Let’s give a round of applause to these great firms.
Earlier this week, the American Lawyer released the results of its annual survey of Biglaw midlevel associates (third-, fourth-, and fifth-year associates at large law firms). We’ll start with the good news: midlevels seem to be quite happy. The average composite score for satisfaction hit 4.08 — the highest in a decade, and higher even than last year’s healthy figure.
But just like last year, which revealed a significant gender gap in terms of job satisfaction, this year’s rosy news comes with caveats. The latest survey shows, for example, that women, African-American, and LGBT lawyers are less satisfied than their non-minority counterparts in terms of measures like training, fairness of evaluations, and partnership prospects.
Now let’s move on to the juicy stuff: the firms with the happiest — and unhappiest — associates. Plus a new ranking from Am Law, focusing on which law schools best prepared their students for Biglaw life….
Contractors have been there before — an unnecessarily angry associate screaming at a room of temps muttering about when they were first-year associates. So what has got their panties in a bunch? Well, like most curmudgeons, it is change. The legal landscape is rapidly shifting, and one has to move with the tide or be swept away.
We frequently throw the term “Contract Attorney” around in this column, but there are a wide variety of tasks that are now considered contract work. As the tasks change, contractors encroach more and more on work traditionally thought of as an associate’s domain.
So what are the most typical contractor tasks, and how are they affecting the associates’ way of life?
Ed. note: This is the fourth installment in a new series of posts from the ATL Career Center’s team of expert contributors. Today, we have some great advice for newly minted attorneys from Joshua Stein, the principal of Joshua Stein PLLC, a prominent commercial real estate law practice in Manhattan.
It’s your first year as a new lawyer. What do you need to know? How can you not screw it up? Here are some suggestions, based on more than 30 years of experience — as an associate at two firms, then a brief time as an associate at a third firm, followed by 20+ years as a partner at that third firm. These suggestions reflect my own experiences, lessons learned along the way, and what I’ve seen and heard from others. Nothing here applies specifically or uniquely to any firm where I worked.
It’s a Business. As much as we might all want law firms to be kind and gentle, remember that client demands are not kind and gentle. Also remember that a firm’s profitability — the ultimate main event — depends on buying a lot of legal expertise wholesale, converting it into as many hours of billable legal work as possible, then selling those hours at retail. That isn’t going to go away. Get used to it. That’s the business you’re in. If you don’t want to be in it, go find some other business to be in.
Fair is fair: I wrote last week about “what drives partners nuts.” Having armed associates with the ammunition needed to drive partners crazy, it’s only right that I arm partners with ways to drive associates nuts. (I realize that many partners are quite good at this even without my help, but I figure a stray few could use some guidance.)
Come on, partners, how can you drive associates nuts?
First: Give associates disembodied projects!
If you wanted someone actually to be interested in a project, you’d tell that person what the project was about. You’d explain what the transaction entails, what the client needs, and the critical issues likely to arise. In litigation matters, you’d explain who’s suing whom for what, the path the case is taking, the client’s main concerns, and the likely endgame. That would put a person’s brain in gear, and the person might actually care about his or her work.
This week, Lateral Link Director Tricia McGrath shares the inside scoop on what fifth years need to do to make sure they stay on track to become partner, and avoid the pitfalls that come with being passed over continually.
Law firm economics changed substantially over the past decade. Law firms now run like “businesses,” in corporate America parlance. In the last few years, many associates at top firms who thought that they were “on track” for partnership were unexpectedly passed over. Unfortunately, market conditions suggest that many more will be passed over in future years.
As a recruiter, I frequently speak with senior associates who were on the wrong side of partnership decisions, and as a result, realized the “out” side of the firm’s “up-and-out” policy. Many of these overlooked associates are now wondering how the train went off the track so quickly. Don’t the years of solid billables and strong reviews account for anything? For most of these associates, their best-case scenarios are a new position at another Biglaw firm with a three-year partner look — often going in to their new firm as a fifth or sixth year — or an in-house position at significantly less compensation (in most cases). Often, neither of these options is particularly attractive for the candidate.
How can you protect yourself from becoming a senior associate who has been passed over, has no business, and has limited job prospects?
Lawyers like to complain about the billable hours requirements at their firms. A common question seems to be what will count and what won’t. In this line of work, time is money, and many associates want to know if they’re wasting their time.
If the firm makes you go to a professional development event, are you losing out on hours? If you get wrangled into doing pro bono work, are your weekly billables for paid clients going to plummet? And will that ultimately get reflected in your bonus check?
Yesterday, we lamented the fact that we often report on depressing news about the state of the legal profession in this country. Today, we actually have some good news. Jenner & Block realized that their lawyers shouldn’t be toiling away in their dungeons offices and forgoing pro bono opportunities in order to meet their billable hours requirements.
The firm remembered that this profession is supposed to be about helping the less fortunate, and it has adjusted its policies accordingly….
* Apparently racism still exists, even at prestigious university like NYU. Skip the damn banana, I’ll take $210K instead, thanks. [New York Daily News]
* First they came for the eggs, and I didn’t speak out because I don’t like breakfast. Then they came for the turkey, and I flipped out because my freezer is full of it. [Los Angeles Times]
* Imitation may be the highest form of flattery, but Christian Louboutin plans to appeal last week’s ruling on his red-soled shoes. You go girl, because I don’t want to pay for an imitation. [Daily Mail]
* What kind of a neighbor goes after Girl Scouts for selling cookies in their own driveway? Apparently the kind you don’t want to live next to anymore. [Daily RFT / Riverfront Times]
As any law student can tell you, pulling an all-nighter sucks. Biglaw associates, however, have to pull all-nighters quite frequently — and sometimes they’ll have to get by with very little sleep, for multiple nights in a row. As one of our Above the Law editors mentioned to me, a Biglaw all-nighter “is nothing like any other kind of all-nighter [he's] ever experienced.”
So what happens when you’re on your eighth caffeinated beverage of the night and you’re still yawning? You can literally feel the small amount of blood left in your coffee stream getting ready to stage a strike if you don’t catch a few Z’s. As a young lawyer, would you even consider going to sleep? And would your firm approve?
Hell no. Don’t even think about it. You can sleep when you’re dead. But for now, you get a futuristic-looking pod to take a nap in….
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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!