Merely stating the fact that certain groups do better than others — as measured by income, test scores and so on — is enough to provoke a firestorm in America today, and even charges of racism. The irony is that the facts actually debunk racial stereotypes. There are some black and Hispanic groups in America that far outperform some white and Asian groups.
Key to writing a self-help piece? Pictures of bland smiling people.
Self-help books are amazing. So simple, so pedantic, so lucrative. If I could muster enough “human compassion,” I’d get in on that action. But, as is I’ll have to stick with mocking dumb lawyers online. It’s a living.
A self-help book for lawyers is out and boasts some advantages for lawyers choosing to live a “wellness” lifestyle.
If you’re wondering what “wellness” means, it’s kind of a catch-all pop psych term for “not being a f**kup.” Glad I could help out….
This is the latest in a new series of ATL infographics — visual representations of our own proprietary data, relevant third-party data, “anecdata,” or just plain jokes. This infographic is brought to you by our friends at Prestige Legal Search. Earn another $5,000 to $50,000 with their Rewards Program.
For the most part, Biglaw associate bonuses remain stuck at last year’s levels, reflecting expectations that firm profits will be flat at best. This might seem fair, with everyone feeling the pinch of the “New Normal” and so on. But when we take a small step back and see how these bonus numbers compare as a percentage of partner profits to the bonuses of just a few years ago, these bonuses are arguably pretty measly.
The current $10,000 “market” (i.e., Cravath-following) rate for first-years is just 0.29% of Cravath’s profits per partner (according to the American Lawyer). Back in 2007, first-year bonuses equaled 1.36% of PPP. In other words, the Cravath partnership was nearly five times more generous to its associates back then.
Obviously, Cravath is among the most profitable firms in the world. What are the implications of matching Cravath’s bonus scale for those firms with much lower profit margins? Today’s infographic takes a look at how big a hit to PPP partners willingly take in order to Keep Up With The Cravathians….
Ronan Farrow: a former Forbes 30 Under 30 honoree turned contest judge.
Since 2012, the list-loving folks at Forbes have been publishing “30 Under 30″ compilations for various fields of endeavor. The 2014 lists just came out, and they include, of course, a 30 Under 30 for law and public policy. We noted the news in yesterday’s Non-Sequiturs.
A list of notable legal eagles under 30 presents additional problems. Unlike, say, sports or the arts, where people over 30 might already be “over the hill,” law doesn’t lend itself to super-young prodigies. As Miguel Morales of Forbes points out in introducing the list, “It’s never easy for FORBES staffers to sniff out the 30 best and brightest Millennials making an impact on their fields. In law and public policy, where most people are barely out of law school by 30, let alone blazing trails in their fields, the task sometimes felt farcical.”
Whether it’s farcical or not, we know you want to see the list. Let’s have a peek, shall we?
That insecurity should be a critical lever of success is another anathema, flouting the entire orthodoxy of contemporary popular and therapeutic psychology…. Note that there’s a deep tension between insecurity and a superiority complex. It’s odd to think of people being simultaneously insecure but also convinced of their divine election or superiority.
* “Either access to abortion will be dramatically restricted in the coming year or perhaps the pushback will begin.” We’re moving back in history. Here’s hoping pro-choice advocacy will be born anew in 2014. [New York Times]
* George S. Canellos, the SEC’s co-chief of enforcement, announced his departure on Friday, and people are already wondering whether he’ll return to his old stomping grounds at Milbank Tweed. [DealBook / New York Times]
* We hope legal educators had fun at the Association of American Law Schools annual meeting, but we hope most of all that they learned what needs to change to really make legal education pay. [WSJ Law Blog]
* “I believe women lawyers can contribute a lot to the legal system.” Saudi Arabia now has its first female law firm dedicated to bringing women’s issues to the country’s patriarchal courts. Congratulations! [RT]
* Chris Gossage, the London solicitor who spilled the beans on J.K. Rowling’s pseudonym for The Cuckoo’s Calling (affiliate link), was fined for breaking a client confidence — making him the first person in 2014 to meet his resolution and lose a significant number of pounds. [Perez Hilton]
* How awful are student loan companies? This woman tried to discharge a student loan and was told she spent too much income dining out — referencing a $12 McDonald’s Value Meal for her and her husband. You stay klassy, loan sharks! [New York Times]
* Border agents really have something against musical instruments. It all dates back to that one time at band camp when a flute stood them up. [Overlawyered]
* ATMs aren’t all that secure. At least not in Brooklyn. Maybe it was opening ironically…. [Legal Juice]
* Donald Looper, the founder of 120-lawyer Looper Reed & McGraw, has stepped away from the firm. Probably to head back in time to prevent the firm from ever existing, because that’s what good Loopers do. [ABA Journal]
* A human rights lawyer was kidnapped in Syria and the rebel groups seem to not care even a little bit. [Al-Monitor]
Ed. note: This is the latest installment of the ATL Interrogatories. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Carol B. Ervin leads the Employment Law Practice Group at Young Clement Rivers, LLP. A highly experienced trial attorney, Fellow of the American College of Trial Lawyers and an Associate Member of the American Board of Trial Advocates, she focuses her practice on the representation of businesses in employment law and litigation. Carol was recently elected the Chair of ALFA International, the Global Legal Network, and previously served as Chair of ALFA International’s Labor and Employment Practice Group.
1. What is the greatest challenge to the legal industry over the next 5 years?
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Richard J. Morvillo, co-founder of Morvillo LLP, is a nationally-recognized expert in SEC enforcement matters. Over the past 35 years, he has been involved in over 200 SEC investigations, including some of the highest profile cases the SEC has handled. Rich was recently named by Best Lawyers in America as the “2013 Lawyer of the Year – Securities Litigation,” and Chambers USA has recognized Rich as “one of the deans of the securities enforcement bar.” He has served on the adjunct faculty of Georgetown University Law Center, teaching a course in “Professional Responsibility in Corporate and Securities Practice.” See his complete bio here.
1. What is the greatest challenge to the legal industry over the next 5 years?
Once upon a time, starting a law firm meant reading Jay Foonberg’s classic, How to Start and Build A Law Practice (affiliate link). From 1976, when the ABA published the first edition, until very recently, Foonberg pretty much owned the law firm startup space, with over 300,000 copies sold — an unheard of accomplishment for a niche-market book.
What’s even more remarkable is that most lawyers of that generation who sought to hang a shingle never even purchased Foonberg’s hefty tome, which cost around $79. Instead, you either skimmed it in a law school library (surreptitiously, if you happened to be there researching for your day job at a law firm). Or maybe — as was the case for me, after the firm where I worked gave me six months’ notice – a colleague pressed a copy into your hand and whispered, “You have to read this.”
And Foonberg covered all of it — from Foonberg’s Rule (get the money upfront!) to a pricing scheme that advised setting hourly rates with reference to the cost of a Big Mac at the local McDonald’s (I don’t remember the ratio — maybe 10 or 20 times the cost of the burger?). But Foonberg had other decrees also: a year of savings up front before starting out. Renting an office. Never let the sun set on an unreturned phone call. Family comes first…
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!