Boutique Law Firms

Over the last two weeks, I gave a lot of thought to the email that I sent to Stephanie. Even though I do not regret telling her that I am looking for full-time work, I thought that I may have told her too much about my personal situation, which might have made her feel awkward. I planned to call her and let her know that things are fine and I was just having one of those days. But before I got the chance, Stephanie called me. She wanted me to schedule a time when I can meet with her and one of her partners to discuss working full-time at her firm.

There are some things you should know about Stephanie and why I hold her in such high regard. She is the managing partner of a highly respected boutique specialty firm. She is charismatic and her knowledge of the law is encyclopedic. Some of the attorneys at her firm have moved on to Biglaw, judicial clerkships, and other prestigious positions. All of her firm’s partners and associates have solid academic and professional backgrounds.

And now she is giving me a chance to work for her.

Could this be the opportunity I have been waiting for? After the jump, I will talk about what I will be doing at Stephanie’s firm and whether this could be the end of the race. Also, read onwards for information about a special federal clerkship opportunity…

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On September 4, Bill Simmons wrote a column for Grantland regarding the National Football League, titled “The League That Never Sleeps.” Since then, the NFL has remained in the headlines on a daily basis, scarred by a near-constant stream of negative news concerning off-field incidents involving current players. Apart from the escalation of unseemly episodes we have seen recently, the NFL is also struggling with potentially existence-threatening legal issues relating to the harm suffered by players due to the inherent violence of the sport. At the same time, the NFL remains the biggest show (especially from a TV ratings standpoint) in town, and the league has never been more profitable.

Do I need to spell out the parallels with Biglaw? Record profitability, coupled with record instability. It is a wonder that we don’t see Biglaw behemoths sponsoring the halftime clash between two local Pee-Wee teams at NFL stadiums….

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Bruce Stachenfeld

This is a continuation of the article I published in ATL two weeks ago. My previous article gave my view that the profitability metric of “Profits Per Partner” becomes in effect a master (rather than a servant) and is destructive and a root cause of some serious problems for Biglaw. In this article, I put forth a different way of doing business.

A long time ago, we at Duval & Stachenfeld decided that we would not make partnership decisions in our law firm based on a “numbers game.” Instead, we would look at the quality of the associates, and if they were qualified, we would make them partners irrespective of the effect that had on our firm economics. We have stuck to that view rigorously.

Over time we came to some realizations:

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At this stage of my career, I am pretty removed from the Biglaw associate recruiting scene. So I don’t know if firms have finished hiring their summer associates for summer 2015, or whether current 2Ls are evaluating offers and deciding which firm to join. While I was in Biglaw, I was very involved in supporting the recruiting department’s efforts, whether it was serving as a summer associate mentor or interviewing lateral candidates. So I know how seriously the process is taken by both Biglaw firms and the candidates.

As serious a business as recruiting is, however, it is often difficult for students and lateral candidates to distinguish between firms. Sure, enterprising law students and associates can study PPP or “prestige” charts in the American Lawyer or on Vault, or even take advantage of the vastly improved research tools for associates on sites like this one (including ATL’s law firm directory). Even more enterprising candidates will take advantage of their networks to solicit “real-world” feedback about the associate experience at firms from current and former employees of those firms. In sum, there is plenty of information, both collected and anecdotal, for young lawyers to consider when they are lucky and accomplished enough to have earned the right to choose between Biglaw firms vying for their services.

It is great that all this information is now available. But I think what younger lawyers would benefit from most is direction as to what information is worthy of focusing on, especially when making critical career decisions.

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With the kids heading back to school, it’s a good time to think about how education is changing — especially for lawyers. Our profession prizes continued education, and of course mandates it for those lawyers who otherwise would be too focused on billing or finding clients to learn. Both the way lawyers learn and for some the way they teach have been completely changed by technology. It may be trite at this point, but this is really the golden age of access to information and learning opportunities for everyone, lawyers included.

While on balance the development of the technology that has created the current state of information access has been a wonderful human achievement, there are downsides. Information overload can be paralyzing, and the speed at which information can be found and deployed creates stresses for those required to keep up. But if someone wants to learn something new, they can. And more than ever, for free.

As easy as it is to learn using today’s technological resources, that same technology has changed how a lawyer can teach others just as dramatically. When I gave my first CLE less than ten years ago, it was for lawyers within my firm, in one of the conference rooms, perhaps with some lawyers from other offices “joining” by speakerphone. For many years in Biglaw, that was how CLE was given and consumed. The biggest differences between sessions was the speaker and the size of the conference room. That changed over time, as firms started subscribing to audio or even video recordings of CLE from outside providers. With that development, it became easier than ever for lawyers to “consume” their CLE, often at group lunches sponsored by the firm. “Come for the food, stay for the CLE,” or something like that. Those lunches were a good way to make a dent in CLE requirements, especially if you aimed to get to one every month or two.

As busy as Biglaw lawyers often are, it was not uncommon for my colleagues and me to encounter a “CLE scramble” as registration deadlines approached….

double red triangle arrows Continue reading “Beyond Biglaw: Back To School (Or, Some Tips About Continuing Legal Education)”

Bruce Stachenfeld

This is the first of a four-article series focusing on the following matters:

  • First Article – Profits Per Partner: A Good Servant But A Bad Master
  • Second Article – A Profits-Per-Partner Emancipation Plan
  • Third Article – Beyond Profits Per Partner – Embracing Volatility
  • Fourth Article – How to Embrace Volatility as a Law Firm

Those of us running law firms have two sets of clients:

  • Clients – parties that hire us for legal work.
  • Lawyers – parties that do the legal work for the clients.

One without the other is pointless, obviously – they are yin and yang. However, despite this almost symbiotic relationship, most law firms are set up to attract great clients a lot more than they are set up to attract great lawyers. That is how law firms define “marketing.” The other function is called “recruiting.”

Indeed, let me ask you — in your firm, which is cooler: to be on the marketing committee, or to be on the recruiting committee? Which one is more likely to result in success at your firm, including money, power, fame, a big office, etc.?

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Our law firm does not have a Twitter account. But our consulting and patent monetization firm, Markman Advisors, does (@MarkmanAdvisors) — an active one, where we post about patent litigation-related events that are of interest to our followers. Twitter has become our number-one way of interacting with the investment community that is the target for our consulting and patent monetization services.

Yet our law firm still does not have a Twitter account — and I am not convinced it should. As a practicing litigator, I am reluctant to give out my opinions on legal issues through such a broad-reaching medium. Lawyers on Twitter either need to have a lot of guts, or follow the typical boring Biglaw marketing model. I am not interested too much in either approach.

Our engagement with Twitter is relatively recent, dating to the launch of our law firm and consulting practice. Prior to Twitter, our focus was on demonstrating our patent litigation bona fides via investor-focused articles on websites like Seeking Alpha and Harvest. The goal of that work was to demonstrate that Markman Advisors offered investors, inventors, and companies interested in patent situations a unique analytical approach, informed by our collective experience litigating big-ticket patent cases while at Biglaw firms. We were fortunate to build a following on those platforms, which led to meetings with the type of clients we were interested in representing. In the course of those discussions, we found out that for the investment community — traders, hedge funds, whomever — Twitter is a necessary and powerful communications tool.

Being lawyers, our first reaction was skepticism….

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Deepak Gupta

It’s an intimidation model. It’s a way for corporations to go after their critics and those who fund them.

Deepak Gupta of Gupta Beck PLLC, lead appellate lawyer for Steven Donziger in Donziger’s never-ending litigation with Chevron, commenting on the oil giant’s hardball tactics and aggressive litigation style (for a lengthy Rolling Stone article about the case).

The week before Labor Day is one of my favorite weeks of the year. Has been for a long time. Even during my decade-plus in Biglaw, a fact that may be shocking to those who believe that the Biglaw experience ranges from the tolerable to the miserable — and never enjoyable. But even for those who feel trapped in the ravenous clutches of the insatiable Biglaw billable hours beast, the end of August almost always offers a welcome, if brief, respite. Because late August is prime Biglaw vacation season, and offices nationwide are running on a skeleton staff.

Partners, and even some associates, are trying to squeeze in some family time before the start of school. The younger set is off for a final round of beach weekends, or just enjoying lazy days in the office, relishing the chance to kick out at a normal hour. With time to hit the gym, before a meal in a real restaurant, rather than a Seamless-delivered dinner in a takeout tray. During my Biglaw years, the end of August meant the last few days of commuting down to the Jersey Shore by ferry from Manhattan, with twilight views of the Statue of Liberty and the Verrazano Bridge. Moments of serenity, even in a city of perpetual motion.

The end of summer can be wonderful, and the temptation to milk the most relaxation out of the waning days of the season great. But it would be a mistake to view this period as only one of enjoyment….

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Bruce Stachenfeld

There – I always wanted to write an article that had such a strange title that people would look at it and wonder what I was talking about. So here goes….

Everyone just loves to beat up on the big law firms. I keep reading articles everywhere that say:

They are overpriced.

They are inefficient.

Their partnerships destroy innovation.

They are terrible places to work – sweatshops – associates are worked to death until they quit.

Their business model is broken.

There was even a book that came out a year or so ago with a great title, The Lawyer Bubble: A Profession in Crisis (affiliate link). To me the book described the law business as part of a dying profession that is enmeshed in a conspiracy to ruin the lives of all in it — except the fat-cat senior partners at the top of the pyramid. I admit I read it a while ago and it is a bit hazy in my mind, but the author, a former Kirkland & Ellis partner, clearly is not a fan of the current state of Biglaw….

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