If you are a solo or small firm who is looking to work with startup companies, you have probably been asked to take equity in lieu of compensation or to set up a deferred payment plan. When you are talking to companies who sound like they may be doing the next big thing, you may believe you are taking an educated gamble.
Yet, when you turn to the economics of being a solo or small firm, the numbers often do not pan out…
Passover is a time for family. Judaism has holidays galore, but Passover stands unique in its family-centric nature. The highlight of the holiday, the seder (literally “order,” due to the specific program of the evening), is by its very nature a family meal writ large. And on Passover, the definition of family is an expansive one for Jews, with the unfortunate or downtrodden as welcome and entitled to sit at the seder table as one’s immediate relatives. The seder itself commemorates the biblical paschal offering, which was by design intended to be consumed in a communal setting, amongst family.
Just last week, I was speaking to a client about Passover, and despite our differences in both age and observance level, we easily agreed that some of our strongest personal memories are anchored in our childhood seder experiences. In my case, the fact that my childhood seders were fortunate enough to have included my grandparents was a special blessing. Especially since they themselves (together with my parents, who were young children at the time) were forced to flee Egypt as refugees, leaving family and possessions behind. Thankfully, they all ended up (my Dad by way of France, hence my name) in this wonderful free country, where opportunity is open to all who are willing to invest in creating it for themselves. For me, the most fulfilling part of making partner in 2009 was being able to share that recognition with my grandfather, who was in the final stages of a heroic decade-long battle with cancer at the time. His courage in leaving the place of his birth, locked in the bathroom of a passenger ship to Italy to avoid detection, paved the way for our family’s rebirth on these shores. Many have similar stories, and those stories make holidays more meaningful, no matter what holiday is being celebrated.
While I was in Biglaw, holidays presented some of the few opportunities I had for uninterrupted family time. I was always grateful to have worked with people who respected my religious observances, and tried my best to minimize the disruption caused by my unavailability….
Joan Jett’s line from her famous song is apropos this week: “I don’t give a damn ‘bout my bad reputation.” Now, this attitude towards your reputation may have been all well and good pre the 24/7 media and social media cycle. Yet, in today’s world, what you do and post on the Internet is part of a permanent digital dossier. I caution any lawyer using social media to take pause and think before you post…
One of the things that was always interesting about Biglaw was just how much the skills of senior partners were celebrated, even in the absence of any verification. Or rigorous comparison to their peers, for that matter. Such exaltation of abilities was not limited to individual lawyers, of course, but extended also to practice groups and even other firms. In fact, a fair amount of Biglaw’s “prestige” is pollinated by secondhand anecdotal evidence, many times passed along by people who have either never seen their subjects in action or who are not qualified to distinguish between a great performance and a mediocre one.
Of course, I do not doubt that many, if not the vast majority of, Biglaw reputations are well-earned. For example, even though my knowledge of real estate law is severely limited, I would feel comfortable hiring some of my old colleagues at Greenberg Traurig in New York for real estate help, should I ever be in a position to acquire or dispose of some commercial real estate. I admit that I have no frame of reference, other than reputation and some personal relationships, supporting such a prospective choice. But it is not like I could “shadow” a closing and figure out which set of lawyers is doing a better job anyway. “Wow, those guys really put out a nice refreshment spread in the room with the closing binders” would be the level of my analysis. Probably not a good idea to choose counsel solely on that basis.
Once you have a lead on a potential client, the next step is to engage this individual or company in some way so that they decide to go with you and your firm for their legal matters. In some cases, you get a “slam dunk”, where they chat with you for a few minutes and it is a go. Other client engagements take a little more finessing, but at the end of the day, both you and the client are comfortable moving forward.
With others, the challenge is figuring out who is trying to get a freebie and just walk away with some free services and advice…
One of Biglaw’s calling cards is the ability to marshal resources quickly to handle nearly any kind of legal issue. Going to trial and need some immediate help with responding to a host of motions in limine filed by your adversary? Even in these days of reduced associate classes, at most firms it would be no problem roping in the necessary support. Need to put a team together on short notice to respond to a preliminary injunction motion? Not a problem. An email or two to the head of the group and a fellow partner or two, and you can have all the resources you need.
With some luck, you can even benefit from assistance in multiple time zones, always a plus when dealing with court deadlines in “foreign” jurisdictions, as is commonly the case in patent matters. Just ask any East Coast-based patent litigator whether they appreciate the extra hour for filing they get in their Eastern District of Texas matters. I know everyone is super-organized and never files at the last minute, but sometimes “unexpected delays” can result in a litigator making full use of the allotted response time for a filing or two.
While the Biglaw beast can be roused to quick action on occasion, it often prefers to move very deliberately towards a target. Patent cases are a good example. While there may be a flurry of activity surrounding an important hearing, or the close of discovery, or trial, there is also a lot of “preparing the case” time. Cases that take years just to get to trial are normal, and when you factor in appeals, it is not unusual for a Biglaw patent lawyer to go from associate, to counsel, to partner during the pendency of a single case. I speak from personal experience on that point….
Let’s say that you started your law firm a year ago, and your business is finally humming along. Meaning that while you’re not taking home a six-figure income, you’re no longer terrified of not making rent. But lately, you’ve noticed that you’re working more late nights and weekends than you’d like, just to keep pace with the steady influx of cases, law firm administration, and ongoing marketing efforts needed to feed the beast. Or, perhaps you’ve let your marketing efforts (like networking events, lunches, and blogging) slide because you can’t fit them into your schedule — but you fear that you’ll pay the price later when business slows. Or maybe you wind up working after hours simply because you’re too distracted by client calls and emails during the workday.
Back in the day when I started out, most solos who found themselves in this situation would either (1) suck it up and work more or (2) hire a newbie lawyer, paralegal, or receptionist, even though they might not have the revenues to cover a full-time employee. And in an extreme situation, some overworked solos simply stop returning client phone calls or timely filing motions due to lack of time and got hit with bar grievances. Today, however, solos experiencing growing pains have far more options to manage workflow and help transition to the next level. I’ll explore some of those options, along with the respective pros and cons, in this post…
The inevitable part of being a lawyer is that you need to work with other lawyers. If you thought you would be able to avoid this or have nightmares about law school classmates, then perhaps the practice of law that necessarily includes working with attorneys may not be for you.
As a small shop, it is important to evaluate how you work with other attorneys. Business is often referral-based and your reputation, which is gold if you are making your own way, will be based on how well you work with others. This does not mean being a doormat, but it does mean starting to understand how to build relationships or, in the least, be collegial with “opposing counsel.”
The patent world can at times seem very small. The same firms, representing the same group of technology companies, pursuing the same strategies, both to maximize profits for their firms and to deliver results for their clients. Sure people move around, but the players in the larger sense are pretty static. Most patent cases are of limited importance to everyone but the parties involved as well. Sometimes a case has a broader scope, and becomes of interest to industry competitors or even investors. Every once in a while a patent case captures the public fancy, as Apple v. Samsung undoubtedly has, usually because of the nature of the parties involved or the ubiquity of the technology at issue. When that happens, the patent world can seem very big — global in scope, even.
Sometimes a little case can actually turn into a huge deal. When the Supreme Court gets involved, for example. Especially when the issue in the case has far-reaching economic implications for society at large, and not just for the litigants involved. I have seen a number of “big” patent cases during my career, but none has the disruptive potential of a case that is set for oral argument next week in the Supreme Court. From humble beginnings as a declaratory judgment action filed in an unusual forum for patent cases (District of D.C.,) the dispute between Alice Corp. and CLS Bank has grown into one of the most closely-watched and debated patent cases — ever. And deservedly so, because the viability of software patents is on the line. With major ramifications possible: for technology companies of all sizes, IP firms and lawyers, the courts, and the good old global economy as well….
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.