There’s actually some data driving this discussion. According to Chen, citing research by Professor Henderson, graduates of Loyola University Chicago School of Law are six times more likely to make partner at a major law firm than graduates of the higher-ranked University of Chicago Law School, located just a few miles to the south. It seems that even though Chicago Law grads may have an easier time breaking into Biglaw than their Loyola – Chicago counterparts, the Loyola folks who do make it in the door tend to have longer-lasting law firm careers.
Let’s not pick on U. Chicago. There are other elite law schools with even higher Biglaw “washout” rates….
He probably would have made a great modern law professor, but Aristotle would be a crappy practicing attorney.
Here’s an argument you don’t hear everyday: law firms who hire the smartest people are hurting their business.
That’s the gist of the argument by Bill Henderson, a professor at Indiana University’s Maurer School of Law who studies the legal profession (and whom we’ve quoted often in these pages). At least if we define “smart” as people who did very well on the LSAT and go to the “best” (as in highest-ranked) law schools. Henderson says that there are a lot of different skills that go into being a profitable lawyer, and being a slightly better standardized test taker than somebody else is not the most important of those skills.
Hey, you know what Aristotle says: “I know enough to know that being able to quote myself makes me an over-educated douche who can barely balance my abacus.”…
Late last month, we posed a question: Can Stanford overtake Harvard and Yale and become the #1 law school? We consulted our Magic 8 Ball, which gave this answer: “Outlook Not So Good.”
And it’s not just the Magic 8 Ball. Professor Bill Henderson, one of the leading academics studying the legal profession, constructed a simulation model of the U.S. News rankings. He used this model to figure out what Stanford Law School would have to do to top the list.
For starters, it would need to get its hands on at least $350 million dollars….
This year’s famous hike to $160,000 in starting pay for first-year associates did not buy hiring firms anything in terms of separating themselves from their competition. The firms that can afford to pay more will pay more; but there is a price point that not all Am Law 200 firms will be willing to match. We’re confident that that number begins with a 2.
[T]he Big Law market is the midst of a “separating equilibrium”. In short, a few dozen elite firms are pulling away from their BigLaw peers in the competition for premium, price-insensitive work….
So what does the future look like? BigLaw will no longer be synonymous with “large full service firms”, which was the mantra throughout the ’90s. Successful financial services and labor & employment lawyers will tend to migrate to different firms [i.e., super-lucrative and less-lucrative firms, respectively].
In terms of leading New York firms — the shops with big-time transactional practices, and profits per partner of $2 million or more — we’d speculate that a move, to a starting salary at or close to $200,000, will happen in the next twelve to eighteen months. If it doesn’t happen in time for this fall recruiting cycle, it will happen in time for the next one.
The foregoing analysis assumes, of course, that U.S. law firms chug along nicely over the next year or two. If we have a general economic meltdown, then all bets are off.
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
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:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.