The legal profession has changed greatly over the almost seven years since the launch of Above the Law. Do these changes amount to a paradigm shift? Or are they just a temporary blip that will eventually be reversed?
Professor David Wilkins, Director of the Program on the Legal Profession at Harvard Law School, is one of the most astute and well-informed observers of law as both a profession and an industry. In his recent keynote at the NALP annual education conference, Professor Wilkins considered these questions, and also shared his predictions about the future of the legal profession….
Friendly reminder: Mother’s Day is this Sunday. If you haven’t done so already, you should buy your cards or gifts — and make your brunch reservations — NOW.
In honor of this occasion, we bring you an interview with a working mother whose professional journey is nothing short of remarkable. She went from working as a law firm switchboard operator to becoming the first woman partner of Cravath, Swaine & Moore….
Just outside the window: marble statues of Roman goddesses.
Once upon a time, there lived a beautiful Swedish woman. She came to the United States and studied at an elite college and top law school. After graduation, she went to work at Davis Polk — which is where all the beautiful people work.
While at Davis Polk, this blonde beauty met her Prince Charming — an older, extremely successful M&A partner. They got married at a Caribbean resort, and their wedding made the pages of the New York Times (of course). A few years later, she left the firm to become the general counsel to a global investment bank. Unlike many other power couples, they remain married to this day.
Fairy tales can come true. Let’s learn about a remarkable couple, then ogle their castle in the clouds….
Last week’s column was not intended for a particular group, other than those who enter the world of Biglaw and then wonder what has become of their work/life balance. Some accused me of whining. If that is how you comprehended my message, it speaks to a lack of either comprehension on your part, or writing talent on my part. I was not complaining, I was preaching — or trying to preach. I receive so many letters from young (inexperienced) attorneys and law students asking me about the mythical work/life balance that I took the opportunity to blow off some steam in an attempt to speak truth. I feel that I may not have been thorough, and want to further elucidate (bloviate).
* Earlier this week, after some political wrangling, Senator Chuck Grassley proposed the Court Efficiency Act in the hope of paring down the D.C. Circuit. But really, come on, what are the odds of that happening… again? [National Law Journal]
* Biglaw partners, rejoice, for it seems that your legal secretaries will be unable to sue you for defamation over emails written to your wives. Spousal privilege, baby! (N.B. This doesn’t apply to your girlfriends.) [New York Law Journal]
* Which law schools placed the highest percentage of grads in federal clerkships? This info comes from the rankings guru himself. We may have more on this later. [Morse Code / U.S. News & World Report]
* The Rutgers basketball scandal claimed another scalp yesterday after the school’s former general counsel resigned. Rutgers Law dean John Farmer will be stepping in for a brief assist. [Star-Ledger]
* So, do you remember that environmental report Steven Donziger allegedly had made up in the Chevron case? Yeah, the consulting firm just disavowed all of the evidence in the report. Oops! [Businessweek]
* Say so long to your retirement money, sweetie: Junie Hoang, the actress who sued IMDb for revealing the fact that she was over the hill, received a less than favorable jury verdict. [Houston Chronicle]
Would you go to work as a deep-sea welder and then complain that you don’t get home enough? Or how about an over-the-road truck driver? Or a fireperson(?) who works three on/three off shifts? No, you wouldn’t. And who would be so dim, right? People going into those jobs know the requirements up front, and still choose them. They don’t later bitch and moan that what they lack is a fireman’s committee that will present grievances to the higher-ups – and they especially don’t complain about this falsehood called work-life balance.
At my last firm, there was just such an “Associate’s Committee,” and they put together a manifesto of sorts that they presented to the partnership. And you know what? Not a damned thing changed, except the partners got angry. And I was angry. It was embarrassing to me that I would be viewed by some partners as actually agreeing to that tripe. I knew what I was in for when I signed on for firm life so very long ago. Don’t get me wrong, I am not taking the tack of a codger lecturing to newbie “why, in my day…” To the contrary, I am speechifying that if you find yourself in a position at a law firm in which you are unhappy, it is likely your own damn fault.
If you’re a former Supreme Court clerk, the legal world is your oyster. In the words of one observer, “Supreme Court clerkships have become the Willy Wonka golden tickets of the legal profession. So many top-shelf opportunities within the law, such as tenure-track professorships and jobs in the SG’s office, [are] reserved for members of the Elect.”
If you work at a hedge fund, maybe after a stint at Goldman Sachs or a similarly elite investment bank, you’re the Wall Street version of a SCOTUS clerk — at the top of the field, but with way more money. There aren’t many Lawyerly Lairs out there that cost $60 million (the cost of hedge fund magnate Steve Cohen’s new Hamptons house).
What could lure four high-powered lawyers and hedge-fund types, including two former clerks to the all-powerful Justice Anthony Kennedy, to leave their current perches? How about the chance to earn the kind of money that would make a Supreme Court clerkship bonus look like a diner waitress’s tip?
Unlike the latest Harmony Korine movie, filled with neon bikinis, former Disney princesses. and James Franco in bad dreads, my Spring Break consists of hanging with my kids while my wife works 24/7 on a grant application. We don’t make annual pilgrimages to Turks and Caicos; we make bi-weekly trips to Wegmans. But you know what? I signed on for this, and no amount of island sand can replace the sound of my younger boy reading a bedtime story to his little sister for the first time last night.
I read with interest the compensation package for the anonymous in-houser that Lat posted yesterday. In the comments, I pointed out that the package wasn’t outrageous or impossible, just that it was (way) outside of the norm. And that is okay. I chose this life and I am happy to say that it has been a soft landing for me. I have a good job, in a real estate market that is hard to beat — anywhere.
Lat is correct that Susan, Mark and I need to be circumspect about compensation; it would not do for our employers to see a pay scale pasted on these pages. So what can I say about my comp?
As regular readers of Above the Law know, we offer a wealth of content for in-house counsel. We have three in-house lawyers at major corporations who write columns for us — Mark Herrmann, Susan Moon, and David Mowry — and we supplement their coverage with additional in-house posts by our other writers.
One subject that our columnists tend to shy away from, for understandable reasons, is that of in-house compensation. They’ve written in generalterms about comp issues, but they haven’t, say, divulged hard numbers about how much they earn.
But one of our in-house readers reached out to us and did exactly that. Let’s find out how much this person makes. The claim: in-house lawyers are better paid than you might expect….
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.
● 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!