The glory days of 2006 and 2007 may never return. They call it the “new normal” for a reason.
But things at least can get better incrementally. And this is what might be happening in the in-house world, according to two new surveys. These studies report that in-house legal departments are increasing both their hiring and their spending — which could be good news for the law firms that service them, as well as all the Biglaw attorneys who dream of making the jump to in-house.
Don’t say that we never give you happy news around these parts….
Over the last two decades, a dedicated Supreme Court bar has gained prominence, focusing on arguing the increasingly few cases before the justices each term. These lawyers face fierce competition in persuading clients to hire them, participating in a not-so-glamorous competition known in the industry as a “beauty contest.” At these lawyerly pageants, attorneys competing to take the case make their pitch and try to persuade the client that their firm is the best suitor.
In my new book, Unprecedented: The Constitutional Challenge to Obamacare (affiliate link), I go backstage and look at two of the most high-profile beauty contests in Supreme Court history: who would represent (1) the National Federation of Independent Business (NFIB) and (2) twenty-six states in their respective challenges to the constitutionality of Obamacare.
How did these litigants go about choosing their counsel? Which lawyers and law firms got passed over?
Last week, I wrote about face time considerations for associates. In Biglaw, face time is important for partners as well, albeit in a different way, with a significant exception for “pure” service partners.
Service partners are like associates when it comes to face time, with one major difference. In contrast to the often large constituency that associates need to please, your typical service partner needs to focus more exclusively on the specific rainmakers who provide them their work. That is why you will frequently find a service partner who is dependent on a particular rainmaker trailing that rainmaker around the office like a faithful Lab trailing a treat-bearing little kid. Or never leaving until the rainmaker leaves for the day. Vacations? Either timed to the rainmaker’s vacation, or planned with the idea that one would be perfectly accessible should the rainmaker call. Most of the time, this behavior by service partners happens naturally. When you have limited sources of work, it is folly not to stay close by those sources on a constant basis.
As important as face time is for senior and mid-level partners, it is even more important for junior partners….
Seeing as law firms are among Earth’s last enthusiasts of Lotus Notes and fax machines, they can hardly be expected to be on the cutting edge of evolving social media technologies. As social media platforms and blogs were exploding over the last decade, most law firms did not engage. Firms continued to churn out the unread white papers and ignorable client alerts as part of their traditional marketing efforts.
This reluctance or skepticism has waned some in the last couple of years and given way to a wary appreciation of the positive role that LinkedIn, Facebook, blogs, and similar sites can play in marketing, recruiting, client support and internal collaboration. A 2012 survey of lawyers and legal marketers by ALM Legal Intelligence attests to this shifting attitude. The survey had some striking findings. Among them:
This means that if I picked my outside counsel randomly, I’d be disappointed 19 times out of 20. I don’t like those odds, so I don’t pick outside counsel randomly.
And if I picked my outside counsel based on which outside lawyers told me that they personally think they’re great, I’d still be disappointed 19 times out of 20. I still don’t like those odds.
I don’t know if other inside counsel view things the same way I do. But, if they do, it makes business development awfully tricky. If there’s nothing you can say or do to cause me to hire you, what forms of business development might work?
Last week, I was having a business lunch at Michael Chiarello’s Coqueta overlooking the San Francisco Bay. (Those who know me won’t be surprised that I managed to combine a business meeting with some good eats. I’ll save my restaurant review for another time, or you can read it on OpenTable.)
Anyway, my lunch was with a partner at Leason Ellis, a thriving IP boutique in New York. The firm is a boutique in that the lawyers are specialists in intellectual property; as far as I know, that is their only practice area. But within that subject matter, they have both a litigation and transactional practice. Conversely, with limited exceptions, my own firm has remained a litigation-only boutique since it was founded four years ago. We handle a wide range of subject matters, but only do litigation within those subjects.
What are the pros and cons of running a litigation-only shop? Why haven’t we added a robust transactional practice as well?
About a year ago, we brought our readers some stats on the Biglaw firms that were representing some of America’s biggest companies. While that information was interesting, it only covered firms that were currently involved in litigation on behalf of Fortune 100 companies, leaving all of the worthy dealmakers out in the cold. To make matters worse, we only knew which firms were in court the most frequently on behalf of corporate clients — we knew nothing about their success rates.
Now, we’ve got a list that general counsel will really be interested in — a list of the Biglaw firms that are the best of the best in terms of client service. Are you sick of your outside counsel giving you the runaround? Are you tired of receiving deliverables that are off the mark?
These are the firms that have been rated the “absolute best” by general counsel…
Last week, I shared some thoughts regarding Biglaw summer associates. I thought it would be interesting to interview a current summer associate, and I was happy to hear from some brave volunteers.
The summer associate who is the subject of this interview has an impressive résumé and is off to a solid start at their highly-rated law school. That their credentials are strong is not surprising, considering the challenging job environment for those hoping to land a summer associate position in the first place.
The words of our interviewee are unedited, except to protect their anonymity. I’ve added some responsive parenthetical commentary after each response. I thank our interviewee for their candid observations and thoughtful opinions in response to these questions….
Next week my firm will celebrate its fourth anniversary. I can’t believe it has been that long. It seems like yesterday that I was sitting at my desk at Quinn Emanuel, thinking about cases worth millions of dollars but still too small to be economically handled by traditional Biglaw firms. I wondered if I might try to serve a growing market hungry for less expensive but still high-quality litigation. Not long thereafter I was conspiring with my partner over the details, drafting business plans, and conducting informal marketing surveys.
As my firm approaches its fourth anniversary, it’s interesting for me to think back to my early plans and consider what worked, and what did not. What happened as I predicted or hoped, and what was unexpected…
Starting a new firm is daunting. Many lawyers focus on their expenses, and are pleasantly surprised that the overhead and other necessary expenses are less than they expected. But the real difficulty arises on the other side of the ledger because accurately projecting income can be so elusive.
If you’re starting with guaranteed clients, then making projections is easier. But otherwise, you really can’t project your income unless you know the extent to which your business plan in general (and your business development plan in particular) will succeed.
Even if you can accurately project how much potential business you will have, it’s still easy to slip by overestimating your expected income…
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: email@example.com.
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.