* “I’m pretty sure I just got fired.” Before the bud business was big enough for Biglaw, the mere suggestion of going green was allegedly enough to warrant some pretty major disciplinary action from a leading law firm. [National Law Journal]
* Judge Thomas Griesa is toying with holding Argentina in contempt for saying that it didn’t default. Argentina struck back with the social media hashtag #GrieFault. Clever. [DealBook / New York Times]
* Dzhokhar Tsarnaev’s defense team has an expert who says that any jury in Massachusetts will be tainted because of the “inflammatory” news coverage of the Boston Marathon bombing. [WSJ Law Blog]
* The ABA’s new Task Force on the Financing of Legal Education held its first public hearing to try to figure out why law school tuition is high. The ABA is so late to the party it’s not even funny. [ABA Journal]
Woo, Biglaw! Being a summer associate is the best!
Summer associate class sizes may be smaller than they were back in the good old days, but Biglaw firms seem to have used the shrinking summer pool as an excuse to throw events that were overflowing with an abundance of awesomeness. Offers are still being tossed out like Mardi Gras beads, and life was very, very good for this summer’s crop of Biglaw initiates.
But just how good are we talking here? We think the fact that we received an overwhelming number of nominations for this year’s summer associate event contest speaks volumes. We managed to whittle down the list of 20+ gushing nominations we received to just eight of the most amazing. Some were cultural extravaganzas, others were athletic outings, but all were fun and absolutely fabulous. Thanks to everyone who submitted a nomination.
Did your firm make the cut this year? Take a look to find out…
* When it comes to all of the same-sex marriage cases that are currently before the Sixth Circuit, the deciding vote could be cast by Judge Jeffrey Sutton, a Republican appointee. [National Law Journal]
* Weil Gotshal snagged a partner from right under one of its largest competitor’s noses. Ray Schrock, formerly of Kirkland & Ellis, may someday co-chair Weil’s restructuring group. [WSJ Law Blog]
* “I got the reward that most volunteers get — which is I ended up having to read many, many hundreds of pages.” This Ogletree Deakins partner figured out how to undo Obamacare in his spare time, and all he got were these lousy bifocals. [Greenville News]
* On-campus interviewing season is almost upon us, so we’re going to give you all of the tips you can stomach. Here are a few more ways that you can hit all of your interviews out of the park. [The Careerist]
* Albany Law and the University at Albany are shockingly not already affiliated with each other, but they’re exploring an “operational alliance.” Will that mean fewer faculty buyouts, or…? [Albany Business Review]
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.
For senior associates up for partner, firms have become increasingly focused on business potential and less so on an associate’s ability to outclass others in the courtroom or at the negotiating table.
In the days of yore, the partner track in Biglaw was oftentimes a reward for consistent competence and professionalism. In an era of PPP and RPL, most firms (other than the Cravath, Quinn, or Simpson Thacher types) are less likely to promote associates unless they see real revenue-generating potential.
If you find yourself in your fifth to tenth year and are unsure whether you will make partner, here are four steps to help you steer your career…
I’m sitting in a Vancouver, BC coffee shop with Gerry Riskin, author of the Amazing Firms, Amazing Practices blog. We’re talking about leadership and the differing mindsets of lawyers and business people. Our conversation was prompted by Gerry’s mindset slide:
I can relate. Early in my legal career, I worked with lawyers in leadership roles who wore this mindset like body armor. They did not inspire. They did not act in ways that moved people closer to a common goal. They often left a bad wake. They lacked awareness. They were not good leaders….
I am famous for a saying. Actually I am not really famous, but I have a saying that I have been, well, saying for years, as follows:
“Lawyers are only happy when they’re miserable.”
What I mean is this: You are working round-the-clock so much you haven’t even been home for a full day and hardly at all for a month on a doozie of a deal. You are completely sick of it. All you can think of is when the deal will be “over.” You are clearly “miserable.” If only you could have your personal life back! Then, finally, the deal closes — at last. Your client is wiring out the funds. As the transfer of funds is happening, a (terrible) thought races through your mind. You hate yourself for the thought — you try not to have the thought — but you simply can’t help it… and the thought is that you are kind of worried because you have nothing to do now and that is disquieting… gee, what if work has really slowed… at some point this will be a real problem. You’ve had your personal life back for maybe a second — you haven’t even taken a shower — and you are worrying where your next deal will come from.
Or the other way around. Work has been slow — very slow — for a couple of months. You have enjoyed some rounds of golf and gone out to a bunch of dinners and lunches, but you really would like a nice tricky and challenging deal to sink your teeth into. And of course you are mindful of the fact that like it or not lawyers just have to bill hours. That is how we make a living, and you just aren’t billing hours. Not a good thing. You are edgy — if only you could have a big deal to work on….
For some reason, very few law firms are prepared to deal with the headcount issues. It is interesting because the reaction from them also is peculiar. I think it was reported—I don’t know, maybe 12 months ago—that Weil Gotshal had a significant layoff of lawyers. They reduced—I think it was their associates, but maybe it was of counsel as well—and there was quite a negative reaction in the press to that.
I am not privy to any of their numbers or anything that is going on in the firm, but, as a restructuring person, my reaction is, “Look, this is someone getting their house in order. This is an appropriate thing to do.” It is no secret that revenues across the industry are down. And, so, you either need to take market share, or you need to right size your organization.
It’s the first week of August, and it seems that Biglaw firms are still handing out offers to their summer associates like candy. Don’t worry if you haven’t received one yet, because some firms are still daring enough to wait until their summer associates are back in school before they welcome their new crop of future associates.
Sure, summer associate classes are smaller than they were before the Great Lathaming and Dewey’s Demise, but now that things are starting to look up, offer rates seem stronger than ever.
Following up on Tuesday’s story, here are more firms that have given offers to all of their summers:
It used to be that the world of corporate transactions was the sole province of Biglaw. After all, handling complex matters like mergers and acquisitions required manpower and overhead — and lots of it. Well-paid junior associates were an integral part of the process, and the costs of doing business were driven by corporate clients’ expectations of grandiose reception areas and white-glove treatment as proof of both commitment and excellence.
These days, however, technology has leveled the playing field, making it possible for boutique law firms to compete with Biglaw in ways never before possible. Many of these boutique firms, comprised of Biglaw lawyers seeking to practice law on their own terms, have sprung up in the wake of large-firm mergers and dissolutions. Creative thinking and the innovative use of technology have been the keys to their success, allowing these boutiques to reduce overhead costs and run their practices more effectively and efficiently, saving their clients time and money.
Don’t believe me? Well, look no further than Bailey Duquette, a Manhattan-based boutique law firm….
* Let’s get ready to rumble! Not wanting to be left out of the party, Oklahoma has also asked the Supreme Court to take a look at its same-sex marriage statute which was recently slapped down by the Tenth Circuit. [National Law Journal]
* Dewey know what financial restructuring adviser Joff Mitchell of Zolfo Cooper said to this failing firm’s partners right before it flopped for good? “Look, there is no way here to save this firm.” Ouch. That had to have sucked. [Forbes]
* The examiner who was appointed to monitor law firm billing for the City of Detroit’s bankruptcy is now questioning Dentons’ fees of up to $27K per month to talk to the press. Whoa there… [Detroit Free Press]
* Working Mother and Flex-Time Lawyers have released the latest ranking of the Top 50 Law Firms for Women. Vivia Chen feels “a bit dirty” after reading the list — and you probably should, too. [The Careerist]
* Leisure Suit Larry’s successors are here to stay for a while: Case Western Reserve Law’s co-interim deans will stay on in their current positions for the upcoming school year. [Crain's Cleveland Business]
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.