It’s not just the federal government that’s desperate for money. The states are, too.
One way that states are looking to fill their coffers is by auditing unclaimed property on companies’ books — so-called “escheat audits.” This isn’t the world’s sexiest topic, but an in-house lawyer might serve a valuable purpose by double-checking corporate escheat policies.
In the financial services industry, many companies must deal with unclaimed deposits and securities. But even outside that sector, most companies find themselves holding unclaimed property, in the form of uncashed vendor or payroll checks, undistributed benefits payments, or the like. Complying with escheat laws may pose a challenge.
States are now doing two things related to escheat laws to increase their revenue. First, they’re shortening the amount of time that a holder can retain unclaimed funds before turning those funds over to the state. Second, states are accelerating their use of “escheat audits” — auditing corporate books to see whether companies have complied with the applicable laws.
This has recently become big business — with implications for in-house counsel….
It’s very difficult to get a job as an associate in a small law firm. First of all, there is a lot of competition. Many of you are between jobs. Many are at Biglaw jobs looking to get out. Many of you are finishing up law school and are still looking.
Don’t get me wrong: it’s also hard to get a job at a big firm. I know. But the path there is at least more straightforward: Go to a Top 30 (or so) school. Work hard. Finish in the top 20% or so in your class (the lower your school ranks, the higher grade ranking you need). Wear matching shoes to your on-campus interview at the start of your 2L year. Don’t get slizzard at your summer-associate firm functions. Pass the bar. Sell your soul. Collect your buck sixty.
Yes, yes, I know. It’s not that simple, and the large firms do look for other qualities, too. But no one in my class who met that top 20% threshold failed to get a Biglaw summer-associate job.
The path to small-firmdom is more circuitous. And by “circuitous,” I mean “there is no path.” It’s certainly not about being smart, working hard, and getting good grades and a good education. Those are table stakes.
But I’ve identified the ten traits that make the best candidates for a small-firm-associate gig. See what they are after the jump.…
To judge by the accoutrements of “the profession,” lawyers, as a group, maintain an inflated self-image. They think they’re all that. It’s easy to get sucked into this mindset – especially fresh out of law school. Perhaps, when you’re not “thinking like a lawyer,” you’ve spent a few minutes admiring the little “Esq.” printed after your name on an envelope from school or a law firm — or some company in Parsippany trying to sell you a genuine mahogany and brass pen holder featuring a statue of “blind justice” for only $59.99 with free shipping.
Back when I passed the bar, I was offered the option by New York State to purchase a printed document – “suitable for hanging” – to memorialize the event. I figured what the heck and blew the twenty-five bucks. The “parchment” arrived in a cardboard tube, and it was huge – like a royal proclamation. I felt ridiculous, rolled it back up and stuck it in a closet, where it remains.
It’s hard to imagine accountants (who usually make more than lawyers), or bankers (who always make more than lawyers) laying on the pretension to quite the degree lawyers take for granted…
The Career Center is featuring a special series this summer for law students who want to excel as summer associates and ultimately secure permanent offers. Starting today and continuing throughout the summer, we will feature tips to help you manage your assignments, juggle conflicting demands, account for your time, handle feedback and criticism, and much more. These tips, focused on helping you navigate your law firm and summer associate internship, are provided by Frank Kimball, a principal of the Kimball Partner Group – a Lateral Link company, and an expert recruiter and former Biglaw hiring partner.
Today’s tips focus on how to maintain an attitude that will help you win over the partners at your firm and put you on the fast track to success. While not known for offering useful legal guidance, Elle Woods from Legally Blonde: The Musical offers great advice to summer associates: “Be positive.” You have already passed the first test, by initially securing the summer associate clerkship. Now you need to show off your dazzling personality — or at least demonstrate that you are at least tolerable during late-night doc review projects that await your future.
Keep the following tips in mind, whether you are working on a legal memo or hanging out at a partner’s summer house in the Hamptons….
Several readers have sent e-mails asking for advice on how to deliver bad news to clients.
Here’s proof that, if ye shall ask, ye may receive.
Think first about the “bad news” that you’re delivering. You’re not a physician, so you’re not looking a person in the eye and explaining that he or she has just six months to live. That’s really bad news, and that’s hard to deliver. Your job is easy.
Even in the universe of bad news delivered by lawyers, if you’re working with a corporate client, you’re probably getting off easy. You’re not reporting to the client that “the Supreme Court just rejected the application for a stay of your execution” or “the appellate court just affirmed the conviction, so you’ll be doing the time.” The bad news that civil litigators are delivering to corporate clients just isn’t that significant. So calm down.
I’m also ruling out other bad news that folks deliver to, or receive from, in-house counsel. I’m not thinking about telling employees that they’ve been laid off or fired or delivering unhappy performance reviews. I’m not thinking about how you deliver bad news to your own law firm or to a court. And I’m ruling out situations where the bad news results from your own error, rather than an adverse decision by a court. (It’s much harder to tell a client, for example, “I blew the statute of limitations, and your claim is now time-barred,” than it is to tell a client, say, “The court denied our motion for summary judgment.”) So maybe I’m cheating here, by limiting the discussion, but the optimal way to deliver bad news will vary with the situation.
So what’s the best way to deliver news of an adverse judicial decision to a corporate client?
A lawyer who lacks self-confidence feels compelled to run down every issue, make every argument, and depose every witness. After all, if you choose to make an educated guess about the importance of a tangential issue, or whether to omit a plausible (but likely losing) argument from a brief, or whether to incur the cost of deposing a just-barely-relevant witness, all may be lost. You might lose the case, and the recriminations would never stop. Better to leave no stone unturned than to leave yourself at risk of being second-guessed.
That’s one reason to hire lawyers with a little self-confidence. They’re willing to take intelligent risks where it makes sense to do so.
Which brings us to the topic of today’s post: Compliance due diligence.
If your company’s considering an acquisition, you can simply outsource the entire compliance due diligence process. Hire Big Firm, ask it to handle due diligence, and wait for the results. No muss, no fuss.
Every so often a lawyer with a small firm will ask me what to do about providing employees with paid sick days. The practice is much more common in large firms, but many lawyers have come to expect it as a perk no matter how big their firms are. (To be clear, I’m talking about paid-time-off policies, not legally required unpaid leave like the Family and Medical Leave Act.) Many larger firms allow their employees to accumulate and bank their leave, saving it up for a rainy day, as it were. Some have the days expire after a certain time, while others allow the days to survive until the end of an employee’s tenure.
That’s fine at large, wealthy firms, who can well afford to pay people not to work. But what about small firms, where a person’s absence is more likely to have an impact? How many days of paid sick leave should a small law firm’s policy permit?
My answer might surprise you. Not ten days a year. Not five. Not even three.
Zero. Small law firms shouldn’t have a policy of any days of paid sick leave a year.
But before you set your comment phasers to “kill,” give me a chance to explain.…
Associates at big law firms don’t normally burn out right away. They arrive bright-eyed and bushy-tailed, raring to go. This is their moment! Grasp the golden ring!
If you look closely, though, you’ll notice a few poor souls who burn out immediately – sometimes within a few weeks. These folks look awful almost from Day One, dread coming to work, don’t talk to the others, can’t sleep and wonder how to get out – like, immediately.
That’s because they’ve been sexually harassed.
I know. Sexual harassment is a drag of a topic, the stuff of tedious lectures by gender theorists and “Human Resource professionals.” Nothing new to say, just standard material: wince-inducing scenarios, tired platitudes about respect and crossing the line and what’s appropriate in a workplace blah blah blah…boring, scary, boring.
I hear about sexual harassment all the time from my clients, so it’s a little less boring for me, and a lot more real. There is stuff worth talking about. But I’ll keep it quick.
Have you ever noticed that some lawyers become different people when they get in front of a keyboard?
It’s like a Jekyll-and-Hyde kind of thing. They might be perfectly pleasant individuals in real life, capable of warmth or at least civility to their fellow human beings. But get them in front of a computer with a law-firm template on the screen, and they turn into some sort of lawyerly unmanned drone.
Most lawyers, especially junior lawyers, have an idea about what a lawyer letter is supposed to look like. It generally has fancy lawyerly words like “pursuant to,” and it usually includes lawyerly weirdnesses like parenthetically writing numbers in figures after having just spelled out the numbers in words (“If we do not receive a response for you and/or your counsel in five (5) days …”), and it almost always contains threats about Very Bad Things happening. And they tend to be uniformly douchey.
But here are four (4) reasons why lawyer letters are less effective than phone calls.…
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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 six years. You can reach them by email: firstname.lastname@example.org.
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