Our recent Career Center survey asked about whether you think layoffs and salary cuts are a thing of the past or if 2010 will bring more of the same. The majority of respondents — 70% — are optimistic about salaries, saying they do not expect any further salary cuts in 2010.
However, respondents were not so optimistic about the chances of future layoffs. After a year in which over 75% of respondents saw layoffs at their firms, almost half — 45% — think there is at least a 50-50 chance of more layoffs in 2010.
Check out the full survey results after the jump — and visit the Career Center, powered by Lateral Link, for more on which firm has announced above-market bonuses for the second year in a row and which firm is so confident about recovering from the recession that it is opening multiple new offices.
Full survey results, after the jump.
Many associates are hoping that 2010 will bring an end to the layoffs, pay cuts and deferrals of 2009. But so far January has brought more of the same at severalmajorlawfirms.
This week, our ATL / Lateral Link survey asks whether you think your firm will institute more layoffs and pay cuts in 2010 or if things are finally on the rebound. We’ll use the information to update the ATL Career Center and bring you the results next week.
If you have information about your firm that you want to share with other career center users, please email us at firstname.lastname@example.org.
Welcome to the next article in our series of monthly Ask the Experts Career Development posts, brought to you by the ATL Career Center. Just a reminder that previous Career Development articles, as well as career coaching information, are available in the Resources section of the Career Center.
This week, we spoke with Jordan Abshire, Managing Director at Lateral Link who works with partner and associate candidates on law firm and in-house searches in Washington D.C and the Southeast. We asked Jordan for advice on networking – what it is, how it works, and why you need to do it even if you are not actively looking for a new job.
If the economic downturn has taught attorneys anything, it is that meeting the annual billable hours requirement no longer guarantees any kind of real job security. Networking is more crucial than ever for attorneys who want to stay in control of their career development.
Q: Why do so many people cringe when they think about networking?
Find out the answer, plus more, after the jump.
While layoffs dominated the law firm landscape in 2009, the worst of the downsizing seems to be behind us. But it looks like 2010 will be bringing major changes to compensation structures at law firms. Check out the ATL Career Center, powered by Lateral Link , for the latest information about which firms are moving away from lockstep compensation and how they are doing it. In the last week, we have updated the firm snapshots for Kramer Levin, Mayer Brown, Kirkland & Ellis, Weil Gotshal, Cravath, Quinn Emanuel, Hogan & Hartson, Wachtell Lipton, K&L Gates, Cadwalader, Akin Gump, and Jones Day.
Below are a few of the latest updates from the Career Center’s firm snapshots:
• This firm announced it would be moving to a hybrid lockstep compensation structure. Salaries will no longer be tied to seniority level, but based on a combination of objective and subjective factors.
• This firm’s new compensation structure regroups associates into three seniority levels rather than class years. Under the new plan, the firm will also withhold 15% of associates’ salaries until a year-end performance review.
• This firm is phasing in a new compensation structure over the next two years in which a larger percentage of each attorney’s total compensation will be in the form of individualized bonuses.
Use the Career Center’s firm snapshots and comparison tool to learn about other bonus news at firms around the country. And as always, we encourage to send information about your law firm experience to email@example.com.
We received over 1,000 responses to last week’s Career Center survey on whether your vacation plans have been affected by the economic downturn. The results reveal that almost 70% of associates are still taking vacation time, regardless of whether they have met their billable hours or not. Less than 10% of respondents say that they are not taking vacation because they worry it might look bad. However, almost a quarter of respondents report that they are actually too busy to use their full vacation time this year.
Check out the full survey results after the jump — and visit the Career Center, powered by Lateral Link — for more on which firm has deferred start dates again, which firm recently announced a mega-merger with a London-based firm, and which firm reportedly awarded 2009 bonuses of up to $90,000.
Full survey results, after the jump.
With the holidays approaching, associates find themselves facing a quandary. Since work is still slow at many firms, associates may be tempted to take vacation before the economy bounces back and brings 70 hour work weeks with it.
On the other hand, does taking vacation in a recession send the wrong message? This week, our ATL / Lateral Link survey asks what you think about using vacation time while the chips are still down. We’ll use the information to update the ATL Career Center and bring you the results next week.
If you have information about your firm that you want to share with other career center users, please email us at firstname.lastname@example.org. Thanks!
This firm announced that that it would not only be continuing its pay freeze and keeping 2010 salaries at 2008 levels, but it would be further cutting salaries for those associates who fail to meet their billable hour goal by more than 300 hours.
This firm debuted its new compensation structure: associates will be grouped into three levels, and advancement from one level to the next will be based on merit, not class year.
This firm matched Cravath for first- through sixth-year associate bonuses, but is giving seventh-year associates a $5,000 bump up from Cravath levels.
Welcome to Part 2 of our Ask The Experts article on long-term career planning, partnership prospects, and in-house careers, brought to you by the ATL Career Center, powered by Lateral Link. Last week, we shared advice about general career development from the Career Center’s Professional Development panelists: Morgan Chu of Irell & Manella, Mike Woronoff of Proskauer Rose, and Vivian Yang, General Counsel at Citysearch.
This week, we’re back with the panelists’ advice on the specific steps that associates need to take if they want to make partner or move in-house. Click here to read the full article and view other resources on the Career Center. If you have tips or questions that you would like covered in future Ask The Experts columns, please email email@example.com.
Alternatively, you can read Part One here, and Part Two after the jump.
Welcome to the latest article in the Ask The Experts series, brought to you by the ATL Career Center, powered by Lateral Link. This week’s experts include Morgan Chu of Irell & Manella, Mike Woronoff of Proskauer Rose, and Vivian Yang, General Counsel at Citysearch, who served as panelists on the Career Center’s Professional Development panel for mid-level associates on long-term career planning, partnership prospects and in-house careers. The panelists shared a lot of valuable information, so we’re making this a two-part article.
This week we highlight the panelists’ advice to mid-level associates on general career development, such as how to find mentors and use the people you already know to build a network. Next week, we’ll be back with Part Two of the article, with advice on the specific steps that associates who want to make partner or move in-house need to take.
Part One, after the jump.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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