“Low overhead is great!” That is one of our sayings. We recite it all the time — yes, even out loud at meetings — as it is a powerful competitive advantage for a law firm. It seems pretty obvious, but if so, why doesn’t everyone get with this concept?
There is a term informally used to describe how overhead impacts a law firm called “Implied Overhead.” The “Implied Overhead” of a law firm is the cost of everything except the lawyers divided by the number of lawyers. So if you have 50 lawyers and the cost of “everything” except the lawyers is $10,000,000, then you have implied overhead of $200,000 per lawyer.
Our Implied Overhead for last year was about $165,000. Anecdotally I believe that Implied Overhead for major law firms averages about $300,000. (I admit I don’t really have this data for sure; it is just what I have heard.) If your firm has 100 lawyers and implied overhead of $200,000 and the average for major law firms is $300,000, then you have a $100,000 per lawyer competitive advantage over your major law firm competition. Multiply that by 100 lawyers and you just made $10,000,000! And this flows right to the bottom line! If there are, say, 30 partners at this firm, then each partner just got a check for $333,333!
Yikes — did I do that math right? Was that $333,333 per partner merely by reducing the implied overhead? I just double checked and $10,000,000 divided by 30 partners does indeed equal $333,333. That’s a sizable number, so maybe you should read the rest of my article….
The traditional arguments against going to law school are: (1) there are too many lawyers and not enough jobs; (2) tuition and student loan debts are too damn high; (3) the high-paying or high-powered jobs are available only to the top students of the top schools; and (4) most “JD Advantage” jobs could have been obtained without a law degree.
The typical response to the above is something along the lines of, “That won’t apply to be because I’m going to put in the work and be one of the top students.” Now those of us who lived through law school might find this amusing and even ridiculous. But we can’t really blame them for their determination. We were their age once. Back then, the world was a playground and full of opportunities. If 0Ls today know all of the risks and can obtain a decent scholarship at least for the 1L year, then they should take a shot and see where they fall on the bell curve.
Today, I am going to talk about a few issues regarding law school and law practice that have not been discussed (at least extensively) amongst the law school critics. The issues apply to most students (even the top students) of almost every law school….
Yesterday I went for a run, my usual 5k. I had given some thought to going farther than normal but when I got to the point where I could keep going, the trail crossing over the creek was flooded. I was stymied. Guess I’ll be sticking to 5k. Time to turn around.
I made it two steps before I stopped. Was I really going to let some water stop me from pushing myself? Give up at the first obstacle I came across? I pivoted and made my way through the woods away from the trail and towards the road.
I had to run a few blocks on the road away from my usual route to get to a different bridge over the creek. Then back to the trail and on my way — 10k instead of 5. Double my regular run. My lungs burned, legs tired. I felt great. And I almost didn’t do it because there was a trickle of water in my way….
With the number of LSAT takers dropping yet again, the law school class of 2017 is likely to reach a similar low. And there is no indication that the application freefall has stabilized. Regardless, just about everyone (except for this guy) agrees that law school is still either an extremely risky gamble or a complete a waste of time and money.
But for those who are determined to go to law school no matter what any rational, non-biased individual says, I want to help make your dream come true. So while I am waiting for future job interviews, I am going to again interrupt my Back In The Race programming to give the future lawyers some advice that I wish someone had given me when I was an idealistic pre-law student. This is not a joke. Nor am I going to use a clever pitch like “Yale or Fail.”
The next few weeks should be spent taking some proactive and reflective steps to ensure that you will attend the right school and leave with minimal debt. Keep reading to figure out how….
Germany has won the World Cup. The final game was a low-scoring 1-0, but nonetheless a thrilling hair-puller of missed opportunities on both sides. The single goal, in minute 113, was an elegant, technically perfect two-touch volley — all the more impressive because it was delivered by a 22-year-old substitute who did not join the game until the second half.
The game was also a contrast of different playing styles. Argentina built its offence around a star striker, Lionel Messi, who was expected to execute a well-timed stroke of veritable futbol magic that would hopefully usher his country to its third World Cup victory. Backing him was a deep-sitting defense that repeatedly stifled German goal-scoring attempts, but was nevertheless not expected to score absent some Messi magic. By contrast, Germany lacked a superstar of the world-renown of Messi. Instead, its playing style prioritized short, deft, technical passing among the team as a whole. The victorious Germans carefully worked the ball through various mid-field channels until, eventually, it reached the back of the opponent’s net.
I am not an avid soccer fan, but like many Americans, I tune into the World Cup every four years. Who was I rooting for?
I never heard these words before I went in-house: “If you send something to a person above me in the hierarchy, then send a copy to me, too.”
Now I hear (or speak) those words all the time. And those instructions seem pretty easy to grasp.
Remarkably, a fair number of people don’t seem to understand what those words mean.
I offer this column for the benefit of in-house newbies, and in-house oldbies who don’t understand, and lawyers at firms who might want to consider whether these instructions make sense at law firms, too.
If you’re sending something to someone above me in the hierarchy, then send a copy to me, too.
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Ann K. Levine, a law school admission consultant and owner of LawSchoolExpert.com, offers helpful tips for law school applicants.
Non-traditional applicants to law school face different barriers to admission and have different concerns regarding school choice, finances, and post-graduation career options than their counterparts who attend law school directly (or within a year or two) of graduating from college.
Three recent law school graduates who fit this mold when they applied took the time to share their thoughts and perspectives in order to benefit future applicants. One graduated from the University of Michigan School of Law in his mid-40s (Scott), one graduated from Notre Dame with a JD/MBA after serving in the military (Todd), and one attended Western New England after 20+ years as a paralegal and office manager for a large law firm (Susan).
1. What were some of your concerns applying to law school as a non-traditional applicant? What were some challenges you faced because you were not right out of college?
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…
§ 18.2-346. Prostitution; commercial sexual conduct; commercial exploitation of a minor; penalties.
A. Any person who, for money or its equivalent, (i) commits adultery, fornication, or any act in violation of § 18.2-361, performs cunnilingus, fellatio, or anilingus upon or by another person, or engages in anal intercourse or (ii) offers to commit adultery, fornication, or any act in violation of § 18.2-361, perform cunnilingus, fellatio, or anilingus upon or by another person, or engage in anal intercourse and thereafter does any substantial act in furtherance thereof is guilty of prostitution, which is punishable as a Class 1 misdemeanor.
If you think that fully covers all reasonable definitions of “prostitution,” well then you probably have an uncreative mind and a boring sex life. Look, the law gets even more vague further down:
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.