discharged. [Connecticut Law Tribune]
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
As long as it has been around, the Am Law 200 list has been seen as what separates the best from the rest. It seems simple, transparent, and concise with each firm ranked in ascending order. However, many misconstrue Am Law ranks to mean overall value and assume that the firms at the top of the list are indubitably the best.
Some partners with books of business larger than War & Peace assume that the biggest firm will be the one with the best platform and financial flexibility to absorb their practice. In reality, many firms towards the middle of the Am Law 200 can better accommodate these lawyers (although many just as likely cannot).
When looking at the compensation average for partners, the gross profits of a firm are a relatively poor predictor compared to the other available metrics. Among the best indicators of firm health and the compensation is the profitability index…
If you watched The Wonder Years when you were younger, Winnie Cooper was probably one of your first crushes. If you’re too young to remember that much about this television show, think of Topanga Lawrence from Boy Meets World. If you’re too young to remember that television show, then we’re dating ourselves, but sorry, but we can’t help you. Google it!
It seems that Danica McKellar, the actress who played Winnie Cooper many moons ago, is still a heartbreaker. Yesterday afternoon, she announced to the world that she was engaged to a very handsome Biglaw partner.
What’s perhaps less obvious to those of us who do white-collar criminal defense but don’t normally practice in state court in New York is that, according to the law as set out in these papers, New York state is a magical Shangri-la of due process compared to federal court.
You don’t often hear many good things about diversity in the legal profession. Women lawyers continue to be told how to dress themselves, and minorities have to grapple with racist typos.
Despite the negativity that exists in the law when it comes to issues of gender, race, and sexual orientation, there are some law firms that are doing their best to make sure their attorneys are as diverse as their practice areas.
Which law firms came out on top in terms of diversity? Check out Vault’s rankings to find out…
According to Black’s Law Dictionary (affiliate link), a judicial diva is “a particularly confident, skilled, and physically attractive female judge.” By this definition, Chief Judge Loretta Preska (S.D.N.Y.) is a judicial diva. She is highly regarded, as both a judge and an administrator, and she never looks anything short of fabulous.
I’ve been fascinated by Judge Preska for years. I had this to say about her back in 2004 at my first website, Underneath Their Robes: “Magnificent. Tall, thin, elegant. Great bone structure, perfectly coiffed silver hair. Note to self: nominate for superhotties contest next year?”
This gorgeous judge now owns a gorgeous apartment. Chief Judge Preska and her husband, a partner at one of the nation’s most profitable law firms, just paid almost $9 million for a penthouse apartment on the Upper East Side….
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?
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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 seven years. You can reach them by email: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.