Ed. note: This is a new column from a person who didn’t just go from Biglaw to a smaller office, he went from big bad New York City to someplace where they care about the Big Ten network. It’s a different client roster and a different life.
As promised, the topic of this column is the difference in client service when you move to a smaller regional firm. First things first: I see from the comments on my last article that many of you are curious about the clients I represent here in Real America. Apparently it is very hard for some of you to believe that the types of clients that you have on the coasts also exist here in the Midwest. Believe it or not, we have banks! We have real estate investment trusts! We have life-science companies! We have parts manufacturers for any number of industries! We have mortgage servicers! We have large retailers with labor and HR issues!
And because these things exist, they need help from attorneys like us….
Biglaw firms have a problem. They can’t get their senior partners to retire. Or to pass along their clients to younger partners fast enough.
The reasons for this unwelcome phenomenon are straightforward. First, today’s Biglaw senior partners are making too much money. Would you retire if you were making seven figures and billing 1200 to 1500 hours a year? Of course not. Especially if you are helping to support your children. Or in this age of the 70-year-old rainmaker, a grandchild’s “education” as a communications major at the top party school in this year’s rankings.
Kidding aside, I know that many senior partners have very valid reasons for continuing to maintain their Biglaw practices. But that does not mean that what works for them at an individual level is what is good for Biglaw as a whole. In fact, I think the “sticky senior” issue is the greatest long-term threat to the continued viability of many Biglaw firms….
Business development sometimes seems like an impossible task. Winning new clients, or generating new business from existing clients, isn’t easy. If you doubt this, check out in-house columnist Mark Herrmann’s excellent column, Nothing You Can Say Can Cause Me To Retain You (explaining all the strategies for trying to obtain his business that won’t work). The challenge of getting new clients explains why so many firms resort to effectively trying to buy clients, by luring lateral partners and hoping their books of business come with them.
But still, every now and then a law firm does get hired by a new client. And every now and then a law firm gets fired by an existing or even longstanding client (even though it’s not easy to displace incumbent counsel, especially if they’re decent).
Why do clients hire and fire their outside counsel? A new survey offers some answers….
I’m closing in on 250 columns at Above the Law, devoting many of them to mistakes that I’ve recently witnessed (or heard about) (or, I should say to protect the privilege, simply ginned up out of whole cloth).
Remarkably, I’ve not yet written about an obvious error that occurs regularly: If you say that you will communicate with someone on a certain date, communicate with the person on that date.
Think for a minute about how often people screw this up, both in-house and at law firms.
In-house, some crisis arises. You take the helm. You send an email to the relevant folks in the organization saying, “I’ll get to the bottom of this, and you’ll know the answer by the close of business my time tonight.”
The close of business comes and goes, and what happens?
I am not sure what I agreed to, or what button I selected, but yesterday Linkedin sent network invitations to seemingly everyone on the planet with whom I have ever corresponded by email. For the past two days I have received numerous invite acceptances; my once small network is now seemingly unmanageable in scope. However, some really great news has accompanied many emails. Several people with whom I have spoken over the years have written to update me on their job hunting – and the news has been universally good. I have always held the identities of those who have written in confidence, and I will continue that practice. But, I can comfortably report that jobs have been attained in government work, private practice, and in-house. The economy is tough, and hiring prospects are not back to mid-90s levels, but there are positions to be had, and to the most tenacious go the spoils.
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…
Lawyers like to say, “I’m a lawyer, not a psychiatrist.”
If you’re dealing with people’s problems, you’re a lawyer and a psychiatrist. While clients understand you are the person hired to try and resolve their legal issues, the not-so subtle secret of a successful practice is a slew of clients that believe their lawyer actually gives a crap about how their legal issues are affecting their personal life.
In small-firm practice, you’re dealing with someone who just got served, or is going through the anxiety of deciding whether to initiate litigation. Your client may be going through the stress of trying to buy a business, or asking you to split up his family. Someone is trying to get her spouse out of jail, while the person in jail is wondering about his future. The type of legal issues that we deal with in small law firms aren’t whether the corporation will have to pay a million dollar fine or whether the bank will have to write off a loan, they’re issues that cause people to lose sleep and sometimes just freak out.
And I know, I get the calls too. Clients want to talk about things that have nothing to do with the legal work I have to do. They ask the same questions that you can’t answer: “When will this be over?” or, “Do you think (this) will happen?” You’re tired of telling the client, “I don’t know, but just be patient.” The client calls and says he “read” this, or “heard” this,” or worse, “My friend had a case like this and…”
Years ago, I knew a lawyer who thought that business entertainment worked. He was a plaintiffs’ personal injury lawyer: “I treat a doctor to a $50 lunch, and the next day he refers a case to me. I make one phone call and settle the case for $9,000, netting a $3,000 fee. And the doctor thinks we’re even! It’s unbelievable! I can’t eat enough lunches!”
Good for him. But does it work for anyone else?
I certainly treated clients to dinners and sporting events in my day, but none of those clients (or prospects) ever hired me in return for that entertainment. I didn’t expect them to, and I’d be terribly disappointed in them if they did. My having treated a guy to a dinner doesn’t make me the best lawyer to handle his case, and he’d be nuts to hire me because the caviar was beluga.
The reverse is also true. Lots of people want to meet me, buy me a meal, or take me to a cricket match (I’m now based in London, remember?) since I’ve gone in-house. A few of the folks who buy me lunch even follow up with e-mails expressing their unhappiness that I haven’t promptly retained them: “Was it something I said? Why haven’t I heard from you, other than the thank you note?”
It was nothing you said. But why should I possibly hire you simply because you bought me lunch?
I have my own theory about why firms create large “client entertainment” budgets . . .
Ed. note: This is the latest installment of The ATL Interrogatories. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Jim Maiwurm, chair and global CEO of Squire Sanders, has more than 30 years of experience as a business and transactional lawyer. His work involves the representation of a diverse range of businesses — from technology startups to Fortune 50 manufacturers — in private equity infusions, public offerings and sophisticated domestic and international acquisitions, dispositions, financings and joint ventures.
The legal profession has changed greatly over the almost seven years since the launch of Above the Law. Do these changes amount to a paradigm shift? Or are they just a temporary blip that will eventually be reversed?
Professor David Wilkins, Director of the Program on the Legal Profession at Harvard Law School, is one of the most astute and well-informed observers of law as both a profession and an industry. In his recent keynote at the NALP annual education conference, Professor Wilkins considered these questions, and also shared his predictions about the future of the legal profession….
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
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