I previously wrote about the depressing prospects for graduates of all but the top ten or twenty law schools (“Two Law Grad Markets”). And yes, these were statistical generalizations, and the experience of specific individuals with particular skills and backgrounds will always be different, pro and con. But as an industry, if you care about our supply chain for talent, many law schools are burning platforms.
There are actually some closely connected problems driving this dynamic:
More JDs are being turned out each year than there are (a) full-time, (b) long-term jobs, (c) requiring bar passage, (d) at current salary levels;
perhaps the primary reason for the mismatch between supply of JDs and current demand for them (about two supplied for every one today’s market is demanding) is that clients increasingly resist paying for junior associates, which makes it uneconomic for firms to invest in traditional training;
but/and at the same time, every sentient observer is painfully aware that vast segments of the U.S. population — consumers and businesses alike — remain underserved by lawyers.
This would prompt any economist to ask, almost instinctively, “Why isn’t there a market-clearing price where supply and demand can meet?” Which is another way of asking, “What if there were a way to address both these problems at a single stroke?”
* Things you can sell as a practicing attorney: your soul, your dignity, and your standards. Things you can’t sell as a practicing attorney: babies (but it sure is a great way to abort your career). [Daily Mail]
I recently received an email from an old friend asking for advice on behalf of a relative who is thinking about applying to law school. I was about to respond with a warning about the dangers of taking on massive student loans to get a degree that just might put you on the fast track to unemployment, but then I reread the email and noticed that the young woman in question is thinking about applying to law schools in Canada (she’s Canadian).
O Canada! Their legal education system is different — and, by some accounts, better than ours. At least if you define “better” in terms of “better at getting law school graduates into legal jobs.”
But could things up north be changing — for the worse, eh?
* Above the Law — of animal cruelty? Steven Seagal, Sheriff Joe Arpaio, a dead dog, and a rooster massacre. [TPM Muckraker]
* After a judge shot down the effort by NBA star Gilbert Arenas to stop “Basketball Wives: Los Angeles” from airing, Arenas’s ex-fiancee, Laura Govan, was allowed to strut her stuff on television — and it wasn’t pretty. [Sister2Sister]
* Congratulations to super-mensch Stanley Levy, senior counsel at Manatt, on winning Am Law’s Lifetime Achievement Award for 2011. [American Lawyer]
Today we bring you a new installment in our popular series on celebrity summer associates. The stories in this series have been positive and uplifting — but we should note that we welcome tales of summer associate scandal as well.
With the summer winding down, it’s safe to share salacious tales of SA misbehavior. Please submit them by email, to email@example.com (subject line: “Summer Associate Story”), or by text message. As you know, we keep our tipsters anonymous.
Now, on to today’s celebrity summer associate.
Last week, in a piece for the New York Times’s Room for Debate project, I argued for reforming legal education by bringing back apprentices in law. But I was not optimistic about that change happening anytime soon.
Well, it seems that my call for apprentices has been heard. A former star of Donald Trump’s popular reality television show, The Apprentice, is now “apprenticing” at a major law firm, as a summer associate.
Who is this ex-Apprentice, and where is this person working?
Here at Above the Law, we’ve been discussing problems with the current law school model for quite some time now. My colleague Elie Mystal, for example, has railed against the high cost of law school, the crippling debt taken on by many law students, and the scarcity of jobs waiting for them on the other side.
By now we’re all aware of the problems. What about possible solutions?
We’ve already titillated you with an interview of one of the Apprentice contestants, former Clifford Chance associate James Weir. Now we’ll get our first look at the rest of the contestants on tonight’s premiere of The Apprentice, which this season is built around a recession theme (and stocked with a number of layoff victims, including laid-off lawyers).
Click on the liveblog below to experience the glory and majesty of Donald Trump, Donald Trump’s hair, and the recession-aided desperation of strangers.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!