Year-end is fast approaching in Biglaw. For litigators, the last two weeks of December are usually some of the calmest of the year. Even the hardest of adversaries are apt to adopt a “Christmas Truce” and halt the lobbing of discovery grenades at each other. Courts start to slow down, and most everyone is happy to “pick things back up” after the turn of the year. But like all things Biglaw, complacency at year’s end is impossible for a Biglaw partner — even when work is relatively quiet. Why? One word: collections.
For tax and other corporate structure reasons that your firm’s comptroller will be happy to explain to you (if you dare to actually engage a non-lawyer in conversation about the business of your law firm), most Biglaw firms want to have every single drop of revenue possible in the door by December 31st at 11:59 p.m. While your typical partner is fairly insulated from money matters at the firm all year, and mostly just wants no surprises when it comes to their compensation, at year’s end everyone is recruited and expected to give their all. To what? Collections!
Over the weekend, the New York Times ran a blood pressure raising article about hundreds of District Attorneys offices that allow debt collectors to use their stationery to chase down folks who write bad checks.
Why does anyone give a damn about prosecutors who help businesses to bully people into ponying up cash under threat of prosecution, before a lawyer ever looks over the case? Well, for starters, the DAs get a little somethin’-somethin’ from the deal, too….
Last night, a dramatic scene unfolded in the parking lot of a movie theater. A suspected drunk driver allegedly took off without his headlights on, hit two police cruisers, terrified several witnesses, and then slammed his car into a tree. The driver was killed.
“It was coming straight towards us and I didn’t know if he was going to stop or what he was doing,” said one witness. “He was going 70, 80 miles an hour. It was scary.”
The driver of the vehicle was a young lawyer, an associate at a law firm. He graduated not too long ago from a leading law school….
It continues to baffle me how this president who was elected thanks to the overwhelming support of young people can’t see the crushing effect of student debt. I honestly think that President Obama has a blind spot on this issue because he was able to pay off his debts with a book deal. Not everybody gets a book deal.
Heck, in this economy, not everybody gets a job.
And if you don’t have a job, paying off your student loans is the last thing on your list. First comes shelter, then food, then dating, then internet (so you can look for jobs), then all the bills where they take something away from you if you don’t pay, then alcohol, and then you see if you have any money left over to pay your student loans.
For some reason, Obama doesn’t understand that. He seems to think that if you pester people more, they’ll pay off their loans. Thanks to this flawed logic, expect debt collection calls to be coming to a cell phone near you….
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 seven years. You can reach them by email: firstname.lastname@example.org.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.