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.
Here’s the thing about these “onshore,” “insourcing” operations: they are successful. Ridiculously successful. In an article in the Pittsburgh Post-Gazette, Orrick chairman Ralph Baxter called the decision to open the Wheeling center “one of the smartest decisions we’ve ever made for the firm and our clients.” And that’s coming from a man who made the smart decision not to merge with Dewey Ballantine.
That’s why every Biglaw managing partner, and every law student thinking of taking out hundreds of thousands of dollars to go to law school, should pay attention to what’s going on in Wheeling…
What Husch Blackwell first-years look like right now.
* The Apple Samsung carnival returns to court today. I can’t wait to see what happens. We will probably have more on this later. [Bloomberg Businessweek]
* After being found guilty of judicial misconduct for misappropriating public funds, Michigan state Judge Sylvia James will be removed from the bench for the remainder of her term. [Detroit Free Press]
* London-based Herbert Smith poached six partners from Chadbourne, including the head of the firm’s litigation group, Thomas Riley, and Gregory Loss, who helmed the products liability group. [Thomson Reuters News & Insight]
* San Bernardino is the newest California city to declare bankruptcy. The city apparently has over $1 billion in debt. I wonder if they had to cut their prosecutors’ salaries also. [Wall Street Journal]
* President Obama nominated prosecutor Pamela Chen to be a new judge for the Federal District Court in New York. If confirmed, she would become the second female Chinese-American federal judge in U.S. history, and also would be one of the first openly lesbian federal judges. [Metro Weekly]
* Republicans filibustered the Obama administration’s high-priority cybersecurity bill. [New York Times]
We know that the overall employment rate for the class of 2011 is lower than it’s been in 17 years. But even members of the class of 2011 who managed to secure employment have been screwed. Median starting salaries for new law school graduates have dropped by 35% over the past two years.
Since prospective law students are not great with facts and numbers, NALP was kind enough to put together some pretty pictures to help people understand….
* What kind of a Dewey pun will be used later today when we discuss this global “clawback” deal for former D&L partners? I dunno, but “Dewey know how f**ked we are?” seems rather appropriate at this point. [Wall Street Journal (sub. req.)]
* Judge Lucy Koh recused herself from a Facebook privacy lawsuit without providing a reason for doing so. Given that a petition to impeach her popped up online, she probably doesn’t want to piss off any other tech companies right now. [Reuters]
* Mississippi: a state where legislators want to protect women from unscrupulous abortion practitioners their own choices about their bodies. A judge has extended a temporary order to allow the state’s only abortion clinic to remain open. [CNN]
* Good news, everyone! Median starting salaries for recent law school graduates are no longer in the six-figure range due to an “erosion in Biglaw jobs.” Still think you’re going to make big bucks? [ABA Journal]
* A San Diego, California fireworks fiasco that lasted all of 15 seconds yielded not only a bunch of fabulously entertaining YouTube videos, but also great lawsuit fodder for environmental groups. [National Law Journal]
* Note to unemployed law school graduates in New Jersey: selling black-market kidneys isn’t a half-bad career choice, because if you get caught, you’ll likely only be sentenced to 30 months in prison. [Bloomberg]
I worked for twenty years at the darkest of the black-box compensation law firms: No one knew what anyone else was being paid, and the firm forbade talking about compensation. Here’s the curious part: We obeyed.
I saw the raised eyebrows of partners considering moving laterally to my firm: “Right — no one talks about compensation. You guys must talk about it all the time, just like we do at my firm. It can’t be a secret.”
Wrong. We really, honest-to-God did not talk about compensation. The subject just didn’t come up.
I’ve heard second-hand that this is true for other black-box firms, too. The managing partner of a different large, black-box comp firm recently told one of my colleagues: “Once you take compensation out of the limelight and forbid people from talking about it, then people stop talking about it. The subject drops off the table.”
That sets the stage: At firms where lawyers are permitted to talk about each other’s compensation, they do. And at firms where lawyers are prohibited from talking about compensation, they don’t.
Riddle me this: In corporate law departments, we are not prohibited from discussing each other’s compensation, but we don’t do it anyway. Why is that?
Earlier this week, we brought you some news about an “excellent position” that a tipster found on Boston College Law School’s Symplicity site. As a quick refresher, BC Law touts a median starting salary of $160,000 for graduates in the class of 2010 who entered into private practice. This job… doesn’t come anywhere close to that number.
The position in question promised benefits such as malpractice insurance, health insurance, a clothing allowance, and an MBTA pass, but the starting salary was only $10,000. The MBTA pass must’ve been thrown in as a housing benefit, because the firm had to have known that on a salary that’s below minimum wage, their new associate would be forced to live in the Boston subway system.
As we noted in Morning Docket, one of the firm’s hiring partners has now spoken out about the job, and a spokesman from Boston College Law has come to the school’s defense, too. Let’s take a look at some of their bullsh*t explanations rationales for posting this “excellent position”….
So, we often bring you stories about terrible job offers for recent law school graduates. And we often bring you stories about how law school statistics about the success of their graduates can sometimes be misleading.
Today, let’s put those stories together. Let’s take a look at a job that will pay you way below minimum wage that’s being offered to law grads from the same school that proudly boasts a “median” private practice salary of $160,000 within nine months of graduation.
It’s been a while since we’ve had a good New York to 190 post. As we’ve discussed before, associate salaries at New York law firms are long overdue for a raise. Starting salaries have stagnated in New York.
What’s worse, total associate compensation has gone down this year from last year, thanks to Cravath’s low bonus and the absence of spring bonuses. The buying power of a New York associate is pathetic.
But one new firm in New York seems poised to change that. The firm isn’t nearly as big as our salary market leaders, but the firm is leaving the stagnated Cravath salary scale in the dust…
Today we bring you good news and bad news from Dickstein Shapiro, a prominent Am Law 200 firm headquartered in Washington, D.C. (with offices in five other locations). Let’s start with the good news.
The good news: last month, the firm brought associate salaries up to the market scale (i.e., $160K for first-year associates, $170K for second-years, $185K for third-years, etc.). As you may recall from some of our prior coverage, for a time Dickstein was paying below-market salaries, pursuant to a non-lockstep compensation system.
(A pay-related aside: it seems that we never covered the most recent bonus cycle at Dickstein. If you have info you can share, on bonuses or salaries or anything else about the firm, please email us, subject line “Dickstein Shapiro.”)
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: