A law student client — already an MBA — said she needed convincing to drop out of her third-tier school.
I told her to calculate the return on investment for the final three semesters.
She crunched the numbers.
“Debit-wise, I’ve burned $80k in savings and I’m looking at another $100k of borrowed money. On the credit side, I might find a low-salary doc review gig.” She pretended to scratch notes. “So… big loans, interest payments, inadequate cash flow…opportunity cost of 18 more wasted months learning legal mumbo-jumbo followed by the bar exam…”
“In other words…” I egged her on.
“I’d be totally screwed.” She affixed the cap on her pen. “Thanks. I’m convinced.”
I posed the question we were dancing around: “Why are we having this conversation?”
This week’s column was initially going to be about setting fees, but then two lawyers pissed me off so I’m now writing about why technology sucks and needs to be controlled like a screaming 2-year-old on an airplane.
I took Friday off to chaperone a field trip with one of my kids to the Everglades. I promise if I ever get a Pinterest account I’ll post all the pictures of the alligators. On Thursday, I did everything but wear a shirt that said, “I WILL NOT BE IN THE OFFICE OR AVAILABLE FRIDAY.” I also emailed some annoying people that haven’t been out of their office, ever.
That day, one lawyer I emailed responded something to the effect of, “I know you’re going to be out tomorrow but,” and then asked me to do some work on our matter. The other lawyer called Friday morning, was told I was out and said, “Can you have him call me to discuss a case even though he’s out?”
Yeah, we all have smart phones, we’re all getting email in real time, and regardless of what we’re doing, the other side can’t comprehend that we are either really not available, or just don’t want to be available. Maybe we’re looking at alligators with our kids while our phone is back on the bus.
Being out of the office (and for those that don’t have an office, “being out of the office” is a concept, not a physical geographical location issue) is something lawyers need to do to avoid hating the practice of law, but it is becoming more and more looked down upon….
Okay, I confess: I made the headline intentionally provocative. You shouldn’t lie at all, and you should absolutely forbid witnesses from lying under oath. (If we, the lawyers, don’t obey the law, who will?)
I’m thinking today about a person who is not under oath and will be sorely tempted to tell an obvious lie. Don’t do that yourself, and advise others that it’s not great idea, too.
When are people tempted to tell obvious lies?
In the corporate context, a quarterly earnings announcement might boldly proclaim that the company earned $1 per share this quarter. The Street expected only 90 cents, so this appears to be great news. But there’s something else tucked into the earnings report that disappoints the analysts: revenue declined; margins compressed; organic revenue growth stalled; whatever. Thus, despite the happy headline, the stock price drops two bucks on the day of the earnings announcement.
The next week, you, or the head of your department, or the head of a business unit, or whoever, has to brief an internal audience about the quarterly results. The speaker will be sorely tempted to tell an obvious lie: He’ll pull excerpts from the slide deck used for the earnings announcement, emphasize that the company beat the Street’s consensus estimate by ten cents a share, and tell the gang that we had a great quarter.
Meanwhile, everyone in the room is thinking: “If we had such a great quarter, why did the stock price crater on the news? Do you think I’m an idiot? Why are you lying to me, and do you lie often?”
I’m no expert in corporate communications, but it strikes me that it’s a bad idea to tell obvious lies. How do you avoid telling obvious lies?
* How can you tout your achievements in a cover letter without sounding like a tool? Here are some pointers from Professor Eugene Volokh. [Volokh Conspiracy]
* The “unbundling” of legal services is a big buzzword when talking about the direction of the profession. But Jordan Furlong has a question: should lawyers and law firms start thinking about “rebundling”? [Law21.ca]
Although lawyers make up 43 percent of Congress, and 60 percent of the U.S. Senate, according to Governing magazine, “[s]ince 1976, the number of lawyers in legislatures has declined by nearly a quarter, from more than 22 percent of all lawmakers to less than 17 percent.”
There, of course, is a natural path from lawyer to legislator. But the low pay, travel, time commitment, and mud slinging that we see on TV and the internet turn many lawyers away from public service.
The current political landscape also causes lawyers to be uninterested in participating in politics at any level, whether it means lobbying, running campaigns, fundraising, or attending political functions.
A few years ago, Scalia criticized the law school’s political drift to the left. But just before Valentine’s Day, they kissed and made up. On Monday, Scalia gave a speech at U. Chicago, where he used to teach (and served as faculty advisor to the Federalist Society). He also offered some, how shall we say, unexpected career advice for attorneys who are just starting out….
Last week there appeared a column on this site that denigrated clerkships in the middle of the country. I could not decide if the author was attempting satire, but it seemed to be a straight piece. I would like to offer a counterpoint.
I began my career at Biglaw in New York City. The firm began to have troubles, and I saw the writing on the wall as my class dwindled from 40 to 30 to 20. I then heard from a family friend that a federal judge in Oklahoma City was looking for a clerk to assist with some topics with which I was familiar. I scored an interview, we hit it off, and I moved my wife and new baby to OKC for a year.
Full disclosure: I went to 15 schools before graduating high school, and OKC was the place I called “home.” Many decisions about this move were simple: it allowed us to live near family for a year, which was great support for the baby; my wife was working on her dissertation, so she had time to write; and I had a circle of friends from high school with whom I could reconnect.
Further simplifying the issue was that the government payscale is based solely on experience. How much did I earn, as a law firm associate turned law clerk?
Do law firms set performance objectives for their lawyers?
I worked at two different lawfirms over the course of 25 years, and I remember only one meeting where anyone sat down and talked with me about setting performance objectives. We set the objectives; no one ever followed up to see whether I’d achieved them; and the rest was silence.
Perhaps some firms regularly set performance objectives for lawyers, but that was nothing I’d experienced before I moved in-house.
Many corporate law departments set performance objectives for in-house lawyers, and many people do this poorly. “Setting objectives” is viewed as an annual chore inflicted on the supervisor that he cannot ignore; the computer system keeps nagging him about it and ratting him out to others up the ranks. The supervisor finally relents and types a few objectives into the system: “Meet budget. Work closely with business units. Negotiate alternative fee agreements.”
Now that’s out of your hair, and no one will bother you until next year.
When I was a kid, before many of you were born, there were ads during Saturday morning cartoons for a program called “RIF” -– an acronym for “Reading is Fundamental.” Started in 1966 in Washington, D.C., it is supposedly one of the oldest non-profit educational programs in existence. I mentioned RIFs in my last column, and trust me, in the corporate world, RIFs are not altruistic attempts to get at-risk youth to read.
RIF stands for “reduction in force” — i.e., layoffs, terminations, downsizing, etc. A RIF can take various forms. For example, a V-RIF, or “voluntary reduction in force,” is when a company offers early retirement or severance packages to certain employees. These are usually offered as a first attempt to reduce work force numbers, and they are the cleanest way to lower the population. At the other end of the spectrum is the I–RIF, or “involuntary reduction in force.” The term is self-defining.
I stated before that I have witnessed an I-RIF period, and that it was awful. By “awful,” I meant that seeing people let go from their jobs was uncomfortable for me, having come from private practice where such reductions were not (at the time) as publicized as they are today. My company handled the situation with as much grace as could be expected, and I honestly believed our then-CEO when she stated that the dignity of our people was at the forefront of how the reduction would take place….
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.