On Monday, we noted the surprising news of a young partner leaving Wachtell Lipton to start his own boutique firm. Given the rarity of partner departures from the super-lucrative Wachtell, my colleague Staci Zaretsky described the news as “basically like seeing a unicorn.”
Why did Jeremy Goldstein, a 40-year-old partner in the firm’s executive-compensation practice, leave WLRK? The American Lawyer piece about Goldstein’s move painted a happy picture of a lawyer striking out on his own to be more entrepreneurial and to run his own business.
But we wonder if there’s more to this story than meets the eye….
Summer associates, do you think you understand how to avoid that no-offer? For a little fun (while you’re “working” oh-so hard) take the ATL Summer Associate Reality Check and test your historical knowledge of notorious summers who have gone before you. Also, learn what to do — and what *NOT* to do — in order to get that job offer.
(This challenge is brought to you in partnership with our friends at CredSpark.)
Ed. note: Please welcome Above the Law’s guest conversationalist, Zach Abramowitz, of blogcasting platform ReplyAll. You can see some of his other conversations and musings here.
For those lucky enough to get an offer from a Biglaw firm, you’re probably a few weeks into the decadence that is being a summer associate. And most of you are probably enjoying it. Sure, you’ve been told that once you’re a “real lawyer” you won’t spend your days being wined and dined, and your evenings attending concerts and improv classes.
But for those of you who may not think this whole corporate summer camp is all it’s cracked out to be, I’m here to tell you that you’re not alone. There are at least two other people in the world who share your sentiment. So sit back, relax, and enjoy this conversation with my former colleague Ethan Lutske — the one other person I could find willing to go on the record about how being a summer associate sucks. And if anyone asks, just do what you’ve been doing for the last three weeks and bill your time to “Legal Reading.”
* The New York Court of Appeals put the hurt on defunct firms seeking unfinished business fees from former partners who left for greener pastures. Sorry, I didn’t follow ATL protocol: “Dewey think firms should collect unfinished business fees?” [WSJ Law Blog]
* We reported on the Tinder lawsuit yesterday. Here’s a collection of all the messed up texts involved. [Valleywag]
* Facebook’s lawyer is now calling the emotional manipulation study it recently conducted “customer service.” Dear Internet: Despite all your rage, you’re still just rats in a cage. [The Atlantic]
For about three years now, we have been conducting the ATL Insider Survey through which our audience members share their insights and experiences regarding their own employers and schools (or alma maters). From the data we’ve collected, we have created a slew of content, including our Law Firm and Law School Directories. Many thanks to the approximately 17,000 (and counting!) of you who have responded.
Today, we launch a different sort of survey, one where we ask you to look outside your own organization and share your opinions about other law firms. Who do you respect? Who do you fear? Who are you secretly happy to see on the other side of the table?
The ATL Law Firm Reputation Survey asks those of you working in law firms to rate your peers and competitors. We look at “reputation” as having two distinct aspects: 1) the reputed strength and quality of a firm’s practice, and 2) the desirability of the firm as a potential employer. Of course, these two aspects may or may not be closely connected, depending on an individual’s perspective. Does “culture” matter or is it all about “prestige”? You tell us.
Our survey will present you with a couple of (short, randomized) lists of firms for you to rate on both these points, tailored for your geographic location.
Don’t tell anyone where you are going. Don’t tell anyone you are going. Take Fridays here and Mondays there and pretend you are sick. Milk that mild depression diagnosis. Just let it all accrue and wait until you change jobs.
A sampling of common advice on taking vacation as a Biglaw associate, but sometimes it doesn’t always work out….
Biglaw associates are used to the “black hole” effect when it comes to their assignments. Sure the work is important and valuable, but because of the disconnect between a typical Biglaw attorney and an actual client, it can feel like any given assignment is destined for a “black hole,” rather than serving as a building block for solving a client’s problem. The further removed the lawyer is from the client, the more pronounced the effect. It can be a morale drainer, especially if it looks like the lawyer will never get the chance to work directly with a client on a matter of significance.
Working at a boutique or smaller firm, where there is more direct client contact by necessity, presents a different challenge to a lawyer’s motivation than the “black hole” effect. Because at a smaller firm, or even for partners in Biglaw firm lucky enough to make the adjustment from service partner to a true “counselor,” the lawyer in close contact with a client must confront the inherent limits in the attorney-client relationship. Yes, it can be much more rewarding to have a practice where you feel like you are partnering with your client to get things done. But it becomes all the more frustrating when you give advice, even good advice, that goes unheeded by that same client….
Here at Above the Law, we love ourselves a good departure memo. If a great one makes its way into your inbox, please feel free to send our way.
People write departure memos so they can frame their farewells — explain why they’re leaving, provide their new contact information, and thank the people who need to be thanked. But what about if a partner — a managing partner, no less, and one involved in a summer associate scandal from a few years ago — just quits without explanation?
In that case, the remaining members of management write her departure memo for her. And oh what a departure memo….
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.