Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Dan Lear explores the role of technology in the future of the legal industry.
“A lot of people have recently jumped in [to the legal tech/startup space] but the fact is that law isn’t any different than any other industry.” Josh Kubicki – Co-founder Lex Redux
In August 2011 Mark Andreessen, co-founder of Netscape and noted venture capitalist, wrote an essay in the Wall Street Journal entitled “Why Software is Eating the World.” In it Andreessen stated that software had already revolutionized many industries: bookselling (think Amazon vs. Borders), video rental (Netflix vs. Blockbuster), and music (iTunes, Spotify, and Pandora) and warned: “Companies in every industry need to assume that a software revolution is coming.” (Emphasis added.)
Fast forward less than three years and Lex Redux may be the sound of the software revolution arriving at the legal industry’s doorstep.
I previously wrote about the depressing prospects for graduates of all but the top ten or twenty law schools (“Two Law Grad Markets”). And yes, these were statistical generalizations, and the experience of specific individuals with particular skills and backgrounds will always be different, pro and con. But as an industry, if you care about our supply chain for talent, many law schools are burning platforms.
There are actually some closely connected problems driving this dynamic:
More JDs are being turned out each year than there are (a) full-time, (b) long-term jobs, (c) requiring bar passage, (d) at current salary levels;
perhaps the primary reason for the mismatch between supply of JDs and current demand for them (about two supplied for every one today’s market is demanding) is that clients increasingly resist paying for junior associates, which makes it uneconomic for firms to invest in traditional training;
but/and at the same time, every sentient observer is painfully aware that vast segments of the U.S. population — consumers and businesses alike — remain underserved by lawyers.
This would prompt any economist to ask, almost instinctively, “Why isn’t there a market-clearing price where supply and demand can meet?” Which is another way of asking, “What if there were a way to address both these problems at a single stroke?”
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Rob Jordan gives advice to attorneys on how to best position themselves to clarify or confirm their career path.
“Better to be at the bottom of a ladder you want to climb than in the middle of some ladder you don’t, right?” — Dave Eggers, The Circle (affiliate link)
Everyday, many lawyers sit unhappily in their offices with little clarity about their professional futures. I know: I was one of them.
Today, the continued weakness and real-time evolution of the business of law merely compounds the uncertainty. In this environment, it is critical that lawyers regularly perform self-reviews to assess contentment and career trajectory.
These reviews will obviously be very personal. Some lawyers may simply conclude that their unease stems from the plain practice of law; that their law degree is a sunk cost; and that every day spent practicing law rather than pursuing a career acting, rapping, or starting a company is opportunity cost. Others, however, may not be fortunate enough to arrive at such a definitive conclusion; rather, they may be stuck in a state of inertia, unclear whether they like or want to continue to practice law.
Ed note:This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Megan Grandinetti explains why “treating yourself” with your favorite foods may not be the best idea.
I gave a wellness talk at a law firm recently, and one of my tips for staying healthy while working crazy hours is to “streamline your Seamless”: pick a number of healthy, go-to meals that you can order during late nights at the office (and stick with those choices). Some of the participants were taken aghast by this suggestion: “BLASPHEMY!” they cried. “We deserve to treat ourselves for working so hard!”
I hate to be the bearer of bad news, but the “Treat Yourself” attitude is not going to work in the long run, unless you’re trying to gain weight for a movie role (Now Playing: The Chubby, Sedentary Lawyer).
So, you rocked your college grades, steamrolled the LSAT, impressed/conned/bribed your professors into writing outstanding recommendation letters, crafted the perfect law school résumé, and rounded out all of that perfection with an ideal theme for your personal statement and supplementary essays. Now, the only thing left to do is pick your law school out of the pile of admissions offers flooding your mailbox. Good problem to have, but how do you choose?
This is a matter we’ve given some thought to, and we suggest that you may want to use these three factors to make your decision. (Now, these three factors assume that your goal is to get a reasonably high-paying Biglaw or “medium law” type job. If that’s not your goal, the second section of this article will be much more relevant to you.)
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD interviews lawyers who have found their passion by leaving the law.
Fact: The law isn’t for everyone. Fiction: You have to practice law if you’re a law school graduate.
Sometimes, you just have to leave the law completely and follow the road less traveled in order to find your true passion. I’ve interviewed two former attorneys who were brave enough to venture into the unknown and in the process, discover their passions outside of the law.
MEE-JUNG JANG (New York, NY)
1. What is your current occupation or line of work?
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Ann K. Levine, a law school admission consultant and owner of LawSchoolExpert.com, offers helpful tips for law school applicants.
Spring is finally here and after a rough winter in most of the country, you’re probably longing for the lazy days of summer. But if you’re planning to apply to law school this fall, there are some things you should consider doing before you book that trip to the beach.
Your first summer homework assignment is to make sure you understand the law school admissions process and timeline. You can visit the Law School Expert blog for an overview of the process and a sample law school application checklist.
Once you have a good understanding of the mechanics of applying to law school, you should consider your motive in doing so. I challenge you to take this summer to explore whether the law is right for you — and I mean the reality of what it means to be a lawyer, not what you think you know from watching House of Cards.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Casey Berman discusses seven transferable skills that can give attorneys an advantage in the job market.
Some of us lawyers want to leave the law: We are unhappy and dissatisfied with our work situation. We suffer long hours. We find our day-to-day lawyer tasks mostly uninteresting. We are demotivated because we are not included in the partner track discussions. We feel we receive little-to-no mentoring. We are weighed down by high student loans.
And maybe most important, we feel that our professional skill set is not really in alignment with the duties and responsibilities required to be a lawyer. We are not fully confident that we can be a really good lawyer. It’s turning out that what we are good at doing and what we enjoy doing isn’t what an attorney does. We’re pretty sure that this lawyer gig is really not for us.
Non-lawyers are often surprised to learn of the lockstep salary schemes of large law firms and the near-perfect information we have about them. (Recall Kevin Drum’s befuddlement at the bi-modal distribution of law graduate salaries and the “weird cultural collusion” it suggested.) Even annual bonuses are frequently spelled out in what amounts to public memoranda and are typically some variation of the “market” dictated by our Cravath overlords. Of course, there are some “black box” firms and a few gilded outliers such as Wachtell Lipton or Boies Schiller, but generally speaking, the world of large firms practices a degree of relative transparency around compensation that is unsurpassed outside the public sector.
In order to distinguish among firms, we have to look to the margins. For example, law firms vary quite a bit when it comes to paying for the bar and living expenses of incoming associates. Some firms may reimburse for covered expenses after the fact; others may pay some expenses directly to the provider. Some may give a stipend to cover living expenses, whereas others may offer the ability to take out an advance on salary.
Greater transparency (or, at least, aggregated information) on these questions might make one firm’s offer more attractive than another’s, or perhaps even give an offeree some basis for negotiating a package upgrade (but of course tread very lightly there)….
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. In mid-April, pre-law students will begin to hear back from law schools. Today, Joel Butterly gives some practical advice for pre-laws who end up on their dream school’s waiting list.
We’ve all been waitlisted at one time or another. It sucks. It might even be worse than a flat-out rejection. Now, you have to wait around knowing that your chances of getting into your dream law school are slimmer than ever; that any day might be the day you receive the thin-envelope-of-death. A bitter reward after months spent on the LSAT and your LSAC application. Hope is low. Despair is at an all time high. So is your caloric intake.
Before I launch into specific “to-dos,” I want to emphasize that expectation management is important. Completing these steps is in no way a guarantee that you will get accepted. However, I am a firm believer that students unwilling to quit on their aspirations almost always end up succeeding. While the battle for this particular law school may eventually be lost, the war has just begun.
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!
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!