* Apple is considering digging its greasy Gorilla Glass hands into Twitter. How long until they unveil the iChirp and the iStupidDessertPic? [New York Times]
* I’m sorry your three-year-old shot you with your Glock. Perhaps the safety could be better, but perhaps you shouldn’t have left a loaded gun within reach of a toddler, either. [JD Journal]
* Mitt Romney hightailed it out of England as fast as he could. He spent Sunday at the Western Wall in Jerusalem. I don’t think it’s hard to guess what he was praying for. [Washington Post]
* Bad day: getting your hand bitten off by an alligator. Worse day: facing charges of “unlawful feeding” of said alligator. Do I even have to say this happened in Florida? [ABC News]
* In continuing stupid Olympic news, NBC has caught a bunch of flak for cutting a tribute to victims of terror attacks from its U.S. broadcast. Apparently the segment wasn’t “tailored for a U.S. audience.” Well, neither is Mr. Bean. And we handled that fine, right? [Gawker]
* I just got back from Alaska. I’m so excited to go back indoors and get back to my desk after flying around mountains and looking at stupid, ugly glaciers for a week. #Sarcasm. [Twitter]
Last month, a group named Russell Reynolds Associates (RRA) announced a study in which they identified eight qualities of successful legal executives. The study found that these accomplished folks exhibited greater levels of certain traits compared to your average Executive Joe Schmoe, Esq. The results, while informative, weren’t all that surprising. (It’s cool how hindsight works that way.) There were two traits, however, that RRA zeroed in on in their write-up of the study.
One was “excitability.” Successful legal executives got frazzled about 20% less than the average legal executive and even than the average non-legal executive. The gap in excitability was even wider between Successful GC and Not-Successful GC. So all of you lawyers who have a tendency to hyperventilate over every little fire drill can do yourselves a favor and think calm thoughts when you find that your prized pen has been moved from the right side of your desk to the left.
The other trait that RRA considered noteworthy is one they referred to as “mischievousness.” Their evaluation of mischievousness, however, is really just a brilliant scam….
We’ve done some hiring recently, and people seem to have three types of résumés.
Some résumés start with an “Executive Summary” that consists largely of the applicant explaining that the applicant believes that he (or she) is a great guy (or gal). I’m not quite sure how that distinguishes the applicant from the seven billion other folks who share this planet with us:
“A fast-paced, fast-track, high-falutin’ individual with exceptional interpersonal, communication, and persuasive skills, as well as boyish good looks and a toothy grin; who leads by example and coaches and develops others to deliver high performance; blah, blah, blah.”
To my eye, this is “telling, not showing.” You think you’re great? Wonderful. But, other than your own say-so, is there anything about you that might objectively indicate that you’re correct? Have you ever, for example, achieved something that’s worth talking about? If so, perhaps your résumé should find an excuse to lead with that.
Other résumés also start with an “Executive Summary,” but of a different type . . .
There have lately been a flurry of articles, blog columns, and opinions strewn about whether a woman can have a baby and run a corporation. Filtered down to a finer point, especially relevant to this site, is whether lawyers can have it all. The answer, in my opinion, is no. A distilled or altered sense of “all” perhaps, but truly having it all, where you commit fully to your work and home life? Not so much. And to commit the foul of using lawyer “weasel words” — it depends.
When I am asked for advice from folks who read this column, or others practicing law or about to, I usually begin by assessing where that person is in life….
Here’s something that never crossed my mind before I moved in-house, but it affects both the nature of in-house legal jobs and outside counsel’s relationship with in-house lawyers.
ParentCo has three business units: Gadgets, Widgets, and Muppets.
ParentCo will have a general counsel. Beyond that, however, ParentCo’s Law Department could be set up in one of two ways: (1) there may be three lawyers, one of whom is the chief counsel for Gadgets, one for Widgets, and one for Muppets, or (2) ParentCo may have a litigation counsel, an M&A counsel, and a contracts counsel, each of whom support all three business units.
In the first situation, the lawyers for the business units are generalists, helping their specific business units with whatever legal matters arise. In the second situation, the lawyers are substantive experts, helping all three business units with matters that fall into the lawyers’ areas of expertise. An in-house lawyer’s work environment turns in part on which structure the corporation’s law department uses, and outside counsel can better serve clients if counsel know how a law department is organized….
Lawyers tend to overindulge in the finer things in life — things like designer clothes, fast cars, and luxurious lawyerly lairs. Unfortunately, lawyers also tend to overindulge in alcohol. In fact, according to the ABA, about 13 percent of lawyers qualify as alcoholics. Keeping that in mind, practicing law may be fine preparation for a new career in the wine bar business.
Meet Elizabeth Banker. This former in-house lawyer for Yahoo! and current counsel at ZwillGen is putting her legal career aside to follow something she’s been passionate about since her college days: wine. (Despite sharing a surname, apparently she’s not a fan of Banker’s Club vodka.)
Back in the day, Banker drank gallon-sized jugs of Chablis. Since then, her “tastes have evolved,” and now she’s more of a high-class sommelier. Let’s learn more about Banker’s new business, and find out when opening day will be….
Marissa Mayer, the new CEO of Yahoo!, is pregnant. And she took the job knowing she was pregnant. And the board hired her with full knowledge that she is pregnant. Holy hell, what is the world coming to? Read the following:
“She joins a small-but-growing group of women leading major public companies in the U.S., pushing the number to 20 female CEOs out of 500, or 4%. However, she sets a precedent as the first woman to ever take the top position while pregnant. Will having her first baby impact her performance or perception as the strong leader that Yahoo desperately needs?” -Forbes.com, July 17, 2012.
Are you kidding me right now? Let’s play Mad-Libs and change some of the words in that paragraph to “first black woman” and “[w]ill being black impact her performance or perception.” Is the new paragraph more or less offensive? I would argue that both are disgusting….
Last year, all things considered, wasn’t a bad year for Biglaw. The law firms of the Am Law 100, for example, experienced decent growth. In 2011, for the Am Law 100 as a whole, gross revenue grew by 5.3 percent, revenue per lawyer grew by 1.9 percent, and profits per partner grew by 3 percent. It was a perfectly fine year for partners.
How did their counterparts on the corporate side fare? Alas, not as well, according to Corporate Counsel’s latest compensation survey of the nation’s general counsel. Base pay for GCs in the survey declined by 1.8 percent, to an average of $611,411. Bonuses and nonequity incentive pay slid by an even larger number, 7.7 percent, to an average of $1,125,458. Meanwhile, in terms of non-cash compensation, the average stock award fell by 10.8 percent, to $1,426,325, and the average stock option award dropped by a whopping 18.7 percent, to $732,453.
These are just the top-line figures — which, of course, conceal a lot of individual variability. Let’s take a look at some specific names and numbers, as well as the top ten highest-paid general counsel….
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: email@example.com.
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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