In the first part of our Career Center “Tip of the Day” series, focused on how junior associates can become more indispensable to their law firms, we covered the importance of taking ownership of your work. Today, we’ll highlight a productive way to spend your precious non-billable time. These tips are provided by the experienced recruiters at Lateral Link, who, in addition to providing sound career advice, can assist you with a lateral move to one of hundreds of law firms or in-house positions they have in their network.
Whether you’re a junior associate just barely surviving Biglaw, thriving in Biglaw, or somewhere in between, this Career Center Tip of the Day series is for you.
For many of you junior associates, the extent of your experience with Biglaw layoffs was reading about them on Above the Law from the safety of your law school classroom. But now that you can call yourself a cog in the Biglaw wheel, perhaps you’ve wondered what you can practically do to set yourself apart from the rest of the pack, just in case the economy takes another turn for the worse.
Or maybe you’re the superstar of your class, and you never worry about getting the ax. These tips are for you, too. The more valuable you become to your firm, the more control you will have over the direction of your career.
If work is slow and you need a good chunk of hours to meet your billable target or to be eligible for a bonus, what’s your best bet for boosting your billables?
According to the 884 respondents to Tuesday’s survey, pro bono work. About 68% of respondents say their firms give billable credit for at least some pro bono hours. On the other hand, only 12% of respondents say that their firms count client/business development activities as billable time, although another 15% report that these hours may affect bonus decisions.
What are some of the other popular billable activities?
Last month, we reported that 66% of survey respondents had to work on Martin Luther King, Jr. Day, with 32% of respondents’ firms not even recognizing it as an official firm holiday. In today’s Career Center survey, brought to you by Lateral Link, we want to find out whether you were on or off the clock on Presidents Day.
Check back later this week for the survey results.
In Part 1 of the Career Center survey results on debt, we reported that 85% of the 3,700 survey respondents have outstanding student loan debt, with more than half of them owing $100,000 or more. We also found that 75% of respondents considered their debt at least as much as other factors when deciding on where to work. Today, we’ll take a look at a further breakdown of these numbers by job sector and amount of debt.
But first, let’s examine the extremes: respondents with the most debt, and respondents with no debt….
We received an overwhelming number of responses – 3,700 – to last week’s Career Center survey on debt and how it contributes to your decision on where to work. We will introduce an overview of the results today, and present a more detailed analysis later in the week.
Overall, 93% of respondents report being in some kind of debt. And for the vast majority of them, that debt plays a role in their decision on where to work:
38% of respondents said they considered debt about as much as other factors.
37% said they considered debt more than any other factor.
24% said debt contributed very little or did not contribute at all.
Not too long ago – you know, when Biglaw firms were begging law students to work for them, no one cared about law school transparency, and having a J.D. guaranteed you a long and prosperous career – signing yourself up for six figures of crushing law school debt didn’t seem like such a big deal. Nor was it unheard of back then for first-year associates to buy nice big houses. But in the aftermath of the recession, many attorneys have to face the now onerous consequences of decisions they made in better economic times.
In today’s Career Center survey, brought to you by Lateral Link, we want to know how your debt currently affects your decision on where you work or want to work. Is it Biglaw or bust? Or are you able to turn a blind eye to your debt and find more compelling reasons to work where you want to?
Please take our short survey and then check in next week for the results.
In Tuesday’s survey, we asked whether you left your firm after collecting your 2010 year-end bonus (paid in December for 43% of respondents).
About 14% of respondents reported jumping ship after their bonus checks cleared, while another 8% were in such a hurry to leave that they couldn’t bother waiting around for their bonus money.
That means the vast majority of respondents, 77%, are staying put — at least for now. About 9% are sticking around a little longer in the hope that their firms up the ante with a spring bonus payment. Another 18% say they aren’t leaving, but sure wish they could. Finally, 50% of all respondents report that they are staying at their firms because they are actually quite content at the moment.
Which class years and practice groups are most likely to see post-bonus departures?
Earlier this month, we surveyed you to find out how satisfied you were with your 2010 year-end bonus. Half of all associates whose firms had announced bonus payments reported dissatisfaction with their year-end bonuses.
In today’s survey, we want to find out how many of you are actually going to put your money where your mouth is and leave your firm after collecting your bonus (whether due to dissatisfaction with your bonus or just general unhappiness with your firm). Or has all the recent buzz about springtime bonuses encouraged you to stick around for a while? As always, your responses are kept completely confidential.
Not surprisingly, the top reason for putting in extra billable hours was that people just had work that needed to get done, even though no one specifically asked them to work. But it likely also had something to do with the fact that 32% of respondents who worked said their firm does not recognize MLK Day as an official firm holiday. Instead, some of these firms consider it a “floating holiday,” meaning that attorneys can either choose to take a day off on MLK Day or on another floating holiday.
What were some other reasons given for working on MLK Day?
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:
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.
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.