Non-lawyers are often surprised to learn of the lockstep salary schemes of large law firms and the near-perfect information we have about them. (Recall Kevin Drum’s befuddlement at the bi-modal distribution of law graduate salaries and the “weird cultural collusion” it suggested.) Even annual bonuses are frequently spelled out in what amounts to public memoranda and are typically some variation of the “market” dictated by our Cravath overlords. Of course, there are some “black box” firms and a few gilded outliers such as Wachtell Lipton or Boies Schiller, but generally speaking, the world of large firms practices a degree of relative transparency around compensation that is unsurpassed outside the public sector.
In order to distinguish among firms, we have to look to the margins. For example, law firms vary quite a bit when it comes to paying for the bar and living expenses of incoming associates. Some firms may reimburse for covered expenses after the fact; others may pay some expenses directly to the provider. Some may give a stipend to cover living expenses, whereas others may offer the ability to take out an advance on salary.
Greater transparency (or, at least, aggregated information) on these questions might make one firm’s offer more attractive than another’s, or perhaps even give an offeree some basis for negotiating a package upgrade (but of course tread very lightly there)….
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. In mid-April, pre-law students will begin to hear back from law schools. Today, Joel Butterly gives some practical advice for pre-laws who end up on their dream school’s waiting list.
We’ve all been waitlisted at one time or another. It sucks. It might even be worse than a flat-out rejection. Now, you have to wait around knowing that your chances of getting into your dream law school are slimmer than ever; that any day might be the day you receive the thin-envelope-of-death. A bitter reward after months spent on the LSAT and your LSAC application. Hope is low. Despair is at an all time high. So is your caloric intake.
Before I launch into specific “to-dos,” I want to emphasize that expectation management is important. Completing these steps is in no way a guarantee that you will get accepted. However, I am a firm believer that students unwilling to quit on their aspirations almost always end up succeeding. While the battle for this particular law school may eventually be lost, the war has just begun.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Joshua Stein gives some practical advice to lawyers on how to land their second job out of law school.
If and when you decide to leave your first job out of law school, finding your next job will differ in huge ways from the law school recruiting process. The search will give you all sorts of new opportunities to screw things up. This article, however, will arm you with some strategies for success. It starts from the assumption you want to move from one law firm to another. Many suggestions here also apply to other moves, but you will need to adjust them as appropriate.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Oliver Goodenough recaps Harvard’s workshop on Disruptive Innovation in the Market for Legal Services.
You know that something cutting edge is about to become accepted wisdom when Harvard has a symposium on it. The Program on the Legal Profession at the Harvard Law School held a top-level, day-long workshop on Disruptive Innovation in the Market for Legal Services. Speakers included Clay Christensen, Martha Minow, and Richard Suskind, visionaries in innovation theory, progressive legal education, and the legal practice of the future. Folks in attendance straddled law firm partners, start-up entrepreneurs, and legal academics. The meeting provided a punctuation point in our understanding of the great restructuring that is overwhelming law — we don’t necessarily know where it is headed, but denial that significant change is under way is no longer intellectually defensible.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD interviews lawyers who have found their passion practicing law.
The idea of passion is a seemingly far-fetched one for most people working as an attorney. At some point, 99% of us have regretted the decision to attend law school. Just ask the anonymous 28-year-old who told Business Insider that law school was “a waste of my life and an extraordinary waste of money.” Even the articles on Above the Law will occasionally have you feeling disgruntled about life in the practice.
However, passion is a matter of perspective and it’s very possible to find your passion in, out, or above the law. Part one of this series will focus on the rare breed of attorney who has gone the obvious route and found passion IN the law.
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Debra M. Strauss, Associate Professor of Business Law at Fairfield University, offers helpful tips for landing a judicial clerkship.
Now that the Federal Law Clerk Hiring Plan is officially defunct, the timing of your clerkship applications depends on the individual hiring practices of each judge. This is another aspect of what is essentially a research project, with the primary resources being OSCAR (“Online System for Clerkship Application and Review”) for federal clerkships and Vermont Law School’s Guide to State Judicial Clerkships. See the additional tips on the timing in my first article in this series, “Putting it in Perspective: Understanding the History of the Timing Issue and Making Lemonade.”
So let’s take a closer look at the application process, the components of the application, and strategies you can employ to increase the chances of success in your quest for the prized clerkship.
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Ann K. Levine, a law school admission consultant and owner of LawSchoolExpert.com, offers helpful tips for law school applicants.
Law schools have been increasing their scholarship opportunities in order to lure applicants. Why? Because law school applicants are in demand. Applications are down yet again, and law schools are scrambling to fill their seats. (See TaxProf Blog for exact numbers and trends, year over year.)
As law schools compete for qualified applicants with better scholarships, it may be easier to consider criteria like debt alongside rank and prestige when choosing a law school. As part of this new trend, law schools are adding on scholarship programs to make attending law school more affordable. Villanova Law recently announced an initiative to add 50 full-tuition scholarships for three years, and in-state students at Penn State are being offered $20,000 per year as part of a new scholarship program.
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Alison Monahan provides some advice for getting law journal work done.
I’ll be honest — I hatedLaw Review. Every second I spent in the bowels of the law school library searching dusty books for obscure references was time wasted, in my opinion. But, on the upside, I got quite good at getting my cite-checking assignments done quickly!
Here are a few tips for getting your journal work done, without losing your mind:
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Casey Berman gives three reasons why unhappy lawyers should postpone their job search.
It’s courageous to admit to ourselves that we may want to leave the law, that we’re not happy continuing as a practicing attorney. It is a sign that we have the ability to know ourselves, that we aspire for more than we are currently achieving, that we are strong enough to take on new challenges.
It’s the first step most of take in our journey to leave the law.
The second step is where we sabotage ourselves. Since we’re so desperate to leave our law job, since we’re so excited about the opportunity to do something else, since we’re on a high that we’ve had our “aha” moment, we want to act. And so we then begin to think of, dream about, and comb indeed.com for actual new jobs.
It’s understandable. A new job is exciting, a new job holds promise, a new job will provide us a new version of the self-identity we’re desperately short of, a new job will validate our need for change, a new job will set us free.
But it actually won’t … at least not yet. And here’s why.
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Megan Grandinetti explains how getting a dog helped her leave Biglaw behind.
Are you unhappy as a Biglaw attorney, but terrified to leave the salary, the comfort, and the prestige of Biglaw? Have you ever uttered the phrase, “I would love a dog, but not with my schedule…”? If you answered “yes” to both of these questions, a furry little friend might help you make your transition out of the stressful, awful time-suck that is your job and into something a little more humane.
I was able to leave Biglaw behind, and with the power of hindsight, I realize that adopting my dog was a great first step to walk out the door. Of course this sounds a little crazy, but I’ll tell you a few reasons why getting a dog can help you leave.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: