With the news of 100 percent offer rates trickling in slowly but surely from many Biglaw firms, we thought that students from top-tier law schools were looking good in terms of their job prospects. Sure, summer classes were smaller this year — but offer rates at or near 100 percent are still nothing to scoff at.
Recall the dark days of summer 2009, when no-offers and cold offers were doled out in abundance. When it comes to the legal job market, maybe it does get better (as long as we don’t sink into a double-dip recession).
Could the legal economy be returning to normal? Could the dark days of indentured servitude for recent law school graduates be coming to an end?
Do you know why people go to law school? For most people, it’s not because they “love the law” or because they want to be part of the system of justice. It’s because they want to make money. Lots and lots of dirty, sexy money.
Granted, there are easier ways to make money in this world. You could work on your jumpshot. You could do… whatever it is they do in business school, between pub crawls masquerading as “networking events.” You could choose your parents wisely.
But still, if everything works out — and I mean everything — you might make an obscene amount of money in Biglaw. So much money that you can send around messages like this to your fellow attorneys….
A prominent partner left his white-shoe law firm some time ago, purportedly for falsifying expenses. A juicy detail that is less widely known: some of the fake expenses were for what might be described as improper forms of entertainment.
(This blind item — relating to someone who left his firm prior to 2010 — has nothing to do with Ted Freedman, the former Kirkland & Ellis senior partner whose recent departure we covered last month. Please note the update we’ve appended near the end of our earlier post, quoting a source stating that Freedman simply retired.)
Actually, we’re not sure that it’s herpes; that’s just a guess, based on context clues. But apparently some prominent, white-shoe law firm has been hit by an outbreak of a sexually-transmitted disease.
No matter when it’s done, job hunting usually sucks balls. When done in the middle of the Great Recession, it feels like the balls are covered in tangled hair and pointy skin-piercing spikes. It’s painful and you have to be careful.
One disgruntled attorney recently emailed us about a company that he suspects is trying to take advantage of desperate job hunters. He calls it “a new type of scam preying on unemployed lawyers.”
He responded via an ad on Craigslist to an “assets management company” seeking IP attorneys for full-time or part-time contract work. We’ll call the company Pay To Work, LLC. In the ad, PTW says it’s looking for “entrepreneurial” attorneys to do intellectual property work. It says its clients include scientists, inventors, writers, artists, celebrities, universities, and multi-national corporations. That sounds pretty sweet!
But there are some big catches. First off, “partners” are supposed to pay $295/month for “administrative fees.” Second off, the company has no clients at the moment. It’s a start-up in the “set-up phase.” So if you sign up and start paying $300 a month, what exactly are you getting for your money?
Over the weekend, the New York Times took employers to task for taking advantage of university kids eager to get work experience. Unpaid internships abound, and the recession has made it easier for corporate employers to cry poor, and bring on free labor.
However, there are strict federal guidelines [PDF] around unpaid internships, and many are breaking the law by giving their eager little beavers noneducational menial work. The folks at the Labor Department are on to this devious scheme:
Convinced that many unpaid internships violate minimum wage laws, officials in Oregon, California and other states have begun investigations and fined employers. Last year, M. Patricia Smith, then New York’s labor commissioner, ordered investigations into several firms’ internships. Now, as the federal Labor Department’s top law enforcement official, she and the wage and hour division are stepping up enforcement nationwide.
While most of the abusive internships are in the exciting worlds of fashion, film, media, and music, there was at least one poor NYU student suckered into cleaning out bathrooms for free at a law firm…
Working from home is one of the perks of living in the Internet age. The downside is that work more easily intrudes into the rest of your life. But being chained to your BlackBerry is better than being chained to your office chair.
A partner in the Miami office of an AmLaw 50 firm doesn’t like the idea of his associates being out on the beach with their BlackBerrys, though. He wants them in the office. He wants to see their faces, and the only tan he wants to see on them is the kind from the office’s fluorescent lights.
This partner whom we are not outing from a firm that we are not naming gave a speech last week that left many of his associates even less excited about spending time at the office than before…
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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.
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.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
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: