The sky is not falling. Or if it is, it’s falling very, very slowly.
Yes, the legal industry is going through some major changes. The profession is becoming more business-focused than ever before, meaning that it’s harder out here for a partner. It’s also a tough time to graduate from a low-ranked law school if you’re not at the top of the class, as Elie Mystal has discussed at great length.
But for many law students and young lawyers, especially those with strong credentials from strong law schools, times are still good. For proof of this, consider on-campus interviewing (OCI), currently taking place at law schools around the country….
One of the biggest pieces of actual change coming out of the ABA annual meeting last week was the decision to move the reporting of employment statistics from nine months after graduation to ten months after graduation.
Think about that. We are living through a crisis in legal education. Tuition is skyrocketing, people can’t get jobs, law school applications are cratering. And here the regulating body for American legal education has responded by changing the reporting date for entry-level employment from February 15th to March 15th.
If you think that is a colossally dumb waste of everybody’s time, think about how much time and effort went into all the reports and debates leading up to this change. I mean, this is what the ABA has been fiddling with while legal education burns.
Moving the deadline seems like a classic ABA-type decision that doesn’t actually help anybody achieve anything. But, I can’t even get that angry about it because it’s such a waste of time….
We’ve waited a long time to type these words. A major law firm just raised starting salaries for first-year associates.
Before you start chanting “NY to 190,” however, there are some things you should know. The raise relates to associates in what some might call a “secondary” legal market; we’re not talking about New York, or Washington, or Los Angeles. Associates at this firm, even post-raise, won’t be making the magic number of $160,000 a year.
That said, the legal market in question is rather large, and the law firm in question is a national and even international player. So the move could have ramifications beyond just the affected associates….
* The DOJ and a number of state attorneys general are suing to block the merger of American Airlines and US Airways. American and US Airways weren’t fazed because they expected lengthy delays. [Courthouse News Service]
* The Consumer Product Safety Commission is going after a CEO individually. Craig Zucker, the CEO of the company that makes the office toy BuckyBalls, has really gotten under the CPSC’s skin in resisting their efforts to get BuckyBalls off the market. First they came for the BuckyBalls and I said nothing, then they came for the drinking bird and there was no one left to speak for it. [Overlawyered]
* Here’s a look at law school applications for top schools charted over time. Spoiler alert: if these schools are playing a Ponzi scheme, they’re failing. [Associate's Mind]
* More Americans fled overseas to avoid taxes this year. If we make it so the traitorous ninnies can’t come back, this sounds awesome. [Wall Street Journal]
* Judicial Clerk Review asks how Shon Hopwood disclosed that whole “convicted bank robber” thing in his application. [Judicial Clerk Review]
* Professor Robert Anderson has a new bar passage calculator. Take it for a spin to figure out whether or you much you should be freaking out. [Witnesseth]
* Is this the worst job listing ever? Perhaps not. Definitely the most honest in being a bad job listing though. Check it out after the jump (click to enlarge), via the University of Houston Law Center…
Back in February, with the help of a report from the National Association for Law Placement (NALP), we described the summer associate hiring market as “anemic.” Recruiting volume in fall 2012 was down compared to fall 2011, and the entry-level recruitment environment, in general, was characterized as “flat and faltering.” No wonder we haven’t heard many tales of summer associate glory — they’re probably still too terrified to have fun.
Be that as it may, amid news of layoffs and rumors of stealth layoffs, right now, Biglaw firms are handing out offers of employment like candy. But have you ever stopped to think about why they’re passing out $160K offers so freely?
Perhaps it’s because the size of their summer classes are significantly smaller than ever before…
You’d be jumping for joy if you landed an offer from a top law firm.
It’s harder to be a partner in Biglaw today, both in terms of making partner and remaining a partner. You can no longer just coast along after making partner; you need to prove yourself and your value to the firm, year after year. That’s a change from past practice (and people can argue when exactly the change took place).
But some things in Biglaw haven’t changed. The practice of being generous with offers to summer associates — too generous, some might argue — is alive and well. Summer programs are smaller today than they were before the Great Recession, but offer rates remain robust.
Following up on Monday’s story, here are more firms that have given offers to all of their summers:
But much bigger things happened this past week. Like getting my GA tickets to share in the groove on October 22. The boys are playing with a fervor not seen in many years, and I am very excited that the circus is coming to town. It also did nothing to stanch the flow of correspondence to my Gmail account regarding the switch from litigation in a firm to in-house work. I write today’s column with three specific people in mind….
Plaintiffs and the class are now stuck with a law degree they did not bargain for. That degree cannot be resold or transferred like real estate. It will never be recalled or repaired like a carburetor. And, unlike almost any other product, the debt associated with a degree from TJSL cannot even be discharged in bankruptcy.
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.
Gladys Knight had the Pips, Han Solo had Chewbacca, and Walter White had Jessie Pinkman. To be successful, you need the right support — and that lesson is as true in legal practice as it is on the Millennium Falcon
Lateral candidates, however, often travel to their new firms alone. How can they tell, ahead of time, whether this new firm will give them the support they need for their practice to flourish? What questions can they ask to discover what their new support system will look like? The first step in getting answers is to define what the oft-used term “support” really means…
Given all the boring, goody-two-shoes summer associates this year, offer rates should be sky high. Let’s find which firms are rocking the 100 percent offer rate — information that rising 2Ls will want to know as the new on-campus interviewing season starts up….
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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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