Ed. note: This is the fourth installment in a new series of posts from the ATL Career Center’s team of expert contributors. Today, we have some great advice for newly minted attorneys from Joshua Stein, the principal of Joshua Stein PLLC, a prominent commercial real estate law practice in Manhattan.
It’s your first year as a new lawyer. What do you need to know? How can you not screw it up? Here are some suggestions, based on more than 30 years of experience — as an associate at two firms, then a brief time as an associate at a third firm, followed by 20+ years as a partner at that third firm. These suggestions reflect my own experiences, lessons learned along the way, and what I’ve seen and heard from others. Nothing here applies specifically or uniquely to any firm where I worked.
It’s a Business. As much as we might all want law firms to be kind and gentle, remember that client demands are not kind and gentle. Also remember that a firm’s profitability — the ultimate main event — depends on buying a lot of legal expertise wholesale, converting it into as many hours of billable legal work as possible, then selling those hours at retail. That isn’t going to go away. Get used to it. That’s the business you’re in. If you don’t want to be in it, go find some other business to be in.
Hello readers! This post marks the one-year anniversary of my writing for Above The Law. **Hooray!** Whew, okay, now that all of that crazy excitement is over with, let’s move on.
Every once in a while, I meet people who ask whether there’s any value in doing a clerkship if they would eventually like to practice transactional law in-house. Like a dutiful little blogger, I consulted with several senior in-house attorneys on their thoughts about whether a clerkship is valuable for an in-house transactional practice.
The lawyers I consulted who hadn’t clerked generally saw little to no value in a clerkship with respect to an in-house transactional practice. Why spend an entire year of effort on something that’s not going to be directly applicable to your practice (and, by the way, pays diddlysquat), when you could be getting firsthand experience drafting contracts and working on deals on Day 1? Plus, it’s not like businesspeople have a clue what the difference is between a law clerk and, you know… a rock.
The attorneys who had clerked, on the other hand, saw many potential benefits….
[D]on’t make a bad situation worse by doubling down on useless degrees. As I argue, going to the average law school at full price because you can’t get a job with your English degree is like having a baby to try to salvage a crumbling relationship.
What’s left? Today’s topic: How to drive outside counsel nuts.
I’d say that I’ve been thinking long and hard about this subject to permit me to draft this column, but that wouldn’t be true. I’m a natural at this!
How do you drive outside counsel nuts?
First: Insist that outside counsel prepare a budget for every matter. Then complain that the budget is too high; tell counsel to reduce it. Complain that your business will never accept even the revised budget, and tell counsel to cut the estimate further. When you get the second revision, gin up some reason why even that’s too high, and have counsel cut the budget again.
Six months later, when counsel has blown through the budget, refuse to pay the bill! “You told me you could handle this case for damn near nothing. And now you want all this money? This is far more than what you budgeted. There’s no way we’re paying this!”
See? I told you that I was a natural. And I’m just getting warmed up . . . .
If you’re one of the few left a lawyer that believes success and enjoyment of the practice of law may involve more than just sitting at home with some computer equipment and an internet connection, here’s a list of people, yes, real live people, that have been important in my practice:
1. The Accountant.
No, not your father’s accountant, but an accountant that has a few years on you and experience with lawyers. You know, someone like you that is building a business but in another field. I know, you have Turbo Tax or some other software you can type some numbers into on April 14th, but that’s not the reason for an accountant. Your accountant should know where you are financially and where you want to be. He should be someone you meet with at least twice a year and discuss your whole financial picture. Your accountant should be listening to the details of your finances, your thoughts about business, and giving you advice — not just putting numbers in to an 1120-S or 1040.
2. The Financial Advisor.
No, not the guy calling you with a “tip.” Find someone who is a certified financial planner that has been at the same brokerage house for over five years — not just someone with over five years’ experience. (Cue the blowback from financial advisors who find this advice bad for business). Why? I like someone that knows the philosophy of their firm and has some knowledge of their money managers. And I know, you have no money to put away or invest in the market, but if you build that great LinkedIn profile to start making money, you should. Maybe some advice from a financial planner will put you in a position to have a few bucks to put away, and soon enough you’ll have a killer defined benefit program. (I learned about defined benefit programs from my financial advisor.) Oh, and my financial advisor often sets up lunches for me to meet other professionals.
Who else should be essential to your law practice?
Ed. note: This is the first installment in a new series of posts from the ATL Career Center’s team of expert contributors. Today, for the benefit of newly arrived (or soon-to-arrive) first-year associates, we have some advice from Ross Guberman on writing for the toughest audience they’ll ever face.
With the help of many clients, I recently surveyed thousands of law-firm partners about the writing skills they want to see associates develop.
Across the country and across practice areas, partners agree on what they’d like to change about associate drafts. I’ve organized their responses according to my Four Steps to Standout Legal Writing. I’ve also included a fifth category that covers usage and mechanics.
A few sample responses follow.
Step One: Concision
Partners say they spend too much time cutting clutter and other distractions from associate drafts. Anything that interrupts the message — wordy phrases, jargon, legalese, redundancy, blather, hyperbole — is a candidate for the chopping block.
How can you drive clients nuts? Let me count the ways.
First, remember that it’s really not the client’s case; it’s yours! The client retained you. You’re tending to the thing. If you win, you’re going to link to the decision from your on-line firm bio. So take the case and run with it!
When journalists call, answer their questions. (Make sure they spell your name, and your firm’s name, correctly in the published piece. Free publicity can’t hurt.) That silly little client surely trusts you to handle the press properly and, if the client doesn’t, the client’s wrong.
In fact, don’t limit yourself to handling the press. Figure out what an appropriate settlement should be, and then move the process along on your own. Call opposing counsel and tell her that you haven’t yet run this idea past your client, but you think the case should settle for 500 grand. Tell her you’ll recommend that amount if she’ll recommend that amount, and see what happens. The client will be pleased that you evaluated the case and sped the process without bothering the client at all. That’s both convenient and cost-effective: You’ll be a hero! (It’s quite unlikely the client was thinking more broadly than you are, considering the effect of settling this case on business issues, or other cases, or the like. After all, it’s your case. Don’t be a weenie; you handle it!)
Great! We’ve pushed the client one step closer to the brink of insanity. What else can we do to nudge the client over the edge?
If you take the blue pill, you wake up in law school and believe whatever you want to believe. You take the red pill — you keep reading Above the Law, and I show you how deep the rabbit hole goes.
Apparently no one can be told what law school is. You have to make the mistake yourself.
The ability to learn from other people’s mistakes is a mark of intelligence, but it’s not a skill shared by your average prospective law student. Despite an internet full of information, they continue to make the same mistakes when it comes to choosing a law school.
The fact that prospective law students quickly learn the error of their ways when they become actual law students only seems to emphasize their failure. By January, I’ll start getting the first emails from 1Ls saying, “I wish I had read you before I decided to go to law school.” By springtime, people who shouldn’t have started in the first place will be asking me whether they should drop out. By the time people graduate, they’ll be experts on all the things they should’ve thought about before matriculating to law school.
Kaplan actually has a new study out that confirms this obvious reality….
Before I provide some advice on client relations that will be deemed “totally wrong” by some and “good advice” by me pretending to be anonymous, I wanted you all to know that I bought a wireless printer that allows me to send documents from my phone, wherever I am, to my printer at my office. Although I currently have no use for this feature in my law practice, and haven’t in 17 years, I hope this puts me in better stead with those of you that think I hate tech.
Now let’s talk about clients, for those of you that have some.
The core of running a practice is machines and toys clients. That you are able to do competent work for clients doesn’t matter if you are not versed in the retaining and retention of them. The retention of any client starts at the initial contact, not when they come to your coffee shop office with a check. For those of you who have practices where you never meet with clients, your initial contact with them (unless it’s them using your website as an ATM to buy documents) is even more important.
While you may be in a position where the client is only calling you, most clients are calling several lawyers. Regardless, you are now auditioning for the job. That audition begins at the very moment you first speak to the client, or the person calling for the client….
Now that classes are back in session, I really hope some professor at Cardozo Law School pulls Benula Bensam aside and tells her that her keeping the story about her passing notes to Judge Jed Rakoff (S.D.N.Y.) alive is probably not helping her chances of securing a legal job.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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