* Say sayonara to the Buffett Rule. Senate Republicans were successful in blocking the 30% tax on millionaires proposed by Democrats. And thank God, because that trickle down thing is totally working for us right now. [Wall Street Journal]
* Rich lawyers keep getting richer because they keep increasing their fees. That being said, where the hell are the bonuses? Come on now, SullCrom, are you seriously going to make us all wait until June? That’s really not very nice. [Thomson Reuters News & Insight]
* Well, that was quick: one minute men abound in the George Zimmerman circus. Mark O’Mara filed a motion to get Judge Recksiedler off the case, and the media filed a motion to get access to sealed records. [CNN]
* A federal judge presiding over the John Edwards campaign finance trial dismissed 47 potential jurors. Dude gets around, because apparently he had slept with all of them. Nah, he wishes, though. [Bloomberg]
* As a law school, it sure is easy to claim that just under 100% of the class of 2010 was employed nine months after graduation, especially when you were the one employing them. [National Law Journal]
* Seems like the New York Times has finally caught on to the ADA troll trend. Lawyers are recruiting clients to file suits against noncompliant businesses, but at least the disabled reap the rewards. [New York Times]
* Prospective welfare recipients in Georgia have a few more months to blaze before they’ll have to pass a drug test to receive benefits. Smoke two joints before you prepare for all the incoming lawsuits. [Washington Post]
I’ve known some lawyers to proudly proclaim that in litigation, they leave no stone unturned. They boast that they will pursue every defense, review every document, and raise every argument. In doing so, presumably, they assure victory. They strive to win at any cost.
This approach makes sense when a well-funded client faces bet-the-company litigation. In that case, of course, a lawyer should pursue every possible path to victory, even if a particular path seems like a long shot. It may cost a lot to win, but even more to lose. In these cases, the economic interest of the attorney and the client are aligned. If the amount at stake warrants it, the lawyer can work the case to the max, and the client is happy to pay for it.
But smaller firms handling smaller matters know that many times, winning in litigation is relative to the amount at stake and the fees incurred. Every client is initially delighted to receive a favorable verdict at trial. But when the heat cools down, and only the bill remains, even the winning client may resent his lawyer when he reflects on the price he paid for his “victory”….
Over the last few years, the legal market has changed dramatically. We live in a buyer’s market in which the clients hold the upper hand and can demand financial concessions from their attorneys that go beyond lower hourly rates.
This good news for clients might sound like bad news for lawyers. If lawyers can’t charge as much, they likely won’t make as much. But although greater price competition might lower revenue for some firms, it surely presents an opportunity for others. Small law firms often compete with bigger firms on price, and increased client sensitivity to legal fees can be a marketing boon to firms that can undercut their competition (with the familiar caveat, of course, that the smaller firm must be able to provide the resources and quality required by the particular matter).
The changing market invites, if not demands, lawyers to offer concessions for clients. Happily, many of the concessions have relatively little impact on the firm’s bottom line, but can garner significant goodwill with clients. For example….
Ah, nothing brings around the lawyers of today like the talk of money. One of the most popular Google searches by law students and lawyers is “how to make money as a lawyer.” I rarely see searches for “how to cross examine the expert witness,” or “building a reputation, one case at a time.”
It’s all about the cash.
So here it is, here’s your red meat:
Charging “what everyone else charges” is for losers.
Good clients know you get what you pay for. Cheap, annoying, time-sucking, Bar-complaint-filing clients try to own someone for nothing. If you want the same clients everyone else has, charge the same legal fees. You can be Wal-Mart, or you can be Saks. More people shop at Wal-Mart, but people looking for quality shop at Saks, and they know the difference. They go in, they see something they want, and pay for it (without a payment plan). (And don’t tell me “credit cards are payment plans.” The seller gets the full amount, the buyer makes payments to the bank.) Saks doesn’t have “low prices,” and customers aren’t going there for low prices. They’re looking for quality. Price is secondary….
* 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]
Plaintiffs’ lawyers in class action cases: are they heroes, or villains? Do they make too much in fees, leaving the classes they represent high and dry? Or could it be argued that they make too little for the work that they do?
Although the matter is still being contested — Northland has asked a court to reduce its bill still further, to zero — the arbitrator’s finding calls into question the business model Goodwin and many other large law firms have relied on for decades: Deploying huge legal teams to pursue clients’ cases, often assigning more than a dozen lawyers to compile research, conduct depositions, and draft motions.
— an article in the Boston Globe about a recent fee dispute between Northland Investment Corp. and Goodwin Procter, in which an arbitrator concluded that Goodwin overcharged Northland by more than $540,000 (gavel bangs: ABA Journal and WSJ Law Blog).
It’s not a huge amount of money, but maybe the message is more important? U.S. District Judge Glen H. Davidson ordered McMillen’s Mississippi school district to pay about $81,000. Even though the school district canceled the prom, McMillen was still entitled to attorney fees because she was the prevailing plaintiff in a civil rights case.
Let’s hope $81,000 gets the attention of school districts in Mississippi and elsewhere. At the very least, that’s got to be more than they usually spend on prom. Maybe they’ll figure out it’s cheaper to let their gay students party with whomever they want.
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@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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