But I’m really thinking about business development and, as I often do in my navel-gazing columns, simply using myself as a case study.
I graduated from law school in 1983 and published my first article (in California Lawyer) in 1986. (I’d provide a link to the article, but I’m afraid the internet didn’t exist way back when. The article was a thriller, though; trust me: “Reviewing the Unreviewable: Obtaining Appellate Review of Federal Trial Court Remand Orders.”)
Because I was a young man, I was quick to hope: I’d published an article! My phone would naturally start ringing off the hook within the next few weeks! I’d be deploying my novel thesis in cases left and right, and the partners at my firm would be dumbstruck by my ability to develop business! Life of Riley, here I come!
Because I was quick to hope, I was easily deceived: Publishing one short article — even an article with a pretty decent thesis in a journal with a fairly large circulation — does not generate new business.
* If your firm has not yet given in to the demands of corporate clients for more reasonable billing structures, please be aware that a) your firm is behind the times, and b) you better be prepared to get your white shoes scuffed. [Boston Globe]
* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2014 Acritas Brand Index survey, Skadden is the firm on everyone’s mind — for the third year in a row. They must be doing something right. Congrats! [Am Law Daily]
* Trendspotting: Because fast-growing technology equals fast-growing money when it comes to the law, LeClairRyan is the first second firm in the U.S. to open up a drone practice group. [Richmond Times-Dispatch]
* Bachelorette-in-waiting Andi Dorfman was granted an unpaid leave of absence from her job as an ADA to star in this summer’s edition of the reality show. We guess her boss gave her career a rose. [Daily Report]
* A source says the casualties at Kasowitz were a matter of “managing the pipeline” after work involving the credit crisis dried up. Don’t worry, he says the firm’s still really busy. Aww, someone will believe you. [New York Law Journal]
* Sorry, folks, but if you want to work in Biglaw, taking classes during law school like “Law and Unicorns” isn’t going to cut it. Try to stick to the boring stuff, and you probably won’t get dinged as often. [Volokh Conspiracy / Washington Post]
* Oregon’s AG is refusing to defend the state’s ban on same-sex marriage because it “cannot withstand a federal constitutional challenge under any standard of review.” That’s just fabulous, darling. [Bloomberg]
* Career alternatives for attorneys: Olympic gold medalist. Jennifer Jones, in-house counsel at National Bank Financial, helped Canada’s curling team take the win this week in Sochi. You go, girl! [The Star]
* Say hi to this century’s Stella Liebeck. A woman is suing Dunkin’ Donuts after suffering second and third degree burns to her crotchal region after spilling her hot apple cider. [New Jersey Law Journal (reg. req.)]
Ed. note: Please welcome Christina Gagnier, who will be covering small law firm practice. You can read her full bio at the end of this post.
When you are starting out, or even eight years in to running your own firm, you want clients. You need people coming through the door, physically or virtually, who are willing to pay for your legal services.
As much as you want to take all of the clients that you can get, you have to look out for the red flags — those potential clients who are going to be more trouble than they are worth or may lead you down a rabbit hole. Two stories highlight different types of potential client red flags…
In last week’s column, I discussed the importance of external communication during the mediation process in securing a favorable result for a client. Many of the people who wrote to me as a result of last week’s column agreed with my general premise that mediation is an important skill for the contemporary litigator, and that mediation’s importance will only continue to grow.
A primary driver of that growth will be the continued desire of clients to reduce litigation costs. More and more, clients are recognizing the value of mediation as a means of resolving disputes early and with certainty. Accordingly, those same clients are looking to their outside counsel to guide them through the mediation process, and it is safe to assume that how outside counsel fares at that task could be a crucial factor in terms of a client’s willingness to send that lawyer more business….
I worked at law firms for 25 years. I observed many things and heard many others.
Now I work in-house, and I have to select counsel to represent me.
If I saw you in action (or heard about your reputation) back then, will I hire you now?
It’s obvious how you could have impressed me: You could have put the client’s interests first, and you could have been breathtakingly good when analyzing issues, negotiating settlements, preparing briefs, or appearing in court.
But what could I have seen or heard that forever removed you from my subconscious “approved” list? What are the deadly sins?
I am. (Hey, no one forces you to read this stuff.)
But to what end do I mix apples and wheelbarrows?
I live on the Elysian plain of in-house life: Freed of the demands of generating business; able to foist tedium off on the sad sacks who work at law firms; thinking strategically about the most significant issues facing the company; permitted (indeed, required) to work closely with a business. “‘Tis a consummation devoutly to be wished.”
But there are occasional drawbacks to working in-house, and I try to share those with the world when I notice them. Three recently came to my attention. . . .
Ascension to Biglaw partnership demands, obviously and above all, an enormous amount of first-rate legal work, in addition to political savvy, endurance, timing, and luck. A would-be partner’s chosen practice area also undoubtedly plays no small role. If firm leadership believes that there will be a spate of major Chapter 11 filings or trademark litigations on the horizon, obviously that will redound to the benefit of the potential bankruptcy or IP partners (although, as recent news reflects, partnership isn’t necessarily the lucrative, secure lifetime position it once was).
Late last year, ATL took a close look at the newly minted partner classes for the Vault 10 firms. Despite the great profitability and prestige of this select group, it is difficult to draw conclusions about the general direction of the legal market from the composition of these partnership classes. First of all, this is a small sample size. Second, we are witnessing an important shift in the allocation of the business within the market. A recent AdvanceLaw survey of general counsel at major global corporations found that three-quarters of general counsel were inclined to engage “less-pedigreed” firms (e.g., outside the Vault 10 or Magic Circle) for “high stakes” legal work. This survey of GCs (including those from Google, Nike, 3M, Unilever and Deutsche Bank) indicated their willingness to engage firms lower down the Biglaw totem pole.
Because of the apparent diminishment of the brand value of the most historically prestigious firms, as well as the broader trends toward disaggregation and unbundling of legal services, one must account for a larger set of law firms in order to see the fullest picture of the market for high-end legal services. With that in mind, today we look at the practice areas of the entire Biglaw partnership class of 2013….
Although Am Law and ATL covered the story first, the long spread in The New York Times alerted the whole world to the woes of Gregory Owens, a former Dewey partner who’s now a bankrupt non-equity partner at White & Case.
The legal blogosphere naturally lit up over this story, with Scott Greenfield dispensing his usual simple justice and the Volokh Conspirators (and their many commenters) debating Owens’ personal and professional worth.
But my emailbox filled up, too, with assorted reactions from people at all levels in the law. The most interesting rant — and the one I’m sharing with you today — came from a person who looks a lot like Owens; he or she is a non-equity partner at a Vault 50 firm who’s in his or her 50s. This person disagrees violently with the conventional wisdom about non-equity partners. My correspondent sings their praises and insists that both law firms and many law firm consultants terribly misjudge the value that non-equity partners provide to their firms. . . .
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!