This is a continuation of the article I published in ATL two weeks ago. My previous article gave my view that the profitability metric of “Profits Per Partner” becomes in effect a master (rather than a servant) and is destructive and a root cause of some serious problems for Biglaw. In this article, I put forth a different way of doing business.
A long time ago, we at Duval & Stachenfeld decided that we would not make partnership decisions in our law firm based on a “numbers game.” Instead, we would look at the quality of the associates, and if they were qualified, we would make them partners irrespective of the effect that had on our firm economics. We have stuck to that view rigorously.
At this stage of my career, I am pretty removed from the Biglaw associate recruiting scene. So I don’t know if firms have finished hiring their summer associates for summer 2015, or whether current 2Ls are evaluating offers and deciding which firm to join. While I was in Biglaw, I was very involved in supporting the recruiting department’s efforts, whether it was serving as a summer associate mentor or interviewing lateral candidates. So I know how seriously the process is taken by both Biglaw firms and the candidates.
As serious a business as recruiting is, however, it is often difficult for students and lateral candidates to distinguish between firms. Sure, enterprising law students and associates can study PPP or “prestige” charts in the American Lawyer or on Vault, or even take advantage of the vastly improved research tools for associates on sites like this one (including ATL’s law firm directory). Even more enterprising candidates will take advantage of their networks to solicit “real-world” feedback about the associate experience at firms from current and former employees of those firms. In sum, there is plenty of information, both collected and anecdotal, for young lawyers to consider when they are lucky and accomplished enough to have earned the right to choose between Biglaw firms vying for their services.
It is great that all this information is now available. But I think what younger lawyers would benefit from most is direction as to what information is worthy of focusing on, especially when making critical career decisions.
With the kids heading back to school, it’s a good time to think about how education is changing — especially for lawyers. Our profession prizes continued education, and of course mandates it for those lawyers who otherwise would be too focused on billing or finding clients to learn. Both the way lawyers learn and for some the way they teach have been completely changed by technology. It may be trite at this point, but this is really the golden age of access to information and learning opportunities for everyone, lawyers included.
While on balance the development of the technology that has created the current state of information access has been a wonderful human achievement, there are downsides. Information overload can be paralyzing, and the speed at which information can be found and deployed creates stresses for those required to keep up. But if someone wants to learn something new, they can. And more than ever, for free.
As easy as it is to learn using today’s technological resources, that same technology has changed how a lawyer can teach others just as dramatically. When I gave my first CLE less than ten years ago, it was for lawyers within my firm, in one of the conference rooms, perhaps with some lawyers from other offices “joining” by speakerphone. For many years in Biglaw, that was how CLE was given and consumed. The biggest differences between sessions was the speaker and the size of the conference room. That changed over time, as firms started subscribing to audio or even video recordings of CLE from outside providers. With that development, it became easier than ever for lawyers to “consume” their CLE, often at group lunches sponsored by the firm. “Come for the food, stay for the CLE,” or something like that. Those lunches were a good way to make a dent in CLE requirements, especially if you aimed to get to one every month or two.
As busy as Biglaw lawyers often are, it was not uncommon for my colleagues and me to encounter a “CLE scramble” as registration deadlines approached….
This is the first of a four-article series focusing on the following matters:
First Article – Profits Per Partner: A Good Servant But A Bad Master
Second Article – A Profits-Per-Partner Emancipation Plan
Third Article – Beyond Profits Per Partner – Embracing Volatility
Fourth Article – How to Embrace Volatility as a Law Firm
Those of us running law firms have two sets of clients:
Clients – parties that hire us for legal work.
Lawyers – parties that do the legal work for the clients.
One without the other is pointless, obviously – they are yin and yang. However, despite this almost symbiotic relationship, most law firms are set up to attract great clients a lot more than they are set up to attract great lawyers. That is how law firms define “marketing.” The other function is called “recruiting.”
Indeed, let me ask you — in your firm, which is cooler: to be on the marketing committee, or to be on the recruiting committee? Which one is more likely to result in success at your firm, including money, power, fame, a big office, etc.?
Our law firm does not have a Twitter account. But our consulting and patent monetization firm, Markman Advisors, does (@MarkmanAdvisors) — an active one, where we post about patent litigation-related events that are of interest to our followers. Twitter has become our number-one way of interacting with the investment community that is the target for our consulting and patent monetization services.
Yet our law firm still does not have a Twitter account — and I am not convinced it should. As a practicing litigator, I am reluctant to give out my opinions on legal issues through such a broad-reaching medium. Lawyers on Twitter either need to have a lot of guts, or follow the typical boring Biglaw marketing model. I am not interested too much in either approach.
Our engagement with Twitter is relatively recent, dating to the launch of our law firm and consulting practice. Prior to Twitter, our focus was on demonstrating our patent litigation bona fides via investor-focused articles on websites like Seeking Alpha and Harvest. The goal of that work was to demonstrate that Markman Advisors offered investors, inventors, and companies interested in patent situations a unique analytical approach, informed by our collective experience litigating big-ticket patent cases while at Biglaw firms. We were fortunate to build a following on those platforms, which led to meetings with the type of clients we were interested in representing. In the course of those discussions, we found out that for the investment community — traders, hedge funds, whomever — Twitter is a necessary and powerful communications tool.
Being lawyers, our first reaction was skepticism….
The week before Labor Day is one of my favorite weeks of the year. Has been for a long time. Even during my decade-plus in Biglaw, a fact that may be shocking to those who believe that the Biglaw experience ranges from the tolerable to the miserable — and never enjoyable. But even for those who feel trapped in the ravenous clutches of the insatiable Biglaw billable hours beast, the end of August almost always offers a welcome, if brief, respite. Because late August is prime Biglaw vacation season, and offices nationwide are running on a skeleton staff.
Partners, and even some associates, are trying to squeeze in some family time before the start of school. The younger set is off for a final round of beach weekends, or just enjoying lazy days in the office, relishing the chance to kick out at a normal hour. With time to hit the gym, before a meal in a real restaurant, rather than a Seamless-delivered dinner in a takeout tray. During my Biglaw years, the end of August meant the last few days of commuting down to the Jersey Shore by ferry from Manhattan, with twilight views of the Statue of Liberty and the Verrazano Bridge. Moments of serenity, even in a city of perpetual motion.
The end of summer can be wonderful, and the temptation to milk the most relaxation out of the waning days of the season great. But it would be a mistake to view this period as only one of enjoyment….
There – I always wanted to write an article that had such a strange title that people would look at it and wonder what I was talking about. So here goes….
Everyone just loves to beat up on the big law firms. I keep reading articles everywhere that say:
They are overpriced.
They are inefficient.
Their partnerships destroy innovation.
They are terrible places to work – sweatshops – associates are worked to death until they quit.
Their business model is broken.
There was even a book that came out a year or so ago with a great title, The Lawyer Bubble: A Profession in Crisis (affiliate link). To me the book described the law business as part of a dying profession that is enmeshed in a conspiracy to ruin the lives of all in it — except the fat-cat senior partners at the top of the pyramid. I admit I read it a while ago and it is a bit hazy in my mind, but the author, a former Kirkland & Ellis partner, clearly is not a fan of the current state of Biglaw….
Last week’s column discussed the underappreciated role that second chairs play in modern litigation practice. But how best to fill the role, once it is earned?
The easy answer is fanatical preparation. Meaning you will need to prepare for every hearing, no matter how minor, as if you were going to be handling the argument yourself. Or if you are at trial, and supporting another lawyer on the testimony (be it direct or cross) of a witness, preparing as if you were conducting the examination. Apply the “laryngitis test” if you need motivation, as in what would you do if the first chair woke up that morning without a voice? Knowing that you could be thrust into the spotlight on short notice should be motivation enough for thorough preparation.
But you also need to put that preparation to good use. Arguing in open court is difficult, for even the most seasoned advocates. If you are being asked to sit at counsel table, the idea is not for you to admire the wood paneling in the courtroom. The expectation is that you will put your knowledge of the case to work, by anticipating the flow of the argument, and making sure that whoever is arguing has any needed information readily available for immediate use. When your partner is speaking, that means keeping track of whether they will need to refer to a document along the way. Or whether they have forgotten to raise an important point. For that latter reason, working out a non-intrusive note passing system in advance can be worthwhile. The key is not to disturb the flow of the argument, but to enhance its effectiveness. If you have nothing to contribute, you should not be sitting there wasting the client’s money. The need to be “active” does not give license to hijack the hearing or cause distraction, of course. Engaged listening at all times and sparing active participation are the better approach in almost all cases.
There are certain legal skills of critical importance that receive the same level of attention as a mid-summer pilot for a sitcom not expected to make it to the fall slate. In fact, there is usually a disconnect, particularly in Biglaw, between what is “taught” and what lawyers really need to learn as they develop. A recent anniversary of sorts reminded me of an example. Let’s discuss the notably unglamorous, but often critically important, role of “second chair” at a hearing or trial.
For the uninitiated, the typical hierarchy on a litigation matter for lawyers is support (faceless associate research drones), team member (associate or higher who is “on the case” but may not even get to sit at counsel table), second chair (trusty lieutenant, perhaps content in the role, or perhaps gunning for more), and first chair (field marshal winning the war and the peace on behalf of a grateful if lighter-pocketed client.)
August is the anniversary of my first patent trial, well over a decade ago….
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: email@example.com.
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 firstname.lastname@example.org or email@example.com. 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.
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● 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!