What’s the difference between a lawyer and a doctor?
Lawyers often do not need second opinions.
Let me explain: Many corporate transactions (or decisions) require advice from an outside adviser — an investment bank; an accountant; a lawyer; whoever. (Back when I was an outside lawyer, I used to think that lawyers were special. Now, you all look alike to me.) In many of those situations, the corporation needs one, strong outside opinion. If someone offers (or requests) a second opinion, then you should think hard. In a few situations, you might want a second opinion. But, frequently, obtaining a second opinion may do more harm than good.
Corporate law partners are supposed to have kick ass deal books, but they’re definitely not supposed to kick their mistress’s ass. Unfortunately for one King & Spalding partner, this is the wild allegation that’s strewn across today’s issue of the New York Post.
After reportedly partnering with his side piece for years, according to police documents, K&S partner Steven Guynn allegedly flew into a rage and slapped his girlfriend four times in the head “in a punching manner.” Last May, Guynn reportedly beat his mistress and threatened to kill her.
Let’s learn some more about the charges that Guynn is facing….
This week, Lateral Link Director Scott Hodes gives us some insight into the increase in lateral hirings in the Empire State of the South.
Atlanta has emerged as one of the best lateral associate markets in the country. While 2009 was slow as in most markets, 2010 signaled a comeback, and 2011 confirmed the upward trend.
Corporate and litigation positions represented the largest amount of lateral openings, which is fairly typical in large markets. Corporate positions seemed to peak in the second and third quarters, while litigation was fairly steady throughout the year. There was also a huge boom in intellectual property positions, especially in the last three quarters, followed not too far behind by labor and employment, which remained steady throughout 2011….
Here’s a puzzle for you. What decade am I discussing in the following paragraphs?
I’m doing something a little different here. The entire text of this column appears before the jump. I’ve hidden only the citations after the jump. Ponder while you read these paragraphs when the source materials supporting these words were written:
The excessive cost of legal services is not a function of the economy that will abate as the recession finally fades. In the words of one recent report, “Don’t fool yourselves that when the recession passes things will return to normal.” That report quoted the general counsel of a major financial institution as saying, “The way we are now is the way it is now, not a temporary situation . . . . [I]n the [decade omitted] we’re going to see straight hourly billing die.”
Surveys confirm the concerns about the high cost of legal services. For example, in a [year omitted] general counsel survey conducted by [the firm you know as PriceWaterhouseCoopers], a majority of the 350 respondents agreed that “legal fees have gotten out of control and are crippling businesses,” and pressure to reduce costs was a “major theme” of the survey responses. Surveys of corporate law departments conducted by Endispute, Inc. in [two years omitted] reveal that a third of the respondents faced actual cuts in their legal budgets and that, as the size of the legal departments increased, so too did the pressure to reduce legal costs. A [year omitted] Louis Harris survey of executives and legal officers of Fortune 500 service corporations reveals cost containment as a top priority for law departments, and a survey of major corporate clients in the United Kingdom demonstrates that this is now a worldwide issue.
The pressure to move away from standard billing, based on the billable hour, is likely to increase. Indeed, [name omitted], the recently appointed general counsel of [company name omitted], is leading an intense campaign to adopt alternative billing mechanisms. Her efforts have been broadly publicized and resulted in a highly visible panel at the [year omitted] ABA meeting.
In what years did these things occur? What decade are we discussing? And who the heck was the recently appointed general counsel of what company? Those citations and more after the jump….
According to the over 900 respondents to the Career Center survey, only 16% reported working on Thanksgiving Day. That means a whopping 84% of you took the day off for feasting with family and friends. However, of these respondents, 24% said they did have to work the day after Thanksgiving, but still, that’s an impressive 60% who took full advantage of the four-day weekend.
If you’ve been following our holiday surveys this year, Thanksgiving Day is the clear winner so far. Just compare the 16% of survey respondents who worked on Thanksgiving Day with the 48% of survey respondents who worked on Labor Day, the 35% of survey respondents who worked on the Fourth of July, the 73% of respondents who worked on Presidents’ Day, and the 66% of respondents who worked on MLK Day.
The top reasons for missing out on the Thanksgiving festivities were….
In Feeling the Kumbaya (Part I), we looked at how different the perspectives of business clients and in-house lawyers can be. Below are a few techniques that have helped me and my clients to feel the Kumbaya for each other (or at least have helped them to not think I’m only a total loser who has nothing better to do than change all of the commas in a list after a colon to semicolons).
Prioritize. I used to suspect that there was something about going in-house that made perfectly good law firm attorneys develop permanent amnesia when it came to good drafting. It was the strangest thing. Even my husband, a supposedly respectable corporate law firm attorney, after going in-house, suddenly started to let minor errors appear in his emails. My judgment of him was quick and deliberate. He would sometimes mistakenly use “there” instead of “their,” for God’s sakes! What lawyer does that?
So you’ve moved in-house or are planning to go in-house sometime. Be ready to think less like a lawyer.
Business clients think differently. I know, crazy, right? But, seriously, one of the biggest transitions from working as a transactional lawyer at a law firm and moving over to a company is learning to understand the business client’s perspective.
At a law firm, your client is typically another lawyer, whether it’s a senior associate, a partner, or an in-house lawyer. Lawyers hold court at the top of the hierarchy and are assumed valuable until proven otherwise. Legal work reigns supreme.
At a company, your boss will probably be an attorney but, as a transactional in-house attorney, you will most likely consider non-lawyers — people in other areas of the company — to be your clients. Plus, you’ve probably shifted from your law firm throne to mingling as one of the middle-management masses. At a company, mention “legal work” and “supreme” in the same sentence and you’ll get laughed off your middle-management office chair. On the contrary, you may sometimes need to remind business people that you exist (this can be kind of awkward, really) and that you can, you know, maybe provide value once in a while….
When I first said these words to my former law firm colleagues, they connoted a sea change in my career: a coveted position with a prestigious international corporation, no more billable hours, and no more partner pressure.
I am fortunate to practice with smart, engaging, and truly collegial and competent lawyers. And no more billable hours — I do wake up happy every day.
Of course, all good stories must have a conflict; mine was that I was taking a job as a transactional lawyer. I had always viewed transactional work as the “dark side,” and outside of my comfort zone of years in litigation. The more I thought about the transition, however, the more I realized how my perspective as a litigator would serve me well as a contract negotiator….
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: email@example.com.
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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