The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)
Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)
The results of the annual American Lawyer midlevel associate survey are out, and it looks like people have been taking happy pills. We thought things were going well last year, but this time around, it’s all lollipops and double rainbows for third-, fourth-, and fifth-year associates. According to Am Law, these happy campers gave their firms the highest composite scores the publication had seen in almost 10 years.
These associates have good reason to be happy. They’ve secured and maintained jobs at elite firms while entry-level hiring has been swirling down the drain. Spring bonuses have come and gone, but they’ve managed to stick it out. They’ve seen the rise and fall of Biglaw empires. They’ve seen the worst of the profession’s worst, and still, they’ve survived it all. They have the right to be happy.
Of course, not everyone is as thrilled. For the first time, American Lawyer measured gender differences in question responses, and women are markedly less satisfied with their jobs than their male colleagues. Considering how difficult is is to gain entry to the Biglaw boys’ club, who could blame them?
Enough idle chatter, let’s delve into the details of the survey and discuss the results…
* Is Justice Ginsburg, our favorite judicial diva, foiling her own jurisprudential legacy by refusing to retire from the Supreme Court before another president takes office? [Daily Beast]
* Year-over-year, there’s been a double-digit drop in demand for legal services, so now is a great time to start speculating about which firm will be the next to conduct layoffs. [Am Law Daily]
* Don’t despair, the results of the Am Law Midlevel Survey are out, and associates are more satisfied than ever — except for the women. They’re “leaning out,” so to speak. [Am Law Daily]
* New York City (d/b/a Mayor Michael Bloomberg) wants Judge Shira Scheindlin to stay her stop-and-frisk rulings pending appeal, because racial profiling is an effective crime fighting tool. [New York Law Journal]
* If you want to know why law school is three years long instead of two, it’s because back in the day, the T14s of the world were convinced it’d “stop the proles from sullying the image of the bar.” [The Economist]
* In an effort to keep law school deans’ listserv drama and email scandals to a minimum, the American Bar Association just doled out some rules to keep their ivory tower talk in check. [WSJ Law Blog (sub. req.)]
* “[I]f I die because of this, my life will have been worthwhile.” The HSBC whistleblower would face death to talk about the big bank’s money laundering — and to see the lovely Marni Halasa. [Huffington Post]
The annual Am Law midlevel associate survey came out yesterday, and for the first time in years, satisfaction among third-, fourth-, and fifth-year associates seems to be up across the board. According to Am Law, this year’s average score across all firms was the highest it’s been since at least 2004.
But, as with all things in Biglaw, their happiness is relative. After all, these are the people who survived the worst of the layoffs, and the lucky few who managed to get a foot in the door during a time of reduced new associate hiring. Above all, these are the people who must be thanking their lucky stars that they weren’t midlevels at Dewey & LeBoeuf. They may have been working extremely hard on cases that were understaffed, but at least they were working.
Last year, my colleague Elie Mystal noted that the midlevels who were whining about their unhappiness were “missing the big picture” — that they’d be making serious bank for the rest of their lives if they remained in Biglaw. Given the results of this year’s survey, perhaps these midlevels have come to that very realization….
* Apparently spring bonuses don’t make the Biglaw world go ’round after all. The annual Am Law midlevel survey is out, and satisfaction levels are up across the board. Maybe they’re happy to still be employed. [American Lawyer]
* When Dewey get to retire this used up, old D&L pun? Probably around the same time as that Howrey joke — never. Oh, and the firm asked a bankruptcy judge to approve its $70M partner “clawback” plan. [WSJ Law Blog]
* Oh mon dieu, it’s time for some law firm merger mania! DLA Piper, the second-largest Biglaw behemoth, proposed to French firm Frieh Bouhenic, and of course, the corporate boutique said “oui.” [Legal Week]
* Judicial efficiency: Judge Robert Hinkle says he’ll block Florida’s regulations on voter registration groups just as soon as an appeals court boots the state’s arguments. [Bloomberg]
* Judge Kenneth Lester Jr. will step down as judge in the George Zimmerman case after using “disparaging” language in a bail order. Zimmerman’s probably hoping that the third judge will be the charm for him. [CNN]
The Am Law Midlevel associate survey came out yesterday. Satisfaction among 3rd, 4th, and 5th year Biglaw associates is down for the second year in a row.
That’s a trend people should get used to. The midlevel survey should be renamed the Survivor’s Remorse Report for the next few years. The thing will be a snapshot of the few who made it through the great winnowing of 2009, or the lucky who got into Biglaw as the industry massively scaled back new associate hiring. As demand for legal services picks up, all we’re going to be looking at here are people working extremely hard on inadequately staffed cases.
My favorite quote from the Am Law piece is from a DLA Piper associate (the associate will be played by Miranda from the Tempest in my mind) who said: “Firms got too lean [after the recession] and consequently realized that associates will work more and more if asked. Quality of life has therefore decreased.”
Oh, brave new world.
These midlevels who are whining right now are slightly missing the big picture. They might have to work long hours, but they are going to make serious bank for the rest of their legal lives….
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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