Former managing partner Edwin Reeser is one of my favorite analysts of the legal profession (or industry, as the case may be). He recently wrote an interesting and thoughtful piece for the ABA Journal with a great title: “Law firms in the Great Recession: looking for change in all the wrong places.”
I’m a sucker for a good double entendre. Here, “looking for change” has at least two meanings. First, there’s “change” in the sense of reform. Second, there’s “change” in the sense of “spare change,” reflected in the sad way that law firm are rifling through the couch cushions — de-equitizing partners, laying off associates and staff, and cutting other costs here and there. These marginal steps have helped keep profits per partner up in the wake of the Great Recession, but they’re no recipe for winning the future.
So what should Biglaw be doing to promote long-term success?
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Alison Monahan shares some practical advice for new law students.
There’s a ton of (virtual) ink being spilled these days over what to do as a new law student. Everything from “buy all your books and read ahead” to “hire a tutor to explain the Rule Against Perpetuities.” (I only wish I was making that last one up. For the record, don’t do it.)
Since I don’t like to be boring, here are a few less obvious things you can do, to make your life easier and better later on. Trust me, I learned most of these the hard way!
1. Set up automated backups on your laptop. Seriously, if you only do one thing before law school starts, do this. Have you ever lost years of work in a hard drive crash? It’s a nightmare. Imagine you’re a week from exams, and your computer dies, taking EVERYTHING you worked on all semester with it. DO NOT let this happen to you. Go to Dropbox right now, and sign up for the free version. Make a folder called “Law School” and add it to your Dropbox. Save every file you create in law school there. Presto, problem solved. You can thank me later. (I don’t care if you use Dropbox, but it is really easy. Use whatever you like, but do something. I’m paranoid enough now that I back up to Dropbox and to an external hard drive, but that’s probably overkill.)
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Elizabeth Katkin, a Senior Director at Lateral Link, where she focuses on partner and practice group transitions and developing strategic relationships with top international firms and companies in the Middle East and Europe.
Do you have one or more of the following frustrations with your current law firm? Inadequate overall or relative compensation. No platform to support or develop your practice. Feeling shut out of management decisions — or even having a voice.
Perhaps you are just beginning the search for a new firm, or perhaps you know where you are headed next — a place with a great footprint, support in the practice areas you need, and a group of lawyers that feels like a good fit. In the world of law firm management today, you already know that what you see is not always what you get. It is essential to gauge the financial and management health of a firm before you move, both to ensure your happiness and viability at the firm and to ease your exit in the event that there is trouble in paradise.
Here are five things you should understand before giving your withdrawal notice to your current firm:
I went through my first 360-degree review — where those above, beside, and beneath you in the organization all anonymously evaluate your performance — two years ago. Never one to shy away from abject public self-humiliation, I shared the result of that review in this column. I revealed that my biggest “blind spot” two years ago was in the area of celebrating the accomplishments of folks on my team: I thought I was pretty good on that score; those who worked under my supervision begged to differ.
I told you that I would fix that problem, and I did. During this year’s 360-degree review, my score for celebrating our accomplishments was a solid 4.0 — 0.9 better than two years ago, and precisely how I’d graded myself this time around. It had actually been pretty easy to solve this problem: I distributed emails celebrating our victories more often and to wider audiences; I stopped by folks’ desks to congratulate them on wins; and I was otherwise more sensitive to letting the world know when my merry gang of litigators did nice work.
Now that I’ve solved one management problem, however, another one naturally reared its ugly head during this year’s 360-degree review . . . .
Getting no-offered is a bad thing. Even though (or perhaps because) summer associate classes are small, offer rates remainhigh. As Jay Edelson of Edelson LLC writes in this interesting call for reform, End the Summer Associate Sideshow, offers of full-time employment to summer associates are “virtually guaranteed, so long as they don’t do something to truly embarrass themselves or the firm.”
So a no-offer is bad, but you can recover. Sonia Sotomayor got no-offered after summering at Paul Weiss, and her legal career turned out pretty well in the end. Her wonderful memoir is aptly titled My Beloved World (affiliate link), not “I Got No-Offered And Now I Live In A Van Down By The River.”
Let’s say you got no-offered this summer. What should you do?
If you’re stuck sitting in your office until all hours of the night wondering (a) how you’ll ever meet someone and (b) how you’ll convince them to take a chance on someone who routinely works until 4 a.m. turning documents while a team of lawyers argue over comma placement, well, you’re in luck!
A major online dating site has your back, publishing a listicle designed to convince their desperate readers why they absolutely should date a lawyer. It could be a good opportunity for these online daters to employ ATL’s advice on seducing a lawyer.
Is this thought-provoking, well-crafted advice about dating lawyers? In a word, no…
Last week, I wrote about face time considerations for associates. In Biglaw, face time is important for partners as well, albeit in a different way, with a significant exception for “pure” service partners.
Service partners are like associates when it comes to face time, with one major difference. In contrast to the often large constituency that associates need to please, your typical service partner needs to focus more exclusively on the specific rainmakers who provide them their work. That is why you will frequently find a service partner who is dependent on a particular rainmaker trailing that rainmaker around the office like a faithful Lab trailing a treat-bearing little kid. Or never leaving until the rainmaker leaves for the day. Vacations? Either timed to the rainmaker’s vacation, or planned with the idea that one would be perfectly accessible should the rainmaker call. Most of the time, this behavior by service partners happens naturally. When you have limited sources of work, it is folly not to stay close by those sources on a constant basis.
As important as face time is for senior and mid-level partners, it is even more important for junior partners….
I see you all enjoyed your vacations. I saw the 175 pictures you posted on Facebook of every single place you went, and now I see you “can’t believe your baby is starting 7th grade.” So now that it’s time to get back to work and figure out what to do about all those clients calling you as a result of seeing you on the first page of Google, I will again offer you life-changing advice for which you come here weekly.
This advice is all real, and in no particular order.
1. If you have an office, or even a desk, take every single thing off the top. I did this the other day. Clean it, and then place everything back, except the stack of papers that belong in a file or the garbage, the magazines and articles you’re never going to read, and the items that do nothing but take up otherwise workable space. This will cost you no money, take about 15-20 minutes, and you will thank me. Well, not all of you…
I’m closing in on 250 columns at Above the Law, devoting many of them to mistakes that I’ve recently witnessed (or heard about) (or, I should say to protect the privilege, simply ginned up out of whole cloth).
Remarkably, I’ve not yet written about an obvious error that occurs regularly: If you say that you will communicate with someone on a certain date, communicate with the person on that date.
Think for a minute about how often people screw this up, both in-house and at law firms.
In-house, some crisis arises. You take the helm. You send an email to the relevant folks in the organization saying, “I’ll get to the bottom of this, and you’ll know the answer by the close of business my time tonight.”
The close of business comes and goes, and what happens?
The sky is not falling. Or if it is, it’s falling very, very slowly.
Yes, the legal industry is going through some major changes. The profession is becoming more business-focused than ever before, meaning that it’s harder out here for a partner. It’s also a tough time to graduate from a low-ranked law school if you’re not at the top of the class, as Elie Mystal has discussed at great length.
But for many law students and young lawyers, especially those with strong credentials from strong law schools, times are still good. For proof of this, consider on-campus interviewing (OCI), currently taking place at law schools around the country….
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: email@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
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