* Munger Tolles & Olson recently announced a new partnership class, 75 percent of which is composed of women. Let’s hear three cheers for diversity in the practice of law! Oh, and uh… congratulations to the lone white guy, too. [The Careerist]
* Praise the Lord and pass the ammunition: in an opinion penned by Judge Richard Posner, a divided three-judge panel of the Seventh Circuit struck down an Illinois law banning the concealed carrying of loaded weapons outside the home. [Bloomberg]
* Holy crap! Law students asked for change, and the Arizona Supreme court is giving them exactly what they wanted, which is impressive. 3Ls will now be able to sit for the February bar exam. [National Law Journal]
* And speaking of Arizona, the Phoenix City Council and state Board of Regents have approved ASU Law’s plans to move its campus, and the city even threw in $12M to sweeten the deal. [Phoenix Business Journal]
* Remember the defamation suit Cooley Law filed against a former student who anonymously criticized the school on his blog? His lawyer will defend his anonymity today in court. [Thomson Reuters News & Insight]
* Nevermind the fact that he’s a “person of interest” in a homicide case, because a Guatemalan judge ordered that antivirus mogul John McAfee should be released due to his illegal detention. [Los Angeles Times]
In a recent ranking of the world’s most valuable law firms, the litigation powerhouse of Quinn Emanuel topped the chart in “value per partner” (total firm value divided by number of equity partners). For QE, the “VPP” figure came out to a whopping $17.7 million.
So you can understand why masochistic talented lawyers pursue partnership at the famously hardworking firm with such fervor. Sure, occasionally you’ll hear about a partner walking away from the riches. But for many a young lawyer, making partner at Quinn Emanuel is a dream come true.
Over the weekend, QE announced ten new partners. Who made the cut?
Last week I wrote about how making partner can be a vehicle for making positive personal changes. I was not kidding. As a partner, I want my fellow partners to be happy with their personal lives. Much better for business that way. We all know that the pre-partner years are rough on personal lives, so the heady days immediately after making partner may be the best chance someone has to make any necessary course corrections on the personal front.
I don’t believe that Biglaw partners are any more capable than anyone else in insulating their work performance from the goings-on in their personal lives. Trouble has a way of spilling over. No one is saying that relationships are easy in Biglaw, even for partners. So why continue to dump emotional energy into relationships that are not satisfying? Better to take stock, and fix what needs fixing. Earlier is better than later, especially from your fellow partners’ perspective.
So let’s talk a bit about the financial ramifications of making partner. I’ll concentrate on a few aspects….
Is this just my weird perception, or are law firm managing partners being surveyed constantly? It seems that every other week, some law firm lender or consultancy or recruiting firm is touting the results of a managing partners survey. Managing partners have things to do other than respond to surveys — like, well, managing law firms.
Despite the proliferation of such surveys, we do appreciate the information and insight they contain. So let’s check out the recently released results of one of the most prominent surveys, the American Lawyer’s annual Law Firm Leaders survey….
Some years ago, information technology and research firms realized that they could thrive only by attracting and retaining employees with two very different skill sets. These firms needed both great scientists and great managers.
Great scientists, however, were being undervalued, while great managers were being given too much dignity. In many corporations, the more people under your supervision, the more authority, respect and, often, pay you command. How could IT firms keep pure scientists — who loved thinking great thoughts and creating great inventions, but loathed managing people — happy? Wouldn’t those folks become frustrated as they saw their peers — less able scientists, but great managers — move ahead in the ranks?
Those firms pioneered the idea of creating dual career paths. One path was the standard route to success: Manage people; control a P&L center; prosper.
But the second path was the innovative one: Lead specified projects; work with key clients; generate new ideas; prosper equally!
After the IT firms blazed that trail, sales organizations soon followed suit. Those outfits needed both great sales people and great administrators. So they created dual career paths, offering routes for advancement (and power, and riches, and corner offices, and all the rest) to both types of people.
Isn’t an analogous dual-career-path model worth considering, both at law firms and in-house law departments?
The news of the K&L Gates / Middletons merger, which looks a lot like the acquisition of Middletons by K&L Gates, got us thinking about the value of law firms. It’s quite apropos given that Middletons is based in Australia, home of the world’s first publicly traded law firm.
As we mentioned in yesterday’s Morning Docket, the American Lawyer recently set out to determine the world’s most valuable law firms. How did Am Law go about doing this, and which leading law firms sit atop their rankings?
Congratulations to the newly minted Biglaw partners out there. Despite Biglaw’s current problems and murky future, it really is a signature professional achievement. So take a night, or a week, or even two to celebrate. And then get ready to start re-evaluating your entire life, top to bottom. You may not get a better chance, ever.
What am I talking about? Simple. In order to make partner in today’s Biglaw, you have made numerous sacrifices. Whether it be your student debt, your relationships, your waistline, or anything else, your sacrifice has now been validated. You now occupy a new professional status, and the nature of making partner is such that no matter how badly you screw up the rest of your life, you have accomplished something very rare. It is a life milestone, on par with getting married or winning the lottery in terms of its immediate alteration of your identity. A minute ago, you were single. Now, married. A minute ago, you were just another Biglaw associate. Now, you are a partner. Beautiful.
I am not discussing here the “professional” aspects about making partner, such as the need to start building a book of business, and how to handle yourself at the office. You will learn most of what you need to know on that front at your new partner orientation — a gloatfest galore, typically — and you will then spend a career figuring it all out.
Rather, I want to address some of the “personal” ramifications that hearing the good news of your “election” or “promotion” will lead to. Because it would be a shame to waste this golden opportunity to change the things about your life that you are less than perfectly satisfied with….
* Enjoy your Biglaw bonuses now, because according to managing partners, layoffs and de-equitizations may soon be making their return. Oh, only in Pennsylvania? Woohoo, break out the bubbly! Just kidding, that really sucks if it’s true. [Legal Intelligencer]
* The Environmental Protection Agency has temporarily banned BP from entering into future U.S. government contracts because of the company’s “lack of business integrity,” aka the Deepwater Horizon explosion. Ouch, super sick burn, EPA! [National Law Journal]
* Considering going to law school? Then you should also take into consideration the fact that you’ll have to become a lawyer if you want to stand a remote chance of ever being able to pay off your loans. [Fox Business]
* Paul Ceglia pleaded not guilty to fraud charges yesterday in federal court. If only he actually owned half of Facebook as he claims, he probably wouldn’t have a court-appointed attorney representing him. [Bloomberg]
* “No matter how many high-priced lawyers and publicists she employs, she has been exposed for what she is.” Jill Kelley’s lawyer is on the offensive, and his targets are none too pleased about it. [Associated Press]
* Avvo has decided to sell its health business to focus entirely on providing services to lawyers and legal customers. Now the company will be able to do the law justice. (SWIDT?) [Puget Sound Business Journal]
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.
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!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.