This is a continuation of the past three articles I published in ATL over the past month or so. My first article argued that Profits Per Partner is a great servant for a law firm but a bad master. In my second article, I set forth our Profits Per Partner Emancipation Plan as an alternative. In my third article, I set forth what I believe is the highest level in law firm profitability analysis, which is to “embrace” the volatility inherent in the practice of law. In this final article, I will give some thoughts on how a law firm could indeed Embrace Volatility.
Before getting to that, I will mention as an aside that I wrote a few weeks ago in this column an article entitled “Are Lawyers Only Happy When They’re Miserable?” That article largely dealt with how an individual might in fact Embrace Volatility. This article is directed not at individuals but at law firms.
If you have been reading my past articles, you may be open to at least considering how Embracing Volatility might be a good thing for a law firm. But is this whole concept just a fantasy, like it would be nice to not be afraid of snakes but you can’t help it and just reciting “I am not afraid of snakes” isn’t going to work? I don’t think so. I think the following simple steps would do it quite nicely:
The first step in putting yourself out there is knowing what you are about. You absolutely need to be able to present who you are to people in a simple, cohesive fashion. Otherwise, it can be difficult to make connections with people.
If you are stumbling on who you are or what you do, people lose interest. You need to be able to simply, and quickly, tell a story about who you are. Something that communicates what you are about — as a person and as a professional. You need to be able to express your personal narrative.
We all face technology choices, but when you’re managing a law firm, these choices are all the more important, since the tools you settle on become a regular part of your day-to-day life. Making a bad decision about technology in your law practice can be particularly unpleasant since the effects are often long-term ones due to the high upfront investment required.
That’s why your decision regarding which computers and operating systems to use in your law firm is such an vital one. Once purchased, you’ll use those computers and compatible software for years to come. Making the right choice for your law firm can make all the difference.
Because PCs and compatible software dominate the marketplace, PCs are the computer of choice for most law firms. But some attorneys choose the path less traveled and opt to go with Macs. Eric Gold, a California estate practice and family law attorney, is one of those lawyers.
In a criminal case in federal court, if you are acquitted at trial of almost all of the charges against you, you can still be sentenced as though you were convicted of all of the charges against you, when the judge disagrees with the jury’s decision. That is off-the-rails crazy.
The point of a trial, of course, is to figure out if someone is going to go to prison for doing something. The jury’s decision about what a person did should be what controls what crime the person is sentenced for committing. Yet that’s not what judges do.
But that’s a judge using her power to set a sentence while respecting the decision of a jury. She accepts what the jury decided, then takes that into account — in addition to other things — when imposing sentence.
When a judge gives someone more time in prison based on something that a jury already decided the person wasn’t guilty of, it’s very different. That’s an insult to the jury and is really hard to square with how the law of federal sentencing has been developing lately.
This week, the Supreme Court had a chance to fix that. It didn’t.
* Dickstein Shapiro’s IP practice was raided by Manatt Phelps & Phillips, and now the struggling firm is down one practice group coleader thanks to its partner defections. [Am Law Daily]
* Contrary to popular belief, O’Melveny & Myers is not opening a Portland office. Instead, the firm is setting up a temporary shop to work on a local patent trial. [Portland Business Journal]
* You can turn an IPO into a gold mine for your firm using this one weird trick. Discover how you can turn that one deal into your future. Prepare to be shocked. [Law360 (sub. req.)]
* Now isn’t the best time to enroll in law school. It’s also not the best time to rank law schools as “top” schools based on enrollment alone. Seriously, have you even heard of all of these law schools? [Birmingham Business Journal]
* Thanks to this Georgia appellate ruling, parents may now be held responsible for what their silly little children who weren’t supposed to be on Facebook are posting on Facebook. Dislike. [WSJ Law Blog]
* John Grisham says not all consumers of child pornography are pedophiles. Here’s a story about one of his law school pals: “He shouldn’t ‘a done it. It was stupid, but it wasn’t 10-year-old boys.” [The Telegraph]
Do you want to prove that you know more about the Supreme Court than anybody else? Do you just like money? Do you want to humiliate Above the Law editors?
If your answer to any of these questions was yes — and I suspect your answer to ALL of these questions was yes — then sign up at FantasySCOTUS and play against us predicting all the outcomes of the October 2014 Term.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: