Our ongoing ATL School & Firm Insider Survey (take it here!), asks current law students, among other things, “What do you expect to do after you graduate?” A whopping 71% tell us that they expect to work for a firm. (This percentage was consistent across class years.) That this proportion is so high, and so at odds with the NLJ findings, can mean some combination of two things:
The ATL student readership skews heavily toward that minority of students who will actually snag Biglaw gigs.
Many (if not most) expectations of law firm employment will be dashed against the reality of a contracting job market. In other words, a majority of students think they are in the fortunate minority
After the jump, we’ll look at how wide the gap between student expectation and market reality is, even at the “go-to” schools:
Later this year, Above the Law will be launching a new, expanded Career Center. The new Career Center will be a resource for students and lawyers at all stages of their careers, and in all areas of legal practice (i.e., not just Biglaw). But we can be sure that news and insight into life at firms and schools will continue to be ATL’s bread and butter. With that in mind, today we open up the ATL School & Firm Insider Survey.
I assume a common reaction will be, “What with — among others — Vault, Chambers, U.S. News, and Am Law, why the hell do we need yet another employer/school survey?” Fair enough. And yes, all of the existing surveys have their merits. All of them produce useful content for students and potential laterals.
We do believe, however, that when it comes to information, the more the merrier. Moreover, the ATL survey is distinctive in some fundamental ways, and we’re going to justify its existence….
We can’t help but wonder if this bonus season’s dyspepsia is typical of lawyers and law students generally. What with the growing ranks of JDs who are despairing of ever paying off their debt, shouldn’t there be some significant cohort thinking, “phew…not only do I have a job, but now my firm will be forced to match”?
Thanks to all who participated in the Turkey Day survey. I am happy/jealous to report that an overwhelming 93.2% of small-firm respondents are able to take time off for holidays. And 76.6% do not need to do any work from home during the holidays. Half of survey respondents, however, are still required to check email during the holidays.
I know what you did this summer –- so thanks for filling out the 2011 Summer Associate Experience Survey. We’ve highlighted a few more of the unique and memorable summer programs in 2011. For more summer associate program information, check out the updated summer associate program sections of the law firm profiles on the Career Center, sponsored by Lateral Link.
Now that 2011 summer programs have officially come to an end at Biglaw firms everywhere, law students are returning to their schools a little less naïve about working in Biglaw, a little bloated from all the free food, and seriously missing their fat summer associate paychecks. But how hard did they have to work, and how well were they fed on the firm’s dime?
Here at the Career Center, we know that summer programs are about much more than numbers and stats. So we surveyed summer associates at the top law firms in the country to find out about all aspects of their summer experience. Based on these survey results, brought to you by Lateral Link, we have completely updated the summer associate program sections of the Career Center’s firm profiles.
As befits the end of any school year, we’re also handing out some summer program superlatives to commemorate the 2011 summer class. Click on the links after the jump to see if the firm you work at, or want to work at, made the cut….
According to the more than 1,000 responses we received to this week’s Career Centersurvey, 65% of respondents took the Fourth of July holiday off to celebrate their freedom or something like that. That’s a huge jump from the 27% of respondents who reported not working on Presidents’ Day, and the 34% of respondents who reported not working on MLK Day.
For the unlucky 35% of respondents who reported working on Independence Day, what were the top reasons given for missing out on the festivities?
54% said that nobody specifically asked them to do work, but they had work they needed to get done.
29% said a partner or associate asked them to do work.
14% said a client asked them to do work.
9% said they needed the hours.
5% said everyone else in their office was working.
5% said that Independence Day is not recognized as an official firm holiday.
Back in the winter months, we surveyed Biglaw associates about working on the MLK Day and President’s Day holidays. Well, over half of respondents said they still clocked in on those holidays. But now that the weather is warmer, the barbecue grills are up and running, and partners are on vacation, surely more of you took Independence Day off, right? Take our short survey, brought to you by Lateral Link, and let’s find out.
As always, your responses are kept completely confidential. Stay tuned later this week when we reveal the survey results. For more information on vacation policies, check out the updated law firm profiles at the Career Center, hosted by Lateral Link.
I know that all of you have been anxiously awaiting the results of the salary survey. I had envisioned the results post to be equal in excitement to the results shows for American Idol or Dancing With The Stars. Indeed, in anticipation of this monumental post, I commissioned a group of MIT grad students to perform a regression analysis, do a double-blind sampling, and make colorful pie charts. Unfortunately, that dream cannot be realized today. I take partial responsibility for the survey design, but going forward please include salary information if you chose to participate in a salary survey and designate your location with specificity (e.g. not “the South” or “California” or “an NFL market”).
It is not all bad news for you. I have some good news.
The good news:
• A few trends emerged;
• The majority of respondents were unhappy with their compensation (maybe not good, but consistent);
• I can tell you with high accuracy the salary information for a few third year associates in various cities; and
• I learned a few new curse words.
Now that I have successfully managed expectations, let’s look at the results after the jump.
Back in 2009, when killing lockstep was all the rage, a number of large law firms announced that they would be moving to some form of a merit-based compensation system. Now that we’re a few years into those systems, how many firms have stuck with the plan? And which systems do associates prefer?
Of the 86 distinct Biglaw firms at which survey respondents work, 63% of the firms pay base salaries on a lockstep system, and the remaining 37% of firms use a merit-based system or hybrid-lockstep system for paying base salaries. The vast majority of respondents, 70%, say they prefer the lockstep model for base salaries because of its transparency and predictability.
For year-end bonuses, 70% of the firms utilize a merit-based or hybrid-lockstep system, while 30% have a lockstep system based either on class year or billable hours. According to 62% of respondents, the most preferred type of year-end bonus allocation system is a merit-based or hybrid-lockstep system.
After the jump, find out how various combinations of compensation systems measure up against market.
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…
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: firstname.lastname@example.org.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!