A full house for last week’s in-house counsel panel at Betterment.
Last week, Betterment and Above the Law hosted a great panel discussion about working as an in-house lawyer at a relatively young company. The event, hosted at Betterment’s spacious and airy offices in New York’s Flatiron neighborhood, drew a standing-room-only crowd of around 200 people.
How can you get a job as an in-house lawyer for a startup? And what’s life like once you’re there?
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Adam R. Banner explains how the bar exam is a microcosm for legal practice as a whole.
Just took your state’s bar exam? Good Luck.
I remember hearing that same ominous warning from many of the attorneys in my community directly after taking the Oklahoma bar exam. Now, I wasn’t TOO worried about my prospects for future employment. I was already set on hanging my own shingle, and I was full of naivety with a dash of piss and vinegar. I had practiced (with a limited license) through the local public defender’s office, and I had a part-time gig interning for another solo practitioner. I chose this set-up to help pay my way through school, but also to gain any type of experience I could since I only really knew two things in law school: criminal procedure, and the fact that I needed some courtroom experience and some small-business guidance. I was lucky enough to get both.
That isn’t the case for everyone. I distinctly remember one of my buddies (a fellow class mate) walking up to me a few days before graduation and asking me if I knew of any places that were hiring associates. I didn’t, so I asked him if he was interning anywhere.
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.
For senior associates up for partner, firms have become increasingly focused on business potential and less so on an associate’s ability to outclass others in the courtroom or at the negotiating table.
In the days of yore, the partner track in Biglaw was oftentimes a reward for consistent competence and professionalism. In an era of PPP and RPL, most firms (other than the Cravath, Quinn, or Simpson Thacher types) are less likely to promote associates unless they see real revenue-generating potential.
If you find yourself in your fifth to tenth year and are unsure whether you will make partner, here are four steps to help you steer your career…
As the dates for on-campus interviews approach, I would like to share with rising 2Ls a few lessons that I have learned from colleagues at firms and law schools about the summer associate application process. As always, in doing so, I run the risk of being called an elitist pig; however, my firm has over 30 positions to fill this fall, and this elitist pig would be delighted if you were one of the individuals to land one of these well-paid spots.
1. You will be given 20 to 30 minutes to make a favorable impression on the on-campus interviewer. Over the years, candidates have tried every tactic in the book to be remembered. This includes outlandish outfits, bringing the interviewer baked goods, and, the worst, flirting with the interviewer. I believe that your main task during the interview is to demonstrate MATURITY. You do not need to demonstrate that you are cool, fun, athletic, perpetually happy, etc. You just need to leave the interviewer thinking that you seemed like a mature individual.
The on-campus interviewer is only going to take a risk on a candidate who he or she thinks will reflect well on him or her. In other words, Partner X wants to call back candidates who will perform well during the callback; if the candidate does well, Partner X looks good to his colleagues. Stated differently, any candidate who is a risk will not be given a callback because Partner X is concerned that his peers will question his judgment by offering a callback to an immature, unfocused, or odd candidate.
Be safe by presenting as mature. So how does a candidate demonstrate maturity?
But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….
Making people think you are not horrible is a full-time job for lawyers. Gallup did a poll on the most trustworthy professions in the United States and, you guessed it, lawyers are near the bottom. You know who’s the most trusted profession? Doctors and nurses, and they are the number 3 cause of death in the United States. Even historically, two hundred years ago, lawyers were drafting and signing the Declaration of Independence and doctors were using leeches to heal people. I’m pretty sure that, on top of killing fewer people, the average person will be overcharged in their life more by doctors and nurses than by lawyers, but whatever. So, again, making people think we are not horrible is an uphill battle for us.
The Internet is helping some of us tip the scales in one way or the other. Each one of these topics could be their own article, but for now, I wanted to give you a short primer on how to shrug off the shroud of horribleness we have as lawyers.
Let’s start with a definition. Merriam-Webster defines “autonomy” as “the state of existing or acting separately from others.” Meaning you have the proverbial “control over your own destiny,” or put another way, are not dependent on others. In many respects, complete autonomy is a fiction for a lawyer. We are all dependent — on our clients, our partners, our firms. But lawyers still value autonomy. It may be elusive, particularly in Biglaw, but it is an important contributor to career satisfaction and performance.
In fact, earning a significant degree of autonomy was among the leading factors in making my Biglaw experience a positive one. Yes, I said earned, rather than “being granted” or “given.” In Biglaw, you need to carve out personal space for yourself. It is not something that is given. Nor does anyone tell you what you need to do to earn your measure of independence. At a very high level, it is necessary to project both confidence and competence — to your clients, peers, and superiors, at all times. If you are successful, and earn some autonomy, there is a higher likelihood that you will be happy in your Biglaw job. Imagine that.
Perhaps surprisingly, your Biglaw firm actually wants you to have a degree of autonomy….
After twenty years of operating my own law firm, I still answer my own phone – much to the pleasant surprise of many of my callers. Though you’d think that having the firm principal pick up would signal a one-person, fly-by-night operation, to the contrary, callers’ ability to get in touch with me directly conveys the impression that I’m an accessible, hands-on kind of lawyer.
Of course, answering the phone works for my practice because frankly, I don’t get all that many calls. Most of my clients and referrals who want to speak with me by phone will typically email me initially to determine a mutually agreeable time for a call. And because my work is so specialized and many cases come via referral, when clients reach my voice mail, they’re not likely to move on to the next lawyer on the list of internet search results. That means if I’m too busy to talk, I can let calls go through to voicemail without fear of losing a piece of business.
But what about lawyers who aren’t in such a position?
In fairness, if you’re writing the newspaper for advice, you probably aren’t expecting the most sage counsel. Still, these ersatz Ann Landerses really outdid themselves in giving shockingly terrible advice about going to law school. One would think an advice columnist would at least look into the merits of the questions they’re asked. It really doesn’t require all that much research to confirm the basic truths about what lies ahead for those who enter the legal profession without thinking it through.
But with the most WASPy advice ever, this paper advises a concerned reader to just ignore all the problems with going to a TTT in order to maintain social niceties….
Many people consider going to law school because they think they have no other career options after college. For most of these people, their GPA wasn’t great, and they have an average or even bad LSAT score. So they resign themselves to going to an average law school with plans to do really well in their first year and then transfer to a top school.
We warn the noobs that going to law school on a whim is a bad idea. We tell them about the many law students who don’t make it to the top of the class and are unable to get a job after graduation. So they are back to square one. But our warning does not address a fundamental problem: what alternatives do these people really have?
While that is ultimately not our problem, I want to talk about some alternatives to law school that an applicant should consider:
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: