Shameless Plugs

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

Of the roughly 36,000 partners in Biglaw, roughly 6,800 (18.8%) of them are within a few years of or have surpassed (and then some) the mandatory retirement age. Lawyers 55 or older make up about 1/3 of the practicing partners in the Am Law 200, a figure that will likely hold steady as the tail end of the baby boomer generation ages. Am Law 200 law firms have on average about 34 chairs, executive members, and senior partners whose 35-plus years of experience, client relationships, and leadership must be transferred to a new generation of rising stars. The process is hardly ever smooth and often involuntary.

Most partners in senior vintages begrudge the practice of mandatory retirement; some bemoan that it is an overcautious safeguard or the epitome of ageism. Some claim the practice is supported by scientific studies that link cognitive decline with advancing age — especially after 65, which is about the average for mandatory retirement. However, with advancing medical standards the idea of being forced to retire at 65 may soon seem ludicrous, but for now, how many law firms are prepared to deal with the void left by these partners?

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Ed note: Cedar Ed Private Student Loan Consolidation products enable recent graduates to lower their private student loan rates and monthly expenses into one manageable payment. See more here.

The average debt load of law school graduates is well over $140,000. That’s roughly the cost of purchasing a Maserati, or 88% of your first-year Biglaw salary. Couple that with a notoriously grim employment outlook and law school grads often find themselves tethered to mortgage-sized repayment plans, minus the actual house.

One thing law school doesn’t teach you is the variety of loans that are available and the advantages and disadvantages of each loan type. With a little foresight, law school students can select the proper loan and create a repayment plan that is best aligned to their career and lifestyle post-graduation.

Let’s start by breaking down each type of loan to better understand consolidation after graduation…

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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

As long as it has been around, the Am Law 200 list has been seen as what separates the best from the rest. It seems simple, transparent, and concise with each firm ranked in ascending order. However, many misconstrue Am Law ranks to mean overall value and assume that the firms at the top of the list are indubitably the best.

Some partners with books of business larger than War & Peace assume that the biggest firm will be the one with the best platform and financial flexibility to absorb their practice. In reality, many firms towards the middle of the Am Law 200 can better accommodate these lawyers (although many just as likely cannot).

When looking at the compensation average for partners, the gross profits of a firm are a relatively poor predictor compared to the other available metrics. Among the best indicators of firm health and the compensation is the profitability index…

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Ed. note: This is the latest installment of the ATL Tech Interrogatories. This recurring feature will give notable tech leaders an opportunity to share insights and experiences about the legal technology industry.

Drew Lewis serves as eDiscovery Counsel at Recommind. His unique experiences at Recommind coupled with prior experience as a commercial litigator handling all aspects of pretrial and trial practice allows Drew to bring practical solutions to lawyers who are struggling to understand the current and future role of technology in the practice and business of law. Drew continuously fights against inefficiencies in the law and encourages lawyers to shape their own future. Drew believes that the future of the law belongs to lawyers who broaden their world view and see there is much to learn from other disciplines. His goal is to help them not just survive, but thrive as the practice continues to evolve.

1. What is the greatest technological challenge to the legal industry over the next 5 years?

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If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, please download our media kits or email advertising@breakingmedia.com. Thanks!

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

If you stood outside the AT&T Center on June 15th at 9:10 p.m. local time, you would have witnessed a steady stream of crestfallen Miami Heat fans bemoaning the performance of anyone other than Lebron James. Ask any of those fans if they thought Chris Bosh was worth a max contract in the off-season and they most likely would have answered “No!” with feverish enthusiasm.

Fast forward to the off-season, teams have now expressed interest in signing Bosh to a max-contract sheet. As it stands on Thursday, July 8, the Rockets are willing to pay him $22 million a year.

So what does this mean for you? It means that just because your law firm tells you that you’re worth a certain amount of dollars does not mean you can’t secure more greenbacks. Salary negotiations are tricky, and it is helpful to get in touch with a recruiter before you attempt to renegotiate with your current firm. Before you start maneuvering, here are five pointers to consider before strategizing…

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Ed. note: This post comes to us from Professor Joseph Marino, Executive Director of Marino Legal Academy.

I have never met a student that failed the bar exam because they did not know enough law. They failed because they could not score points with the law they knew.

JFK, Jr. failed the bar exam twice with other bar courses, receiving MBE scores of 117 and 118 (scaled), before skyrocketing to a 167 score after some one-on-one time with a trained Marino Tutor and having learned my MBE method.

In the last few weeks of your bar studies, you should focus on how to score points. I call this the “memory and exam performance” part of bar review. Exam Performance Training is learning how to score points. Marino Legal Academy has several well-tested tools to boost your ability to score points on the bar exam…

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Justin Flowers

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Justin Flowers is a Principal with Lateral Link. He oversees attorney placements (both partner and associate level) and client relationships with the top international U.S.- and U.K.-based firms in Asia, the Middle East and Emerging Markets. Justin also establishes and maintains relationships with firms new to the international markets in general, or to a specific market, who are in need of attorney placement services on an international level. In addition to his work in international markets, Justin also advises domestic U.S. boutique law firms on their strategic growth and hiring. He practiced law as a litigator for several years before becoming a recruiter. Justin earned a J.D. from NYU School of Law and an undergraduate liberal arts degree, cum laude, from the University of Oklahoma, where he attended the Honors College.

At the halfway point of the year, 2014 so far has been a perfect storm of big ticket corporate work, with the U.S. IPO market on record pace and global M&A activity surging to aggregate value levels not seen since 2007. This year’s torrid deal pace is already turning the normally relaxed summer months into a period of high recruiting activity.

No doubt about it, summer gets a bad rap as lateral seasons go. But whether or not you intend to take advantage of the current deal market driving demand, summer should be a time for action.

If you are considering a lateral move “early next year,” then there’s nothing to be done in the next couple of months other than take advantage of your firm’s renewed enthusiasm for the summer associate class, right? Wrong. Here’s why:

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