“Thank God” Britain didn’t join the Euro, said U.K. chancellor George Osborne last month, as the debt crisis in Greece began to spread to the much larger economies of Italy and Spain. But with the fortunes of the U.K. tightly bound to the rest of Europe (its biggest trading partner), the reality is that we’ll be hit almost as hard as our single currency-sharing neighbours if, as many expect, the crisis worsens.
Last week, as I did the rounds of the U.S. law firms in London in preparation for the commencement of these regular installments from across the pond, I asked various managing partners what European debt contagion would mean for large law firms in the U.K. And, predictably, they reeled off the standard recession line about law firms being “well placed to handle the anticipated wave of restructuring work.”
Doubtless there’s some truth to this. Indeed, Skadden and Linklaters are already riding the wave, with the pair currently advising on the merger between Greece’s second- and third-largest banks. Such are the demands of the deal that much of Skadden’s relatively small London office has apparently been required to temporarily decamp to Athens.
The worry is what happens after the restructuring is complete, with experts predicting that Eurozone sovereign debt defaults could precipitate a decade-long depression. This would be especially bad for the legal profession….
While some people seem to think Japan’s status as a rich nation means it doesn’t need any international aid, I don’t see how the country’s long-term ability to recover has anything to do with the immediate humanitarian crisis. Japan will undoubtedly be able to rebuild in the future, but its citizens need food and water today.
We’ve now received word that even more Biglaw firms are pitching in to do what they can. If you know of additional firms supporting relief efforts that we have not mentioned, please tell us in the comments to this post….
Bruce MacEwen has been blogging long and well over at Adam Smith, Esq. He typically writes about law firm management, and his target audience is senior lawyers at large firms. Recently, however, MacEwen published a post about an award that Kraft Foods gave to Clifford Chance for innovation in delivering legal services.
Apparently, Clifford Chance helped Kraft’s legal department with its knowledge management issues. Clifford Chance had experience in knowledge management; Kraft did not; Clifford Chance helped Kraft to create a series of blogs and discussion boards in which Kraft’s in-house legal department will share information. MacEwen provides this example:
“Kraft, as you know, is a global consumer food services company . . . which means they generate their own specific variety of legal questions, such as ‘what food-like items are subject to VAT in various countries around the world?’ Food is largely exempt from VAT, non-food subject to it. Kraft sells some products, such as chewing gum, which are on the border.
“If you post that question on a discussion board, and get responses from around the world, you have the beginning of a knowledge base on VAT incidence on quasi-food items. And of course it’s also recorded for posterity, at least in theory never needing to be answered again.”
This type of knowledge management is surely a good idea. But I’m going to go out on a limb here and predict that only one of the two tools that Clifford Chance helped Kraft to create is ultimately going to prove effective. Which one, you ask?
Things have been a little quiet lately on the spring bonus front. For a while we were wondering whether this might be it — i.e., that any firm that hasn’t announced by now isn’t planning on announcing anything.
The bonus news is coming fast and furious now. I guess a lot of Biglaw firms want people to think of Cahill as a “boutique” type of firm like Susman Godfrey instead of a Biglaw competitor who simply saw Cravath’s bonus payout and smashed it.
The latest news is from international powerhouse Clifford Chance. Its New York bonus memo just went out, and it is a straight match of the Cravath scale…
The new season of The Apprentice: Recession Edition premieres tomorrow night on NBC, and if you weren’t planning on watching it because it’s the 87th season and nobody cares, you just might want to reverse course. No fewer than five unemployed lawyers — cupcake-wielding Brandy, ex-beauty queen Nicole, fashion-obsessed Mahsa, old person Clint, and Prince Harry-lookalikeJames — are competing to be Donald Trump’s main minion this season. Above the Law scored an advance interview with one of them.
James Weir, 31, was a second-year litigator in Clifford Chance’s New York office before getting laid off because of the economy back in October 2008. Unable to find work, this Duke undergrad and ’06 Georgetown Law grad became a “couch surfer” (according to his Apprentice bio), brazenly unafraid of bedbugs (I asked), who spent his time applying for jobs, watching a lot of Netflix Instantly Viewable, and learning to stain furniture (presumably on purpose).
In our brief interview, James reveals ATL’s role in his casting (!!), shares the two things he wishes he said on air, and tells us what his mom really thinks about all of this…
We’re rolling through the Vault 2011 list of the “prestigiest” firms in the land, so that you can comment on what it’s like to actually live, work, and breathe those firms (when you’re not choking on all the prestige in the air).
We’ve covered #1-10 and #11-20. Here’s the next round-up. Now it’s time for the London-based Magic Circle firms to join in the elite fun:
Earlier this week, we told you to look out for a former Clifford Chance associate — Georgetown Law grad James Weir — on the upcoming recession-inspired edition of “The Apprentice.” We lamented that Donald Trump was providing work to only one unemployed lawyer.
Shortly thereafter, we found out that the Donald had in fact been more gracious than that to the legal profession. He has given work to at least two down-and-out legal eagles. A tipster wrote:
Saw your post about the former Clifford Chance attorney who was cast for this upcoming season of the Apprentice and wanted to let you know there is also a recent Brooklyn Law grad named Mahsa Saiedi-Azcuy on the show. She graduated in 2009 and was actually hired by the Brooklyn DA, uncertain as to her current employment status though.
We look forward to this match-up: Woman vs. Man. Brooklyn Law vs. Georgetown Law. DA’s Office vs. Biglaw.
Donald Trump knows what it is to be down but not out. We’ve lost track of how many times he’s filed for bankruptcy. But he is a phoenix, who always arises from the Chapter 11 ashes, his flaming reddish hair unruffled.
Now Trump wants to offer the same opportunity to other high-flyers who were knocked down by the recession. The upcoming season of “The Apprentice” has a cast of those left jobless in the recent economic collapse.
When they were casting for the show, the producers reached out to Above the Law in the hopes of nailing down a laid-off lawyer for the cast.
The show was taped this summer. And it appears they found themselves a shiny, new laid-off legal eagle (UPDATE on July 23: Two of them, actually.) The producers haven’t released the official cast list yet, but our tipsters recognized one of the contestants in an ad plugging the show (via Popwatch):
So who is the lawyer, and what does his résumé look like?
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London:
Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked….
A spokesperson for Clifford Chance said: “While billable and investment hours continue to be important, the bonus will not be directly linked to achieving a target number of hours. We’ll weigh a number of factors to ensure a balanced and flexible bonus scheme.”
Dear Lord, it looks like the American epidemic of moving towards merit-based compensation just hopped a transatlantic flight.
But don’t worry Clifford Chance New Yorkers, your bonus requirements will not be affected by the changes in London…
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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