I posted last week about the idea of providing training intended to give lawyers wings — to teach lawyers the skills, and give them the experiences, they need to leave their firm or corporation and move forward on a career path elsewhere. If you thought that was a good idea — if you thought that your firm or corporation might benefit by being known as the place that trained people to become great lawyers — how would your firm pursue that goal?
I actually saw this happen once: I saw a lawyer design a training program to permit him to perform adequately in another job. But the situation was a bit unusual. A heavy-hitting litigation partner at my former firm accepted a job as the general counsel of a large corporation. That guy realized that a litigator’s training has gaps; litigators know the rules of procedure and the substantive law governing cases that they’ve handled, but litigators may be ill-equipped to become general counsel. A litigator is likely to know very little about preparing securities filings, negotiating M&A transactions, advising boards of directors about non-litigation matters, and the like.
My former partner created for himself what I’ll call “General Counsel University.” He asked a bunch of our partners to set aside a half day each to give him a primer about their areas of expertise. He spent time chatting with an employment lawyer about the basics of executive compensation. He spent a half day with a public company securities lawyer, trying to learn the nuts and bolts of securities filings. He talked to M&A lawyers, spent a few minutes with the corporate tax folks, and so on. (Why was he able to do this, you ask? First, he was a heavy-hitter; people were willing to make time for him. Second, he was about to become the general counsel of what could be a very significant client; it made sense to be nice to the guy.)
You’re sitting in your new office, with a blank stare out the window, and like Redford in “The Candidate” you say: “Now what?”
Your next move largely depends on the size of your in-house department. Departments with six or fewer attorneys make up approximately 60% of in-house legal offices. Most in-house lawyers therefore have vastly more legal issues on their plate than I, where we have almost 200 attorneys. I am specialized in my company, and am required to focus on closing deals. We have a patent department, litigation department, labor and employment department, and on and on.
Attorneys in my company are also expected to become subject matter experts in a relevant topic, and mine happens to be software licensing. This level of specialization is nowhere to be found for most in-house counsel. Most are expected to be at least somewhat knowledgeable on a vast array of topics: compliance, securities, mergers and acquisitions, et cetera. I am always humbled when I speak to groups of in-house attorneys, because I know that most of them are expected to handle a huge number of topics in order to represent their clients well.
I tell the truth in these columns — at least, to the degree I find convenient or advisable. There is such a thing as a surfeit of veracity. My clients are lawyers, so God help me if I record something a little too candid with regard to their doings. Just talking about myself raises issues.
I haven’t worked at Sullivan & Cromwell since 1999. A statute of limitations must cover misdeeds perpetrated in that dim, dusky epoch. But I’m not betting the farm on it….
Does your company hold employee “social events”? These range from bigger events like town halls, summer picnics, and holiday parties, to smaller, more intimate socials like Friday afternoon ice cream sundae breaks, cubicle-decorating contests, and themed get-togethers. They all have the same goals — encourage a team atmosphere, help boost morale, and announce company information.
Do you think of these events as times for you to relax, stuff yourself with free food, and take a break from work? Do you have a tendency to blow off some of these events as fluffy wastes of time (obviously the lawyers who show up for these aren’t as busy as you are)? If so, that’s a big mistake.
My take is that these “social” events should generally be viewed as “work,” not breaks from work. They’re fantastic opportunities for you to advance your in-house legal career, so just relaxing and having fun at these events means you’re missing out on a lot. Also, let’s be serious here, they’re not really all that fun. I mean, Mardi Gras = fun. A night on the town with your best buddies = fun. Cocktail weenies in the lobby next to the copy room = meh.
So you’ve decided to take the plunge in-house. You have likely had to accept a pay cut. Not the worst thing to have happen, given that you’re about to get your life back. But most in-house counsel do not make the mid-six figure salaries of senior associates, or junior partners.
You can over time, but in general, your salary’s going to drop in exchange for the sanity of a schedule. A “what,” you say? That’s right, a set schedule. In my position, I am aware that quarter end, and especially year end, are going to be extremely hectic times, but the luxury of being able to plan for them is worth every minute. Over the past few years, I have: had dinner with my family most evenings; coached various sports teams for my children; scheduled, and taken, full vacations (sans Blackberry); and enjoyed the holidays, save for New Year’s Eve.
If it’s happened to you, keep reading. If it hasn’t, keep reading anyway. It happens a lot.
It begins with the standard set-up. You feel trapped. Hate your life. Nerves shot. Self-esteem shredded. You know the drill: biglaw.
That’s when the dæmon lover appears. It doesn’t end well.
There’s biglaw hanky-panky and biglaw sexual harassment. There’s also biglaw romantic infatuation. It’s the one you talk about least because you least feel like talking about it. Once you reemerge on the other side and wish it never happened, you never feel like talking about it again.
It’s easy to describe the career path for a junior lawyer at a law firm (even though the path may be illusory for many): Work hard and well and become a partner; work harder and better and become a richer and more powerful partner. Retire. Die.
So long as law firms are growing, that path appears to be available to some percentage of junior lawyers, and all can strive to follow it.
Corporations are different. There’s one general counsel, who probably has six or eight people reporting to her. Unless the general counsel moves on, retires, or dies, none of the lieutenants is moving up. The lieutenants in turn all have six or eight people reporting to them. Unless a lieutenant moves on, retires, or dies, none of the sub-lieutenants is moving up.
What can you do to create a career path for someone who reports to you in a corporation (other than eating poorly and exercising little, which might create an unexpected opening in the ranks)?
A lot of people ask me how I ended up in this in-house gig. Oh fine, nobody has asked, but darnit, I’m gonna tell you anyway. And I’ll even include a couple of tips that I think helped me. I’ll assume you’re already familiar with a lot of basic interview tips, such as doing your research, preparing a great résumé, and not picking your nose in front of the receptionist, so I’ll avoid mentioning those.
I like to call the interview process I had for my current job the Shortest Interview Process Ever (SIPE, for short). If you’ve worked at a company before, you’ve probably noticed that companies absolutely love, love, love acronyms and use them all the time. Just FYI, your ability to learn acronym-speak is directly proportional to your success as an in-house lawyer, so feel free to start making up your own and using them on your BFFs!
At one point, after a few years in Biglaw, I called a recruiter I had used before and asked if there were any jobs out there. The recruiter was not happy to hear from me. But this was reasonable because, a few years earlier, he had helped to get me a job offer — that I didn’t take. At that time, I had four job offers (obviously, this wasn’t during the economic hellhole that we’re in right now) and decided to go with one other than his. So understandably, he wasn’t a happy camper to hear from me this time around….
We recently had to hire a new lawyer to help with our litigation in the United States. Not surprisingly, that got me to thinking: What are we actually looking for in lawyers that we hire?
Some companies litigate their own cases in-house, writing their own briefs, taking depositions, and trying cases. If that’s your company’s model, then you’ll need to hire lawyers with a certain skill set.
My joint operated that way at times in the past, but now uses in-house lawyers to manage litigation. We hire outside counsel to represent us, and the in-house lawyers typically supervise the work being done by outside lawyers. In that environment, who’s the right person to hire?
Even in that more restricted world, the answer isn’t immediately clear….
I told you last week that today’s column would focus on “how to get my attention.” And I’ll let you know in a bit.
But first, let’s play “Which Biglaw Anecdote is True?” Here are the options:
(1) A partner at Law Firm A regularly has his briefcase sent to his home in a limo;
(2) Law Firm B is chock full of lawyers of all faiths and backgrounds, but holds its summer outing at a country club known for being “restricted”; or
(3) Attorneys at Law Firm C take a helicopter from the 34th Street heliport in Manhattan to a hearing in Connecticut — and then bill the client for it.
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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