I find it funny that firms that want to skimp on bonuses also expect associates to make sure they are helping the overall health and performance of the firm. At some level, why should associates care if the firm is up to date on its collections? It’s not like that money is going to trickle down to the time keepers once their hours are realized. Hell, we’ve got people in the comments claiming they are going to purposely underbill in order to hurt firms in 2011 for stinginess in 2010.
The firms aren’t wrong to be doing everything they can to get associates to enter in their hours in a timely fashion. 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. I just find it ironic that firms are trying to pressure their associates to produce more money for them even as they are sharing a smaller percentage of those profits with associates.
It’s pretty clear that being a part of a Biglaw firm isn’t a “team” proposition. Everybody for themselves; that’s how the partners act, and that’s how partners expect associates to act.
And so Hughes Hubbard is bringing a little personal punishment to associates who are late with their time…
Although the matter is still being contested — Northland has asked a court to reduce its bill still further, to zero — the arbitrator’s finding calls into question the business model Goodwin and many other large law firms have relied on for decades: Deploying huge legal teams to pursue clients’ cases, often assigning more than a dozen lawyers to compile research, conduct depositions, and draft motions.
— an article in the Boston Globe about a recent fee dispute between Northland Investment Corp. and Goodwin Procter, in which an arbitrator concluded that Goodwin overcharged Northland by more than $540,000 (gavel bangs: ABA Journal and WSJ Law Blog).
Entering time is important, but sometimes you can get more flies with honey than with douches. At least at Brown Rudnick, the firm is trying to reward dutiful time keepers instead of threatening those who fall behind…
Welcome back from your long weekend. I trust everybody is ready to put in a lot of hard work through the holiday season in order to finish the year off strong.
Ah, what’s the point? Based on the early bonus news, it seems that Biglaw managers are going to go with stingy bonus payments for the second year in a row. And while we’ve reported that hours appear to be up this year over last year, hours aren’t back to 2007 levels.
If firms are going to keep bonuses at 2009 levels until their profits get back to 2007 levels, well, then maybe it’s time to kick back and do some shopping on Cyber Monday…
Nothing says “Biglaw” quite like an old-fashioned partner threat. Biglaw partners, a self-important bunch if there ever was one, generally do little to mask their huge egos. But when those egos express themselves in the form of threats against underlings, well, that’s when you learn why people get paid $160,000 right out of school.
You see, in most situations you just can’t treat highly educated people like naughty schoolchildren and expect them to take it. Not if you are paying them $50,000 a year for some average, middle-class lifestyle. They’ll quit. They’ll tell you to take your BS job and shove it down your condescending throat. But when you pay people $160,000 (or more), then you can talk to them however you please. They’ll take it (and apparently thank you for it). Biglaw partners know that their associates are being paid more money than they can make nearly anywhere else, and so they have little incentive to consider how they speak to their associate colleagues.
Now most partners threaten or belittle people on an individual, face-to-face basis. But sometimes these communications are disseminated to a broader group, and on the rarest of occasions these partner meltdowns are captured over email and sent to Above the Law. And those are the best.
When I moved in-house ten months ago, my phone started to ring off the hook — and not just from folks I hadn’t spoken to in years, who thought that I’d now be itching to retain them. I also got a few calls from people who were simply curious about the difference between working in-house and working at a law firm.
One of the differences is self-evident: You arrive at work on your first day at a corporation, and you devote that day entirely to ministerial crap. You spend an hour completing immigration forms, spend an hour having your photograph taken for various ID cards, fill out your health insurance and retirement benefit forms, create passwords for a dizzying array of computer databases, set up your computer to receive corporate training, and then realize that everyone is heading home.
Ouch! Another wasted day! You didn’t do a minute of billable work. You might as well have been on vacation today, because you did nothing that could legitimately be charged to a client.
I planned to announce the results of the survey when the first firm announced bonuses contingent on an hours requirement. But since bonus news is late this year, perhaps Rudolph has some sort of tumor?
I still think bonuses will come. Associates will stand in Evan Chesler’s office and force him to watch them shoot bunnies until he names a bonus, if they have to.
So they’re coming. While we wait, let’s take look at how hard people are working. It turns out that quite a few of you have been busy little bees…
As we said yesterday, there’s still time left in the year for associates to crank out some billable hours to hit their targets. There’s still time to participate in our hours survey, where the early returns suggest that many of you are quite busy.
That’s a good thing, especially if you are at Mayer Brown, New York. No, the firm hasn’t released bonus information yet. In fact, the firm hasn’t even released its 2011 payscale.
But Mayer Brown is telling people how many hours they need to hit in 2010 in order to be eligible for a 2011 raise…
With just about six weeks to go in 2010, it’s time to check in on how people are doing with their billable hours.
At the start of the recession, hitting your hours could mean the difference between having a job and emailing Above the Law about stealth layoffs at your firm. This year, there hopefully isn’t that kind of pressure (at least not to the same degree). This year, hitting hours targets should be all about your bonus.
Of course, the difference in total compensation between a fourth-year associate who bills 1920 hours and a fourth-year who hits 2050 could be significant. The early buzz is that bonuses will be substantially bigger this year than last year, but the drop-off from one hours level to the next could be significant. Some firms might make bank-busting payments that will generate sweet headlines, but not all associates will hit the hours mark necessary for the top payment.
Still, with a month and a half to go, there’s time to “juke your stats,” as they say on The Wire. If finding an extra 80 billables between Thanksgiving and Christmas makes a huge difference, clients should be prepared for their attorneys to drag out any assignments they get. Sorry clients, associates gotta eat too.
So how are people doing? Take our poll, and get a sense of how many hours your peers are on pace for….
If you talk to law firm partners who are in charge of collecting fees, they’ll tell you that getting clients to pay has become a real hassle ever since the recession started. Clients are trying to make their books look as palatable as possible, and if that means avoiding or delaying payments to their lawyers, well, then that’s what they are going to do. Collecting fees from clients is one of the top concerns of Biglaw managers.
And it should be a top concern for Biglaw associates. Nobody is going to be getting a bonus when the firm cannot realize its profits.
You’d think every practicing attorney would be on the same page with this by now. You’d think, at the very least, every person would be diligently putting in their time to give their firm the maximum opportunity to collect on their billable hours. But apparently some people haven’t gotten the memo that putting in your hours in a timely fashion is critical in this environment.
Well, at Simpson Thacher, they want to know your hours, now. And the firm is threatening to bring the hammer down on attorney timekeepers who are putting off this important paper work. Put in your hours, or STB will hit you where it hurts — the wallet…
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.
It’s the legal profession’s equivalent of a long-term relationship.
When Michelle Waites, Senior Patent Counsel for Xerox Corporation, attended The LGBT Bar’s Lavender Law conference several years ago, she wasn’t sure what to expect. She left having forged a lasting business relationship that still endures today.
It was during The LGBT Bar’s event – an annual gathering of more than 1,600 lesbian, gay, bisexual, transgender and allied legal professionals – that Waites first met Marla Butler, a partner at Robins, Kaplan, Miller & Ciresi LLP, who specializes in patent law.
Today, the two are still close friends as well as professional colleagues. Butler’s firm continues to work with Xerox – a business partnership forged via The LGBT Bar.
On November 19th, The Bar will present its first-ever conference outside the United States. Dubbed “A Lavender Law Experience for Europe,” the day-long Business Legal Conference will replicate programs such as the one that brought Waites and Butler together for legal professionals in Europe.
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.
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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: