Last week I wrote about the bar exam. This week I am hearkening back to happier times after first and/or second year of law school: fat paycheck, lunch out everyday, the life of a Biglaw summer associate.
But maybe it isn’t quite the same experience for everyone….
The National Association for Law Placement (NALP) just released its employment data for the law school class of 2013. Roughly nine months after graduation, how are these folks faring in the job market?
As we’ve come to expect from jobs reports in the post-recession “new normal” (which is no longer really “new”), there’s good news and there’s bad news. The big picture: new graduates found more jobs in total and median starting salaries grew, but the overall employment rate fell due to the historically large graduating class.
* This Biglaw firm is getting into the imaginary money business by bidding on $18M of Bitcoins seized in the Silk Road raid. Maybe they’ll accept this new “currency” as payment. [Am Law Daily]
* Boston bombing suspect Dzhokhar Tsarnaev wants his trial moved to New York or D.C. for an unbiased jury. Moving it to cities where terrorist attacks have occurred is a great idea! [Bloomberg]
* Here’s a perfect headline for a lovely Friday when we imagine people will be able to get in some quality day drinking: “Market Struggles to Absorb Record Law School Class of ’13.” [National Law Journal]
* Part of George Zimmerman’s defamation lawsuit against NBC was dismissed because his attorneys waited too long to ask the network for a retraction. Time to paint a picture about it, Georgie. [Fox News]
* Can you sue the dude who banged your wife for ruining your marriage? It sucks for cuckolded husbands, but you can’t in most states, including West Virginia, where family trees grow in a circle. [WSJ Law Blog]
The MBTI and its progeny have long been used by government agencies and educational institutions, but it truly has a foothold in corporate America. The MBTI supposedly helps employers to identify potentially successful employees and job candidates to identify their strengths. From the employer’s perspective, these tools offer a chance to identify potential successful hires based on something more objective than hiring managers’ hunches and first impressions.
A recent New York Times Magazine piece detailed an ongoing movement to “revolutionize the human capital resource allocation market” through Moneyball-style, Big Data empiricism. Apparently, employers are becoming more cautious and deliberate in their interviewing processes (the average length of the interviewing period had doubled over the past five years), while at the same time employing work-force-analytics software that can make the process cheaper and more efficient. All in all, around 80% of the Fortune 500 companies practice data-driven assessment in their hiring processes.
Which brings us to the legal industry, an outlier in this “revolutionary,” data-driven recruitment landscape…
I had the pleasure of spending much of last week in Seattle, for the 2014 Annual Education Conference of the Association for Legal Career Professionals (aka NALP). On Thursday afternoon, my colleague Brian Dalton and I, along with Guy Alvarez of Good2bSocial, gave a well-attended presentation on new media strategies that work.
I unfortunately had to leave the conference early to speak at another symposium (the Marquette Law conference on law clerks). But while at NALP, I did attend a number of informative panels, centered around two topics: (1) lateral hiring at law firms and (2) federal judicial clerkships.
Here are some themes that emerged from the three lateral hiring panels I attended:
* A three-judge panel of the Tenth Circuit seemed a bit torn as to the constitutionality of Utah’s same-sex marriage ban during oral arguments yesterday. This one could be a contender to go all the way to the Supremes. [New York Times]
* Another concussion lawsuit has been filed against the National Hockey League by a group of former players, this time alleging a culture of “extreme violence.” The pleadings are a bit… odd. We’ll have more on this later today. [Bloomberg]
* “We’re not going back to 2006 anytime soon,” says NALP executive director Jim Leipold. The legal sector lost lots of jobs in the recession, and they’re not likely to come back. Happy Friday! [National Law Journal]
* It’s never too soon to start writing your law school application essay. Please try not to bore the admissions officers — make sure you have a “compelling” topic. [Law Admissions Lowdown / U.S. News]
* Katherine Heigl (remember her?) probably needed some cash, so she filed a $6M lawsuit against Duane Reade for posting a picture of her carrying one of the drugstore’s bags on Twitter. [Hollywood Reporter]
It depends. Your view of the direction of the job market for summer and entry-level associates will depend upon which metrics you focus on. That seems to be the bottom line of the latest findings from the good folks over at the National Association for Law Placement (NALP).
The overall outlook seems to be… muddled. Some indicators are up a little; some indicators are down a little. Things appear a bit flat — which is not that different from last year.
But I’m finding (or trying to find) reasons for optimism. Hear me out….
* “Those of us from the Midwest think it’s actually easier to hide a child in New York.” Many of the current Supreme Court justices are from New York. How does it affect their jurisprudence? [Washington Post]
* The percentage of women associates in law firms may be down nationally, but in California, the demographic is on the rise — except in Silicon Valley, which is really hardly surprising. [The Recorder]
* Megyn Kelly, who’s been compared to a “brilliant supermodel,” is now considered the brightest star on Fox News, with more than 2.5 million viewers. Albany Law School must be so proud. [Washington Post]
* Class action powerhouse Cohen Milstein Sellers & Toll hired Matthew S. Axelrod of DOJ fame (most recently as Associate Deputy Attorney General) to join the firm as a partner. Congrats! [Law360 (sub. req.)]
* “The fact that rape insurance is even being discussed by this body is repulsive.” Yep. Rape insurance. Apparently that’s a thing in Michigan now, which is pretty unbelievable. The more you know. [MSNBC]
* Here’s a helpful hint for our readers: when you’re trying to get released on bail prior to your jewel heist trial, you probably shouldn’t list your occupation on a court form as “jewelry thief.” [Los Angeles Times]
* “This should be a red flag for everyone in legal education and the law firm world.” According to NALP, the percentage of women associates has dropped for the fourth consecutive year. That’s just lovely. [National Law Journal]
* Next summer, the co-CEOs of Hogan Lovells from legacy firms Hogan & Hartson and Lovells will make way for a single CEO structure. If approved by vote, Stephen Immelt will be in charge. Congratulations! [Am Law Daily]
* And the peasants rejoiced, for one of the FLSA overtime suits filed by a document review attorney has survived a motion to dismiss. Quinn Emanuel must have been genuinely shocked by this judge’s ruling. [Am Law Daily]
* “One thing we understand is law and economics.” Yet another law school finally, finally gets it. George Mason University School of Law has agreed to freeze its tuition — for the time being. We may have more on this development later today. [InTheCapital]
* George Huguely V, the UVA LAX bro convicted of killing his ex-girlfriend, has got one hell of a lawyer. Paul Clement is arguing his client’s right to counsel was violated at trial. [Richmond Times-Dispatch]
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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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!