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….
* I’m not sure why Romney won’t just say that he lied to the SEC about when he left Bain. Lying to the SEC is just good business. Lying to the American people is something that politicians are only supposed to do for sex. [Wonkblog / Washington Post]
* Character and fitness can be a surprisingly tough hurdle, so I’ve been told. [The Toronto Star]
* Here are the top law faculties by scholarship. I’d bet this list and the list for top law faculties by salary are pretty similar. [Brian Leiter's Law School Reports]
My mother used to tell me: “Do as I say, not as I do.”
Recently, I had an experience with a UK law firm that could have used a conversation with Mom.
The law firm provided legal advice. Moments later, the firm violated its own advice. I’m sure this happens all the time, but rarely is the offense so vivid.
The substantive advice arises out of the new UK Bribery Act, which UK law firms have been trumpeting as a threat to every corporation everywhere (naturally compelling all corporations to hire outside UK counsel). In the words of one law firm’s brochure: “[I]f a Dutch company has a UK branch and engages in bribery in an Asian or African country, the Dutch company will be criminally liable in the UK under the new law and can be prosecuted in the UK.”
Does that get your attention? It sure got mine . . .
Based on questions that I’ve been getting during the past few months through this blog and elsewhere, I’m realizing that a lot of attorneys and attorneys-to-be who don’t know about some of the very basic characteristics of in-house legal work. Stuff that I forget isn’t necessarily obvious until after some time has passed (like how only after you’ve graduated from law school do you realize that in order to make a profit off your casebooks, you need to sell them before the next edition has been released — so basically within 20 minutes of purchasing them).
Instead of having to continue explaining the fundamentals of in-house work again and again to each of these people individually, I realized I can make use of this newfangled innovation called le blog for summarizing some of that basic information. That way, when people ask me all of those questions, I can just refer them here. It only took me ten months to figure this out. I am so SMRT.
What the hell happened to the ding letter? When I was coming up, you would interview for a position, and maybe get a callback (inclusive of a nice lunch). If the firm was interested, you’d get an offer, if not, a thin envelope with a “ding” letter. I collected mine like badges of some sort. Some bar in Manhattan used to give you a free drink for every ding letter.
Eventually, I grew up a bit and threw them away. I had no need for them, and they were simply letters of rejection.
Over the years, something happened to the common ding letter: it disappeared. Now, you’re lucky if a company informs you that they received your application packet. Some go all in and state that they’ll keep your information on file and if someone finds you attractive enough, they will give a call, but don’t hold your breath. After talking to many applicants and folks in the job market, my real question is this: “what the hell happened to common decency?”
As we continue to expand our coverage of law firm partners and in-house counsel here at Above the Law, we are looking for talented individuals who have experience with these constituencies in a marketing and/or editorial capacity and who wish to join a fast-paced, growing media company. The market experts will work closely with the ATL editorial, research, and business teams to develop new products and services targeting in-house lawyers and partners at large law firms.
If you are interested, please send your résumé and a cover letter explaining how you are perfect for this job — a full-time position, with benefits — to firstname.lastname@example.org. We welcome your ideas on how we can engage with these audiences even more, and we look forward to hearing from you.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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