He’s smiling because he has long forgotten that night at the printers.
Folks often overlook the value of a good 401k plan. But in Biglaw, a good 401k plan is essential because lost in the cocktail of a good salary, crippling debt, and 5-Hour-Energy-fueled document reviews is the fact that you need to start planning for retirement now. Look, there’s a couple ways this legal career is going to go: you can become rich and not even need to care, or more likely you’ll eventually end up as a permanent associate, government lawyer, low-level in-house functionary, academic, temp attorney, or worse, blogger.
The point is you need to set up your road to retirement while you’re still rolling in Benjamins and ordering Seamless at 3 a.m.
Thankfully, someone has gone to the trouble of ranking 401k plans offered by law firms. Without further ado, let’s see those rankings!
Well… I guess the further ado of clicking through to see the full story….
* In the wake of the Montana zombie scare, the Canadians have decided to begin preparing for a zombie invasion from the United States. I just hope zombies are vulnerable to hockey sticks. [The Faculty Lounge]
* Some savvy law students from Indiana looked at the job market and said, “Let’s brew beer instead!” And then they named the beer Black Acre. [The Indiana Lawyer]
* National Jurist is going to “correct” its rankings. But don’t worry, it’s going to keep the Rate My Professors score. That doesn’t bode well for Columbia Law. [Volokh Conspiracy]
These days, it seems like every media outlet that has any remote connection to the law is making an effort to dispel the allure of the esteemed U.S. News law school rankings. U.S. News encourages law school administrators to attempt to game the rankings, they say. The U.S. News rankings are too focused on the test scores of incoming students, they say. And while we agree that some of the U.S. News methodology could be changed for the better, others have only offered up absurdities in their alternative ranking systems.
National Jurist recently came out with its own set of rankings which measure much lauded criteria like the number of Super Lawyers each law school produces, and the quality of each law school’s faculty, as measured by the oft revered website, RateMyProfessors.com. And as with the glorious Cooley rankings, any traction that the new National Jurist rankings might have received went totally out the window when the powers that be at the magazine decided to rank Alabama higher than both Harvard and Yale. Come on, everyone knows that the only place ‘Bama should be ranked ahead of Harvard is on a football field!
As far as we’re concerned, this serves only as an exercise in how not to make a new rankings system….
When it comes to all-important law school rankings, law schools follow the juvenile, Cosmo-esque dating advice of pretending they don’t care while secretly making every decision, consciously or unconsciously, with an eye toward maximizing their appeal.
And that’s not the worst thing in the world. The rankings are there because we generally agree that they measure stuff we want law schools to maximize. But if the rankings counted, say, “employment X months after graduation,” in a down market, the urge for law schools to manipulate that figure is on par with scoring another heroin fix.
Even if it means hiring the students directly to boost the numbers. Schools around the country have been doing this for quite some time.
At one prominent law school, the number of students in school-funded jobs is climbing. Is this a sign that the job market for recent law school graduates has yet to bottom out?
It’s about that time: law school tuition deposits are due in a few weeks, and the class of 2016 will soon be bilked out of hundreds of thousands of dollars in exchange for questionable promises of an improving entry-level job market. So obviously this is a great time for rolling out the latest set of dubious law school rankings.
While GradPrograms ranked the top 25 student-rated law schools, as well as the best law schools for financial aid, we’ve decided to focus on one of the most important parts of the law school experience: your social life. Now let’s be perfectly clear, if these were colleges, they’d be called “party schools.” But because they’re law schools, there needs to be an air of highbrow prestige — hence these “social life” rankings.
Let’s find where you can go to law school and still party your face off….
If you show us the ability to be an attorney, we’ll give you the opportunity to be an attorney. It’s not like we let anybody in the door. We don’t. But we’re much more inclusive in our admissions policy than most law schools are.
Light years away and in the distant future, perhaps some alien grad student in Defunct Planet Studies will stumble onto the ATL archives. He’ll conclude, not unreasonably, that the legal industry was a sort of oligopoly. That there were only a handful of firms: Skadden, Cravath, Latham, Quinn Emanuel, Tannebaum Weiss, and those few others that get such a disproportionate amount of our attention. And of course, there were only 14 real law schools.
This singular obsession with “prestige,” this mindset that the most elite firms and schools are the only worthy ones, is detached from the experiences of the vast majority of lawyers practicing at the 50,000 other firms and the students at the 180+ other law schools. Back in December, we had a little debate about the effect of prestige in the legal industry. In the spirit of the “prestige obsession is bad” side of that argument, we thought it would be worthwhile to see which firms and schools outside of the very top tiers are, according to insiders, great places to work or learn.
Over the course of 2012, we received close to 10,000 responses to our ATL Insider Survey, where lawyers rate their firms based on compensation, culture, morale, training, and culture, and students and alumni rate their schools based on academics, social life, clinical training, career services, and financial aid advising. Based on our survey, the most highly rated firms and schools also happened to among the most prestigious (e.g., Stanford, Davis Polk), but there is certainly not a correlation between prestige and insider rating.
After the jump, we’ll see which schools outside of the T14 and which firms outside the Vault 50 were rated the highest by their own people….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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: