Over the summer, the American Bar Assocation announced that it would stop collecting data on law school expenditures. Ignoring law school expenditures is (counterintuitively perhaps) an important legal education reform. Law schools should be spending, and charging, as little as possible. The fact that a law school spends a lot of money on its professors really doesn’t seem to have a great effect on the quality of legal education, especially if that quality is at all measured by job placement rates.
Of course, getting the ABA on board is only part of the battle. In June, we noted that the real prize is for U.S. News to stop rewarding law schools for spending as much as possible. A law school shouldn’t be able to improve its ranking by tricking out its library or giving its faculty fat raises in a market where law school tuition is far too high.
I had expected U.S. News to follow the ABA’s lead. Law schools might not be the most transparent institutions, but they generally try to avoid lying to the ABA (at least some of them do). But without an ABA check, there’s nothing to prevent schools from lying to U.S. News to inflate their expenditure figures in an attempt to game the rankings. Reasonable people can disagree about what factors should be important in a set of law school rankings, but I had assumed U.S. News would at least want their data to be tied to reality, instead of made-up statistics offered up by law schools without any independent auditing or fact-checking.
Yesterday, we brought our readers news of the latest Princeton Review law school rankings for best career prospects. Of course, we found it odd that the list was based on nine-month employment statistics for any old kind of job (e.g., people who passed the bar and went on to become bartenders) and again relied heavily on survey responses from current students rather than recent graduates, but we won’t complain.
Today, we’ll focus on two rankings categories for which student feedback actually matters: the law schools with the most competitive students and the law schools with the best quality of life.
Which schools do you think made these lists? We’ll give you a hint and tell you that the second-best law school in the country will be proud to be on at least one of them….
Another day, another ranking. Princeton Review has released its annual law school ranking, which we hereby dub the Everyone Gets a Trophy Awards. Each year, the list is divided into 11 categories, and each one seems to be filled with results even more asinine than the last.
While the results here leave much to be desired, surely people will be interested in seeing which schools are doing the best in terms of their graduates’ ability to get jobs (not necessarily as lawyers, mind you, but jobs, period). Thankfully, there’s a ranking for that.
But can we live in a world where Yale Law isn’t number one — or on the list at all? Let’s find out…
* Musical chairs (White House hottie edition): Michael Gottlieb, former associate counsel to President Barack Obama, is joining the Washington, D.C. office of Boies Schiller & Flexner. [The BLT: The Blog of Legal Times]
* The search is on for jurors to serve in the criminal trial for Bernie Madoff’s former employees, but in a case of guilt by association, it’s proving to be a difficult exercise. [WSJ Law Blog (sub. req.)]
* “Democracy is not on autopilot,” said Justice Kennedy at Penn Law. Just because we have a Constitution doesn’t mean it will prevail — which is being evidenced by our government now. [Philadelphia Inquirer]
* Because no one could be more “non-essential” than a law student during this mess, the government shutdown is taking a toll on their externship placements throughout the district. [National Law Journal]
* The Princeton Review’s annual law school rankings are out, and boy, have things changed — including the schools with the best career prospects. We’ll have more on this news later today. [Chicago Tribune]
* Cooley Law is teaming up with Eastern Michigan University to offer joint degrees. But we thought Cooley was teaming up with Western Michigan University. Is Cooley infiltrating all Michigan schools? [MLive.com]
Biglaw branding sounds painful, but thankfully, associates at the highest and mightiest of firms don’t have to sear their flesh with their firms’ logos. Biglaw branding is more about the image firms want clients to see when making hiring decisions, and partners are likely equally as worried about their reputations in the marketplace as their year-end profits.
The last time we spoke about law firm branding, we found out that Skadden had the most recognizable brand in the country. But we, loving rankings as we do, wondered which law firm had the best brand in the world. Luckily for us, hot on the heels of the release of the Am Law Global 100, Acritas published its 2013 Sharplegal Global Elite Brand Index.
Who’s got the best Biglaw brand on the planet? Let’s find out…
For all the talk of layoffs and worries over an unstable legal economy, Biglaw just keeps getting bigger. Today, the American Lawyer magazine announced its Global 100, a ranking of the world’s 100 largest law firms in terms of total revenue. The view from the top is simple: as we learned from the 2013 Am Law 100, slow and steady does win the race, because Biglaw is at the biggest it’s been in years, and partners’ profits are headed up, up, up.
Now that we’re on the long road to recovery following the recession and collapse of the U.S. financial markets, there are some lessons to be learned from the past five years. Some firms were able to cash in modestly on their success, while other firms buckled under the pressure and were forced to close their doors for good. The game of musical chairs in the top 10 of the Global 100 reflects this economic uncertainty.
DLA Piper is the new top dog in terms of total revenue. Which firms are the leaders of the pack in other metrics, such as profits per partner and attorney headcount?
Earlier this month, the National Jurist released its first-ever ranking of the private law schools with the “best value.” We found it odd, of course, that the “best value” designation was awarded to schools where less than half of students (and in some cases, less than a third of students) are able to retain their merit scholarships, but we tried to give the magazine the benefit of the doubt. After all, this is the same publication that used incorrect indebtedness figures to crown at least three schools as offering the “best value” in the nation, as recently as last year.
We thought that maybe things would be better when National Jurist rolled out its seventh annual Best Value rankings, for both public and private law schools. The Best Value ranking system takes into account a law school’s tuition (25% of study), students’ cost of living expenses (10%), students’ average indebtedness upon graduation (15%), the percentage of graduates who got a job after graduation (35%), and bar passage rates (15%). As in years past, National Jurist ranked only the top 20 schools, and gave letter grades to the rest of the schools on the list, ranging from A- to F.
So were this year’s Best Value rankings as fraught with error as last year’s? Continue reading to find out…
Wouldn’t it be nice to be a member of the Forbes 400, the richest people in the United States? Then you can party on a yacht with models and bottlesdonate $20 million to the law school that helped launch you along the path of professional success.
Each year, Corporate Counsel compiles a list of the law firms that Fortune 100 companies use as outside counsel. This year, to change things up a bit, it seems like the list has been expanded to cover the entire Fortune 500. From Apple to Yahoo, and every billion-dollar company in between, these corporate clients expect nothing short of the best in terms of legal representation when dealing with high-stakes litigation and deals. If you’re looking to line your firm’s pockets, you better head to the RFP line when these companies seek lawyers.
Up until last year, only the most prominent Biglaw firms (like Cleary, Davis Polk, Cravath, and Simpson Thacher) topped the list of those that had the pleasure of doing business with the country’s biggest companies. Things changed rapidly, however, when Big Business tried to cash in on deals for legal services. The firms that were willing to cave to the pressure of providing alternative fee arrangements won in a big way, and the rest were left in the dust.
Have these prestigious firms changed their ways? Is Corporate America again willing to open its fat wallet for them? Let’s find out…
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!
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!