Fiscal year end for us is officially this coming Saturday. Until then we’re expected to be on call 24/7. While it might seem draconian, we’re a sales-based technology company, and the push is on for the “Field” to get their year-end orders completed. I readily admit that being “on-call” just four times per year (three quarter ends and one year end), rather than “all year all the time,” is not a bad deal.
When I was in private practice, you were expected to respond top clients ASAP, if not sooner. It didn’t matter where you were or what you were doing, you had to respond. I brought that attitude with me when joining my current employer. This not only took many of my clients by surprise, but by putting myself out there as a go to attorney 24/7, I find that very few clients actually take advantage of that proposal. Truth be told, I am able to “disconnect” on vacation weeks, and I have forewarned anyone tempted to call me at home that if it isn’t a true emergency, I’ll just put my two-year-old on the phone and let them discuss the latest happenings in rugrat world….
We say “for the most part” because, for associates billing under 2100 hours, the scale is below Cravath — but just slightly. And it’s our understanding that not many QE associates bill less than 2100 hours anyway.
[We were going to call this post something like "Associate Bonus Watch: Susman Godfrey Beats Cravath Too." But then we felt bad for singling out Cravath for paying unsatisfyingbonuses, when so many other Biglaw firms have followed suit. So we went with a tamer title instead.]
Just as it did last year, the powerhouse litigation boutique of Susman Godfrey announced associate bonuses that put the bonus scales of most other firms to shame. Happy Holidays, Susman Godfrey associates!
(By the way, Susman is a firm that celebrates the season in high style. The holiday party of its New York office, catered by acclaimed chef Daniel Boulud, is already legendary, even though it’s of fairly recent vintage.)
So, the Susman bonuses — what are we looking at here?
A story I often tell is about the first time I took a deposition. I got there early, and I thought that the most important thing was to control the witness. I didn’t realize the first time around that the way you control somebody is not by intimidating them. But I adjusted the chair that I was sitting on so that I’d be really tall, and could look down imposingly on the witness. But I raised it so high that as soon as I sat down, I toppled over and fell backward.
Yeah, some people thought I might be nuts for leaving litigation powerhouse Quinn Emanuel. But the prospects of starting my own firm and building a practice from the ground up were too compelling to ignore. Nearly two and a half years have passed since Colt Wallerstein LLP opened its doors, and still not a day goes by when my partner and I aren’t humbled by our good fortune and our decision to “trade places”: that is, move from Biglaw to start a litigation boutique in Silicon Valley that focuses on high-tech trade secret, employment, and complex-commercial litigation.
I graduated from law school in 1999, and the legal market was very different then. Getting into a “top” law school pretty much guaranteed a job, and most of my law school friends and I had multiple offers and no real concern about landing a Biglaw job, if that’s what we wanted. Offer rates hovered around 100%, and of course the lucrative summers consisted mostly of long lunches at five-star restaurants, luxury box seats at baseball games, open bars, and very little work.
Though it feels like only yesterday, I published my first column at Above the Law on November 18, 2010. I’ve published two posts every week since then (except when Monday holidays excused my labors), so I’ve cranked out about 100 of these little ditties over the last 52 weeks.
I’m tired. But I’m one!
How can I celebrate?
It seems like a good day to reminisce. What did I do right over the last year? What did I do wrong? And what have you, my readers, contributed that I can share with the world on this, my happy day?
Plaintiffs’ lawyers in class action cases: are they heroes, or villains? Do they make too much in fees, leaving the classes they represent high and dry? Or could it be argued that they make too little for the work that they do?
When doing research for my columns, I spend a lot of time thinking about how small-firm attorneys can get the right kind of attention. I can easily find examples of getting the wrong kind of attention: Kim Kardashian, Conrad Murray, and that child-bride who married the guy from Lost. Then, I received an email from a young small-firm lawyer practicing in Winston-Salem who provided me with a positive counter-example.
Michael Wells, Jr. practices personal injury law, litigation, and estate planning at Wells Jenkins Lucas & Jenkins PLLC. Wells is the youngest lawyer at this ten attorney firm. One of the other ten is his father, Michael Wells, Sr. Early on in his career, Wells set out to distinguish himself from his highly successful father and he has succeeded. The lessons he learned along the way can provide a useful road map for young attorneys….
Whenever a person passes away while they are literally at their desk, we feel compelled to mention it. When these kinds of things happen, it affects a much wider circle of people than the family and friends of the deceased. It’s almost impossible not to think of your own mortality — and what you are doing with the limited time you have — when confronted with a person who passed away while diligently working and serving his clients.
For many people, working in Biglaw until the day they die would sound like a nightmare. The nature of the profession is that the high salaries and high status attract a number of people to the field who have no desire to actually practice law or service clients over the long term. There are so many people in Biglaw who are there to make enough money so they can do other things with their life. There are so many who are trying to get out before they end up there forever.
But there are others who are in Biglaw because they like it. There are those who honestly love the work, people who get so much intellectual and even emotional satisfaction from the work that their salary and status are non-concerns.
From all indications, Mark P. Edwards, a partner at Morgan Lewis & Bockius who died at his desk on Friday, was one of those people. His friends and family will mourn that his life was too short, but hopefully they will feel that he died doing what he wanted to do….
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!