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?
We’re in the middle of what we previously referred to as the second wave of law firm bonus announcements. Later today, for example, we’ll write about the Latham & Watkins announcement from yesterday. (So far we’re hearing mixed things; if you’re at Latham and would like to opine on the bonuses, feel free to email us or text us (646-820-8477).)
Right now we’re going to discuss the bonuses announced at Goodwin Procter (which actually just hired a partner, Brynn Peltz, away from Latham). The Goodwin bonus announcement came out on Tuesday of this week.
So what do 2012 bonuses at Goodwin Procter look like?
“I am having a root canal this morning, so I’ll be working from home.”
Some attorneys use the expression “working from home” to mean that they are mostly taking the day off for one reason or another. In other words, they really mean that they are “not working.”
Other times, “working from home” really means “I’m still working, just not in the office.” I might do this, for example, to avoid a long commute or because I can better tackle my project at home, perhaps because my home will offer fewer distractions.
Assuming that “working from home” means that you still are working, albeit in a different physical location, should a firm care when or whether an attorney comes into the office, provided nothing time-sensitive needs to be accomplished that day?
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?
Law firm bonus announcements come in two waves. In November and December, the New York-centric firms announce their bonuses (after taking their cue from Cravath). In January and February, the West Coast and also nationally oriented firms announce their bonuses for the prior year.
So the 2012 bonus season isn’t over, even though we’re now two weeks into 2013. Yesterday, for example, brought bonus news from Orrick, Herrington & Sutcliffe.
Orrick is a leader is the brave new world of “merit-based compensation.” What are they up to now?
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….
The grass isn’t quite this green in the ‘new normal.’
In a piece from last month, New York Times columnist Paul Krugman wondered: Is Growth Over? One could very easily take this question, posed with respect to the broader economy, and apply it to the world of large law firms.
And what would the answer be? According to a client advisory just issued by Citi Private Bank and Hildebrandt Consulting, “Probably.”
Their analysis is gloomy, although guardedly so; we’re not talking about “the sky is falling” pronouncements. Let’s take a look at the specifics….
What does 2013 hold for the world of large law firms? Let’s look into our crystal ball.
Actually, scratch that. Making predictions is a tricky business. Sometimes we’re right — like when we predicted robust bonuses out of Cravath, based on their large partner class — but sometimes we’re wrong.
For now, let’s keep our powder dry, and instead check out historical data about hours, billing rates, and corporate legal spending. Can we gain any insight into the future by looking back over the past?
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…